Risk Analyst (UAE Nationals)

Job Description

<p><strong>Who we are:</strong></p><p>Aafaq Islamic Finance PJSC was established in the year 2006, and it provides a wide range of high-quality, Sharia-compliant banking products and services to companies and individuals. It is unique as one of the financing companies that enjoy complete independence in the United Arab Emirates. In addition, the “Aafaq Islamic Finance” strategy focuses on exploring opportunities within various business sectors and works to achieve the highest levels of happiness for its customers, including shareholders, consumers, employees, strategic partners and community members.</p><p><br></p><p><strong>About the Job</strong></p><p>Job Title: Analyst – Risk (UAE Nationals)</p><p> </p><p><strong>Responsibilities</strong></p><p>To provide risk analysis including risk assessment, evaluation, measurement, monitoring and reporting while ensuring compliance with internal risk framework, regulatory requirements and International best practices.</p><p><br></p><p><strong>Risk Management</strong></p><ul><li>Maintain operational risk register and database of all operational risk incidences for all the departments in Aafaq and constantly review, update and follow up on and track all action points which are to be resolved by the assigned deadline.</li><li>Undertake root cause analysis on identified risk events and incidents to propose improvements and any future required actions.</li><li>Calculate provisions as per International Financial Reporting Standard IFRS9 and UAE Central Bank regulatory requirements and submit to the Finance and Treasury Department timely after receiving all relevant data from the Operations and Finance and Treasury Departments.</li><li>Keep abreast of all changes in statutory limits, guidelines, directives, notifications and circulars by the Government and the UAE Central Bank.</li></ul><p><br></p><p><strong>Credit and Investment Proposals </strong></p><ul><li>Review all credit and investment-related proposals, analyze the data and other available information in line with the Company’s policies and provide qualitative feedback and recommendation on acceptance or refusal.</li><li>Assist in assessing market and credit risk exposure to new credit application products and services.</li><li>Conduct periodic stress tests and scenario analysis, assessing the impact on Aafaq’s credit portfolio and providing appropriate feedback and recommendations.</li><li>Analyse delinquent accounts and prepare reports on highest-risk accounts including support in negotiating work-out plans and strategies to rectify the situation.</li><li>Review and analyze the delinquent portfolio to identify key causal factors and lessons, and make recommendations to senior management for required changes in lending strategy or risk appetite.</li></ul><p><br></p><p><strong>Finacle System Data </strong></p><ul><li>Update all sector, segment, industry, group and other relevant data fields in the Finacle system and monitor the same on a periodic basis to ensure the accuracy of data.</li></ul><p><br></p><p><strong>Reporting</strong></p><ul><li>Draft and prepare monthly, quarterly and ad-hoc management risk reports containing gathered data and analysis including risk appetite as required from time to time by CEO, Executive Committee, MRCC, CIRC, the Board, UAE Central Bank and external auditors to fulfill the statutory requirements and to update management.</li></ul><p><br></p><p><strong>Advice and Awareness </strong></p><ul><li>Advise all stakeholders in the Company on risk-related queries, credit risk management policies, practices and standards to ensure understanding and compliance.</li><li>Arrange and conduct educational sessions and seminars/workshops to discuss the appropriate Risk measures, standards, best practices etc to create awareness and a risk management culture among all departments in Aafaq.</li></ul><p><br></p><p><strong>Policies and Procedures</strong> </p><ul><li>Assist in reviewing all policies, procedures and workflows for all departments regularly to ensure they meet Aafaq’s Risk Management requirements and recommend updates and changes as necessary.</li><li>Assist in reviewing and amending all Risk policies and procedures on a periodic basis.</li></ul><p><br></p><p><strong>UAE Central Bank</strong></p><ul><li>Communicate and coordinate with the UAE Central Bank for all approval requests, reviews and Risk management issues.</li><li>Ensure all submissions required by UAE Central Bank and other regulatory bodies are submitted as per the applicable laws and regulations including UAE Central Bank IMES search and response on a timely basis.</li></ul><p><br></p><p><strong>Education/Qualification </strong></p><ul><li>Bachelor’s degree with a major in Accounting &amp; Finance, Banking Studies, Risk Management or any relevant commercial discipline; MBA would be an advantage</li><li>Finance Risk Management related specific certificate / Diploma would be an advantage</li></ul><p><br></p><p><strong>Experience required</strong></p><ul><li>A minimum of 5 years relevant experience in an analytical role, preferably in a bank or financial institution of which a minimum of 3 years in a risk analyst role</li></ul><p><br></p><p><strong>Additional skills required</strong></p><ul><li>Excellent spoken and written communication, in both English and Arabic; Arabic is not mandatory</li><li>Report writing</li><li>Interpersonal skills with different levels of Management</li><li>Project management</li><li>Advanced MS Office skills</li><li>Strong investigative, auditing and analytical skills</li><li>Knowledge of core concepts of risk control and risk management at the Enterprise Risk Management (ERM) Level</li></ul><p><br></p>