Head Of Risk Management

MINDFREE Consulting | Insurance Talent Hub; Jeddah; On-site; SAR 300,000 - 400,000; Full time

Job summary

A leading consulting firm in Jeddah is seeking a Risk Management Head to lead the development and implementation of risk mitigation strategies. The ideal candidate will have over 8 years of experience in risk management, strong leadership skills, and proficiency in both English and Arabic. This role is crucial for ensuring minimal disruption to operations and requires extensive knowledge of the insurance sector.

Qualifications

• Thorough understanding of the organization's goals and values.
• Strong working knowledge of risk management.
• Exposure to the Insurance sector is preferred.

Responsibilities

• Oversee the design, development, and implementation of risk mitigation strategies.
• Conduct detailed risk assessments of all areas of the company.
• Coordinate with Senior Management to enhance the Risk Management System.
• Develop and implement risk management policies and procedures.
• Ensure timely completion of Risk Control Self-Assessment (RCSA).

Skills

Risk Management

Analytical skills

Problem-solving

Negotiation skills

Team leadership

Microsoft Office proficiency

Communication in English & Arabic

Education

Insurance Foundation Certificate Exam (IFCE)

Chartered Insurance Institute (CII) Designation

Job description

Leads and oversees the design, development, and implementation of risk mitigation strategies, policies,and frameworks. Responsible for ensuring minimal or no disruption of company operations andservices. Leads the Risk Management Department and ensures that operational, financial, and strategicrisks are systematically recognized, mitigated, reported, and accepted by the company.

JOB RESPONSIBILITIES

Develops the departments short-term and long-term goals and directs the reporting departmentstoward accurate and timely implementation.

Develop and periodically update the risk management strategy by considering internal andexternal developments in the company.

Together with the leadership team and business units, define and communicate theorganizations risk management objectives and direction.

Sets the departments goals and objectives, ensures the cascading of such to reportingdepartments, and guides their achievement.

Develop delegation of authority and succession planning for the Department.

Develop Risk Management policies, procedures, and processes and ensure adherence andimplementation.

Identify new or emerging risks to which the companies business is exposed.

Conduct and facilitate a scenario analysis of business risks.

Coordinate with Senior Management to ensure the effectiveness and efficiency of the RiskManagement System.

Facilitate risk event collection, performs detailed reviews, tracking of remediation, and contributeto trend analysis and stress testing.

Remain current on business drivers and regulatory and industry changes impacting the companysbusiness.

Conduct business training and raise awareness of the risk framework, its roles, and itsresponsibilities.

Support the maintenance of a qualitative/quantitative business level risk appetite/tolerance withassociated metrics, monitoring, triggers, escalation, and mitigating actions.

Conduct detailed risk assessments of every area of the company; evaluate the effects of risk on any area.

Interpret the risk management regulation & applicable regulatory circulars and ensure implementation.

Conduct quarterly review of the Underwriting function as required by regulatory bodies.

Provide recommendations on material outsourcing contracts.

Present the Risk Appetite Statement to the Board and Board Risk Committee.

Ensure any incidents are timely reported and present the action taken along with mitigation stepsto the Board and Board Risk Committee.

Develop a contingency plan to counter events with a severe negative impact on business operations.

Manage and track operational, financial, and strategic risks and regularly report findings to theChief Executive Officer and Risk Management Committee.

Ensure timely completion of Risk Control Self-Assessment (RCSA).

Ensure the ongoing development of the departments employees and guide the developmentalactivities of direct and indirect reports.

Perform any other duties and responsibilities as designated by the Risk Management Committee.

Engage with the Head of Human Resources to monitor the employee turnover ratio (attrition rate).

Identify the human resources requirements of the department and provide recommendationson levels of rewards, promotions, transfers, and career progressions.

Regularly review and enhance processes, technology, and systems used and make suggestions forautomating processes and increasing working efficiency.

Plan and evaluate resource availability or requirements based on the workload of each employee.

Define the KPIs of the department and direct reports and periodically analyze the performance ofdirect reports.

Provide communication on address queries and other required support to Internal (Compliance,Internal Audit, IT, Human Resource Team, etc.) and External (Regulatory Authorities) stakeholders.

Undertake continuous training and certification for skills enhancement and remain updated withmarket changes related to job responsibilities.

Manage the day-to-day activities of the Department.

Ensure timely and accurate submission of regulatory reporting.

Recommend training for direct reports and ensure training is completed.

Provide periodic (Monthly/Quarterly/Annually) reporting of KPIs to the CEO.

Perform any ad hoc and additional responsibilities assigned by the direct reporting line.

JOB QUALIFICATIONS

Thorough understanding of the business or organization's goals and values

Strong working knowledge of risk management and previous experience working with risk

Sector experience or some exposure to the Insurance sector is preferred.

Must be able to speak and understand English & Arabic

Strong analytical and problem-solving skills

Large team handling experience is a must

Sound skills in negotiation and presentation of claims

High ethical standards, confidentiality, and the ability to develop trusting and effective workingrelationships with employees and external contacts.

Strong computer literacy and proficiency in all Microsoft Office programs.

Qualified Insurance Foundation Certificate Exam (IFCE).

Preferably Chartered Insurance Institute (CII) Designation

REQUIRED EXPERIENCES

8+ years of experience in handling the Risk Department

5+ years of experience in a managerial/supervisory position

2+ years of experience in interaction with regulators