Underwriter

Vu le: Dec. 4, 2016 - - Sénégal
The World Bank Group, Its Vision and Strategy

The World Bank Group (WBG or the Group) is one of the world’s largest sources of funding and knowledge for development solutions. The WBG consists of five specialized institutions: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for the Settlement of Investment Disputes (ICSID).

The World Bank Group set two specific and measurable goals for itself and its partners in the development community: effectively ending extreme poverty by shrinking the share of people living on less than USD 1.25 a day to 3% by 2030, and promoting shared prosperity by raising the incomes of the poorest 40% of the population in every developing country.

Succeeding will require systematic and relentless collaboration from the WBG, its member countries, and partners. The WBG Board of Governors approved a strategy which leverages, for the first time, the combined strength of the WBG institutions and their unique ability to partner with the public and private sectors to deliver customized development solutions backed by finance, knowledge and services. The strategy has three components: (1) maximizing development impact by engaging country clients in identifying and tackling the most difficult development challenges; (2) promoting scaled-up partnerships that are strategically aligned with the goals; and (3) crowding in public and private resources, expertise and ideas.

The President of the WBG is Dr. Jim Yong Kim, and he leads the WBG under the direction of the Boards of Directors of the World Bank Group institutions.

MIGA

MIGA (or the Agency) was established in 1988 to enhance the flow of capital and knowledge to developing countries and executes its mandate by providing political risk insurance guarantees and credit enhancement products against non-commercial risks for cross-border equity investors and lenders in its 181 member countries. For the fiscal year 2016, ended on June 30, MIGA issued $4.3 billion in guarantees, had a gross outstanding portfolio of $14.2 billion and approximately 120 staff.

In addition to its traditional political risk guarantees, MIGA offers credit enhancement products that protect lenders against losses from the failure of a sovereign, sub-sovereign or State-Owned Enterprise (SOE) to make a payment when due under an unconditional financial payment obligation or guarantee related to an eligible investment.

Note:

The World Bank Group is committed to achieving diversity in terms of gender, nationality, culture and educational background. Individuals with disabilities are equally encouraged to apply. All applications will be treated in the strictest confidence.

Note: If the selected candidate is a current Bank Group staff member with a Regular or Open-Ended appointment, s/he will retain his/her Regular or Open-Ended appointment. All others will be offered a 3 year term appointment.

Duties and Accountabilities:
MIGA has a strategic focus to support investments in IDA countries and into Fragile and Conflict Affected Situations (FCS). The MIGAF Underwriter will be responsible for originating new business opportunities for MIGA in Africa with a specific focus on IDA and FCS, as well as for supporting the implementation of the IDA Private Sector Window (PSW) to support investments in IDA/FCS. The Underwriter will be based in Dakar, Senegal and will research these markets, conduct outreach to new clients investing in these areas, and follow-up on projects eligible for MIGA support. The Underwriter will be responsible for bringing in new applications for MIGA and screening them for eligibility. The work of the Underwriter involves frequent interaction and relationship management with officials of African governments, international organizations and private sector companies and financial institutions that are clients or potential clients of MIGA.

This position will report to MIGA’s Africa Regional Head and will work closely with headquarters as well as MIGA’s other hubs in Asia and Europe, particularly as regards inward investments into Africa. The candidate should have technical expertise in political risk insurance (PRI) and finance, along with a comprehensive understanding of Africa and the role of international development assistance in the Region.

The responsibilities of the incumbent will encompass the following:

• Assisting the Africa Regional Head in growing the Guarantees (with a focus on Political Risk Insurance) business in Africa by leading business development initiatives, quality management, and ensuring consistency of MIGA guarantees with WBG regional and country strategies. This includes: (i) preparing and executing a Business Development Strategy for MIGA's business in Africa based on market research and data, with particular emphasis on IDA countries and FCS, as well as (ii) assisting clients with the submission of Preliminary and/or Definitive Applications, providing pricing quotations and other support on structuring of MIGA guarantees and facilitating the entry into MIGA.

• Building and maintaining strong relationships with investor clients and government officials to facilitate the provision of MIGA products and services, including the PSW, and maintain collaborative working relationships with other private businesses, banking and multilateral /bilateral partners in the countries in which MIGA operates. This work also includes (i) keeping a data-base record of potential leads and undertaking active and coordinated follow up with related investors on a regular basis, and (ii) defining clients (investors and banks) located in key African countries, e.g. South Africa, who are interested in investment throughout the region, and identifying partnerships that can help build MIGA’s presence and activities in the region.

