Officer Enterprise Risk Management

2 days ago

Jeddah, Makkah Province, Saudi Arabia Flyadeal Full time
Roles and responsibilities

The primary role of an ERM Specialist is to support the Risk Manager in identifying, assessing, and evaluating potential risks that could impact the organization's operations, finances, or reputation. The ERM Specialist is responsible for implementing and monitoring risk management strategies to minimize these risks and ensure compliance with relevant regulations and standards. The main objective is to assist the organization in achieving its goals while minimizing potential risks. This role involves working closely with various departments to develop risk mitigation plans and reporting on their effectiveness.

Key Responsibilities:

  • Ensure compliance with the organization's risk management policies and strategies.
  • Contribute to periodic reviews of the risk management framework.
  • Facilitate risk assessments and the development of risk mitigation plans.
  • Prepare regular reports and dashboards on organizational risks.
  • Maintain the accuracy of the organization's consolidated risk register.
  • Analyze key risk indicators for insights.
  • Document all work in accordance with pre-defined standards.
  • Monitor and track remediation plan implementation.
  • Support the development of Enterprise Risk Management tools and practices.
  • Coordinate activities with Risk Champions.
  • Risk Assessment and Evaluation
    Assess the likelihood of each risk occurring and its potential impact on the organization's operations, finances, reputation, and strategic goals.
    Use tools like Risk Matrices or Risk Heat Maps to evaluate and prioritize risks based on their probability and severity.
    Quantitative methods such as financial modeling or statistical analysis and qualitative methods like expert judgment and interviews may be used to assess risks.
    Risk Mitigation and Control
    Develop strategies to address high-priority risks:
    Avoidance: Changing plans to avoid the risk altogether.
    Reduction: Implementing measures to reduce the likelihood or impact of the risk.
    Sharing: Transferring the risk to another party (e.g., through insurance or outsourcing).
    Acceptance: Acknowledging the risk and its consequences, and choosing to take no immediate action (e.g., low-impact risks).
    Establish controls and procedures to manage risk, such as creating backup systems, implementing security protocols, or establishing compliance checks.
    Ensure effective communication and awareness within the organization about identified risks and mitigation measures.
Desired candidate profile

Bachelor's degree in business or related field.
Certified risk professional designation is a plus.
Experience: 3+ years of experience in Risk Management, internal audit, management consulting, project management, or related fields, with at least 2 years of direct risk management experience.
Knowledge of risk assessment and control
Experience in auditing and reporting procedures
Risk Identification
Identify risks across the organization, including strategic, financial, operational, and compliance risks. Risks can stem from both internal and external factors such as economic downturns, technological advancements, regulatory changes, or natural disasters.
Risk categories may include:
Strategic Risks: Affecting long-term goals and objectives.
Operational Risks: Related to internal processes, people, systems, and external events.
Financial Risks: Impacting financial assets, liabilities, or cash flow.
Compliance Risks: Arising from non-compliance with laws, regulations, or standards.
Reputational Risks: Affecting the organization's reputation or public perception.
Environmental Risks: Related to environmental impact, climate change, and sustainability.

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