Manager - Operational Risk

Role Purpose:

To facilitate the risk assessment (identification, measurement and prioritization) process on a regular basis while documenting and maintaining the results of risk management activities to put in place action plans to mitigate risks.

Bupa Arabia Risk Management Framework

• Oversee, review and maintain the Risk Management Framework, through the development of sufficient infrastructure to identify, measure, manage and report risks.
• Coordinate and align with Bupa Group Enterprise Risk Team to continuously improve the Bupa Arabia Risk Management Framework.
• Work with the management of Bupa Arabia in developing acceptable tolerance levels and escalation criteria for identified risks.
• Conduct risk workshops with selected senior management (to establish and refresh base-line risk register) and ensure time alignment with strategic/business planning activities.
• Conduct awareness programs of risk management practices and processes.
• Continuously update management on key risk issues, mitigation actions and the status of risk management process within Bupa Arabia.
• Promote and sponsor the identification of Risk Champions – within different Divisions/Departments – to act as the conduit of risk communication both disseminating information and providing it.

Risk Life Cycle Management

• Perform and/or support in identifying risks that may impact Bupa Arabia’s ability to achieve objectives, or daily activities in a manner consistent with legal, regulatory and customer expectations.
• Coach and advise the 1st LoD being responsible for identifying risk identified as part of strategic planning, risks from day-to-day business activities, risks due to external events.
• Ensure all identified risks are aligned to Bupa Arabia Risk Categorization Model.
• Advise, support and challenge the 1st LoD to ensure that the risk is managed appropriately.
• Ensure treatment strategy being identified and implemented identifies a risk as being outside target, and such strategy being considered in light of the cost/benefit of implementing the strategy (i.e. Accept, Transfer, Treat or Avoid).
• Validate the approval of the mitigation strategy via a defined local approval process.
• Ensure that the frequency and intensity of the monitoring should be risk based and proportionate to the likelihood and impact of the inherent and residual risk
• Promote and support the existence of an on-going programme to continually monitor the risk profile.
• Regular reporting to key stakeholders: i.e. On at least quarterly basis “key risk information” to Bupa Arabia level committees.
• Manage an effective internal risk reporting to facilitate decision making and provide key stakeholders with information about the effectiveness of the risk management life cycle

Emerging Risk Identification & Reporting

• Adopt a structured way to scan and monitor emerging risks to ensure Bupa Arabia have a view of new risks or opportunities.
• Capture sufficient information to standardize the assessment of time frame and financial impact of the new risk, including the establishment of criteria for grading emerging risks.

Critical Incident Management

• Ensure that Bupa Arabia businesses are prepared to respond to and manage the outcomes of Incidents.
• Sponsor the implementation of a Local Incident Management Framework, in alignment with Bupa Arabia Incident Severity Scale to ensure consistency.
• Challenge the classification/severity of the incident, ensuring that related escalation routes are followed, specifically for those incidents classified as “Critical” Incidents.

Stress & Scenario Testing approach

• Facilitate the identification of scenarios that could adversely impact Bupa Arabia and assess its ability to withstand them.
• Ensure that Stress and Scenario Testing (SST) impacts are quantified and fed into the ORSA.
• Ensure that SST outputs underpin the projection of stressed financial results in the ORSA, helping the Board to understand Bupa Arabia’s ability to withstand adverse conditions. 

Special/Technical Risk Management Framework(s)

• Coordinate the design and sponsor the adoption of a common Framework.
• Administer the development of Bupa Arabia system and tools as necessary to support the development of Special/Technical Risk Management Frameworks.

Skilled Required

• Master in Science or MBA are desirable
• Good in statistical analysis and synthesis of data
• Strong critical thinking and problem solving skills
• Ability to conduct research, collect and analyse data and prepare written and oral reports
• Ability to analyse, classify and rate risks, exposure and loss expediencies
• Ability to interpret, analyse and present information from various regulatory agencies in an appropriate form geared towards targeted audience

Other Requirements

• Bachelor’s Degree or higher in ITEC, Finance, Accounting, or Business/Engineer school
• Certification in Control Self-Assessment (CCSA) is an advantage
• Certificates of Risk Management (CRM) preferred, Safety and an Associate Risk Manager (ARM) preferred.
• Professional Certificate(s) in insurance is preferred
• Knowledge of principles and practices of risk management
• Knowledge of claims processing techniques and budgetary practices and controls
• At least 2 years of control-related business experience, such as CSA, auditing, quality assurance, risk management, or environmental

Bachelor’s Degree or higher in ITEC, Finance, Accounting, or Business/Engineer school