Internal Control Financial Reporting Consultant

We improve lives

IDB Invest is the private sector arm of the IDB Group and an international financial institution committed to addressing the development needs of Latin America and the Caribbean. Our mission is to support sustainable enterprises and projects that deliver financial results while maximizing social and environmental impact in the region.

IDB Invest operates in 26 countries, structured across four geographic regions and three industry verticals:
Infrastructure and Energy, Financial Intermediaries, and Corporates.

In support of a new transformative business model “Originate to Share” our shareholders recently approved a $3.5 billion capitalization. This will allow IDB Invest to significantly scale up its investments, to approximately $19 billion, and unlocking greater private sector participation to drive development and climate impact across the region.

The Financial and Operational Risk Division of IDB Invest is looking for a professional with a strong risk management background, specifically in internal control over financial reporting management, to support IDB Invest management to deploy the operational risk and internal control management framework and improve and monitor internal controls in IDB Invest.

The Financial And Operational Risk Management Division, Part Of The Risk Management Department, Manages Financial And Operational Risks Of IDB Invest. The Division Is Divided Into Four Main Groups

• Portfolio Management: responsible for overseeing the growth of the portfolio, considering concentrations and other risk parameters, providing portfolio risk guidance to the business areas, managing portfolio limits, RAROC, Economic Capital, Risk Management MIS, reporting and limit controls, and quarterly calculation of provisions under the CECL.
• Market Risk: responsible for the design, implementation, update, and ongoing execution of the Market Risk and Asset and Liability Management framework. The team identifies, quantifies, and monitors interest rate risk and foreign exchange risk of the balance sheet, and the price risk of the liquid investment portfolio. This group is also responsible for counter party credit risk management.
• Model Risk and Capital Adequacy: responsible for the internal economic capital models, rating agencies models, and the model governance framework, including model validation.
• Operational
  
  Risk Management:
  
  responsible for assessing and maintaining an appropriate internal control environment, developing, and managing a full operational risk and ICFR frameworks as a second line of defense.

The candidate will support the activities related to the implementation, maintenance, and monitoring of the internal control over financial reporting methodology in IDB Invest. The Consultant’s main activities will consist of:

• Evaluate the design and effectiveness of business controls to mitigate operational risk and financial reporting misstatement.
• Provide support on the identification, assessment, treatment, monitoring, and reporting of operational and financial misstatement risks within IDB Invest processes.
• Identify deviation from US GAAP (U.S. Generally Accepted Accounting Principles) and/or Bank policies and procedures and recommend corrective action.
• Identify, document and update entity level controls and relevant financial reporting assertions and collaborate with process owners to ensure key controls are operating effectively.
• Review the business procedures to identify gaps, control deviations, and improvements, and monitor action plan implementation.
• Provide support in the risk and internal control assessments in IDB Invest processes and systems during the year.
• Register, monitor and report periodically financial…