Risk Manager
Job Description
Roles & Responsibilities
The Risk Officer is responsible for identifying, assessing, and managing risks related to money exchange and remittance operations in compliance with UAE laws and international regulations. This role involves ensuring the company adheres to anti-money laundering (AML) and counter-terrorism financing (CTF) standards, managing financial risks, and mitigating potential operational risks
Risk Identification and Assessment:
· Conduct thorough risk assessments to identify and evaluate financial, operational, compliance, and market risks.
· Analyse potential risks related to money transfer activities, including currency exchange volatility and regulatory changes.
· Review new business initiatives, products, or services for risk exposure.
· Compliance and Regulatory Adherence:
· Ensure compliance with the UAE Central Bank regulations, Anti-Money Laundering (AML) laws, Counter-Terrorism Financing (CTF) rules, and other relevant financial industry standards.
· Monitor and interpret regulatory changes and ensure that the company adapts its policies and procedures accordingly.
· Maintain up-to-date knowledge of local and international regulatory frameworks and assess the impact on the business.
· Risk Mitigation:
· Develop, implement, and monitor risk management policies, procedures, and controls.
· Advise senior management on risk-related matters and recommend risk mitigation strategies.
· Implement and monitor effective internal controls to prevent fraud, operational risks, and financial mismanagement.
· Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF):
· Oversee and manage AML/CTF compliance programs to detect and prevent illegal activities such as money laundering and terrorist financing.
· Perform due diligence on clients, and high-risk transactions, and ensure Know Your Customer (KYC) procedures are followed.
· Work closely with compliance officers to report suspicious activities to the appropriate authorities.
· Risk Reporting:
· Prepare and present detailed risk reports to senior management and stakeholders.
· Report on risk management performance, incidents, and key risk indicators (KRIs).
· Ensure that any risk-related issues are tracked and resolved promptly.
· Prepare and maintain Risk register for internal/external auditors and regulatory inspectors.
· Training and Awareness:
· Provide ongoing risk management training and guidance to employees to foster a culture of compliance and risk awareness within the organization.
· Educate staff on relevant laws and internal controls related to money exchange, remittance services, and fraud prevention.
· Incident Management:
· Oversee the investigation and resolution of incidents that may result in financial, legal, or reputational harm.
· Coordinate with internal and external stakeholders during crises.
· Collaboration with Internal Teams:
· Work closely with legal, finance, operations, and compliance departments to identify and resolve potential risks in business processes.
· Collaborate with auditors during internal and external audits related to risk management and compliance.
Desired Candidate Profile
Any Nationality
FRM(CRM), CA Inter
Any
Bachelor’s degree in finance, economics, business, or a related field. A master’s degree or certification in risk management (e.g., FRM, CRM) is a plus.
Minimum of 3-5 years in risk management, fraud prevention, compliance, or a related role within the financial services, remittance, or money exchange industry.
· Strong analytical and problem-solving skills.
· Excellent attention to detail and risk identification.
· Proficiency in risk management software and tools.
· Strong communication and reporting skills.
· Ability to work in a high-pressure environment and manage complex situations.
Personal Attributes:
· High ethical standards and integrity.
· Strong decision-making capabilities.
· Ability to work independently and as part of a team.
*Proactive and adaptable to changing regulations and business environments.