Job Purpose

• The role holder is required to lead the Risk, Compliance & Reserves Policy Management Section within Reserves Management, responsible for providing strategic direction, oversight, and leadership in managing portfolio risks, portfolio performance analysis, ensuring compliance, and formulation of investment policy and guidelines for foreign reserves. The role also supports broader departmental goals through cross-functional collaboration and senior-level input into the development and execution of strategic initiatives.

Key Duties and Responsibilities

• Provide strategic leadership and direction for risk, portfolio performance, compliance, and policy management of foreign reserves aligned with departmental and Bank objectives.
• Develop, oversee, and update comprehensive policies and frameworks for risk management, performance evaluation, and regulatory compliance related to forex reserves.
• Lead the design and implementation of risk appetite standards, and performance benchmarks to optimize portfolio management.
• Ensure robust monitoring and reporting of portfolio exposures, including credit ratings, interest rate and currency risks, and counterparty assessments.
• Supervise the analysis and reporting of foreign reserves performance to senior executives, policy committees, and investment committees.
• Coordinate compliance to audits, internal reviews, and adherence to central bank regulations, international standards, and operational guidelines.
• Advise senior management on reserves management strategies, recommending policy enhancements and operational improvements.
• Oversee research, development, and implementation of advanced analytical tools and frameworks to enhance risk and performance analysis.
• Represent the institution in policy dialogues, international forums, and engagements with external auditors, rating agencies, and regulatory bodies.
• Manage and mentor a high-performing team, fostering professional development, capacity building, and succession planning.
• Ensure effective operational management, resource allocation, business continuity, and comprehensive KYC compliance within the section.
• Perform other duties as assigned by the Deputy Director, Reserves Management.
• Any other assigned duties and responsibilities.

Qualifications

• Bachelor’s degree in Finance, Economics, Risk Management, or related field.
• Master’s degree in Finance, Economics, Risk Management, or related field will be an added advantage.
• Professional certifications such as CFA, CIFA, FRM, or PRM will be an advantage.

Work Experience

• Ten (10) years’ experience in central banking, asset management, or treasury, with at least 5 years in a leadership role focusing on risk, performance, or compliance.

Competencies

Technical Competencies

Clear understanding of financial markets and knowledge in:

• National, regional, and international regulatory and statutory requirements.
• Foreign Exchange Market operations.
• Money markets and products including bills and bonds and other instruments.
• Capital markets.
• Investments benchmarks performance measurement and attribution.
• Interest rates and financial instruments pricing.
• Market analysis.
• Fundamental analysis and technical analysis.
• Investment policies and guidelines.
• Risk management ability to identify departmental risks and develop mitigating measures
• Scenario analyses and testing.
• Portfolio management.

Behavioural/ General Competencies

• Leadership and people management skills, with experience in performance management, coaching & mentoring.
• High-level of emotional intelligence, interpersonal and cross-cultural interaction skills, including ability to build consensus, alliances, and collaborative relationships with sensitivity to diversity.
• Critical and analytical thinking and problem-solving skills – ability to understand issues from multiple perspectives/layers and take account of the wider business context when crafting solutions.
• Excellent communication skills – written and oral for all levels of engagement.
• Project management skills – Ability to identify the combination of expertise, knowledge, resources, and capabilities required to deliver projects/assignments in the division.
• Organisational and administrative skills.
• Planning – The ability to meet tight deadlines and to satisfy the Department’s customer service requirements in an environment laced with a wide variety and unexpected challenges.
• Ability to be proactive and use technology and other modern tools to drive decision-making and implementation.
• Ability to consider emerging trends, developments and long-term opportunities and align organisational requirements with desired outcomes.
• Strategic thinking. Ability to focus on finding and developing unique opportunities to create value for the bank.
• High level of networking and engagement at senior levels.
• Independence of thought and objectivity – ability to work with an unbiased mental attitude.
• Professionalism, integrity, and honesty in line with the CBK values.
• Ability to withstand strategic and operational challenges and maintain momentum.
• Ability to manage multiple stakeholders and drive change.
• Governance – knowledge and ability to ensure good governance practices.
• Excellent Problem solving and creativity skills.
• Result oriented – effectively manage your time and resources to ensure that objectives are achieved, and projects are delivered on time.
• Enabling change – Encourage others to seek novel and innovative approaches to addressing problems and opportunities. Facilitate the implementation and acceptance of change within the workplace.
• Decision Making Skills – Consider all the facts, options, and possible outcomes prior to making decisions and Quick to act upon potential opportunities and take the initiative within limits of authority.

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Job Purpose

• The role holder is the head of the Securities Auctions function whose main responsibility is to issue government securities to finance respective domestic debt borrowing targets consistent with the Medium-Term Debt Strategy (MTDS) and domestic debt issuance program.

