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Risk Manager

2 weeks ago

Bahrain Nexus Insurance Brokers Full time

Job Summary:

The Risk Manager's role will be to work closely with the Compliance Department in the aim to combat financial, safety and security risks and to find ways to reduce such risks through planning and problem-solving. The Risk Manager should present their findings in a way that's easy for the company administration to understand and implement.

The Risk Manager should ensure that the company is compliant with all Central Bank of Bahrain (CBB) regulatory requirements.

Main Duties:

  • Maintain the risk management framework that aligns with our strategy, culture, and values Identifying and analyzing various risks that could affect us
  • Prepare action plans to decrease risk factors
  • Make risk-avoiding adjustments to current methods of operation to minimize future risks
  • Conduct assessments to define and analyze possible risks
  • Evaluate the gravity of each risk by considering its consequences
  • Audit processes and procedures
  • Develop risk management controls and systems
  • Create contingency plans to manage crises
  • Design processes to eliminate or mitigate potential risks
  • Evaluate existing policies and procedures to find weaknesses
  • Prepare reports and present recommendations
  • Help implement solutions and plans
  • Performing risk evaluations and assessments
  • Creating and implementing risk management procedures
  • Drafting business continuity plans to reduce or limit risk
  • Evaluating loss exposures and assessing liability
  • Provide training and certification for organization staff so that they can be aware of risks and try to avoid them

Job Specification

  • The Risk Manager will be self-managing and will be primarily responsible and play a vital role in ensuring the success and sustainability of NFS, responsible for identifying, analyzing, evaluating, and treating the potential threats and opportunities that may affect our objectives, performance, reputation, or resources.
  • One of the key responsibilities will be to maintain a risk management framework that aligns with NFS's strategy, culture, and values. The risk management framework is a set of policies, processes, tools, and techniques that guide and support risk management activities. It should define the scope, objectives, roles, responsibilities, and reporting of risk management, as well as the risk appetite, tolerance, and criteria to Senior Management.
  • The position reports directly to the General Manager.

Key Skill Set

  • Proven experience as a Risk Manager
  • Effectively plan and organise own time and priorities
  • Knowledge of risk assessment and controls
  • Familiarity with industry risks and regulations
  • Diverse skill set, including risk assessment and analysis, industry knowledge
  • Communication and influencing abilities
  • Problem-solving and decision-making skills, analytical mind with problem-solving aptitude
  • Project management expertise, and proficiency in technology and data analysis
  • Excellent communication and presentation skills
  • Demonstrate drive and commitment to get tasks done (can-do attitude)
  • Must demonstrate risk awareness by analysing the needs and requirements of customers first then of risks that could affect NFS
  • Ability to develop positive relationships both inside and outside the company
  • Excellent verbal and non-verbal communication skills
  • Able to deliver key messages, simply and clearly
  • High level of numeracy and analytical skills

Preferred Attributes or Competencies

  • A clear understanding of the role and responsibilities associated with this position
  • An appropriate level of experience and standing to demonstrate suitable independence from other functions within the insurance licensee
  • Good understanding of the insurance business and the wider industry
  • Good understanding of the industry's regulatory environment
  • The relevant experience and qualifications to fulfill his responsibilities.
  • Technical risk management skills, such as analytical skills and data handling
  • Ability to plan risk activities
  • Measuring risk management performance
  • Soft skills for risk managers, including business knowledge, relationship management, judgment and decision making, and learning agility
  • Well groomed, professional and personable
  • Management skills
  • Excellent written and verbal English

Qualifications and Experience

  • A minimum of 7 years of practical experience in a financial institution of which at least 5 years in a risk management position within the insurance industry
  • An academic degree from a university at bachelor level or higher in addition to professional qualification(s) related to actuary, accounting, or finance and other relevant certification(s) specific to this role.
  • Such professional qualifications may include but are not limited to (i) Associate in Risk Management (ARM), The institutes; (ii) International Diploma in Risk Management, Institute of Risk Management qualifications (IRM); (iii) Financial Risk Manager (FRM), Global Association of Risk Professionals (GARP); and/or (iv) Professional Risk Manager (PRM), Professional Risk Managers' International Association (PRIMA)
  • Experience and confidence in the ability to manage the risks that NFS face

Job Categories: Office Admin

Job Types: Full Time

Job Locations: Bahrain