Risk Manager

Al Baraka Bank Pty Ltd; KwaZulu-Natal; On-site; ZAR 60 000 - 100 000; Full time

Job summary

An established industry player is seeking a Risk Management professional to lead their risk management team. This role involves developing and implementing comprehensive risk management frameworks tailored to Islamic banking principles, ensuring compliance with regulatory requirements, and enhancing internal controls. As a key player in the organization, you'll monitor risks, provide strategic recommendations, and foster a strong risk culture within the team. If you're passionate about risk management and looking to make a significant impact in a dynamic environment, this opportunity is perfect for you.

Qualifications

• Proven experience in risk management within the banking sector.
• Strong understanding of regulatory requirements and compliance.

Responsibilities

• Identify and analyze key risk indicators to mitigate risks effectively.
• Develop and enhance risk management frameworks and policies.

Skills

Risk Management

Regulatory Compliance

Risk Assessment

Data Analysis

Team Leadership

Communication Skills

Education

Bachelor's Degree in Finance or Risk Management

Professional Risk Management Certification

Tools

Risk Management Software

Data Analytics Tools

Job description

Risk Management Job Description

The following responsibilities are essential for the role:

1. Identify Key Risk Indicators (KRI) and tolerance levels, obtaining Board approval where appropriate, through workshops and meetings with management.
2. Record risk events and indicators, analyze them, and prioritize actions to mitigate associated risks.
3. Maintain and update Risk Management Programmes in line with industry developments and Group policies, ensuring their appropriateness for the bank.
4. Develop and enhance the risk management framework, policies, and procedures specific to Islamic banking to effectively identify, assess, and mitigate risks.
5. Monitor internal and external risk factors and provide strategic recommendations to executive management and the Board.
6. Ensure compliance with regulatory requirements related to risk management and Islamic banking principles.
7. Implement risk management tools and systems for risk identification, measurement, and reporting.
8. Focus on credit, capital, liquidity, and operational risk management, considering other risk areas' impacts.
9. Leverage robotics and artificial intelligence to improve risk reporting where possible.
10. Ensure updates and Board approvals for risk management policies such as the enterprise risk management framework, ICAAP, Recovery plan, and RDARR framework.
11. Allocate sufficient resources to achieve the objectives of the risk management plan.
12. Manage risk reports and assignments, including pre-risk meetings, deadlines, and completion tracking.
13. Oversee risk monitoring and reporting, ensuring proper recording of impact and probability measurements.
14. Follow up on risk issues, providing appropriate mitigation recommendations.
15. Develop and implement the annual functional plan for the risk management department, aligning with strategic goals.
16. Set KPIs and targets to evaluate risk management effectiveness.

Regulatory Responsibilities

1. Manage regulatory requirements related to risk management, including RDARR implementation and embedding.
2. Assist with regulatory presentations on relevant topics.
3. Ensure the ICAAP is updated to reflect major risks and capital needs.
4. Address other regulatory requirements such as Recovery Plan, Cyber resilience, Business Continuity, and Climate risk.
5. Implement Basel recommendations on credit, liquidity, and other risk areas.
6. Contribute to the development of the organization's risk appetite and tolerance framework.
7. Provide strategic input to senior management and participate in decision-making on risk matters.

Fraud, Internal Controls, and Insurance

1. Establish and maintain internal control mechanisms to mitigate risks and ensure regulatory compliance.
2. Collaborate on insurance needs assessment and coverage for identified risks.
3. Manage internal and external fraud risks using technology and external service providers.

Staff Management

1. Lead and manage the risk management team, fostering a high-performance culture.
2. Conduct training and awareness programs to promote a strong risk culture.
3. Update job descriptions to reflect Key Performance Areas.
4. Adhere to Performance Management policies.
5. Identify training needs and motivate staff development.
6. Recognize staff achievements per policy.
7. Promote open communication on development matters.

Administration

1. Develop departmental policies and procedures aligned with laws and best practices.
2. Continuously evaluate and amend policies and procedures.
3. Report progress regularly to EXCO and Risk and Capital Management Committee.
4. Ensure adherence to approved plans and budgets.
5. Manage departmental budgets and variances.
6. Oversee development and maintenance of risk management policies.
7. Manage relationships with service providers like SABRIC, SAFPS, BASA.
8. Coordinate with other departments on risk initiatives.

Internal and External Communication

1. Distribute risk reports to relevant committees and management.
2. Provide feedback on risk impacts and probabilities.
3. Organize quarterly meetings to discuss significant and emerging risks.