Head of Risk

The Head of Risk is responsible for establishing, implementing, and maintaining KIRA Financial Brokers LLC’s Risk Management Framework in full compliance with CMA / SCA regulations (Decision No. 13/Chairman of 2021) and international best practices.

This role acts as the Second Line of Defense (2LOD), providing independent oversight, challenge, and assurance that all material risks (Credit, Market, Liquidity, Operational, Compliance, Technology, Reputational, and Strategic) are identified, assessed, mitigated, monitored, and reported. The role ensures that the Firm’s risk exposure remains within the Board-approved Risk Appetite Statement (RAS) and supports sustainable business growth.

Key Responsibilities:

1. Framework & Policy Governance

· Own, maintain, and evolve the Firm’s Risk Management Policy, ensuring it remains a living, Board-driven, and auditable document.

· Lead the annual policy review cycle and initiate ad-hoc reviews following regulatory changes, material incidents, or structural changes.

· Ensure the Risk Management Framework is integrated across all departments and culturally embedded throughout the organization.

2. Risk Appetite & Capital Adequacy

· Develop and maintain the Risk Appetite Statement (RAS) and quantitative Risk Appetite Framework (RAF) in conjunction with Senior Management.

· Lead the annual Internal Capital Adequacy Assessment Process (ICAAP) and Internal Risk Assessment Process (IRAP), including stress testing, scenario analysis, and capital planning.

· Submit ICAAP and IRAP reports to the Board for approval within four months of the financial year-end.

· Monitor capital adequacy ratios monthly and lead capital breach escalation procedures.

3. Risk Identification & Assessment (RCSA)

· Oversee the Risk & Control Self-Assessment (RCSA) process conducted by Risk Coordinators (First Line of Defense).

· Maintain and continuously update the central Risk Register and Risk Matrix, ensuring all risks are documented with inherent/residual scores, control strength, ownership, and action plans.

· Apply standardized assessment matrices (Impact, Likelihood, Control Strength) to ensure consistent risk prioritization.

4. Monitoring & Reporting

· Prepare and present monthly risk dashboards and quarterly risk reports to Senior Management and the Board.

· Monitor Key Risk Indicators (KRIs) across all risk categories against pre-defined thresholds.

· Lead the Trade Surveillance program, including automated monitoring, manual review of unfair trading indicators (scalping, gap trading, price spike exploitation), and escalation of suspicious activity.

· Ensure immediate escalation of material risk events, control failures, or risk appetite breaches.

5. Mitigation & Control Oversight

· Challenge the effectiveness of existing controls and recommend enhancements.

· Oversee corrective action plans for residual risks rated as "Significant" or "Extreme."

· Coordinate with the Compliance Officer to jointly address compliance, AML/CFT, and legal risks.

· Ensure the Business Continuity Plan (BCP) and Disaster Recovery Plan (DRP) are tested and updated.

6. Stakeholder & Regulatory Engagement

· Act as the primary point of contact on all risk-related matters.

· Support Internal Audit (Third Line of Defense) in independent reviews of the risk framework.

· Provide risk advisory input to the Board, Senior Management, and department heads for strategic decision-making.

7. Culture & Training

· Promote a strong, proactive risk culture ("tone from the middle").

· Deliver annual risk management training to all employees and specialized training to Risk Coordinators and sensitive functions (Operations, Finance, IT, Compliance).

Key Competencies:

· Regulatory Rigor – Ability to interpret and operationalize CMA / SCA rules into practical controls.

· Analytical & Quantitative – Strong capability to assess risk scenarios, capital adequacy, and statistical patterns.

· Independence & Challenge – Willingness to challenge the First Line of Defense and escalate issues to the Board.

· Communication – Ability to present complex risk data clearly to the Board, Senior Management, and regulators.

· Proactive & Forward-Looking – Focus on emerging risks (e.g., cyber, strategic, ESG) and continuous improvement.

· Integrity – Impeccable ethical standards; zero tolerance for control weaknesses or unfair trading.

Qualifications & Experience

Education: Bachelor’s degree in Finance, Economics, Risk Management, Business Administration, or related field. Master’s degree or MBA preferred.

Certifications: Professional risk certification required (e.g., FRM, PRM, or equivalent). ICAAP/IRAP certification or training is highly desirable.

Experience: Minimum 8–10 years of progressive experience in risk management within the financial services industry, with at least 3–5 years in a leadership role. Direct experience in an SCA-regulated entity (brokerage, investment firm, or bank) is essential.

Regulatory Knowledge: Deep understanding of CMA / SCA Decision No. 13/Chairman of 2021, AML/CFT regulations, market abuse rules, and prudential requirements.

Technical Skills: Proficiency in risk assessment methodologies (RCSA, inherent/residual scoring), KRI development, stress testing, and trade surveillance systems. Advanced Excel and risk system experience.

Key Performance Indicators (KPIs)

· ICAAP and IRAP submitted on time with zero material deficiencies.

· 100% of risk appetite breaches escalated within defined timelines.

· Risk Register maintained with quarterly updates and full Board review.

· No unresolved "Extreme" or "Significant" residual risks beyond approved timelines.

· Trade surveillance alerts reviewed and resolved within established SLAs.

· Successful completion of annual internal audit of Risk Management Framework with no major findings.

· All staff complete mandatory risk training annually.

Interactions

Internal: Board of Directors, Senior Management / CEO, Compliance Officer, Finance / Accounts Officer, Internal Audit, Risk Coordinators (all Dept. Heads)

External: Securities and Commodities Authority (SCA) now Capital Market Authority (CMA), External Auditors, Banking partners (for credit/liquidity), Technology vendors (surveillance systems), Legal counsel, Industry peer groups

Authority & Decision-Making:

· Stop Trading Authority – Can immediately restrict or suspend client trading activity upon detection of unfair trading practices.

· Escalation Authority – Direct line to the Board for material risk events or breaches.

· Policy Exception Review – Can recommend exceptions to the Board, but has no unilateral authority to approve policy breaches.

· Risk System Access – Full read/write access to the central Risk Register, surveillance systems, and capital monitoring tools.

Work Location: In person