Head of Risk

Our client, a leading insurance company, is seeking a Head of Risk to lead the development, securing approval and directing the implementation of an enterprise-wide risk management strategy that includes all aspects of risk in order to safeguard the company’s business and reputation. The role is based in Abu Dhabi.

The Head of Risk will be responsible for developing a clear statement of the risk appetite and return for risk expectations for the company, as agreed by the Board, and consistent with the overall business strategy while identifying, evaluating, monitoring and reporting on all risk issues impacting the organization compared to the agreed risk appetite in order to eliminate big surprises especially at the level of annual earnings thus building stakeholder value within the company’s defined investment objectives, strategy & risk tolerance.

Key responsibilities include:

• Participating and contributing in the development and refining of the company’s vision and organizational strategy and contribute to the overall process of management and corporate decision making to ensure the organization maximizes its short, medium and long term profitability and returns to its stakeholders.
• Providing the overall leadership, vision, and direction for the Risk Management Division based on the company’s mission and vision and translating them into action plans to support the organization’s business strategy.
• Directing the development and overseeing the implementation of the company’s Risk Management Division policies, processes, procedures, systems, controls and guidelines so that all relevant procedural requirements are fulfilled in accordance with global best practices within the insurance sector to effectively identify, assess, manage and monitor risks in alignment with corporate objectives and tolerances.
• Directing the preparation of the company’s Risk Management Division annual budgets in line with overall company budget and monitoring financial performance versus the budget.
• Establishing an Integrated Risk Management framework for all aspects of risk across the company, taking into account industry best practices in order to identify, manage and control risks thus protecting the company from potential loss, damage and or harm to its operations, assets etc. and smoothen volatility in corporate earnings.
• Developing, reviewing and monitoring risk management plans, activities, results and exposure reports to ensure compliance with limits and tolerance; developing integrated procedures to identify and report major risks.

The ideal candidate will have a strong background in risk management, with experience leading and developing risk management strategies and frameworks. They should have a deep understanding of industry best practices and the ability to effectively communicate and implement risk management policies and procedures. A strong financial acumen is also required.