Head of Risk (Insurance) – Riyadh

Job Specification

• Number of Vacancies: 1
• Job Type: Full-time
• Industry: Insurance

Job Summary

• Functional Area: Logistics
• Location: Riyadh, Saudi Arabia
• Job Role: Head of Risk
• Reporting to: CEO

JOB ACCOUNTABILITIES, DUTIES, RESPONSIBILITIES

• Ensure that written policies and procedures, and internal control mechanisms are in place.
• Ensure annual review of the implementation effectiveness of the risk management policies and procedures by the Board.
• Develops Risk Management function’s strategies, operational plans necessary in accordance with Company’s overall strategies and directions.
• Ensures that the risks are identified, recorded and regularly reviewed, and implements corrective action where appropriate.
• Designs and prepares risk management reports and ensures there is enough communication and information to decide on risk issues in a timely manner.
• Identifies and evaluates the financial and operational impacts of existing and new risks to ensure the reasonableness and completeness.
• Identification and assessment of business risks in cooperation with all business units.
• Recommendation of potential measures for risk management in conjunction with all business units.
• Monitoring of degree of implementation for defined risk measures.
• Provides guidance and leadership to all Risk Management employees to ensure effective and efficient flow of work, and ensures all employees recognize their fundamental role in the function.
• Monitors the adherence of Risk Management employees to the company’s guidelines, policies and procedures.
• Ensures effective functional performance through the selection, development, deployment and motivation of competent staff.
• Initiation of control checks to monitor the implementation of measures for risk handling, as well as to review compliance with the risk management guidelines.
• Regular and ad-hoc reporting of identified risks to the management and Board of Directors.
• Ensures establishment of a process for assessing risks associated with newand with changes to existing products, and implements controls to mitigate those risks.
• Ensure mitigation of risk associated with evaluating and accepting during underwriting process.
• Ensure mitigation of risk associated with paying claims to policy holders in claims payment process.
• Ensure mitigation of IT risk relating to error or failure of the business operation due to technology related risk.
• Ensure mitigation of risk resulting from the process by which the company attempts to identify the adequate premium rate.
• Ensure mitigation of liquidity risk associated with the inability to liquidate the asset quickly enough without sacrificing a portion of the asset value.
• Ensure mitigation of credit risk associated with uncertainty in the counter party’s ability to meet its obligations
• Ensure mitigation of interest rate risk that the value of the investment would change due to a change in the interest rate.
• Ensure mitigation of corporate governance risk associated with the rules dictating how rights and responsibilities are shared between the various stakeholders.
• Ensure mitigation of reinsurance risk associated with transferring part of the risk to another company.
• Ensure mitigation of reputation risk associated with negative public opinion about the company.
• Ensure mitigation of country risk associated with the occurrence of changes in the business environment of a country thus affecting the profitability of the company.
• Ensure mitigation of non-compliance risk arising from violation of laws, rules and regulations.
• Mentor and develop a direct team, managing work allocation, training, problem resolution, performance evaluation, and the building of an effective team dynamic.

Interested candidates please send your CV and contact details to profiles@darlingtonme.com referencing ‘CRO – Jeddah’ in the subject