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4 Sep 2019

Head of Risk Management

Job Description

Amal Bank is a modern Islamic bank that offers a wide range of financial products and services in Retail, Corporate, Institutional, Diaspora and Microfinance Banking. Based in Garowe and Mogadishu, Somalia. Amal Bank aims to be a leader in the financial services sector in the Horn of Africa through innovative, customized and shariah compliant financial products and services. The Bank is fully owned by Amal Group, a diversified global company that operates in various sectors: Microfinance, Money Transfer, Forex-exchange, Real Estate, Trade and Energy.

Job Title:Head of Risk Management

Location:Amal HQ-Garowe

Reporting to: Chief Executive Officer

       Closing date:  11 / 9 / 2019

Position Summary

Head of Risk Management is responsible forMarket Risk, Financial Risk and Operational Risk matters of the Bank by ensuring that both risks inherent to the Bank’s activity and risks related to the environment in which the Bank operates are identified, measured, controlled, monitored and reported in an efficient, accurate, timely and cost-effective manner.

Major Duties:

  • Follow the comprehensive risk management policies and processes that effectively identifies, measures, monitors and controls risks exposures of the bank to ensure the execution of and compliance to overall risk management policies and guidelines in terms of:
  • Liquidity Management
  • Capital Adequacy
  • Credit Risk
  • Market Risk
  • Operational Risk
  • Develop and maintain the framework and methodology to identify, assess, control, monitor and report Market, Financial and Operational Risk.
  • Responsible for undertaking periodic financing portfolio review to assess the management of financing risks and identify areas in the financing operation that need improvement and recommend corrective action.
  • Maintain a system to periodically assess, monitor, supervise and follow-up account management activities, including the conduct of regular review/discussion.
  • Develop workable and appropriate Risk Asset Acceptance Criteria (RAC) for each industry, taking into account both quantitative as well as qualitative parameters.
  • Develop Product Risk Acceptance Criteria (PRAC) for each financing product which evidences that tenor, documentation requirements and approval process are consistent with the associated transaction risks and that transaction flows are understood and documented.
  • Monitor, measure and report such exposures to key stakeholders for periodic realignment weekly/monthly/quarterly/annually or on ad-hoc basis
  • Develop and monitor Key Risk Indicators (KRIs) to determine elevations in risk and proactively implement risk mitigation measures
  • Identify emerging risks that present new risks associated with new regulatory, products and services, customer types, geographies, and channels
  • Coordinate the collection of risk information from key sources and departments, and analyze the data before applying to various key risk areas to update the Bank’s risk profile
  • Track the progress of remediation of control weaknesses and control gaps

identified by Internal Audit, self-testing, or controls assessment

  • Review and analyze regulatory reports and internal reports and establish an early warning or trigger system for breaches of the bank’s risk appetite or limits
  • Continuously monitorthe risk-taking activities and risk exposures to ensure they are in line with the board-approved risk appetite and risk limits
  • Keep pace with changes to the bank’s risk profile and maintain an updated risk register
  • Building risk awareness amongst staff by providing support and training within the company on an on-going basis
  • Support effective credit and legal administration function by monitoring the Bank’s credit/legal documentations and due diligence process
  • Analyze risk exposures related to existing and proposed transactions and issue appropriate recommendations to support business informed decisions
  • Conduct scheduled or ad-hoc stress tests or scenario analysis, forecasting to proactively minimize Bank’s risk exposure

Required Qualifications:

  • Master’s degree in Finance or Economics
  • Good understanding of financial and operational risk techniques and the use of risk quantitative techniques
  • Ability to analyze risk exposures related to existing and proposed transactions
  • A proven ability to conduct research, data analysis and mathematical modelling
  • Ability to effectively apply statistical concepts to analysis
  • Good knowledge of and experience in depositary banking or fund administration
  • Ability to understand all of the Bank’s activities and how they must integrate to achieve the organization’s strategic goals.
  • Applied knowledge of Islamic financial products and services from simple current account to more complex project finance.
  • Must be willing to travel to various bank and client locations outside and within Somalia on short notice
  • High ethical standards and an uncompromising sense of integrity with strong attention to details
  • Excellent written and verbal communication skills

How to apply:

Interested and qualified candidates should send their applications and updated CV to Applicant@amalbankso.so, clearly indicating the role applied for on the subject bar not later than the date indicated above.


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