Risk Management
Identifies Key Risk Indicators (KRI) and tolerance levels, where appropriate in respect of major risks facing the bank through workshops and meetings with Risk Owners
Records and maintains the risk register for Risk events and risk indicators, with an analysis and prioritise actions to mitigate associated risks.
Ensures that Risk Management Programmes are maintained and up to date with current developments and trends within the industry and in keeping with Group policies and that they are appropriate for the bank.
Develop and enhance the risk management framework, policies, and procedures specific to Islamic banking to effectively identify, assess, and mitigate risks.
Monitor and analyse internal and external risk factors
Assist to ensure compliance with regulatory requirements related to risk management and Islamic banking principles.
Implement risk management tools and systems to facilitate risk identification, measurement, and reporting.
Specific focus on credit, capital, liquidity, and operational risk management. Other risk areas must be also considered especially in terms of its impact on the Bank.
To use robotics and artificial intelligence where possible to improve risk reporting.
Annual Risk Functional Plan:
Assist to develop objectives for the plan
Completing risk monitoring and reporting and ensuring clarification of risk measurement based on impact and probability are recorded appropriately.
Escalating risk matters requiring attention and making appropriate recommendation to mitigate risks, where appropriate to the risk manager
Implement the annual functional plan for the risk management department, aligning objectives with the organization's strategic goals.
Assisting in setting key performance indicators (KPIs) and targets to measure the effectiveness and efficiency of risk management initiatives.
Regulatory:
Identify and comply with regulatory requirements pertaining specifically to risk management such as the implementation and continuous embedment of Risk Data Aggregation and Risk Reporting (RDARR).
Maintain an updated ICAAP that considers the major risks facing the Bank and capital required to manage.
Identify any other regulatory requirements that may require risk management assistance such as Recovery Plan, Cyber resilience, Business Continuity etc.
Assist to implement ABG (Albaraka Group) recommendations on credit, liquidity, and other risk areas where necessary.
Strategy:
Contribute to the regular review and execution of the organization's risk appetite and risk tolerance framework.
Assist with managing and reporting of the Banks development and implementation of the Strategic plan.
Internal Controls and Insurance:
Assist to ensure the maintenance of robust internal control mechanisms to mitigate risks and comply with regulatory requirements.
Collaborate with relevant departments to assess insurance needs, ensuring adequate coverage for identified risks.
Fraud Risk Management
Identify, assess, and monitor fraud risks across business processes and operations.
Support the implementation and maintenance of fraud risk management frameworks, controls, and preventative measures.
Monitor fraud incidents, trends, and emerging risks, and escalate material issues where required.
Assist in fraud investigations and support the resolution of fraud-related incidents.
Promote a strong anti-fraud and ethical culture across the organisation
Administration
Complies with departmental policies and procedure manuals in line with Banks Act and Regulations, Board directives and best business practice.
Evaluates policies and procedures including methodologies, measurement, and reporting on an ongoing basis and amendments effectively implemented across the organisation.
Assist to report departmental progress monthly to EXCO, quarterly to Risk and Capital Management Committee of the Board
Assist to monitor Functional Plans as approved and ensures that it is adhered to, completed and remains within the department's budget.
Monitoring of department budget and reporting to EXCO and investigates monthly variances
The development and maintenance of risk management policies and procedures to ensure their effectiveness and alignment with the organization's objectives.
Collaborate with other departments to implement risk management initiatives
Internal and External Communication
Daily, weekly, and yearly planning meetings with the Risk Manager to identify any key events that require attention.
Distributes Risk reports to Chairman of Risk and Capital Management Committee and line Executive.
Communicates feedback regarding impacts and probability of significant risks to the Risk Manager and pro-actively manage risks requiring urgent attention.
Communicating with external consultants, auditors, and other industry role players (SABRIC, SAFPS, BASA, etc)
Attending meetings hosted by SARB, BASA, SABRIC, SAFPS, BASA, etc
Requirements
PREFERRED EXPERIENCE
A minimum 3 years of Auditing and /or Banking experience
QUALIFICATIONS
A B. Com degree or Relevant Qualifications in Risk Management or equivalent will be required to meet the requirements of the role at the highest level of competence
A newly qualified Chartered Accountant would be advantageous