Close relatives1 of ADB staff, except spouses of international staff, are not eligible for recruitment and appointment to staff positions. Applicants are expected to disclose if they have any relative/s by consanguinity/blood, by adoption and/or by affinity/marriage presently employed in ADB.
1 Close relatives refer to spouse, children, mother, father, brother and sister, niece, nephew, aunt and uncle
Staff on probation are not eligible to apply. Applicants for promotion must have served at their position for at least one year and must have normally served at their personal level for at least two years immediately preceding the date of the vacancy closing date. Applicants for lateral transfer must have served at their position and personal level for at least one year immediately preceding the date of the vacancy closing date (reference A.O. 2.03, paragraphs 5.8 and 5.9).
In the event that the staff appointed to a new category (i.e. from AS to NS, or from NS to IS) is rated at 2 or lower in the first two performance reviews after appointment at the new level, they will return to the level occupied immediately prior to their appointment in the new category.
Overview Asian Development Bank (ADB) is an international development finance institution headquartered in Manila, Philippines and is composed of 68 members, 49 of which are from the Asia and Pacific region. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. ADB combines finance, knowledge, and partnerships to fulfill its expanded vision under its Strategy 2030.
ADB only hires nationals of its 68 member countries.
The position is assigned in the Remedial Management Unit (RMOD-RMU) within the Office of the Head, Office of Risk Management (ORM). RMOD-RMU is responsible for risk monitoring, reporting, and management of remedial and impaired transactions within the private sector operations portfolio, including evaluating reviews of existing transactions, reviewing waiver and amendment requests, identifying impaired transactions, establishing specific provision levels for impaired transactions, and managing impaired transactions. ORM has a broad mandate and ensures that ADB’s sovereign and private sector operations are sustainable by safeguarding ADB’s rating, advising Board and Management on risk issues and the implementation and management of strong internal risk cultures.
To view ADB Organizational Chart, please click here.
Job Purpose The Remedial Management Specialist supports the corporate recovery function, i.e. management of nonperforming debt and guarantee transactions and impaired equity investments, from transfer to RMOD-RMU’s impaired portfolio to final resolution- either liquidation or returning to the performing portfolio- in the most time and cost effective way, using industry best practice.
The position reviews and evaluates existing impaired transactions, process waiver and amendment requests, assists in preparation of work out strategies for submission to the appropriate approval authority, and opines on exit recommendations, etc.
The incumbent will report to Advisor, RMOD and Head, RMOD-RMU and will supervise national and administrative staff.
a. Remedial Management
- Assists in negotiating, documenting, and implementing investment restructurings with appropriate communication with operations departments
- Assists in the preparation and review of specific provisioning levels of impaired accounts on a quarterly basis.
- Participates in evaluating ADB’s nonsovereign loans, guarantees, direct and indirect equity investments for deteriorating credit situations.
- Assists in determining, documenting, and presenting the best course of action in terms of exit strategy (e.g. sale, restructuring, liquidation, or any combination thereof) in the form of a Problem Account Memorandum to the respective approval authority within ADB.
b. Corporate Recovery
- Facilitates the transfer of assets deemed nonperforming or impaired or in risk of becoming nonperforming or impaired, from operational departments in a structured and documented fashion.
- Analyzes nonperforming and impaired or potentially nonperforming and impaired transactions, which includes financial and legal due diligence and analysis; interaction with accountants, legal and financial consultants; contacts with senior management of obligor/investee; construction of financial and valuation models as required; other and essential tasks.
- Assists in executing the approved workout strategy; initiates and contributes to all phases of the corporate recovery process in conjunction with all stakeholders involved; and negotiates with the obligor and other creditors as required.
- Monitors impaired transactions.
- Helps to prepare corporate recovery plans to include recommendations on when to realize losses, release any rights/security interests, and make material changes in transactions.
- Updates the database for each nonperforming or impaired transaction and assists in preparing reports for ADB senior management.
- Assists in calculating loan loss provisions and equity impairment estimates for each nonperforming or impaired transaction.
- Maintains and shares knowledge of emerging best practices and standards in the areas of early problem recognition, remedial and recovery operations.
- Provides leadership, mentoring, and support to reporting staff and ensures their on-going learning and development.
- Supervises the performance of reporting staff and consultants, providing clear direction, regular monitoring and feedback on performance.
- Provides support to other divisions and units in ORM as and when needed for special projects and tasks.
- Performs other duties that may be assigned and reflected in the incumbent’s work plan.
Relevant Experience & Requirements
- Master’s degree in finance, business administration, economics or other related field. University degree combined with specialized experience in similar organization/s may be considered in lieu of Master’s degree.
- At least 8 years of relevant international experience in a similar setting e.g. international financial institution, ratings agency, international bank, or financial advisory firm.
- Excellent knowledge and demonstrated track record in all areas of credit risk management of individual transactions, and proven ability to capture the essence in terms of risks of transactions under review.
- Experience with, and application of, risk rating methodologies, risk management frameworks, and relevant risk-related policies.
- Strong cashflow analysis and financial model skills.
- Experience in discounted cash flow analysis, valuation of listed and unlisted equities and ability to assess proposed exit strategies, preferably with experience in private equity funds,
- Excellent knowledge of financial institution and project finance/structured finance. and good understanding of standard corporate and trade finance.
- Experience in intermediate loan documentation
- Ability to work in a multicultural and highly flexible team environment that relies heavily on cross-functional interaction.
- Strong project management and execution skills, including the ability to effectively drive complex, multifaceted matters to conclusion in an aggressive timeframe.
- Restructuring experience, conflict resolution and negotiation skills.
- Excellent written and verbal communication skills in English.
- Please refer to the link for ADB Competency Framework for International Staff Level 3 and 4.
The selected candidate is appointed for an initial term of 3 years.
ADB offers competitive remuneration and a comprehensive benefits package. Actual appointment salary will be based on ADB’s standards and computation, taking into account the selected individual’s qualifications and experience.
ADB seeks to ensure that everyone is treated with respect and given equal opportunities to work in an inclusive environment. ADB encourages all qualified candidates to apply regardless of their racial, ethnic, religious and cultural background, gender, sexual orientation or disabilities. Women are highly encouraged to apply.
Please note that the actual level and salary will be based on qualifications of the selected candidate.