Risk Operations

2 weeks ago

Jeddah, Makkah Province, Saudi Arabia Bupa Arabia Full time

Role Purpose:


To facilitate the risk assessment (identification, measurement and prioritization) process on a regular basis while documenting and maintaining the results of risk management activities to put in place action plans to mitigate risks.


Accountabilities:
1- Bupa Arabia Risk Management Framework;

  • Oversee, review and maintain the Risk Management Framework, through the development of sufficient infrastructure to identify, measure, manage and report risks.
  • Coordinate and align with Bupa Group Enterprise Risk Team to continuously improve the Bupa Arabia Risk Management Framework.
  • Work with the management of Bupa Arabia in developing acceptable tolerance levels and escalation criteria for identified risks.
  • Conduct risk workshops with selected senior management (to establish and refresh baseline risk register) and ensure time alignment with strategic/business planning activities.
  • Conduct awareness programs of risk management practices and processes.
  • Continuously update management on key risk issues, mitigation actions and the status of risk management process within Bupa Arabia.
  • Promote and sponsor the identification of Risk Champions within different Divisions/Departments to act as the conduit of risk communication both disseminating information and providing it.
2- Risk Life Cycle Management;

  • Perform and/or support in identifying risks that may impact Bupa Arabia's ability to achieve objectives, or daily activities in a manner consistent with legal, regulatory and customer expectations.
  • Coach and advise the 1st LoD being responsible for identifying risk identified as part of strategic planning, risks from daytoday business activities, risks due to external events.
  • Ensure all identified risks are aligned to Bupa Arabia Risk Categorization Model.
  • Advise, support and challenge the 1st LoD to ensure that the risk is managed appropriately.
  • Ensure treatment strategy being identified and implemented identifies a risk as being outside target, and such strategy being considered in light of the cost/benefit of implementing the strategy (i.e. Accept, Transfer, Treat or Avoid).
  • Validate the approval of the mitigation strategy via a defined local approval process.
  • Ensure that the frequency and intensity of the monitoring should be risk based and proportionate to the likelihood and impact of the inherent and residual risk
  • Promote and support the existence of an ongoing programme to continually monitor the risk profile.
  • Regular reporting to key stakeholders: i.e. On at least quarterly basis "key risk information" to Bupa Arabia level committees.
  • Manage an effective internal risk reporting to facilitate decision making and provide key stakeholders with information about the effectiveness of the risk management lifecycle
3- Emerging Risk Identification & Reporting;

  • Adopt a structured way to scan and monitor emerging risks to ensure Bupa Arabia have a view of new risks or opportunities.
  • Capture sufficient information to standardize the assessment of timeframe and financial impact of the new risk, including the establishment of criteria for grading emerging risks.
4- Critical Incident Management;

  • Ensure that Bupa Arabia businesses are prepared to respond to and manage the outcomes of Incidents.
  • Sponsor the implementation of a Local Incident Management Framework, in alignment with Bupa Arabia Incident Severity Scale to ensure consistency.
  • Challenge the classification/severity of the incident, ensuring that related escalation routes are followed, specifically for those incidents classified as "Critical" Incidents.
5- Stress & Scenario Testing approach;

  • Facilitate the identification of scenarios that could adversely impact Bupa Arabia and assess its ability to withstand them.
  • Ensure that Stress and Scenario Testing (SST) impacts are quantified and fed into the ORSA.
  • Ensure that SST outputs underpin the projection of stressed financial results in the ORSA, helping the Board to understand Bupa Arabia's ability to withstand adverse conditions.
6- Special/Technical Risk Management Framework(s);

  • Coordinate the design and sponsor the adoption of a common Framework.
  • Administer the development of Bupa Arabia system and tools as necessary to support the development of Special/Technical Risk Management Frameworks.

Skills:

  • Good in statistical analysis and synthesis of data
  • Strong critical thinking and problemsolving skills
  • Ability to conduct research, collect and analyze data and prepare written and oral reports
  • Ability to analyze, classify and rate risks, exposure, and loss expectancies
  • Ability to interpret, analyze and present information from various regulatory agencies in an appropriate form geared towards targeted audience
  • Certification in Control Self-Assessment (CCSA) is an advantage
  • Certificates of Risk Management (CRM) preferred, Safety and an Associate Risk Manager (ARM) preferred.
  • Professional Certificate(s) in insurance

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