The primary objectives of this role is to work with internal teams to develop an annual risk plan, implement systematic, comprehensive risk reviews, review all Company internal policies, procedures and workflows and make improvement recommendations, to facilitate the management of risk by those responsible for the conduct of the business, to ensure that the Company’s reputation for conducting its business with integrity and professional skill is protected, to attend and advise on all matters related to risk that may affect the business., to support management in running an efficient and profitable business without violating legal or regulatory requirements.
Main Responsibilities:
Risk:
Assist Authority in developing the Enterprise Risk Management framework by aligning the risk objectives with Organizational plan. Formulate and roll out the Risk appetite and Tolerance Framework to formalize the risk strategies of the company and align it with Organizational Objectives. Perform the Enterprise-wide risk assessment and established the Risk registers, Risk taxonomy, Risk factors in line with the ERM Policy, Framework and Methodology. Perform Annual Risk assessment over entity wide to assess the identify risks and update the risk profiles. Identify, assess and report emerging risks to broaden the risk horizon. Intervene and manage high exposure risks if current control & mitigation measures are not effective.
Compile the Top Risk Profile on a quarterly basis for reporting to the Risk Committee.
Develop the controls to assess the risks on qualitative and Quantitative basis and monitor it effectively. Assess and evaluate all the Company’s plans, projects, contracts and services to protect the company from risk and compliance breaches; Evaluate progress and effectiveness of action taken to implement risk recommendations received from all internal & external reviews; Prepare and submit written reports of findings and make recommendations for the improvement of operations; Produce reports and presentations that outline findings, explain risk positions, and recommend changes; Recommend ways to control, mitigate or reduce risk; Track, measure, and report on aspects of all identified risk and compliance areas; Devise scenario analyses reflecting possible severe market events and develop & monitor Early Warning Indicators Maintain input and data quality of risk, and compliance management systems; Prepare regulatory reports on risks as per the disclosure requirements of CBUAE. Assist Authority to develop the Board Packs related to risks. To develop and promote a companywide risk awareness culture; To issue reports accurately and in a timely manner; Assess and develop the ORSA and Recovery Plan.
Any other task as assigned by the Authority.
Ideally a master’s degree in commerce, accounting, finance, economics, actuarial or equivalent.
Risk management qualification from a recognized institution.
Minimum 2-5 years relevant professional experience in the areas of internal and/or external risk gained within the insurance domain.
Excellent knowledge of risk procedures, including planning, risk techniques, testing and sampling methods and tools used in conducting risk assessments.
Proven ability to perform risk audits for operational and non-operational policies and procedures, business processes, objectives, key management strategies.
Well-developed analytical, communication and presentation skills;
Ability to work independently, remain focused and maintain highest integrity and objectivity.
