The role holder is responsible for ensuring the Operational Risk Management Framework is embedded within Bidaya by leading the effective oversight of first line business management and second line support functions with the aim to identify, quantify and manage the operational risk profile of the business as well as to ensure businesses/functions operate a robust secondary control infrastructure and discharge their mandated operational risk responsibilities. The role holder is also responsible for guiding and advising the business/functions in managing their risk appetite as well as leading scenario analysis and advising and challenging risk owners on scenario assessment outputs with the aim to reduce operational risks and protect the Company from foreseeable future risks.
· Develops and implements strategic plans in line with the division’s objectives.
· Supports the development of the workforce plan for the division by providing inputs on own department’s workforce forecasts.
· Manages and controls the operating framework for the department, provides guidance and support, ensures implementation and review of work processes in order to achieve high performance standards and continuous improvement.
· Conceptualizes, sets standards and provides expert inputs in the creation of the risk governance processes in order to ensure implementation of the operational risk management framework meeting local regulator (SAMA), Basel and IFRS-9
· Ensures relevant tools, e.g. loss data, risk identification assessments and mitigation and Key Risk Indicators (KRIs), and required training are provided to Business Risk Control Managers and risk owners to increase awareness of the operational risk process and assist the business in managing their operational risks.
· Oversees/ controls monitoring activities and oversight reviews in order to assure that key controls in business line management and second line support functions are designed and operating effectively.
· Leads the monitoring of KRIs, heatmaps and Bidaya Operational Risk profile with the aim of holistic reporting and analysis of the operational risk environment, emerging risk factors, losses as well as near misses in a timely and accurate manner, as well as monitoring preventative thresholds and trends.
· Advises and challenges risk owners on their Risk Control Assessments and the identification, resolution and investigation of material internal risk events and ensures implementation of action plans.
· Sets the framework and timelines for scenario analysis and oversees execution and analyses scenario outputs with the aim to provide recommendations to risk owners.
· Sets the overall risk appetite limits and works with BRCMs and risk owners in order to monitor the setting of risk appetite.
· Oversees adhoc project work, thematic reviews and special investigation, analyses outcomes and presents results in liaison with business management.
· Oversees periodic reviews of external system feeds for risk event information and takes measures to ensure material external risk events have been captured and assessed appropriately.
· Reviews, analyses and makes recommendations on new products, processes and projects submitted by the business and provides support on end to end processes thereby embedding the key controls to be followed by the process owners in order to promote a risk culture and transparency in identification and reporting of risks and losses.
· Ensures Bidaya’s Standard Manual is up to date and changes in Global Standards Manual as well as regulatory requests are reflected.
· Manages the updating and development of the Functional Instruction Manuals and leads the process of reviewing changes and facilitates the decision making with Risk Committees.
· Ensures data integrity of systems, periodical reviews and follow-ups with businesses/functions.
· Ensures integrity of data maintained in the database.
· Participates and periodically presents at the Management Committee and Risk Committee to ensure that Bidaya fully identifies and effectively manages operational risks in a cost effective manner consistent with the company’s risk appetite.
· Participates and presents in the Audit Tracker Review Meeting periodically, in order to monitor progress on closure of high and medium risk findings.
· Establishes close working relationships with Department Heads to maintain operational risk control processes according to global standards and adopt best practices.
· Attends various relevant seminars/forums or working groups arranged by regulators in order to be up-to-date with the developments in the industry and region.
· Closely monitors key indicators to ensure risks are within appetite and to identify emerging risk trends
· Governs implementation of risk-related policies and processes (operational, regulatory, financial, informational, reputational and audit risks) for the department, ensuring that that these meet regulatory and internal control requirements.
· Reviews implementation of the internal control systems in line with relevant operating procedures and regulatory requirements and takes corrective action based on audit findings.
· Implements laid down contingency plans/measures during a crisis situation in order to undertake rapid recovery and timely resumption of critical operations following any disruption at an internal/external level.
· Guides internal stakeholders and team members in the execution of mitigation plans during crises while ensuring that the recovery procedures do not compromise the overall control environment and uphold the compliance requirements
BIDAYA Home Finance has been launched as a national real estate finance company for Saudi Arabia in 2015. Headquartered in Riyadh, BIDAYA is licensed under the Saudi Arabian Monetary Agency (SAMA), and offers professional and reliable sharia’a compliant financial solutions to both customers and part ...Read More