Operational Risk Head - KSA

Job Overview

This role supports the Chief Risk Officer (CRO) and Risk Management Department in Saudi Arabia, providing day-to-day oversight of operational risk activities across the Riyadh branch and the FAB Capital operations under an outsourcing agreement. The position ensures the cultivation of a mature risk culture and a robust governance framework aligned with internal policies and regulatory requirements.

Core Responsibilities

• Lead the comprehensive risk reporting framework focusing on the risk profile of FAB Capital in KSA to aid the FAB Risk Committee in decision-making within approved risk appetite.
• Develop, maintain, and enhance operational risk frameworks, limits, and tolerances for FAB Branch and Capital, ensuring operations remain within defined risk appetites and aligned with group strategy.
• Drive continuous improvements in systems, processes, and controls by managing change initiatives that reflect global standards and evolving business environments.
• Foster strong business relationships with internal and external stakeholders, adhering to high ethical standards while resolving critical operational risk issues promptly.
• Ensure timely and accurate preparation of risk-related reports that satisfy local and Group policies and quality expectations.

Operational Risk Management

• Review and approve local business policies and standard operating procedures (SoPs), ensuring their validity and reporting their status to the Risk Committee.
• Facilitate Key Risk Indicator (KRI) setups including defining thresholds and monitoring breaches specific to FAB Branch and Capital.
• Execute Risk Control Self Assessments (RCSA), manage risk assessment procedures, and monitor corrective actions.
• Analyze loss data, incidents, and near misses, reviewing root cause analyses and supervision of corrective measures.
• Prepare regulatory reports as required and assist business units in completing the Operational Risk Assessment and Profiling (ORAP).
• Develop action plans addressing control weaknesses identified during risk assessments.

Outsourcing Oversight

• Ensure comprehensive operational risk assessments are integrated within business plans.
• Monitor outsourced operations to confirm the presence of a strong control environment and proper identification of new risks.
• Update stress scenarios and contingency plans as necessary.
• Annually review and update FAB Branch and Capital’s operations within the outsourcing model.

Training and Awareness

Promote operational risk awareness and requirements among all employees of FAB Branch and Capital to enhance understanding and compliance.