Chief Risk Officer

3 weeks ago


united arab emirates Rakbank Full time

Ras Al Khaimah National Insurance Company (RAK Insurance) is a leading insurance provider and a Public Shareholding Company incorporated in 1974 in the United Arab Emirates (UAE). The company has been providing a wide range of insurance products and services to individuals, businesses, and government entities for over four decades.

RAK Insurance is listed on the Abu Dhabi Securities Exchange (ADX) and RAK Bank is a major shareholder of the company. The insurance provider has a comprehensive range of insurance products, including motor insurance, health insurance, travel insurance, property insurance, and more.

The company has a diverse team of more than 200 employees and is committed to providing a working environment that promotes work-life balance, career development and recognition.

One of the company's core values is customer satisfaction, and it strives to provide excellent service to its clients. RAK Insurance has won several awards for its outstanding performance and customer service, including the Best General Insurance Company award at the 2020 Gulf Insurance Awards.

In addition to its focus on customer satisfaction, RAK Insurance is committed to innovation and digital transformation. The company has launched several digital initiatives, including a mobile app that allows customers to buy insurance, make claims, and manage their policies online.

Overall, Ras Al Khaimah National Insurance Company is a well-respected insurance provider in the UAE, known for its comprehensive insurance products, excellent customer service, and commitment to innovation.

What You Will Be Doing

  • Managing the risk function in line with RAKINSURANCE Enterprise Risk Management (ERM) framework.
  • Defining the Risk Appetite in consultation with RAKNIC and Group senior management and RAKNIC Board.
  • Monitoring and reporting KRIs and appetite compliance periodically to all stakeholders including RAKNIC Board and RAKNIC and Group senior management.
  • Ensuring early identification and mitigation of risk issues and facilitating business growth in a controlled manner.

What You Should Have

  • Ability to develop the risk register and implement operational risk and business continuity requirements.
  • Capability to work closely with all group risk functions including IT Risk, Market risk and Operational risk etc.
  • Experience in ensuring compliance with all aspects of Risk Management and Internal Controls Regulations issued by the UAE Central Bank.
  • Experience in providing strategic guidance and advice to the senior management team and the Board of Directors on risk-related matters, including emerging risks, risk trends, and risk mitigation strategies.
  • Ability to stay updated with industry trends, regulatory changes, and best practices in risk management, and provide recommendations for enhancements to the company's risk management framework and policies.
  • Ability to foster a culture of risk awareness and accountability throughout the organization, through training, communication, and regular engagement with employees at all levels.

What We Are Looking For

  • Minimum 10-15 years of experience working as a Risk Manager in an Insurance firm.
  • Bachelor’s degree or equivalent, preferably with a Degree in Risk Management.
  • Must have knowledge in Solvency II.
  • Strong understanding of insurance operations, regulations, and risk management principles and practices.
  • Strong leadership and management skills, with the ability to lead and inspire a team of risk management professionals.
  • Prior experience in a corporate governance function, compliance and working with Regulators is essential.

What’s In It for You

  • Pay for performance culture (Competitive and performance-linked compensation)
  • Provision of medical care plan for you and your family
  • Air tickets allowance
  • Diverse workforce and inclusive culture
  • Get opportunities to bring your whole-self to the organization and perform to your best
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