Risk Management

The Senior Executive Manager - Risk Management will manage risk management practices across Bupa Arabia and oversee the principles underpinning a robust and continuous Risk Management Framework in line with the Boards’ Risk Appetite by designing, building and operating a robust foundation to identify and understand the current and emerging risks to Bupa Arabia and their potential consequences

**Governance**
- Enact risk management practices in Bupa Arabia in sync with the Board’s overall responsibility for the oversight of risk, ensuring risk management activities are embedded including a risk management strategy, governance policies and a risk assessment and reporting life cycle.
- Facilitate a robust risk management framework being embedded across Bupa Arabia by key functions.
- Support and contribute to Risk Committees established across Bupa Arabia to maintain leadership and provide sufficient oversight of risk and to challenge compliance across the Company.
- Partner with Bupa Arabia Risk Management Committee to play an active role in owning the whole Company’s risk profile and acting on risk themes holistically.

**Risk Management**
- Collaborate with Bupa Arabia Chief Executive Team to set a strong ‘’Tone from the Top’’ with regard to Risk Management and have accountabilities for facilitating and supporting a strong culture for risk management.
- Ensure that roles and responsibilities with respect to risk management are clearly defined according to the’’3 Lines of Defence’’ (LoD) model adopted by Bupa Arabia:

- Advise and support 1st LoD in identifying, managing, owning and escalating risks as part of their day-to-day activities.
- Sponsor 2nd LoD by advising, supporting and challenging the 1st LoD to ensure that risks that are taken on are understood and controlled.
- Facilitate 3rd LoD (e.g. Internal Audit) enabling the provision of independent, objective assurance to the Board and Senior Management.
- Partner with Organization Development Department to ensure that all employees are given awareness sessions and guidance to ensure that they clearly understand their responsibilities within the 3 LoD model.
- Act as the Ambassador sponsoring decision making to be carried out in line with the delegated authority framework, and that Bupa Arabia employees are able to report incidents without fear of blame or retribution.

**Risk Strategy & Appetite**
- Develop and own Bupa Arabia’s risk strategy, ensuring it is consistent with delivery of business strategy over the business planning period and the expectations of stakeholders.
- Be responsible for formalization of Bupa Arabia Risk Appetite Framework, Risk Strategy and Statements in one document and reviewed on an annual basis.
- Champion the implementation of Risk Appetite Statements, as defined by the Board of Directors, ascertaining:

- Alignment of key stakeholders in delivering the right customer outcomes in the here and now, while ensuring that financial and brand strength is upheld so that Bupa Arabia can continue to deliver on its purpose for the foreseeable future.
- Guidance for directors (and others charged with governance) in leading the business and setting its direction and strategy.
- Use of such statements as a framework for strategic decision-making (e.g. M&A), ensuring business plans are aligned with appetite, and for reporting of key risk exposures against appetite.
- Ensure that Risk Appetite Statements are supported by defined and measurable tolerances and limits against the risk categorisation model.
- Partner with Resilience & Information Risk Department to proactively manage and ensure that transferring insurable risks are aligned to Board and risk appetite with the aim of ensuring that insurable risks are retained (where permissible by law) or transferred in the most efficient, economic and commercial way.
- Regularly monitor performance against the tolerances and limits set by risk appetite and any breaches be escalated in line with governance procedures.
- Develop a comprehensive and well-supported process to identify and manage Bupa Arabia’s strategic risks by building effective links between risk management and key strategical activities.

**Policies & Risk Management Lifecycle**
- Partner with Corporate Governance Department ensuring that Bupa Arabia Enterprise policies are maintained, and define the key principles and requirements for how risk is managed in Bupa Arabia.
- Direct the implementation of policies, supported by clear communications, so all employees understand their respective roles and responsibilities in relation to each policy.
- Maintain and oversee Bupa Arabia Risk Categorisation model that provides a standard approach for classifying the universe of different types of risks faced by the Company in pursuit of its purpose.
- Review regularly the risk positions, risk management response/strategies, control effectiveness, monitor policy compliance and risk position against risk appet