IDB2859 - Division Manager, Legal Affairs Division

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: 03-Oct-2022

JOB PURPOSE:

The role holder is responsible for effectively guiding the legal operations for ICIEC by defining framework and guidelines governing all legal, claims, recovery, and compliance activities in ICIEC to always safeguard the interests of Corporation. The role holder shall provide legal counsel to Senior Management in all key and high-risk decisions, represents ICIEC in legal proceedings. The role holder shall provide guidance in legal due diligence involved for all treasury and insurance operations (underwriting, reinsurance, claims and recoveries) to ensure adherence to rules, regulations, guidelines, and compliance requirements in operating transactions, safeguarding ICIEC's interests. Manager, Legal Affairs Division (LAD) shall review and audit the transactions of ICIEC to ensure that such transactions are compliant with ICIEC’s rules and regulations and Shariah principles.

KEY RESPONSIBILITIES:

           Strategic Responsibilities

  • Contributes to the development of ICIEC’s organization strategy and contributes to the overall process of management and corporate decision making along with other members of the Management Team.
  • Directs and manages the LAD mandates, providing leadership and facilitating work processes in order to achieve high performance standards.
  • Leads and monitors change in the LAD providing guidance and support, necessary for continuous improvement.
  • Ensures compliance with organizational policies, procedures and quality standards in the LAD.

     

    Legal Framework

  • Defines and develops a legal framework for ICIEC in line with the overall risk management framework and regulatory guidelines in liaison with Chief Executive Officer.
  • Acts as secretary to the Board of Directors to ensure necessary legal guidance is provided and timely legal measures are undertaken on all legal issues etc.
  • Provides legal guidance as and when required on the interpretation of the Articles of Agreement, Operations Regulations, By Laws and other policies.
  • Establishes policy framework and standards for ensuring the provision of high-quality legal services to the Corporation at all times.
  • Creates long-term legal and compliance strategies and establishes related standards and procedures that support legal and operational compliance with all laws, regulations, policies and procedures.
  • Institutionalizes processes and systemic checks and balances to ensure that the inherent compliance requirements are followed for all insurance and non-insurance (Finance, Legal, HR, etc.) transactions and communications.
  • Identifies objectives, financial and operational business plans for the LAD in conjunction with the Chief Executive Officer to ensure alignment with overall organization objectives and business plans.
  • Provides guidance from a legal perspective on all major decisions where the applicable law, regulations or facts of the case are ambiguous.
  • Establishes and maintains partnerships with legal service providers across Member and Non-Member Countries in order to solicit expert legal advice and ensure representation.
  • Represents ICIEC before the IsDB Group Shariah Board.

     

    Legal Documents and Contracts

  • Establishes guidelines and processes for development of all financial documents, drafting new insurance instruments, policy documents, regulatory, governmental and other contractual agreements to ensure that they are in compliance with the legal provisions and uphold the interests of ICIEC.
  • Drafts proposed amendments to lCIEC Articles of Agreement, Operations Regulations, standards insurance policies and any other legal documents
  • Provides legal advice and assists in drafting all contracts related to investment, procurement of services and assets, employment etc. for ICIEC to ensure adherence to legal framework and regulatory guidelines.
  • Ensures documentation of all documents, agreements, policies, letters, etc. including certified copies obtained from various authorities in safe custody to comply with auditing guidelines and as reference for future transactions.
  • Drafts, reviews and clears agreements and memoranda of understanding for the Senior Management at ICIEC.

     

    Legal Due Diligence

  • Participates in resolution of all complex issues/disputes involving Export Credit Agencies (ECAs), ICIEC partners or other external stakeholders involved in export and investment promotion in Member Countries.
  • Undertakes missions to Member Countries to conduct meetings with local law firms to discuss and understand various strategic legal facets involved in the conducting business in the Member Country to ensure impact of regulatory laws in the Member Country is accounted for in insurance operations.
  • Develops guidelines to identify risk of litigation in the policy and ensures adherence to these to mitigate risks and avoid managing claims or recovery litigation procedures.
  • Guides and provides legal advice to the Claims and Recovery in all complex matters related to verification of claims or recovery from Member Countries to ensure adherence to established legal, regulatory and risk management guidelines. Liaises with lawyers, and other legal professionals to analyze the impact of changes in legal framework and regulation's on account of macro-economic and micro-economic changes.

    Claims

  • Establishes guidelines and provides guidance to Claims and Recovery Function in the effective performance of their role.
  • Supervises the investigation of submitted claims to analyse the eligibility and verification of submitted claims based on the defined policy terms.
  • Explore the possibilities to settle the claim in an amicable manner with the involved stakeholders to ensure safeguarding of the Corporation’s interest and minimize the loss for the Corporation and policyholder.
  • Ensures claims notification and settlement in compliance with the policy terms and conditions, regulatory requirements and organizational guidelines governing the claims procedure.
  • Ensures all valid claims are settled fairly and documents the case for future reference and to provide inputs on improvement of product.
  • Recovery

  • Assesses cases of recovery requiring Legal intervention post review by the Lawyer — Insurance Operations to analyse the best method of recovery in the interest of ICIEC.
  • Works in close coordination with relevant legal bodies in the Member Countries to solicit legal inputs and also assist in in the recovery process.
  • Represents or ensures representation of the Corporation in case of litigation, arbitration and other legal proceedings.

     

    Legal and Shari’ah Compliance

  • Ensures adherence to ICIEC legal norms, operating framework, international best practices, standard, policies and procedures to safeguard ICIEC from any legal dispute.
  • Establish and continuously improve a consistent operating framework for the identification, management, monitoring and reporting of compliance risks and issues.
  • Monitor non-compliance and escalate any issues where non-compliance is not addressed.
  • Promote a compliance culture throughout ICIEC.
  • Overseas the provision of legal opinion and counsel on investments and all underwiring in line with Shari’ah principles and legal requirements.
  • Providing legal approvals in order to minimize financial, legal and reputational risks
  • Advises the Senior Management on emerging trends, developments and risk factors in the external legal environment across Member States, with a potential impact on ICIEC’s lines of businesses and recommend strategies to address the legal risks and safeguard the interest of ICIEC.
  • Liaise with Risk Management and Internal Audit on risk-related issues, as well as non-compliance with internal policies, rules and regulations.

     

    People Management Responsibilities

  • Defines goals and key performance indicators (KPIS) for each member of the team and ensures effective application of the ICIEC Performance and Development Review process.
  • Directs planning and selection of manpower in the LAD, in line with the business and operational plans.
Ensures high level of employee engagement and capability development by providing on-going feedback and coaching team members within the LAD.

JOB REQUIREMENTS:

Field of Study

Law

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:

  • A minimum 10 years of experience in (Islamic) Banking and Finance, Project Finance, Trade Finance, Corporate Law, Development and Public International Law, of which 3 years in the managerial or supervisory role.
  • Experience in commercial litigation and international arbitration in a reputable law firm will be an added advantage.

BUSINESS LANGUAGE SKILLS:

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