Established in the 1930s as a trading business, Al-Futtaim Group today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab Emirates. Structured into five operating divisions; automotive, financial services, real estate, retail and healthcare; employing more than 35,000 employees across more than 20 countries in the Middle East, Asia and Africa, Al-Futtaim Group partners with over 200 of the world's most admired and innovative brands. Al-Futtaim Group’s entrepreneurship and relentless customer focus enables the organization to continue to grow and expand; responding to the changing needs of our customers within the societies in which we operate.
By upholding our values of respect, excellence, collaboration and integrity; Al-Futtaim Group continues to enrich the lives and aspirations of our customers each and every day.
Job description
The Head of Risk Management is responsible for developing and overseeing the enterprise risk management framework to ensure that the company identifies, assesses, and mitigates risks effectively. This role involves providing strategic leadership in managing financial, operational, regulatory, and reputational risks, ensuring the company’s long-term stability and compliance with regulatory requirements. The Head of Risk Management will work closely with senior management and external stakeholders to align risk strategies with business objectives.
What you will do
Strategic Leadership:
- Develop, implement, and maintain the company’s enterprise risk management (ERM) framework, policies, and procedures.
- Provide strategic direction on risk-related matters to the Board, Risk Committee, and senior management.
- Align the risk management framework with the company’s strategic goals and regulatory requirements.
Risk Identification and Assessment:
- Identify and evaluate risks across the organization, including financial, operational, strategic, regulatory, and emerging risks.
- Conduct risk assessments and scenario analysis to understand the potential impact on the company.
- Monitor external and internal risk factors that may affect the company’s performance and solvency.
- Identify and assess emerging risks such as cybersecurity threats, climate change impacts, and technological disruptions to ensure proactive mitigation strategies.
Risk Mitigation and Control:
- Design and implement risk mitigation strategies and controls to reduce exposure to identified risks.
- Collaborate with functional teams to ensure effective integration of risk management practices across the organization.
- Develop and maintain risk registers and other tools to document and track risks.
Regulatory Compliance and Reporting:
- Ensure compliance with all regulatory risk management requirements, including capital adequacy and solvency standards.
- Prepare and present risk reports to the Board, Risk Committee, and regulatory authorities as required.
- Act as the primary point of contact with regulators on risk-related matters.
Monitoring and Assurance:
- Establish processes for continuous monitoring of risk exposures and effectiveness of controls.
- Conduct periodic stress testing and sensitivity analyses to evaluate the company’s risk resilience.
- Support internal and external audits related to risk management functions.
Team Management:
- Lead and develop the risk management team, fostering a high-performance culture.
- Provide training and awareness programs to employees on risk management principles and practices.
Required skills to be successful:
- Strong analytical and problem-solving skills to identify and address complex risk issues.
- Excellent understanding of risk assessment methodologies, financial models, and regulatory frameworks.
- Effective communication and interpersonal skills to interact with stakeholders at all levels.
- High ethical standards and the ability to manage sensitive and confidential information.
- Proficiency in risk management software and tools.
Key Performance Indicators (KPIs):
- Effectiveness of the risk management framework and mitigation strategies.
- Timely and accurate reporting of risk exposures and metrics.
- Compliance with regulatory risk requirements and standards.
- Success in managing financial and operational risks within acceptable levels.
- Stakeholder satisfaction with the risk management function.
What equips you for the role:
- Education: Bachelor’s degree in Finance, Actuarial Science, Risk Management, Business Administration, or a related field. A master’s degree is preferred.
- Certifications: Professional certifications such as FRM (Financial Risk Manager), PRM (Professional Risk Manager), or equivalent are strongly preferred.
- Minimum 10 years of experience in risk management, with at least 5 years in the insurance or financial services industry.
- Proven leadership experience in implementing enterprise risk management frameworks.
- In-depth knowledge of regulatory requirements related to risk management in KSA.
Working Days and Hours:
- Working Days : Sunday to Thursday
- Time: 8: 00 AM till 5:00 PM
- Weekends: Friday and Saturday
About Orient Insurance PJSC:
Orient Insurance Company commenced operations in 1982 as a part of the reputed Al-Futtaim Group and has since recorded a progressively steady growth. The Company is counted among the leaders in the UAE insurance market. Orient Insurance Company has a paid-up capital of AED 500 Million which is the highest in the insurance industry in UAE. With head office in Dubai, the company serves its clientele through an extensive branch network in Jebel Ali, Abu Dhabi, Al Ain, Sharjah and Ras Al Khaimah in UAE, Muscat in Sultanate of Oman and Bahrain.
