Senior Manager Risk Management

Confidential; Abu Dhabi Emirate; On-site; AED 240,000 - 360,000; Full time

Job summary

Confidential in Abu Dhabi is seeking a senior Risk Management professional to support development of long-term risk strategies and operational plans. The role focuses on implementing risk management policies, maintaining risk registers, and aligning activities with corporate objectives and tolerances in line with global best practices for the insurance sector.

You will provide guidance on business continuity, risk indicators, and reporting to the Board Risk Committee, while collaborating with

Responsibilities

• Maintain risk registers with updated exposure data and remediation plans.
• Interact with business units and senior management to refresh risk profile and mitigation plans quarterly.
• Evaluate internal and external risk environments and discuss robust mitigation plans with business units.

Job description

• Support in the development of the long-term strategies and objectives for Risk Management function in line with overall business goals.
• Under the direction of the Division Head, formulate short- & medium-term operational plans for the Risk Management Department in line with the overall Risk Management framework and lead implementation of approved operational plans to support profitability & growth.
• Formulate, enhance and/or develop, implement, and enforce Risk Management Department policies, processes, and procedures so that all relevant procedural requirements are fulfilled in accordance with Risk Management regulations and global best practices within the insurance sector to effectively identify, assess, manage, and monitor risks in alignment with corporate objectives and tolerances.
• Support the establishment of an Integrated Risk Management framework for all aspects of risk across the organization, to protect the company from potential loss, damage and or harm to its operations, assets etc. and smoothen volatility in corporate earnings.

Budget & Cost Control:

• Contribute to development and implementation of the Risk Management budgets in line with overall Division budget and monitor financial performance versus the budget so that the business is aware of anticipated costs/revenues, areas of unsatisfactory performance are identified, and potential performance improvement opportunities are capitalized upon.

Planning:

• Assist in the development, implementation, and execution of the Risk Management plans, activities, results, and exposure reports to ensure compliance with limits and tolerance.

DESCRIPTION

• Maintain risk registers (as relevant) with updated exposure data, emerging risks, and remediation plans.
• Interact with Business unit and senior management to refresh risk profile and mitigation plans every quarter
• Evaluate both internal and external risk environment of the company and point out new and emerging risks and discuss the same with business unit and senior management to get their consent and work with them for formulating robust mitigation plans
• Provide input and guidance on business continuity plans with an eye to operational and enterprise risk management
• Develop, populate, and manage key risk indicators/ metrics
• Perform risk reviews and proactively identify risk exposures and control gaps. Analyse and synthesize risk exposures, operational losses, root causes and control gaps. Create and provide regular and ad hoc reporting and readouts to senior management and Board Risk Committee
• Provide advice, consult with, and facilitate training programs for Risk Champions, other Department/ Divisions to enhance organizational risk management knowledge and risk intelligent culture, and support more informed, risk-based decision-making
• Utilize excellent communication/influence skills to clearly communicate complex information both written and verbally, including reports, presentations, group facilitation skills to enhance remediation efforts
• Exercise proper discretion and maturity in facilitating sometimes uncomfortable discussions with executive management on confidential and sensitive risk topics
• Identify and communicate to EVP RM potential or necessary Risk Management activity changes or enhancements to ensure ongoing effectiveness
• Maintain the company wide risk framework, including risk and control libraries, in the Risk Management software and continue to hold strong working knowledge of the software, particularly data input, system navigation and report generation.
• Execute approved integrated procedures to identify and report major risk exposures; ensure that the risk reporting systems adequately communicate relevant information regarding level and sources of risk, and compliance with approved limits and controls.

Motor Claims Audit:

• Contribute to the implementation of the strategies for motor claims audit
• Ensure that all Motor Claims investigations are carried out professionally and efficiently and effective deterrence actions are taken
• Develop data analytics process
• Lead and direct the continuous review and improvement of practices for the Risk Management Division considering 'international best practice', changes in international standards, regulatory and rating agency requirements, and changes in the business environment.

DESCRIPTION

• Manage the effective achievement of unit / department objectives through setting individual and/ or team objectives, managing performance, developing employees, and providing formal and informal feedback to maximize overall performance and team motivation

DESCRIPTION

• Job descriptions given to the employees provide the general nature and level of work expected. It is not intended to be construed as an exhaustive list of all responsibilities, duties and skills required for the position. The job description in no way states or implies that these are the only duties to be performed by the employee occupying this position. Employees will be required to follow any other job-related instructions and to perform other job-related duties requested by their departmental manager. Senior Management reserves the right to assign any responsibilities to its employees based on the business requirements.