Risk & Insurance Section Manager

JOB DESCRIPTION

ROLE PURPOSE

The role is responsible for leading and overseeing the Risk and Insurance Department, ensuring its activities align with SGS's strategic goals to protect assets and mitigate liabilities. This includes managing all insurance programs and policies to ensure coverage meets SGS's operational exposures. The role also involves developing strategies to minimize insurance costs, verifying the accuracy of claims and documents, analysing data for decision-making, and ensuring compliance with regulatory bodies like the Ministry of Insurance, GACA, and KSA government. Additionally, the role requires collaboration with insurance brokers to optimize premium costs through effective risk strategies.

ROLES & RESPONSIBILITIES

Strategic

1. Contribute to the formulation of SGS’s Financial Strategy
2. Ensure alignment of Risk Management efforts in implementing SGS’s Financial Strategy
3. Monitor the development and implementation of the Risk Management policies, procedures, and processes
4. Monitor Risk Management performance against KPIs and objectives regularly. Recommend improvements and efficiencies in line with SGS’s corporate priorities.
5. Monitor the annual budget of Risk Management in collaboration with Finance.
6. Manage relationships with government entities and ensure adherence to local laws, regulations, and guidelines.

Operational

1. Set and direct the periodic revision of Risk management streams while coordinating properly with key stakeholders across SGS
2. Act as the principal Risk Management & Insurance advisor to executive leadership.
3. Drive a strategic approach to the management of Risk management and insurance-related matters
4. Ensure the development of effective working relationships between Risk & Insurance Department and other services across SGS
5. Oversee the Risk Management and Insurance capability which will support and enhance the expansion and Internal Controls agenda for SGS.
6. To set a risk and insurance compliance framework for the firm in line with our principles and culture.
7. To oversee the preparation of the monthly compliance reports for the relevant regulations.
8. To be the responsible individual for all policies on risk and compliance within the Office
9. Procedure Manual, particularly the process of annual review – proposing improvements to manage risk.
10. To participate in the further development of relevant risk management system matter level risk assessment system and to monitor and ensure the robust management of each danger matter notified under that system.
11. To take robust appropriate action ensuring the effective management of risk within all major matters in line with the agreed policy.
12. To investigate all breaches and near breaches of all regulations and statutes and report as required.
13. To review each such incident of actual or near non-compliance and work with the business to remediate incidents of non-compliance and advice Senior Management on preventative strategies to avoid potential non-compliance issues.
14. Provide guidance and recommendations on corrective actions or risk mitigation strategies in order to remediate non-compliant situations to Senior Management and Partners.
15. Monitor the implementation progress of action plans designed to correct incidents of noncompliance or potential issues in policies, systems, or employee conduct.
16. Follow up with those accountable for implementing remediation tactics, to ensure appropriate corrective actions or risk mitigation strategies are implemented fully within the required time frame.
17. Structure and oversee independent reviews to evaluate emerging regulatory risks and control weaknesses identified in compliance activities.
18. Maintaining and managing the company’s partnerships with insurance companies and brokers to support a stable reinsurance market, minimizing additional restrictions and cost impacts across all insurance policies.
19. Overseeing the insurance function to ensure a comprehensive risk coverage of the Human Capital, Operations, and Assets.
20. Leading negotiations with insurance and reinsurance companies, providing in-depth analysis to optimize and extend insurance coverage while maintaining sustainable premium costs.
21. Conduct regular reviews and timely updates of company insurance policies, providing recommendations for selecting and securing the most suitable insurance program each year.
22. Review company's contracts and provide constructive feedback with respect to the contract clauses ensuring optimum insurance coverage.
23. Engage in negotiations with insurance carriers to obtain optimal coverage at competitive premiums.
24. Coordinate with insurance adjusters to expedite claim resolution.
25. Stay updated on changes in insurance regulations and industry best practices.

People Management

1. Provide professional development support and perform periodic performance reviews for direct subordinates based on SGS’s Performance Management System.
2. Develop workforce plans and succession plans with the Human Resources Function for key positions in the Risk & Insurance Department.
3. Work with the Human Resource Function to provide employees within the SQR department with the required competencies through appropriate and blended learning.
4. Collaborate with the Human Resources Function for recruitment of talent within the GRC department.

JOB REQUIREMENTS

QUALIFICATIONS

Minimum Education Required

• Minimum of a Bachelor's degree in Business Administration or Risk Management

English Level Proficiency

• Advanced

EXPERIENCE

Years of experience

• Minimum of 7 years of relevant experience with at least 2 years of experience in a managerial role