Public Sector Economist
Job Description
ECONOMIST
The European Central Bank (ECB) is looking to recruit two experienced Economists for its Risk Management Office. The Office is responsible for proposing and maintaining the risk management framework for all of the ECB’s financial market operations and for monitoring, assessing and proposing improvements to the Eurosystem’s operational framework for monetary and foreign exchange policy from a risk management point of view.
The Office, which comprises a multicultural team of highly skilled professionals, is organised into two sections: the Risk Analysis Section and the Risk Strategy Section. One position will be allocated to the Risk Analysis Section, which is primarily responsible for risk modelling, analysis and reporting, as well as compliance monitoring as regards the ECB’s monetary policy and investment operations. The Section also conceptualises, implements and maintains the associated infrastructure, which comprises risk models, systems, databases and related operational procedures. The other position will be allocated to the Risk Strategy Section, which is mainly responsible for the ongoing evaluation and improvement of the ECB’s risk management policies and frameworks.
The Risk Management Office as a whole also provides secretariat services to the Risk Management Committee.
The successful applicants will be entrusted with one or more of the following main responsibilities:
- analysing and reporting on the risks borne by the ECB and the Eurosystem in their monetary policy and investment operations;
- developing and evaluating risk management frameworks and systems used to assess the market and credit risk of fixed income and structured credit debt instruments;
- preparing dossiers on risk management for investment and policy operations for the ECB’s Executive Board, Governing Council and Risk Management Committee;
- monitoring, analysing and following-up on compliance with risk management frameworks, managing strategic benchmarks, valuating investment holdings and collateral, and assessing the financial soundness of counterparties;
- developing models for the comprehensive analysis of the risks on the balance sheets of the ECB and the Eurosystem, including, where appropriate, the modelling of credit, market and liquidity risk;
- leading project initiatives aimed at improving the models, infrastructure and systems that provide the foundation for the work of the Risk Management Office, including the development, specification and implementation of risk modelling and reporting solutions as well as responsibilities relating to client area project management.
Applicants must have the following knowledge and competencies:
The following technical competencies apply for both positions:
- a masters degree in finance, financial economics, econometrics or another related quantitative field;
- ideally, an additional qualification, such as a PhD, in a related field and a publication track record;
- ideally, a minimum of five years’ practical experience in the field of risk management, structured finance or financial market quantitative modelling, gained at a central bank or other financial institution;
- a sound knowledge of several of the following topics: advanced financial econometric techniques, yield curve modelling, fixed income, structured credit finance credit and derivative products;
- proven programming skills in Matlab, Visual Basic and/or another programming language, as well as experience with accessing and manipulating large and complex datasets;
- comprehensive experience in developing, implementing and programming financial models in the areas of market, credit and liquidity risk, as well as an in-depth understanding of associated statistical/mathematical tools and methodologies.
For the position in the Risk Analysis Section, the following specific competencies are also required:
- proven experience in leading medium to large-scale projects from initiation to completion as client project manager;
- a working knowledge of one or more portfolio management, risk management and/or market data information systems (e.g. Reuters or Bloomberg).
For the position in the Risk Strategy Section, the following specific competencies are also required:
- proven experience in the analysis of credit risk in the area of fixed income and structured credit products;
- proven experience in the design and implementation of credit assessment systems, and in the analysis of performance and/or validation of such systems.
- an excellent command of English with first rate drafting ability;
- a good command of at least one other official language of the EU.
The successful candidate will have the following behavioural competencies:
- has the ability to develop policies from concept to practical implementation;
- communicates ideas simply and clearly;
- establishes and maintains cooperative relationships with staff and management at all levels, both inside and outside the organisation;
- shows commitment to the achievement of organisational goals;
- is able to identify problems as they arise and provide sustainable solutions quickly;
- has a track record of taking the initiative to improve existing risk frameworks, models and reporting solutions;
- is comfortable working without close supervision, but knows when to involve others;
- manages multiple assignments and tracks progress on numerous processes simultaneously;
- has the ability to deliver results to tight deadlines and responds to ad hoc requests efficiently and effectively.
Duration of contract / Closing date
Three year fixed-term contract with conversion to a permanent contract subject to performance and organisational needs.
Closing date for applications: 17 February 2012
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Applications are to be made in English and submitted using our online application form. An “Applicants’ Guide” can be downloaded from the “FAQs & Help” page.
The recruitment process may include a written exercise, a presentation and a panel interview.
Further information on the ECB’s conditions of employment for fixed-term positions can be found at http://www.ecb.europa.eu/ecb/jobs/html/index.en.html.
Applications are accepted from nationals of member states of the European Union and Croatia.
This position has been allocated to salary band F/G