AVP - Head of Outsourcing & Third Party Risk

Dubai Islamic Bank

  • Dubai
  • Permanent
  • Full-time
  • 13 days ago
Job DescriptionJob PurposeDevelop and oversee implementation of Outsourcing Risk and Third-Party Risk policies and procedures of the Bank. Ensure that the policies are aligned with regulatory obligations and internationally recognized best practices. Support development of Outsourcing Risk and Third-Party risk metrics in order to enable effective monitoring and reporting to Management and Board. Maintain in depth understanding of interactions of Outsourcing and Third-Party risk with other key risk types to enable effective mitigations in coordination with stakeholders.Key Responsibilities
  • Develop and maintain Bank’s Outsourcing & Third-Party risk governance policies and procedures to enable effective management.
  • Design and Implement a continuous monitoring program, whereby information flow is established across the lines of defense in the endeavor to minimize the effects of Outsourcing risk and Third-Party risk.
  • Ensure comprehensive, accurate and timely reporting on Outsourcing risk and Third-Party risk matters to Management and Board.
  • Implement Outsourcing risk assessment and Third-party risk assessments programs and oversee the remediation plans to ensure timely resolution.
  • Support development of the Bank’s Outsourcing Risk and Third-Party Risk appetite and tolerance metrics in order to provide an objective view to the Management and Board.
  • Develop tools that support materiality assessment and risk assessment to manage and mitigate outsourcing risk.
  • Oversee the management of Bank’s own Takaful policies which would include timely renewal as well as enhancement of coverage.
  • Ensure that the Takaful claim management activities are discharged to effectively protect Bank’s interest in the claim process as well as enable timely claim payments.
  • Mentor and develop team member skills by cross training with goal of embedding Outsourcing risk and Third-Party risk view in overall risk management.
Review own performance and deliverables in line with the approved KPI's to ensure meeting desired objectivesCompetencies/SkillsEducationMaster's degree in e.g., Business Administration, Risk Management or others is required.Recognized Certifications in Outsourcing Risk and Third-Party Risk is desirableWork ExperienceMinimum of 7 years of work experience in Risk Management and analytics in the Banking industry.Minimum 5 years work experience in Outsourcing Risk domain building frameworks and conducting assessmentTechnical CompetenciesSharia Principles of Islamic FinanceIslamic Modes of FinanceAnalytical AbilityOutsourcing and Third-Party Risk MonitoringOutsourcing and Third-Party Risk AssessmentBanking Products, Services and Operations KnowledgeBank Systems KnowledgeMIS Generation and AnalyticsRegulatory and Compliance KnowledgeBehavioral CompetenciesEngage the CustomerAct with OwnershipEmpower to DecideMaintain Transparency & Communicate to ShareShare Knowledge & Work as OneLeadership CompetenciesDevelop Talent and Engage People (training capability)

Dubai Islamic Bank