Risk Manager (Kuwait City, Kuwait)

Risk Manager (Kuwait City, Kuwait)

Our client is one of the premier insurance companies in Kuwait, they specialise in life, health and auto insurance premiums.  They are an innovative technology driven insurance group which services a large market share of the Kuwait insurance market.

Role Purpose:

• To lead the development of effective ERM frameworks and Credit Rating Projects across the company.
• Undertaking a key functional and advisory role, contributing to the achievement of the company’s objectives and the credit rating processes.
• Upholding the Company’s ethics, strategies and policies.
• Develops risk management strategies, risk appetite, principles, framework, and policy across the company

Responsibilities

• Risk, Investment, or Reinsurance committee member.
• Takes a lead role in rating agency communications.
• Provides overall leadership, vision, and direction for risk management throughout the business activities.
• Develops the Company’s risk management strategy, policy, and framework.
• Instils risk management principles, promotes risk management awareness, and embeds risk culture in the Company.
• Develops a cost-effective business-wide approach to ERM.
• Guides the risk committee, audit committee, and Board through the risk strategy, appetite, policies, delegated authorities, and limit structures.
• Supports capital management activities.
• Provides advice to the business units on risk-related issues Implements appropriate risk controls, processes, and methodologies:
• Leads, develops, selects, implements, validates, and maintains processes, procedures, and systems for risk management.
• Develops processes, with other business units and related parties, for determining, allocating, monitoring, and managing capital requirements and measuring risk-adjusted performance.
• Manages the activities of the risk management function, ensuring the adequacy of resources.
• Coordinates different risk management areas and reviews risk management standards/guidelines.
• Oversees self-assessment procedures for business units.
• Reviews market disclosures.
• Analyzes and integrates risk into the decision-making process to control the impact of investment decisions on the Company. Advises and coaches management and business units on risk management:
• Presents informed and objective challenges to the executive management on risk management techniques for risk identification. · Institutes training courses, and build awareness of continuity risks.
• Co-ordinates appropriate and timely delivery of risk management information:
• Provides management with information on risk management, including loss statistics.
• Identifies, escalates, and oversees the resolution of risk management issues.
• Reports quarterly to the Board on the management of risk and aggregate risk profile.
• Advises on sources of good practice and (outside) expertise. Credit ratings & Others:
• Leads the credit rating projects.
• Ensures compliance with all rules and regulations with regard to risk management.
• Monitors the Company’s risk profile, capital management, and product management.
• Challenges risk owners on identifications and mitigation plans and introduces strategic risk initiatives,
• Remains informed of key developments and the latest standards, methodologies, and techniques of risk management.
• Assists in recruitment, and training of staff members to help ensure high quality of work and increased productivity.

Qualifications

• Bachelor’s degree in finance or a quantitative discipline.
• Comprehensive risk management and risk measurement experience.
• Minimum 10-12 years of experience in the financial services / Insurance Industry with a risk management focus.
• ERM Practice is a must and Actuarial experience is a plus.
• Experience with Solvency II / Basel III regulations and Local Regulatory Environments.
• Technical Analysis: Capital management, solvency, and adequacy, quantitative methods, qualitative tools, simulations, stress testing, reserving, triangles, underwriting, actuarial, financial, and Solvency II directives
• Risk Analysis: Market risks, credit risks, operational (business) risks, insurance (technical) risks, liquidity risks, legal risks, and strategic (group) risks.
• Project Management: Strategic and financial planning, budgeting, reporting, corporate finance, valuations, modeling and designing, policies creating, performance management, and setting internal controls.

• Strong communication and presentation skills.
• Ability to manage teams and multiple projects.
• Ability to analyze and interpret management information.
• Ability to follow detailed procedures and ensure accuracy in documentation & data.
• Ability to work harmoniously with others to get a job done with a flexible approach.