MSELECT is looking to hire a Risk Manager for one of the International Banks in Baghdad, the candidate will be responsible for the identification of risks that the bank may face in the following main areas and to devise plans, programs, and policies aimed at preventing.
Tasks and Responsibilities of the Manager of the Risk Management department:
The Manager of the Risk Management Department will be responsible for the identification of risks that the Bank may face in the following main areas and to devise plans, programs, and policies aimed at preventing such risks:
- Liquidity risk management
- Operational risk management
- Market risks related to capital adequacy standards
- Bank risk management.
- Management of bank interest rate risk.
A- LIQUIDITY RISK MANAGEMENT
· He or she should adopt a policy in collaboration with the bank's senior management in line with daily liquidity management, identify the fundamental guidelines of that policy, and report them to the Bank's internal executive levels. He or she should approve the policy for the management of liquidity risks which has been determined by the senior management after the Bank's Board of Directors has confirmed that appropriate measures have been taken. He or she should be informed about any change or potential levels change in the Bank's liquidity. The Risk Management Manager should focus on liquidity factors and closely follow potential changes and establish a permanent supervision mechanism aimed at reviewing emergency plans devised for tackling liquidity crises.
· He or she should periodically review the Bank's liquidity policy. He or she should establish internal control systems to verify the sufficiency and reliability of that policy and its effective implementation.
· He or she should establish minimum liquidity limit in line with the size of the Bank's operations and regularly oversee and monitor that limit which should not be below the limits determined by the Central Bank of Iraq.
· To test liquidity risk against potential challenging situations and to determine limits related to liquidity risks.
· To ensure coordination between parties affecting liquidity status and those who formulate the liquidity policy.
· To periodically deliver reports pertaining to liquidity risks and statistical data to the Bank's Board of Directors, Internal Audit Department, Central Bank of Iraq, and other parties concerned.
· To calculate the Bank's monthly liquidity and to deliver calculated data to the Central Bank of Iraq on agreed dates.
· To prepare required procedures for assessing net financial requirements and observing the first, second, and third paragraphs of Article 26 of the Banking Law numbered 4 and dated 2010 as well as directives issued by the Central Bank of Iraq while drawing up those procedures.
· When liquidity status is analysed, planning liquidity management under abnormal conditions based on various possibilities that could affect liquidity and taking necessary measures against such conditions.
· To review the Bank's liquidity forecasts based on the provisions of article 28 of 2010 Banking Law numbered 4.
· To determine the effects on the liquidity status of off-budget activities.
· To manage and report processes for resorting to the market and to report them to the related units of the Bank.
· To draw up plans and programs related to the Bank's liquidity management and to prepare alternative plans against liquidity crises.
· To calculate the Bank's liquidity by reference to main currencies based on requirements detailed in Article 32 of 2010 Banking Law numbered 4.
B- OPERATIONAL RISK MANAGEMENT
· The manager of the Risk Management Department is responsible for the management of operational risks which may result from the following:
- Delays arising from the internal audit system or electronic operation systems,
- Delays arising from internal operations or human resources,
- Legal risks related to fraud other than strategic and reputation risks and risks associated with the prevention of work, execution, delivery, or managerial processes,
- To identify, assess, monitor, and manage the foregoing risks and delivery of reports pertaining to these risks to the Bank's Board of Directors.
· To identify risks pertaining to the Bank's systems, services, operations, and procedures. To subject those risks to an assessment commensurate with operational risks prior to approval.
· To identify risks which may affect the accomplishment of the Bank's goals and may result from factors within the Bank.
· To identify operational risks that the Bank may encounter and to determine funding and human resources that would allow an efficient management of that risk.
· To perform an efficient control of risks by taking account of the current instructions of the Central Bank of Iraq and requirements set forth in article 39 of 2010 Banking Law numbered 4 during the phase of preparation.
C- MARKET RISKS RELATED TO CAPITAL ADEQUACY STANDARDS
· To identify and manage market interest rate risks as defined in article 40 of 2010 Banking Law numbered 4 and to report them to the Bank's organs concerned within periods to be fixed.
· To calculate and monitor loan risk costs and to report them to the Bank's organs concerned within periods to be fixed.
· To assess costs related to special funds corresponding to operational risks by using the basic indicator method which have been recognized in accordance with the instructions and standards related to measurement of capital issued by the Basel Banking Supervisory Committee in June 2006.
D- BANK RISK MANAGEMENT
· To identify clear actions commensurate with the size of operations and their level of complexity.
· To identify the correct risk level concerning the investment portfolio.
· To periodically review the bank's current risk management policies and procedures and to update them based on the Bank's operations and potential risks that may be faced.
· To identify related procedures and internal regulations before starting using new financial instruments.
· To take appropriate actions in order to improve the risk management systems in line with the observations and suggestions of the Bank's internal auditor, account auditor, and the Central Bank of Iraq.
E- MANAGEMENT OF RISKS RELATED TO THE BANK'S INTEREST RATE
· To identify risks that the Bank will assume in connection with interest rate
· To identify risks that the Bank will assume because of fluctuations in interest rate.
· To constantly monitor and control risks that may result from interest rates and to identify tasks and responsibilities required for the management of such risks.
· To identify minimum and maximum risks related to interest rates. When determining such limits, to take account of the results of the stress test, the extent to which established guidelines and procedures have been observed, accumulated losses arising from interest rate risks, and the assessment of such risk based on established risk limits.
Skills and Qualification
- Not to be older than 40 years on the date of employment.
- To be a resident of Baghdad.
- To have a Bachelor's Degree in the field of Business Management, Economics, or Accounting Department of a University.
- To have minimum five-year experience in the field of Banking and Risk Management.
- To draw up reports required by the local authority and submit them to the Central Bank of Iraq and the Bank's Head Office.
- To be fluent in English (writing, reading, and speaking), to be able to use Computer software efficiently (e.g. Word, Excel, and PowerPoint).