Principal Actuary

• Job #122695
• Job TitlePrincipal Actuary
• Job FamilyTreasury
• Job TypeProfessional & Technical
• GradeGH
• LocationWashington, DC
• Recruitment TypeInternational Hire
• Language RequirementEnglish [Essential]
• Closing Date15-Jan-2013

Background / General description:
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 5-year renewable term appointment. Innovation and partnership bond the five institutions of the World Bank Group (WBG): the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. It uses financial resources and extensive experience to help poor nations reduce poverty, increase economic growth, and improve the quality of life. The World Bank Group’s work focuses on achievement of the eight Millennium Development Goals (MDGs). The goals call for eliminating poverty and achieving inclusive and sustainable globalization. The MDGs lay out a blueprint for the World Bank Group, setting its priorities and measuring its results. The World Bank is the world’s largest funder of education; the world’s largest external funder of the fight against HIV/AIDS; a leader in the fight against corruption worldwide; a strong supporter of debt relief; and the largest international financier of biodiversity, water supply, and sanitation projects. The World Bank Treasury (“Treasury”, TRE) is the Vice Presidency performing treasury functions for the IBRD and for other members of the World Bank Group. Its activities are organized and grouped along three segments: asset management, banking and debt management, and capital markets services. Treasury has been a large and significant player in the international financial markets for more than fifty years and has achieved a global reputation as a prudent and innovative borrower, investor and risk manager. Treasury is responsible for: (i) managing more than $130 billion in assets for the World Bank and other official-sector investors; (ii) leading the World Bank’s financing program in international and domestic bond and derivatives markets; (iii) conducting asset and liability management for the World Bank’s balance sheet; (iv) overseeing the development and outreach related to the financing and hedging products the Bank provides for its developing-country clients; and (v) collaborating with the World Bank member countries to help build their capacity. Treasury’s staff regularly interacts and collaborates with the other departments across the Finance Complex, including: Legal Finance, Control and Accounting, Corporate Finance and Risk Management. The Pension and Endowments Department (PEN) is responsible for the financial management and administration of the World Bank Group's funded benefit plans, including the retirement scheme - the Staff Retirement Plan, the retiree medical and life insurance programs - the Retired Staff Benefits Plan, and other ancillary benefits. The financial management includes asset management responsibilities and actuarial support. PEN manages about $18 billion US dollars invested across a range of asset classes, from fixed income to public equities to private equity, real estate and hedge funds. The Pension Finance Committee, appointed by the Bank Group President and chaired by the Chief Financial Officer, has oversight responsibility for the financial management of the plans. PEN’s responsibilities also include the delivery of technical assistance on multi-asset class investment management to pension plans, endowments and funds for the future, and the management of the Pension Administration function. Divided into various investment teams, PEN identifies, selects, evaluates, and monitors investments, mainly through outside managers, on a global basis. The Principal Actuary is responsible for: (i) developing funding policies for the retirement and other benefit plans and managing the actuarial valuation and contribution process, in conjunction with the external actuarial consultants; (ii) managing the overall relationship with the external actuarial consultants; (iii) providing inputs into the development, implementation and ongoing review of the asset liability management framework and investment policy for the plans; (iv) providing actuarial inputs for the valuation of plan liabilities, and into the financial reporting and annual audits of the plans and the World Bank’s financial statements; and (v) working, as needed, with other World Bank Group units involved with the design, administration, and other operational aspects of the benefit plans. These units include Pension Administration, Legal, Accounting, Corporate Finance, and Human Resources.
Duties and Accountabilities:
The Principal Actuary can be expected to perform, or participate in accomplishing some or all of the following assignments: • Undertaking standard actuarial tasks such as valuation of assets and liabilities and experience studies; • Performing actuarial tasks particular to the World Bank Group, such as studies of liabilities denominated in multiple currencies and indexed to inflation in multiple countries; • Managing the external actuarial consultants; • Participating in asset/liability studies, including strategic asset allocation; • Designing and reviewing aspects of the benefit plans; • Ensuring compliance with applicable legal and accounting requirements, which may be in accordance with both US and international standards; • Providing input into the financial reporting and annual audits of the plans and the World Bank’s financial statements; • Supporting pension administration, particularly in terms of interpretation of plan provisions, resolution of special cases and exceptions, and evaluation of the financial impact of administrative actions; • Preparing reports for the Pension Finance Committee, the Board of Executive Directors, and senior management; and • Preparing communications materials for participants.
Selection Criteria:
1. Advanced degree in actuarial science, mathematics, statistics or other relevant courses plus a minimum of 12 years of directly relevant actuarial experience, or appropriate combination of education and relevant experience. Certified actuarial qualifications, such as a designation earned through the passage of examinations. 2. Broad knowledge of all aspects of the Actuarial field and mastery of actuarial techniques, practices and theories, particularly those related to hybrid defined benefit pension schemes. Ideally recognized within an organization as an authority in the actuarial discipline. 3. Understanding of the process to develop an investment policy for pension plans and the modeling of liabilities for this purpose. 4. Knowledge/experience with asset management, relevant economics and accounting is highly desirable. CFA charter is a plus. 5. Experience with benefits administration is desirable. 6. Proven quantitative, analytical, and problem-solving skills. 7. Excellent communication skills with ability to prepare, present and discuss complex technical details and findings in written and verbal form. 8. Ability to work well under pressure and to meet deadlines. Demonstrated high level of motivation, confidence, integrity, and responsibility. Pride in meeting shared and individual deliverables and achievements. 9. Creative thinker, and quick learner, with initiative, drive and attention to details. 10. Demonstrated ability to independently respond to extensive and diverse inquiries and handle confidential information with discretion. 11. Highest ethical standards. COMPETENCIES Client Orientation - Translates insight into practice across disciplines, hierarchies, geographies and organizational units in service of clients. Drive for Results - Ensures successful implementation and delivery of key programs and projects, ensuring that outputs positively impact results. Teamwork (Collaboration) and Inclusion - Creates a team climate of practical and innovative action, facilitating collaboration between competing interests and stakeholders. Knowledge, Learning and Communication - Demonstrates command of all forms of communication and presents in a clear, objective and engaging manner in high-level settings; ensures knowledge is captured and shared in a variety of ways. Business Judgment and Analytical Decision Making - Serves as a trusted advisor to others on their decisions, ensuring alignment across units and optimal impact on the organization as a whole. 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.

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