The Risk Manager will collaborate closely with the Compliance Department to address financial, safety, and security risks. The primary objective is to identify and mitigate these risks through effective planning and problem-solving. The Risk Manager is also responsible for presenting their findings in a clear and actionable manner, ensuring that company administration can easily comprehend and implement the recommendations.
The Risk Manager should ensure that the company is compliant with all Central Bank of Bahrain (CBB) regulatory requirements.
Main Duties:
- Maintain a risk management framework that aligns with our strategy, culture, and values.
- Perform comprehensive risk evaluations and assessments across all processes and procedures and evaluate existing policies and procedures to identify and address any weaknesses.
- Assess and report on the severity of each risk by evaluating its potential consequences.
- Develop and implement risk management procedures and business continuity plans to minimize or limit risk exposure through the creation and implementation of processes and contingency plans to manage, eliminate and mitigate any potential risks or crises.
- Develop and refine risk management controls and systems.
- Prepare and present reports with recommendations to senior management.
- Evaluate loss exposures and assess liability.
- Provide training and certification for staff to enhance their awareness of risks and promote proactive risk avoidance.
Job Specification:
The Risk Manager will operate with a high degree of autonomy, playing a crucial role in ensuring the success and sustainability of NFS. This role involves identifying, analyzing, evaluating, and addressing potential threats and opportunities that could impact our objectives, performance, reputation, or resources.
A primary responsibility will be to develop and maintain a risk management framework that aligns with NFS’s strategy, culture, and values. This framework will encompass a comprehensive set of policies, processes, tools, and techniques designed to guide and support risk management activities. It will also define the scope, objectives, roles, responsibilities, and reporting mechanisms for risk management, including the risk appetite, tolerance, and criteria to be communicated to Senior Management.
The Risk Manager will report directly to the General Manager
Key Skill Set:
- Proven experience as a Risk Manager
- Effectively plan and organize time and priorities
- Diverse skill set, including risk assessment, controls, analysis and industry knowledge
- Problem-solving and decision-making skills, analytical mind with problem-solving aptitude
- Project management expertise and proficiency in technology and data analysis
- Excellent communication and presentation skills with influencing abilities
- Demonstrate drive and commitment to get tasks done (can-do attitude)
- Must demonstrate a strong awareness of risk by first analysing the needs and requirements of customers, followed by a thorough evaluation of risks that could impact NFS.
- Ability to develop positive relationships both inside and outside the company
Preferred Attributes or Competencies:
- Sufficient experience and professional standing to demonstrate appropriate independence from other functions within the insurance licensee
- Relevant qualifications necessary to effectively fulfil the responsibilities of the role
- A strong grasp of the insurance business and the broader industry landscape
- An in-depth understanding of the regulatory environment affecting the industry
- Competence to plan and execute risk management activities effectively
- Essential soft skills for risk managers, including business acumen, relationship management, sound judgment, decision-making ability and learning agility
- A professional, well-groomed appearance with personable attributes
- Proven management skills
- Excellent written and verbal communication skills in English
Qualifications and Experience:
- A minimum of 7 years of practical experience in a financial institution of which at least 5 years in a risk management position within the insurance industry
- An academic degree from a university at bachelor level or higher in addition to professional qualification(s) related to actuary, accounting, or finance and other relevant certification(s) specific to this role.
Such professional qualifications may include but are not limited to (i) Associate in Risk Management (ARM), The institutes; (ii) International Diploma in Risk Management, Institute of Risk Management qualifications (IRM); (iii) Financial Risk Manager (FRM), Global Association of Risk Professionals (GARP); and/or (iv) Professional Risk Manager (PRM), Professional Risk Managers’ International Association (PRIMA)
E. & O.E. Subject to change and amendment