Risk Operations

3 weeks ago

Jeddah, 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 base-line 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 day-to-day 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 on-going 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 problem-solving 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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