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Job Descrption

Role Purpose:

The role of the Head of Risk is to develop, maintain and implement a robust Enterprise Risk Management (ERM) program in an integrated manner within business processes for identifying, assessing, responding, monitoring, and reporting key and emerging risks with the aim of mitigating risks to an acceptable level for the achievement of Emarat’s objectives.

Key Accountabilities:

ERM Framework:
• Develop and implement a detailed risk management framework. (Policy, procedure, Risk Assessment criteria, Risk Appetite Statement and Tolerance Levels, KPIs, reporting…etc) in line with any applicable regulatory requirements and leading practices such as ISO 31000.
• Raise any changes and comments to the Risk & Audit Committee upon annual review of the ERM Policy, Procedure and Framework and inform the Director General of any subsequent changes made post approval from the RAC.
• Carry out the functions of general leadership, vision and direction of risk management of Emarat. Plan... design and implement an overall enterprise-wide risk management process and implementation plan.
• Set out an integrated risk management framework for all risk elements within Emarat.
• Identify strategic risk training needs and raise awareness with regards to risk management practices and ERM activities by conducting major and refresher risk management trainings/awareness sessions for all employees across Emarat.

Risk Assessment and Treatment:
• Understand the risk strategy elements and ensure that the relevant risks are aligned and defined.
• Develop a comprehensive process to assess, identify, monitor and reduce related risks that may interfere with the company purposes and objectives.
• Conduct periodic risk assessment workshops with risk champions and internal stakeholders across Emarat for identifying, analysing and evaluating enterprise-wide key risks.
• Aggregate interrelated and correlated risks into risk clusters to identify the top key risks.
• Facilitate, review, endorse and obtain approval on the key risks identified for treatment.
• Review proposed risk treatment plans and monitor their implementation to ensure the achievement of desired results within the agreed timelines by the Risk Owners, and report to the Risk & Audit Committee in case of any deviations. Inform the Director General of Key Risks reported to the RAC and subsequently to the Board of Directors.
• Inform and provide updates to the Director General about the results of the risk assessment exercise and the integration of risk appetite into the decision-making process.
• Develop Emarat’s entity-wide risk register including the top key risks, treatment plans and Key Risk Indicators.
• Set the scale and communicate risks, controls adequacy and effectiveness with Internal Audit Unit.
• Ensure that the Company is in full compliance with internal operational policies and procedures and any external legal, regulatory or contractual requirements.

Reporting:
• Coordinate the Company risk management efforts, outline risks and controls for senior management and the Board and submit recommendations.
• Report key risks along with associated treatment plans on a periodic basis or whenever there is an update affecting their risk ranking and treatment plans.
• Report Risk Treatment Plan Status Report on a quarterly basis.
• Report on the implementation of ERM elements to the RAC on a quarterly basis and subsequently to the Board of Directors.
• Inform the Director General on the progress/updates of implementation stages of the ERM elements.
• Inform the Director General about the performance of the Risk Department and the adequacy of the ERM Framework.
• On an annual basis, submit a Risk Management Activity Report including summary of the risk management activities conducted during the year, results, performance and plan for the upcoming year.
• Provide a centralized process for aggregating and reporting risk information from various sources.
• Provide input on the RAC committee meeting pack in relation to risk management.

Monitoring and Review:
• Review and monitor the effectiveness of risk management processes and procedures.
• Evaluate the effectiveness of the ERM Framework in achieving the risk management performance objectives and identifying opportunities for continuous improvement through the monitoring of ERM Key Performance Indicators (KPIs).
• Review updated risk registers.
• Maintain regular updates on directions and developments in risk management industry and ensure that relevant knowledge and information are passed on to business managers within the company.
• Follow up with departmental directors and line managers and verify that risk treatment plans are implemented on time and as planned.
• Review risk escalation reports and assess the adequacy of the information provided.

Qualifications and Requirements:
• Bachelor’s degree in Risk Management, Business Administration or equivalent.
• MBA or post graduate diploma in Risk Management is preferred.
• Professional risk management certifications (e.g., CRMA, CRMP, FRM, CRISC, etc.).
• A minimum of 10-12 years’ experience in Risk Management, 5 of which must have been at a managerial level

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