Job Summary
The Risk Management Officer is responsible for identifying, assessing, and mitigating risks that could affect the organization’s ability to achieve its objectives. This role involves working closely with various departments to ensure that risk management practices are integrated into the daily operations and that internal controls are effective and compliant with regulations.
Job Description
- Identify potential risks to the organization, including financial, operational, strategic, and compliance risks.
- Conduct risk assessments to evaluate the likelihood and impact of identified risks.
- Develop and maintain a risk register.
- Develop and implement risk mitigation strategies and action plans.
- Collaborate with other departments to ensure that risk mitigation measures are integrated into operational processes.
- Evaluate the effectiveness of internal controls and make recommendations for improvements.
- Monitor compliance with internal policies and procedures, as well as external regulations.
- Conduct regular reviews to ensure controls are functioning as intended.
- Prepare risk management reports for senior management and the board of directors
- Maintain comprehensive documentation of risk management activities, including risk assessments, mitigation plans, and audit findings.
- Develop and deliver risk management training programs for employees at all levels.
- Promote a risk-aware culture within the organization through regular communication and training sessions.
- Investigate risk incidents and near-misses, identifying root causes and recommending corrective actions.
- Maintain an incident log and ensure that lessons learned are documented and communicated.
- Stay updated on regulatory changes and ensure that the organization remains compliant with relevant laws and regulations.
- Assist in preparing for regulatory audits and inspections.
- Assist in the development and implementation of the organization’s risk management framework and policies.
- Continuously improve the risk management processes based on industry best practices and organizational needs.
- Assist with the review of Internal Policies, Procedures, SOPs, Manuals and Processes working with relevant stakeholders in user departments.
- To perform any other task assigned and report appropriately to the Lead, Internal Control.
Qualifications and Experience
- Bachelor’s degree in finance, economics, business administration, or a related field.
- Certification in risk management (e.g., CRISC, CERA,) is advantage
- Minimum of 3-5 years of experience in risk management or a related field.
- Strong analytical and problem-solving skills.
- Excellent communication and interpersonal skills.
- Proficiency in risk management software and tools.
Skills and Competencies
- Technical Skills:
- Financial modeling and analysis
- Data analysis and visualization
- Risk assessment methodologies
- Risk mitigation techniques
- Soft Skills:
- Strategic thinking
- Problem-solving
- Decision-making
- Adaptability
- Teamwork