• Developing close relationships with IFC and World Bank Africa regional teams in order to collaborate in meeting World Bank Group development objectives.

• Organizing and attending events to promote MIGA’s brand and business in Africa.

• Representing MIGA in consultations and meetings both within and outside the World Bank Group on key issues related to Africa, fragile-states and conflict areas.

• Assist the Africa Regional Head in the implementation of the marketing plan for the PSW for SSA.

• Working with MIGA Sector Managers and underwriters as needed when a new application is received to facilitate the transition to the underwriter and ensure excellent client service.

• Performing other tasks related to MIGA’s business development and outreach efforts in Africa as requested, including coordinating visits to African countries that have the most potential for MIGA’s future business.

Selection Criteria:
Qualifications, Skills and Experiences

• Advanced degree (MBA or Master's) in international business, finance, economics or related field, plus 5-8 years of directly relevant experience (such as political risk underwriting, project finance, or corporate finance in emerging markets)

• Sustained record of achieving high-quality substantive results over an extended period (at least 5 years)

TECHNICAL KNOWLEDGE / SKILLS

• Extensive knowledge of emerging markets finance and economic development. An understanding of political risk insurance and demonstrated credit skills preferred

• A proven track record in delivering high quality results, and experience with the private sector

• Demonstrated ability to identify new business opportunities in emerging markets

LEADERSHIP SKILLS / PERSONAL CHARACTERISTICS

• Strong client relationship management skills, as well as sensitivity to social and cultural issues as they affect multilateral risk mitigation and investors going into developing countries

• Demonstrated interpersonal skills and experience in working across boundaries

• Outstanding communication skills; able to make persuasive oral and written presentations

• High degree of discretion, ethics, tack and sensitivity in handling confidential and sensitive information; ability to maintain high standard of personal integrity


WBG Competencies:

Deliver Results for Clients

Effective WBG staff set high standards and challenging goals, and measure impact. They address the needs and challenges of internal and external clients, while also keeping the goal of reducing poverty and increasing prosperity as the ultimate objective. They hold themselves accountable and take personal ownership for identifying and managing risks and delivering evidence-based results that are financially, environmentally and socially sustainable and have development impact.

Collaborate Within Teams and Across Boundaries

Effective WBG staff collaborate and work with others across and outside of the World Bank Group in order to achieve the best results for clients. They cultivate and leverage their professional networks to this end. They are inclusive in gathering options and information, and align their behavior and priorities with the needs and goals of WBG. They maintain a WBG corporate mindset above an individual or team perspective and are proactive in mitigating and managing conflicts

Lead and Innovate:

Effective WBG staff demonstrate personal leadership and commitment to the WBG’s values and mission. They take initiative, and are persistent in their drive for results. They seek opportunities to improve and find innovative solutions, where appropriate, to problems. They inspire and encourage others to have a positive attitude and impact, are able to adapt to changing circumstances, and are willing to be bold to increase the Bank’s Group’s effectiveness.

Create, Apply and Share Knowledge:

Effective WBG staff understand the value of creating, applying, and sharing knowledge. Staff, rapidly and readily share their expertise; create and contribute to the WBG’s body of knowledge and efficiently reflect and draw on lessons of past experience from colleagues, clients, partners and external sources to drive the WBG to achieve its goals. They expand their professional networks in their areas of expertise by forging linkages with others. They energize others to create, apply and share knowledge and learn from each other. They also seek opportunities to grow personal and institutional knowledge and invest in the growth of others through mentoring, as well as developing themselves and others through feedback and continuous learning.

Makes Smart Decisions:

Effective WBG staff balance the need for risk management with a sense of urgency by making quick, timely, and relevant decisions. They display the confidence to take smart risks and make timely and effective decisions and show confidence in own judgment and actions. They are good problem solvers, collect evidence, lessons from past experience, and research to support their actions, and are willing to make decisions and take smart risks that advance the goals of WBG. They take ownership for decisions they make, and ensure issues are pushed to the right level for decision-making when needed. Senior leaders drive alignment, and ensure information is shared to make realistic, sound decisions and recommendations. Trust and support is given to decision makers, regardless of level, with the assumption that the right decisions will be made.

MIGA Competencies for Underwriters:

Risk Assessment and Analysis

Demonstrates understanding of political risk assessment and analysis, including the use of appropriate processes, methodologies, and tools to evaluate country, sector, and project-specific risks. Conducts project
due diligence and assesses the degree and types of commercial and non-commercial risks to appropriately

structure coverage and the terms and conditions of guarantees.

