Chief Risk Officer

1 week ago

Jeddah, Makkah Province, Saudi Arabia MINDFREE Consulting | Insurance Talent Hub Full time
Job Overview

We are seeking an experienced professional to fill the position of Head Of Risk Management. This individual will be responsible for leading and overseeing the development and implementation of risk mitigation strategies, policies, and frameworks.

Key Accountabilities:
  • Develops the department's short-term and long-term goals and directs the reporting departments toward accurate and timely implementation.
  • Develops and periodically updates the risk management strategy by considering internal and external developments in the company.
  • Together with the leadership team and business units, defines and communicates the organization's risk management objectives and direction.
  • Sets the department's goals and objectives, ensures the cascading of such to reporting departments, and guides their achievement.
  • Develops delegation of authority and succession planning for the Department.
  • Develops Risk Management policies, procedures, and processes and ensures adherence and implementation.
  • Identifies new or emerging risks to which the company's business is exposed.
  • Conducts and facilitates a scenario analysis of business risks.
  • Coordinates with Senior Management to ensure the effectiveness and efficiency of the Risk Management System.
  • Facilitates risk event collection, performs detailed reviews, tracks remediation, and contributes to trend analysis and stress testing.
  • Remains current on business drivers and regulatory and industry changes impacting the company's business.
  • Conducts business training and raises awareness of the risk framework, its roles, and its responsibilities.
  • Supports the maintenance of a qualitative/quantitative business level risk appetite/tolerance with associated metrics, monitoring, triggers, escalation, and mitigating actions.
  • Conducts detailed risk assessments of every area of the company; evaluates the effects of risk on any area.
  • Interprets the risk management regulation & applicable regulatory circulars and ensures implementation.
  • Conducts quarterly review of the Underwriting function as required by regulatory bodies.
  • Provides recommendations on material outsourcing contracts.
  • Presents the Risk Appetite Statement to the Board and Board Risk Committee.
  • Ensures any incidents are timely reported and presents the action taken along with mitigation steps to the Board and Board Risk Committee.
  • Develops a contingency plan to counter events with a severe negative impact on business operations.
  • Manages and tracks operational, financial, and strategic risks and regularly reports findings to the Chief Executive Officer and Risk Management Committee.
  • Ensures timely completion of Risk Control Self-Assessment (RCSA).
  • Ensures the ongoing development of the department's employees and guides the developmental activities of direct and indirect reports.
  • Performs any other duties and responsibilities as designated by the Risk Management Committee.
  • Engages with the Head of Human Resources to monitor the employee turnover ratio (attrition rate).
  • Identifies the human resources requirements of the department and provides recommendations on levels of rewards, promotions, transfers, and career progressions.
  • Regularly reviews and enhances processes, technology, and systems used and makes suggestions for automating processes and increasing working efficiency.
  • Plans and evaluates resource availability or requirements based on the workload of each employee.
  • Defines the KPIs of the department and direct reports and periodically analyzes the performance of direct reports.
  • Provides communication on address queries and other required support to Internal (Compliance, Internal Audit, IT, Human Resource Team, etc.) and External (Regulatory Authorities) stakeholders.
  • Undertakes continuous training and certification for skills enhancement and remains updated with market changes related to job responsibilities.
  • Manages the day-to-day activities of the Department.
  • Ensures timely and accurate submission of regulatory reporting.
  • Recommends training for direct reports and ensures training is completed.
  • Provides periodic (Monthly/Quarterly/Annually) reporting of KPIs to the CEO.
  • Performs any ad hoc and additional responsibilities assigned by the direct reporting line.

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