Head of Risk Management

Orient Insurance KSA; Riyadh; On-site; SAR 900,000 - 1,300,000; Full time

Job summary

Orient Insurance KSA seeks a senior risk leader to direct the development and implementation of its risk management strategy and controls across the organization.

You will shape the risk appetite, policies and dashboards, report to the CEO and risk committee, and drive business continuity and information security in a regulated environment. This role requires collaboration with executives to align risk with strategy and ensure regulatory compliance and proactive risk culture.

Qualifications

• Bachelor’s degree in Finance, Risk Management, Operational Risk Management, Business Administration, or another relevant field.
• Master’s degree in Risk Management, MBA, or another relevant field.

Responsibilities

• Lead the development of Orient KSA risk management strategy and framework.
• Translate strategy into operational plans and monitor execution.
• Define and manage the risk appetite framework and dashboards.
• Establish risk framework, policies and procedures across departments.
• Ensure risk communication, awareness, and capability building.
• Oversee risk measures, stress tests and reporting to executives.
• Lead business continuity planning and information security risk.

Skills

Strategic leadership

Risk management

Budgeting

Change management

Reporting

Education

Bachelor’s degree in Finance/Risk Management/BA

Master’s degree in Risk Management / MBA

Job description

To direct the development and implementation of the risk management strategy, framework and controls for Orient KSA to ensure that the organization operates within an agreed risk appetite and that it fully complies with its internal policy and external regulatory obligations and all risks are captured, managed & reported to executive management and risk committee.

Key Activities, Responsibilities and Accountabilities (main accountabilities, not exhaustive list of tasks)

1.Strategic Contribution

• Lead the development of the overall Orient KSA risk management strategy by providing input and plans in line with the overall business objectives and ensure that department strategies are developed and implemented in ways that directly support the achievement of Orient KSA vision, mission and corporate objectives.
• Ensure that the risk management strategy is translated into operational business plans and monitor the performance of execution in order to achieve Orient KSA objectives and take corrective strategy elements beyond risk appetite of Orient KSA when needed.
• Lead the formulation of the risk appetite framework of Orient KSA (addressing financial, operational, regulatory, technical and strategic risks) and communicate it and the Risk Dashboard with the CEO, board and the risk management committee to approve and confirm whether it is in line with the organization’s strategy and stakeholders’ perspectives of Orient KSA.
• Establish Orient KSA strategic risk management approach in capital adequacy, solvency, interest rates fluctuation and technical/ operational processes and aligns to Orient KSA overall strategy.
• Define and manage the Orient KSA risk framework including risk policies and procedures and reputational risk in order to enable proactive risk management within the context of a dynamic operational environment and best practices.
• Ensure communicating risk policies to all department within Orient KSA and facilitate capacity building and awareness sessions to enhance effectiveness of implementation.
• Ensure proper risk management infrastructure and control systems are in-place, including adequate policies and procedures for identifying, classifying, assessing, monitoring and managing risks.
• Recommend risk measures and rating methodologies to be reported to regulators and used by the Board in evaluating corporate performance and risk appetite.
• Lead the risk assessment initiatives internally and externally and the action plans in order to identify, assess, and mitigate risk jointly across all divisions of Orient KSA.
• Create and maintain a strong risk culture through effective leadership, communication and training programs, risk- based performance measurement and incentives, and other programs.
• Keep abreast of the improvements and changes in risk regulations and standards set by IA, CHI, and ensure compliance with IA Risk Based Compliance and measurement of each department against the RBS compliance and all external requirements by the Risk Management team and across Orient KSA operations.
• Monitor the adherence to procedures, methodologies, approach and systems used in risk management throughout Orient KSA and recommend/monitor implementation of corrective actions as considered appropriate.
• Monitor and report a broad range of advanced risk measures (such as stress testing, value-at-risk, risk factor sensitivity analysis, and other measures) to enable the Orient KSA management to have a comprehensive understanding of risk positions, market conditions, and the impact of new initiatives.
• Direct the development and implementation of Orient KSA -wide operational and conduct risk policies to identify and mitigate against potential risks that could impact the Orient KSA operational requirements or negatively impact Orient KSA customers, providers or stakeholders.
• Collaborate with the risk management committee, the CEO and senior executive team to develop a clear statement of the risk appetite.
• Represent the risk management department and actively contribute in various committees/meetings (internal and external) to ensure relevant matters are dealt with in a timely and efficient manner.
• Lead and direct the design, development and implementation of appropriate methods, stress scenarios and portfolio analysis models to accurately calculate overall and specific risk exposures and their impact on Orient KSA.

6.Business Continuity & Information Security

• Lead the assessment of Orient KSA Continuity risks for every function, proposing and upon approval, managing and overseeing the business continuity planning cycle, so as to ensure provision of approved levels of assurance.
• Lead the development and design of the implementation of emergency simulations to ensure the business continuity plans are effectively put into practice and the information security at Orient KSA.

7.Leadership

• Build and lead a motivated, engaged and competent manpower throughout the risk management department, by setting priorities and objectives, managing performance, and providing ongoing feedback and coaching to meet the organizational unit’s challenges and goals.
• Serve as a role model to ensure employees’ awareness and commitment to Orient KSA vision, mission, values, fundamentals and corporate strategy to establish a highly engaged and motivated manpower and continuously improve performance.
• Identify and act upon opportunities to further one’s knowledge of, and exposure to, Orient KSA risk management across the organization in order to develop one’s own professional capabilities.
• Coach the division on risk management concepts and create awareness required across the organization for Business Continuity Planning and Information Security.

8.Budgeting

• Prepare financial plans and budget for the risk management department and monitor actual expenditure against the approved budget so that the business is aware of anticipated costs/revenue and unsatisfactory performance areas are identified and rectified promptly.
• Provide directions for the development and implementation of the risk management department policies, systems, processes and procedures, identifying potential areas of improvement to ensure an efficient and effective operation.
• Ensure compliance with corporate requirements on adherence to policies, procedures and instructions within risk management area related to all relevant regulatory directives to ensure a safe and risk-free environment.

10.Change Management

• Lead the management of change through a fundamental re-assessment of current Risk Assessment practices taking into account international leading practices and changes in the business environment in order to create step change differences in the efficiency and effectiveness of new approaches.
• Motivate subordinates and contribute to the identification of opportunities for continuous improvement of systems, processes and practices taking into account productivity improvement and cost reduction.

11.Reporting

Ensure that all relevant periodic and ad-hoc reports are prepared timely and accurately, to revise and provide these reports to the committee , HMC or CEO and to meet the department requirements, policies and standards

Communication and Working Relationships

• Internal: All department managers and business managers.
• External: Consulting companies, regulators and forum of Risk Management industry.

Academic Qualifications

• Bachelor’s degree in Finance, Risk Management, Operational Risk Management, Business Administration, or another relevant field
• Master’s degree in Risk Management, MBA, or another relevant field

Experience

3–8 years of relevant experience

Experience in the Insurance sector

Professional Certifications

• Associate of the Insurance Institute (ACII)
• Professional Risk Managers’ International Association (PRMIA)
• Associate in Risk Management (ARM); Financial Risk Manager (FRM); CISA; CISM; CISSP