IDB2481 - Senior Risk Management Specialist (Operational)

Business Unit: President Complex
Division: Not Applicable
Department: Risk Management Department
Country: Saudi Arabia
Location: Saudi Arabia - Jeddah
Closing date: 13-Aug-2020

Job Purpose:


Responsible for supporting the development and implementation of the bank’s enterprise-wide Operational Risk framework, strategy and policies, including operational risk identification, assessment, control, monitoring, and reporting in order to ensure operational risks are managed within agreed parameters, internal policies and external regulatory obligations. Moreover, the role provides technical guidance and support to lesser experienced members in the team.

Key Accountabilities:


Operational Risk Management:

  • Develops, implements and maintains, in coordination with the Lead, a comprehensive framework for Operational Risk Management, to enable IsDB minimizing the risks of losses arising from inadequate or failed processes, people, systems, external events etc.


  • Conducts accurate and in-depth Risk and Control Self-Assessments with the effective use of risk models and relevant software to identify the scale and sources of operational risk at the level of IsDB and recommends proper procedures to log such events and quantifies potential impacts.


  • Implements advanced operational risk modeling, monitoring and reporting and proposes recommendation regarding cost-effective mitigation measures to minimize potential losses that may arise. 
  • Works closely with the IMDT department to develop and implement relevant operational risk management solutions to properly record, manage and mitigate operational risks.


  • Liaises with other functions in the Bank to develop a Shari’ah Risk Management Compliance Framework for all activities in the Bank.


  • Prepares standardized or ad-hoc customized risk assessment reports for the management to effectively monitor the operational risk profile of IsDB, in close coordination with the other risk management functions.


  • Undertakes necessary activities regarding the prompt implementation of the Early Warning system in the bank, in coordination with the concerned departments. 

Operational Excellence & Knowledge Share:

  • Provides technical guidance and reviews the work delivered by lesser experienced team members.


  • Monitors the effective implementation and adherence to respective risk management policies, procedures and controls so that all relevant procedural / legislative requirements are fulfilled.


  • Keeps abreast of the latest developments, regulations and leading practices in the field and proposes any necessary actions.


  • Proposes and implements process improvements to increase efficiency, effectiveness and compliance of the related operations.


  • Contributes to preparation of work plans and financial budget for the operational risk function and monitors actual expenditure against the approved budget. 

Education, Experience & Certification:

Academic and professional qualifications:

  • Bachelor's degree in Economics/ Finance/ Risk Management/ Mathematics/ Business Administration or related discipline.
  • Master’s degree/MBA/EMBA or professional certifications like CIA/CFA/PRM/FRM/CQF would be preferred
  • Minimum 8 years of relevant experience in the risk management function, of which at least 3 years in Operational Risk in a Multilateral Development Bank.


Jeddah, Head Office.

Travel Requirements:

Limited, as per business requirements.