Key Duties and Responsibilities

Strategic Responsibilities

• Contributes as appropriate to the performance of other functions and to the overall achievement of the Bank’s strategic objectives.
• Works effectively as part of the team to deliver on the Key Result Areas and demonstrates competencies of his/her role.

Technical and Operational Responsibilities

• Responsible for implementation of Kenya’s budgetary gap earmarked for financing from the domestic market.
• Evaluates risks and costs associated with the issuance of government securities and makes recommendations on market risk such as pricing or interest rate/yield curve risk, liquidity risk (auction undersubscriptions); maturity/refinancing risk; fiscal funding risk; default risk, financial risk; reputation/image risk, information risk among others.
• Responsible for effective implementation of the Government Securities auctions and issuances.
• Coordinates Government securities issuance through weekly Treasury Bills auctions and Monthly Treasury Bond auctions, which involves decisions on pricing of the instruments in the auctions, considering the impact on the stability of rates/yield curve in the financial market and availability of short-term and long-term liquidity for the Kenya government.
• Make recommendations on auctions to the Departmental Management on the rates and volumes to be accepted considering the impact on the stability of the markets yield-curve stability, stability of government cash flow liquidity, debt structure/diversity amongst others.
• Accountable for collection of proceeds from investors in government securities and allocation of the government securities to the respective investors.
• Responsible for disbursement of proceeds to the National Treasury (NT), Kenya Revenue Authority (KRA), Capital Market Authority (CMA), and the other designated recipients.
• Contribute to the design and selection of new products and appropriate Liability Management instruments.
• Implementation of securities markets initiatives.
• Manage risks associated with issuance and auctions of government securities including operational risks, reputation/image risks, information risks, market risks, legal risks, among others.
• Responsible for planning, organizing, integrating, supervising, and coordinating activities and resources relating to issuance of Government Securities.
• Provide advice on debt issues that may have impact on the overall objectives of the Bank.
• Provide information to CBK management, stakeholders and market players and justifications on opinions, advice, and perspectives.
• Advise the department on domestic debt management and market development as the fiscal agent of and advisor to the Government.
• Liaise with the external stakeholders in the financial market – who include Retail and wholesale investors, commercial Banks, CMA, Nairobi Securities Exchange, etc. and internal stakeholders such as Banking Division, Open Market Operations, etc.
• Contribute to the development of the Department’s Strategic plan and implementation of the Department’s and Bank’s strategic.
• Budget preparation and planning.
• Mentor and develop effective Business Development teams to achieve planned results.
• Identify and recommend appropriate staff training and capacity building in the section.
• Any other assigned duties and responsibilities.

Qualifications

• Bachelor’s Degree in accounting, business, finance, economics or banking or similar field,
• Master’s Degree in Economics, Finance, Banking or a relevant filed or professional qualification in relevant field of study is an added advantage.
• Clear understanding of financial markets and relevant emerging issues in:

Government borrowing strategy.

• Financial Markets operations.
• Issuance of government securities and Liability Management Operations.
• Risk management.
• Public Financial Management.
• CBK’s Monetary Policy stance.

Work Experience

• At least eight (8) years’ work experience in securities auction, financial analysis, investment and portfolio management.

Competencies

Technical Competencies

Knowledge and experience in:

• Financial Markets operations – domestic and global.
• Money markets.
• Capital markets.
• Derivatives.
• Interest rates and pricing.
• Market environment.
• Domestic debt and debt strategies.
• Investor awareness.
• Bloomberg / Reuters.
• Meridian.
• Investor relations (wholesale and retail).
• Fundamental and technical analysis.
• Pricing and evaluation.
• Accounting and taxation implications.
• Strategic Planning.
• Budgeting and Planning.
• Ability to drive change.
• Project Management.
• Stakeholder Management.

Behavioral / General Competencies

• Governance – knowledge and ability to ensure good governance practices in assigned Department
• Analytical – highly analytical and ability to challenge status quo based on quantitative facts and impacts
• Leadership and management-ability to lead teams, co-ordinate effective teams and staff to achieve planned results.
• Performance Management.
• Decision making – ability to make quick operational decisions and strategic recommendations in a timely and effective manner.
• Professionalism – maintains a professional approach based on ethics and CBK values.
• Integrity and honesty and ethics – ensures ethical practices and integrity and ensures CBK is not put at reputational risk.
• Good communication skills – oral and written.
• Building consensus and influencing – ability to influence various players across financial markets.
• Customer orientation – is customer focused striking a solid balance between external and internal customer orientation.
• Resilience – can withstand strategic and operational challenges and maintain momentum.
• Emotional Intelligence – manages emotions in a mature and composed manner as expected of a leader