Head of Risk Management

About the Role

Orient Insurance KSA is seeking a Head of Risk Management to lead the development and implementation of the risk management strategy, framework, and controls for the organization. This full-time position is based in Riyadh, Saudi Arabia, and requires a professional with over 10 years of experience in risk management. The role ensures the organization operates within its agreed risk appetite, complies with internal policies and external regulatory obligations, and that all risks are effectively captured, managed, and reported to executive management and the risk committee.

Key Responsibilities

• Lead the development and implementation of Orient KSA's overall risk management strategy, ensuring alignment with business objectives and corporate vision.
• Formulate and communicate the risk appetite framework, addressing financial, operational, regulatory, technical, and strategic risks.
• Define and manage the risk framework, including policies and procedures for proactive risk management and reputational risk.
• Ensure proper risk management infrastructure and control systems are in place for identifying, classifying, assessing, monitoring, and managing risks.
• Lead internal and external risk assessment initiatives and action plans across all divisions.
• Monitor adherence to risk management procedures and systems, recommending and overseeing corrective actions.
• Direct the development and implementation of operational and conduct risk policies to mitigate potential impacts on operations and stakeholders.
• Lead the assessment of business continuity risks and oversee the business continuity planning cycle and emergency simulations.
• Prepare financial plans and budgets for the risk management department and monitor expenditure.
• Ensure compliance with corporate and regulatory requirements related to risk management.
• Prepare and submit all relevant periodic and ad-hoc reports accurately and on time to the committee, HMC, or CEO.

Qualifications and Experience

• Bachelor’s degree in Finance, Risk Management, Operational Risk Management, Business Administration, or a relevant field.
• Master’s degree in Risk Management, MBA, or a relevant field is required.
• A minimum of 10 years of experience in risk management.

Required Skills and Attributes

• Strong leadership capabilities to build and manage a motivated and competent risk management team.
• Ability to create and maintain a strong risk culture through effective communication and training.
• Proficiency in developing and implementing risk measures, rating methodologies, stress testing, and value-at-risk analysis.
• In-depth knowledge of risk regulations and standards set by IA and CHI, ensuring compliance with IA Risk Based Compliance.
• Excellent communication and interpersonal skills for effective collaboration with internal departments, executive management, and external regulators.
• Strategic thinking and problem-solving abilities to manage change and drive continuous improvement in risk assessment practices.

Working Relationships

The Head of Risk Management will engage with all department and business managers internally. Externally, the role involves interaction with consulting companies, regulators, and industry forums related to risk management.