IDB2553 - Division Manager, Risk Management

Business Unit: ICIEC-Islamic Corp for Ins of Inv & Export Credit
Division: Not Applicable
Department: Not Applicable
Country: Saudi Arabia
Location: Saudi Arabia - Jeddah
Closing date: 17-Mar-2021

JOB PURPOSE:

The role holder is responsible for effectively leading and guiding the development and establishment of an effective Risk Management Framework at ICIEC, encompassing Political, Credit, Operational and Market Risks together with Capital Risk and solvency under Enterprise Risk Management approach in order to manage all material risks in the Corporation. The role holder will likewise be responsible for establishing the architecture of country risk rating exercises supported by a comprehensive framework and processes to evaluate political, macro-economic environment of the ultimate risk countries.


KEY RESPONSIBILITIES:

     Strategic Responsibilities

  • Provides thought leadership pertaining to risk management matters in the development of ICIEC’s organization strategy and contributes with forward looking risk vision to the overall process of management and corporate decision making along with other members of the Management Team.

     

  • Directs and manages the Risk Management Division’s mandates, providing leadership and facilitating work processes in order to achieve high performance standards.

     

  • Leads and monitors change in the Risk Management Division and provide guidance and support, necessary for continuous improvement.

     

  • Ensures compliance with organizational policies, procedures and quality standards in the Risk Management Division.

     

    Core Responsibilities

     

  • Defines an Enterprise Risk Management (ERM) framework covering political, credit, market and operational risks, for ICIEC in line with the best practices while maintaining the multilateral and self-regulatory status.
  • Leads to develop and establish effective risk management guidelines and processes to identify, assess, mitigate, monitor and report the inherent and residual risks in Insurance, Investment and other operations in line with the Risk Management mandate provided in the Corporation’s Articles of Agreement.

  • Leads to develop and put in place the risk analytics, ERM architecture and appropriate risk models in order to establish the best fitting risk management system to drive ICIEC towards the controlled risk-taking attitude. This includes, but not limited to, effective governance and control mechanisms, exposure monitoring tools and risk-based capital management etc. to guide risk interpretation of ICIEC’s operational regulations, operating procedures, investment guidelines and other relevant procedural and policy documents.

  • Provides thought leadership to develop and establish an appropriate risk appetite for the Corporation (in collaboration with other senior management under the direction of the CEO) in line with strategic plans of ICIEC.

  • Leads to guide the Corporation towards a forward looking and integrated Risk paradigm that ensures capital protection, resilience of ICIEC’s financial and operational undertakings and solvency at potential shocks.

  • Guides flagging and escalating of key and emerging risks in political, credit, market, shariah, legal, strategic, capital, reputational, contagious and operational risks domains and provides risk solutions for all ICIEC internal and external operations to safeguard ICIEC’s best interests at all times.

  • Coordinates with DFI to maintain ICIEC’s credit rating. Supports and monitors the relevant business and operations units to continuously preserve the credit and capital quality of the Corporation.

  • Develops methods for optimizing the risk-return trade-off at the corporate level and liaises with DFI to ensure maintenance of required economic capital and loss reserve.

  • Leads to build a robust risk culture in the Corporation by continuously conducting risk awareness and educating internal stakeholders.

  • Acts as a coordinator in ICIEC Risk Management Committee which is consultative committee for all risk matters of the Corporation.

  • Undertakes risk management responsibilities of ICIEC on any BOD tasks on risk matters assigned including periodic risk report to BOD or its committees.  

  • Represents risk management in the relevant ICIEC management committees to influence decision making process and formulating strategic policies on risk perspectives.  

  • Defines and develops business continuity plans for ICIEC operations in coordination with the business continuity system at the Group Level to manage the continuation of business operations in case of occurrence of any unprecedented disaster or for any potential situation that can impact ICIEC business operations.

  • Establishes framework and processes guiding the political, economic and socio-economic risk evaluations related to Member Countries to ensure the comprehensive coverage of various risks associated with trade finance and investment transactions in the Member Countries and its implications on ICIEC operations.

  • Leads to Identify and cultivate the use of combination of market experience and innovative analysis tools (research papers and studies pertaining to analysis of macro-economic factors to draw risk trends and outlooks) in conducting Country Risk Analysis to ensure accuracy and relevance of analysis.

  • Provides guidance on country risk classifications, appropriate limits of liability, special underwriting conditions etc. based on the monitoring and analysis of economic and political development in risk countries to safeguard ICIEC interests.

  • Leads to Identify and articulate regional economic trends such as growth in exports, political stability, change in fiscal policies etc. based on the analysis of Member Countries within a region to provide inputs on identification of new target markets (based on size of export, potential level of FDI coming into the region, Demand for export credit insurance etc.) and development of new business leads.

  • Guides BDD, Underwriting and Treasury with all risk queries relating to cover attitude, limit management, transaction review, premium pricing, buyers risk, host/ultimate  risk country, credit and political update (country risk report) pertaining to commercial and sovereign risk in underwriting and required risk attention to liquid fund investment activities to ensure all ICIEC operations are in line with the Risk Management guidelines.

  • Undertakes missions to Member Countries to conduct meetings with high-level Government Officials, Private Sector and Banking representatives to solicit inputs and understand their perspective on various economic developments in the Member Country.

     

People Management Responsibilities

  • Defines goals and key performance indicators for each member of the team and ensures effective application of the ICIEC Performance and Development Review process.

     

  • Directs the planning and selection of manpower in the Risk Management Division, in line with the operational and strategic plans.

     

  • Ensures high level of employee engagement and capability development by providing on-going feedback and coaching team members within Risk Management Division.

JOB REQUIREMENTS:

Field of Study

  • Bachelor’s/Master’s degree preferably in Business Administration/Risk Management/ Economics or Economic Development/Finance/Economic or Social or international studies/international diplomacy or other related fields.

Academic Qualifications and Relevant Experience

Qualification Level

High School Diploma

Bachelor’s Degree

Master’s Degree

Doctorate

Experience

 

12 - 15 years

10 years

7 years


NATURE OF EXPERIENCE:

Prior experience with minimum of 10 years in leading risk management function, with relevant experience in managing political and commercial risks under Enterprise Risk Management approach, preferably in the Export Credit/Banking Industry.

BUSINESS LANGUAGE SKILLS:

Good command of written and spoken English is essential, additional languages (Arabic, French) is an added advantage