Provide functional expertise, plan and manage all operations in the Enterprise Risk Management (ERM) function for the Abu Dhabi Securities Exchange (ADX), Abu Dhabi Clear (AD Clear), and Abu Dhabi Depository (AD CSD) driving the effective development and implementation of a comprehensive and integrated, ERM framework (covering all risks, including financial, market, operational, strategic and HSE) while ensuring that the risk management framework, practices and policies are aligned and integrated into the organizational culture, business strategies and processes in line with the desired risk appetite and established governance framework.
Key Accountabilities:
Enterprise Risk Management Framework Contribution
- Manage the development of a robust enterprise-wide risk management program across ADX, AD Clear, and AD CSD by implementing the enterprise risk framework, reviewing policies, and ensuring adherence to the governance structure.
- Ensure that the implementation of the ERM strategy is in line with the overall group risk Framework as well as corporate objectives and shareholder risk appetite and tolerance levels.
- Ensure the provision of subject matter expertise for the assigned domain and provide counsel to ADX, AD Clear, and AD CSD leadership on all related areas to facilitate the achievement of the group risk framework and functional strategies.
- Ensure effective cascading of the ERM framework into operating plans to ensure vertical alignment and horizontal integration with other interfacing departmental strategies.
- Ensure adequate support to all business units to ensure consistency of risk assessments and adherence to defined Board strategy, risk framework, risk policies, and risk standards including risk tolerance and appetite.
People Management
- Manage the effective achievement of assigned objectives through the leadership of the ERM department by setting of individual objectives, managing performance, and developing, and motivating staff to maximize sectional performance.
- Lead the talent development initiatives for the ERM department, collaborating with technical/discipline experts, thereby ensuring the availability of talent to fit business requirements.
- Act as a role model and drive adherence to organizational values and ethics by employees of the ERM department to foster a value driven culture within the organization.
Budgeting and Financial Planning
- Monitor and validate all ERM departmental operations are conducted in line with the approved budget whilst reporting on any variances for managerial decision making.
Policies, Systems, Processes & Procedures
- Manage and ensure effective implementation of policies, procedures and controls covering all areas of ERM department activity so that all relevant procedural/legislative requirements, fulfilled while delivering a quality, cost-effective service.
- Define and design risk management policies, processes, and procedures that identify risks across ADX, AD Clear, and AD CSD, enhancing optimized decision-making for senior management.
- Participate in risk governance committees as required to ensure that all ERM operations adhere to established risk policies and procedures.
- Manage the maintenance of the risk matrix and rating definitions for the classification of risks while identifying and partnering with Risk Owners / Risk Champions for each business unit to lead the ERM process across the group (ADX, AD Clear, and AD CSD).
Risk Identification and Assessment
- Manage risk identification workshops with each Risk Champion and team to identify the risks in their business unit.
- Ensure the timely maintenance of a risk library/repository/register of risks identified in the risk workshops to facilitate effective ERM practices.
- Manage periodic risk assessment workshops with each business unit to assess the identified risks qualitatively and to assess the loss expectancy of quantifiable risks.
- Reassess risks and mitigation controls periodically to ensure that risk ratings reflect the latest status and controls which are effective and efficient in design and operation.
- Establish a process of risk monitoring using Key Risk Indicators (KRI) and early warning signals for KRIs and lead the effective administration of same to facilitate successful and proactive risk management across all group operations.
Risk Culture
- Together with the CRO, heighten awareness and use of advanced risk management practices through educational programs, training processes, and personal mentoring of the leadership, business unit management, and employees to manage the promulgation of a culture of intelligent risk-taking.
Enterprise Risk Management
- Collaborate with the CRO to support decision-making processes within ADX, AD Clear, and AD CSD by assessing the opportunities, risks, and challenges before advanced decision-making.
- Coordinate the timely and effective alignment between ADX, AD Clear, and AD CSD in terms of trading, clearing, settlement, and depository (trade vs post-trade) operations from a risk management perspective in collaboration with the CRO.
- Liaise with the CRO to support the definition of the risk appetite and risk universe for ADX, AD Clear, and AD CSD and lead the development of a robust enterprise-wide risk management framework.
- Ensure the development, maintenance, and frequent follow-up of the enterprise risk register of all ADX, AD Clear, and AD CSD functions.
- Ensure the development and maintenance of risk indicators and key risk indicators of ADX, AD Clear, and AD CSD with at least quarterly reporting to the Board's Risk Committee.
- Direct and oversee the successful monitoring of KRIs across the organization, aimed at providing early detection signs of enterprise risks, driving a culture of proactive risk management across the organization.
- Provide expertise on comprehensive risk audits assessing the effectiveness of the group’s current risk management processes and frameworks, ensuring they align with regulatory requirements and industry best practices.
- Oversee the implementation of effective mitigation strategies and risk responses across business divisions and departments to minimize the overall exposure to major adverse events across the group.
- Direct ongoing collaboration with diverse departments and divisions across the group, ensuring the consistent implementation of regular training programs and initiatives to promote enterprise-wide risk management awareness.
- Suggest and review regular scenario planning and stress testing exercises to evaluate the strength of the group’s risk management framework when placed under pressure.
Risk Communication & Reporting
- Manage and guide the establishment of risk management reporting mechanisms across the group, including the reporting and review of risks and their management at executive and board committee levels by the businesses and functions.
- Ensure that all ERM reports are prepared timely and accurately and meet the business requirements, policies, and standards.
- Oversee the development and execution of a risk-specific communication plan to ensure appropriate stakeholders are well informed.
- Ensure reports and dashboards are generated, disseminated, followed up on, and filed appropriately ensuring adherence to defined procedures and quality standards.
- Lead and direct the development of external risk disclosures in conjunction with other functions, including communications, to meet external regulatory requirements.
- Manage the prompt and accurate recording and storing of risk audit trails, ensuring they are easily accessible for business use when required.
Information Security, Business Continuity, and Health, Safety, and Environment (HSE) Support
- Support Information security, Business continuity Health, safety, and environment functions when needed as a backup and in terms of succession planning.
Stakeholder Engagement
- Develop and maintain effective business relationships with all relevant external/internal entities and all sections with the highest standards of business ethics, whilst promptly attending to all critical issues to ensure the services required by the organization are delivered most effectively.
- Lead effective coordination across subsidiaries to harmonize risk management frameworks and ensure adequate risk practices across the group.
Continuous Improvement
- Lead the identification of opportunities for continuous improvement and sustainability of systems, processes and practices considering global standards, productivity improvement and cost reduction.
- Remain abreast of industry trends and best practices by collaborating with external risk management professionals and regulatory bodies, integrating insights to ensure the group risk management approach remains relevant, sustainable, and aligned with market dynamics.
