Risk Officer

Job Purpose

The Risk Officer is responsible for identifying, assessing, monitoring, and reporting risks across the company’s operations. The role supports the implementation of an effective risk management framework and ensures that potential risks related to exchange and remittance activities, operational processes, financial activities, systems, and regulatory requirements are properly identified and managed.

The position requires a good understanding of the risks associated with exchange companies, remittance operations, and financial services , as well as applicable regulatory requirements.

Key Responsibilities

Risk Identification & Assessment

• Identify and assess operational, financial, regulatory, technology, fraud, and other business-related risks across the company.
• Conduct periodic risk assessments for departments, branches, products, services, systems, and business processes.
• Maintain and regularly update the company’s Risk Register.
• Assess the likelihood and potential impact of identified risks and ensure appropriate risk ratings are assigned.
• Review existing controls and identify control gaps or weaknesses.
• Recommend appropriate risk mitigation measures and follow up on their implementation.

Operational Risk

• Monitor operational risks arising from branch operations, remittance transactions, foreign exchange activities, customer service, systems, and internal processes.
• Review operational incidents, errors, losses, system failures, and other risk events.
• Maintain records of operational risk incidents and monitor corrective actions.
• Perform root cause analysis for significant or recurring incidents.
• Identify trends and emerging risks and escalate material concerns to management.

Risk Monitoring & Reporting

• Monitor Key Risk Indicators (KRIs) and risk limits established by the company.
• Prepare periodic risk reports and dashboards for management and relevant committees.
• Report significant risk exposures, incidents, control weaknesses, and emerging risks.
• Follow up with departments to ensure agreed risk mitigation actions are completed within the required timelines.
• Support the preparation of reports required by senior management, the Board, or regulatory authorities.

Regulatory & Compliance Risk

• Support the company in identifying and assessing risks arising from regulatory requirements and changes.
• Coordinate with the Compliance and AML functions regarding regulatory and financial crime-related risk matters.
• Ensure that risk management activities are aligned with applicable Central Bank of Kuwait (CBK) requirements and the company’s internal policies.
• Participate in assessing the risk impact of new regulatory requirements, products, services, and processes.

Risk Control & Business Support

• Review new products, services, systems, processes, and significant operational changes from a risk perspective.
• Provide risk-related recommendations before the implementation of new initiatives.
• Work closely with Operations, Compliance, AML, Finance, IT, Information Security, Customer Service, and other departments to identify and mitigate risks.
• Support the development and implementation of risk management policies, procedures, methodologies, and controls.
• Promote risk awareness and a strong risk culture across the organization.
• Assist in delivering risk awareness sessions and training when required.

Business Continuity & Emerging Risks

• Support Business Continuity Management and operational resilience activities where required.
• Participate in risk assessments related to business continuity, system disruptions, cybersecurity incidents, and other emerging risks.
• Assist in evaluating the effectiveness of contingency and risk mitigation measures.

Qualifications & Experience

• Bachelor’s degree in Finance, Accounting, Business Administration, Risk Management, Economics , or a related field.
• Minimum 2–4 years of relevant experience in Risk Management, preferably within an exchange company, bank, financial institution, remittance company, or other regulated financial services organization .
• Previous experience within the Kuwait financial sector is highly preferred.
• Good understanding of operational risk and enterprise risk management principles.
• Knowledge of Central Bank of Kuwait regulations applicable to financial institutions and exchange companies is preferred.
• Professional certifications in Risk Management are an advantage.

Skills & Competencies

• Strong analytical and risk assessment skills.
• Excellent attention to detail.
• Ability to identify control weaknesses and recommend practical solutions.
• Strong report-writing and documentation skills.
• Good understanding of financial and operational processes.
• Strong communication and interpersonal skills.
• Ability to work independently and coordinate effectively with different departments.
• High level of integrity, confidentiality, and professional judgment.
• Good knowledge of Microsoft Excel, Word, and PowerPoint.
• Good command of English; Arabic is an advantage.