Risk Officer

Job Purpose:

The Risk Officer is responsible for identifying, analysing, and mitigating internal and external risks that could threaten Daman Securities financial position and operational efficiency. This job involves developing comprehensive risk management strategies, policies, and procedures to safeguard the company’s assets and ensure regulatory compliance, with a particular focus on money laundering prevention and managing risks related to leveraged accounts.

Responsbilities:

• Identify potential financial, operational, and market risks affecting the Daman Securities.

• Conduct regular risk assessments and audits to evaluate the effectiveness of risk controls.

• Develop and implement risk management strategies and policies.

• Recommend solutions and strategies to mitigate identified risks, including the use of financial instruments such as derivatives and insurance.

• Monitor risk exposure levels and report findings to senior management.

• Prepare detailed reports and presentations on risk metrics, trends, and key risk indicators (KRIs).

• Ensure compliance with relevant regulations and industry standards, particularly AML regulations. • Develop and implement AML policies and procedures, including customer due diligence, transaction monitoring, and suspicious activity reporting.

• Liaise with regulatory bodies and ensure timely and accurate reporting.

• Monitor and manage the risks associated with leveraged accounts.

• Assess the impact of market fluctuations on leveraged positions and ensure sufficient collateral is maintained.

• Implement risk mitigation strategies to manage potential margin calls and liquidation risks.

• Analyse market trends, financial statements, and economic data to predict potential risks.

• Use quantitative models to forecast the impact of various risk scenarios.

• Work closely with other departments, including Trading, Operations, IT, and Compliance, to develop integrated risk management solutions.

• Communicate risk policies and processes to all stakeholders within the firm.

• Lead efforts to manage identified risks and coordinate response efforts during critical incidents.

• Uphold company values throughout business practices and use sound judgment in decision making.

• Any other additional duties as may be required by management based on needs of the business.

Requirements :

• A minimum of 5 to 7 years in related field.

• Full and practical knowledge of the regulations and policies of the UAE Securities and Communities Authority and the UAE related laws.

• Proven experience in risk management or compliance roles.

• Proven knowledge of industry best practices and cross-boarder transactions.

• Experience and published research with fixed income, equity, and currency markets

• Bachelor’s degree in finance, Economics, Business Administration, Risk Management, or a related field.

• This job falls under the regulatory oversight of the United Arab Emirates (UAE) Securities & Commodities Authority (SCA) and the attainment of the requisite accreditation is required.

• MBA or relevant advanced degree preferred.

• Professional certifications such as CFA, FRM, PRM, or equivalent is highly desirable.