Job Openings Head Of Risk Management

About the job Head Of Risk Management

Leads and oversees the design, development, and implementation of risk mitigation strategies, policies, and frameworks. Responsible for ensuring minimal or no disruption of company operations and services. Leads the Risk Management Department and ensures that operational, financial, and strategic risks are systematically recognized, mitigated, reported, and accepted by the company.

JOB RESPONSIBILITIES

  • Develops the departments short-term and long-term goals and directs the reporting departments toward accurate and timely implementation.

  • Develop and periodically update the risk management strategy by considering internal and external developments in the company.

  • Together with the leadership team and business units, define and communicate the organizations risk management objectives and direction.

  • Sets the departments goals and objectives, ensures the cascading of such to reporting departments, and guides their achievement.

  • Develop delegation of authority and succession planning for the Department.

  • Develop Risk Management policies, procedures, and processes and ensure adherence and implementation.

  • Identify new or emerging risks to which the companies business is exposed.

  • Conduct and facilitate a scenario analysis of business risks.

  • Coordinate with Senior Management to ensure the effectiveness and efficiency of the Risk Management System.

  • Facilitate risk event collection, performs detailed reviews, tracking of remediation, and contribute to trend analysis and stress testing.

  • Remain current on business drivers and regulatory and industry changes impacting the companys business.

  • Conduct business training and raise awareness of the risk framework, its roles, and its responsibilities.

  • Support the maintenance of a qualitative/quantitative business level risk appetite/tolerance with associated metrics, monitoring, triggers, escalation, and mitigating actions.

  • Conduct detailed risk assessments of every area of the company; evaluate the effects of risk on any area.

  • Interpret the risk management regulation & applicable regulatory circulars and ensure implementation.

  • Conduct quarterly review of the Underwriting function as required by regulatory bodies.

  • Provide recommendations on material outsourcing contracts.

  • Present the Risk Appetite Statement to the Board and Board Risk Committee.

  • Ensure any incidents are timely reported and present the action taken along with mitigation steps to the Board and Board Risk Committee.

  • Develop a contingency plan to counter events with a severe negative impact on business operations.

  • Manage and track operational, financial, and strategic risks and regularly report findings to the Chief Executive Officer and Risk Management Committee.

  • Ensure timely completion of Risk Control Self-Assessment (RCSA).

  • Ensure the ongoing development of the departments employees and guide the developmental activities of direct and indirect reports.

  • Perform any other duties and responsibilities as designated by the Risk Management Committee.

  • Engage with the Head of Human Resources to monitor the employee turnover ratio (attrition rate).

  • Identify the human resources requirements of the department and provide recommendations on levels of rewards, promotions, transfers, and career progressions.

  • Regularly review and enhance processes, technology, and systems used and make suggestions for automating processes and increasing working efficiency.

  • Plan and evaluate resource availability or requirements based on the workload of each employee.

  • Define the KPIs of the department and direct reports and periodically analyze the performance of direct reports.

  • Provide communication on address queries and other required support to Internal (Compliance, Internal Audit, IT, Human Resource Team, etc.) and External (Regulatory Authorities) stakeholders.

  • Undertake continuous training and certification for skills enhancement and remain updated with market changes related to job responsibilities.

  • Manage the day-to-day activities of the Department.

  • Ensure timely and accurate submission of regulatory reporting.

  • Recommend training for direct reports and ensure training is completed.

  • Provide periodic (Monthly/Quarterly/Annually) reporting of KPIs to the CEO.

  • Perform any ad hoc and additional responsibilities assigned by the direct reporting line.

JOB QUALIFICATIONS

  • Thorough understanding of the business or organization's goals and values

  • Strong working knowledge of risk management and previous experience working with risk

  • Sector experience or some exposure to the Insurance sector is preferred.

  • Must be able to speak and understand English & Arabic

  • Strong analytical and problem-solving skills

  • Large team handling experience is a must

  • Sound skills in negotiation and presentation of claims

  • High ethical standards, confidentiality, and the ability to develop trusting and effective working relationships with employees and external contacts.

  • Strong computer literacy and proficiency in all Microsoft Office programs.

  • Qualified Insurance Foundation Certificate Exam (IFCE).

  • Preferably Chartered Insurance Institute (CII) Designation

REQUIRED EXPERIENCES

  • 8+ years of experience in handling the Risk Department

  • 5+ years of experience in a managerial/supervisory position

  • 2+ years of experience in interaction with regulators


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