Please note: When referring to risk, both PRI and Non-Payment (credit enhancement) risks are included, as applicable.

• Performs high quality, objective, and thorough analysis of a project’s political risk environment and profile, and effectively integrates this information with project-specific documents and context.

• Able to define the degree and types of non-commercial risks to structure risk coverages and analyze terms and conditions of political risk guarantees for straightforward transactions.

• Able to analyze commercial risks of project.

• Works independently with minimal supervision.

Proficiency in Finance, Accounting and Insurance

Reviews financial models for projects and conducts financial analysis. Analyzes business plans, financial projections, and other financial reporting/industry information to identify and monitor issues that may affect MIGA’s risk, and recommends action where necessary. Applies appropriate insurance principles in the evaluation of projects.

Analyzes financial viability and risks of straightforward guarantee projects.

• Reviews financial information including models and conducts the necessary analysis to determine financial viability for straightforward guarantee projects.

• Identifies risk issues and recommends appropriate risk mitigants and approach to pricing.

• Is able to conduct in-depth analysis of straightforward projects, utilizing suite of tools and resources available (including project documentation, WBG experts and analysis, country missions, and private and public sector engagement).

• Works independently requiring minimal supervision.

• Analysis is rigorous and high quality.

Project Structuring & Negotiations

Is able to understand key project frameworks and appropriately structure and recommend risk coverages. Uses effective negotiation skills to bring projects to close and is able to develop alternative solutions that address concerns of internal and external stakeholders.

Identifies key project issues, including opportunities, risks, and commercial viability, in order to provide effective coverage to clients.

• Demonstrates the ability to take the commercial context, rights, and obligations of the parties and structure of the transaction into account in the analysis and structuring work.

• Reviews straightforward transactions and their related project documentation to ensure that prudent risk sharing and underwriting approaches are taken for guarantee projects.

• Sets negotiation objectives and builds support for a position through informal discussions. Supports others during negotiations with challenging projects.

• Drafts underwriting documents for straightforward and more complex transactions, reviews legal documentation to ensure consistency with underwriting documents, and demonstrate a basic understanding of the impact and linkages between and within legal and underwriting documentation.

• Works under guidance requiring minimal supervision.

Business Development & Client Management

Establishes, builds, and sustains relationships with new and existing MIGA clients. Is able to understand and address client needs and issues. Identifies additional business opportunities for MIGA.

• Is able to analyze market data and trends to identify key business development opportunities.

• Applies critical thinking; analysis is thorough and detailed; proactively considers application of data to Agency’s strategy.

• Gathers information to understand client needs and goals, and incorporates this information and MIGA’s business objectives into project analysis to develop recommendations.

• Actively keeps abreast of relevant regional and industry developments and incorporates trends into the processing of projects and business development plans.

• Establishes and sustains effective relationships across MIGA and with clients to effectively develop new business or to sustain existing business, resolve issues, and process new projects.

• Effectively screens new business opportunities for appropriateness and viability for MIGA coverage.

• Works under guidance with minimal supervision.

Project Management and Communication

Understands MIGA underwriting process and maintains current knowledge of relevant procedures and processes to support or lead the execution of guarantee contracts. Demonstrates the ability to effectively communicate across all functions of the Agency with the ability to clearly articulate key issues and concepts spanning a wide range of subject matter.

• Demonstrates strong understanding of MIGA underwriting processes to execute new contracts of guarantee.

• Is able to effectively coordinate cross-functional project teams within MIGA with supervision. Facilitates project team engagement and helps bring projects to close.

• Executes tasks (including production of documents) in a timely manner to ensure project execution.

• Is able to synthesize (both verbally and in writing) complex issues and clearly summarize key points and questions.

• Understands the need to tailor communication to the audience and prepare effective supporting documents to facilitate his/her oral presentation in straightforward subject matters.

Mentoring and Developing People

Helps develop colleagues to their full potential. Creates institutional environment that fosters development and growth both in terms of behaviors and professional skills. Contributes to an open and supportive work environment. Accepts and gives constructive feedback to develop and motivate others.

• Builds informal mentoring network within own immediate work unit.

• Proactively provides mentoring and coaching to others within team or in other departments.

• Assists with onboarding of new MIGA staff (including any specific onboarding programs).

• Contributes to training exercises.

• Manages behavior to have a positive impact on others.