Risk Analyst - Kwazulu Natal

In brief

**Overview** This role is for a Risk Analyst at Al Baraka Bank South Africa, located in Kwazulu Natal. The position is central to the bank's risk management function, involving the identification, assessment, monitoring, and mitigation of various risks, with a particular focus on Islamic banking principles. The analyst will contribute to developing and maintaining risk frameworks, ensuring regulatory compliance, and supporting the bank's strategic objectives. **What you will do** * Identify Key Risk Indicators (KRI) and tolerance levels for major risks. * Record and maintain the risk register, analyzing and prioritizing actions to mitigate associated risks. * Ensure Risk Management Programmes are current with industry trends, Group policies, and appropriate for the bank. * Develop and enhance risk management frameworks, policies, and procedures specific to Islamic banking. * Monitor and analyze internal and external risk factors. * Assist in ensuring compliance with regulatory requirements related to risk management and Islamic banking principles. * Implement risk management tools and systems for risk identification, measurement, and reporting. * Focus on credit, capital, liquidity, and operational risk management, considering impacts from other risk areas. * Utilize robotics and artificial intelligence to improve risk reporting where possible. * Assist in developing objectives for the annual risk functional plan. * Complete risk monitoring and reporting, clarifying risk measurement based on impact and probability. * Escalate risk matters and make recommendations to mitigate risks to the Risk Manager. * Implement the annual functional plan for the risk management department, aligning with organizational strategic goals. * Assist in setting Key Performance Indicators (KPIs) and targets for risk management initiatives. * Identify and comply with regulatory requirements pertaining to risk management, such as Risk Data Aggregation and Risk Reporting (RDARR). * Maintain an updated Internal Capital Adequacy Assessment Process (ICAAP). * Identify other regulatory requirements that may require risk management assistance (e.g., Recovery Plan, Cyber resilience, Business Continuity). * Assist in implementing Albaraka Group (ABG) recommendations on credit, liquidity, and other risk areas. * Contribute to the regular review and execution of the organization's risk appetite and risk tolerance framework. * Assist with managing and reporting the Bank's development and implementation of the Strategic plan. * Assist to ensure the maintenance of robust internal control mechanisms to mitigate risks and comply with regulatory requirements. * Collaborate with relevant departments to assess insurance needs and ensure adequate coverage. * Identify, assess, and monitor fraud risks across business processes and operations. * Support the implementation and maintenance of fraud risk management frameworks, controls, and preventative measures. * Monitor fraud incidents, trends, and emerging risks, escalating material issues where required. * Assist in fraud investigations and support the resolution of fraud-related incidents. * Promote a strong anti-fraud and ethical culture across the organization. * Comply with departmental policies and procedure manuals in line with Banks Act and Regulations, Board directives, and best business practice. * Evaluate policies and procedures, including methodologies, measurement, and reporting, ensuring effective amendments are implemented. * Assist to report departmental progress monthly to EXCO, and quarterly to the Risk and Capital Management Committee of the Board. * Assist to monitor approved functional plans, ensuring adherence, completion, and remaining within the department’s budget. * Monitor the department budget and report to EXCO, investigating monthly variances. * Develop and maintain risk management policies and procedures. * Collaborate with other departments to implement risk management initiatives. * Participate in daily, weekly, and yearly planning meetings with the Risk Manager. * Distribute Risk reports to the Chairman of the Risk and Capital Management Committee and line Executive. * Communicate feedback regarding the impacts and probability of significant risks to the Risk Manager and proactively manage risks requiring urgent attention. * Communicate with external consultants, auditors, and other industry role players (SABRIC, SAFPS, BASA, etc.). * Attend meetings hosted by the SARB, BASA, SABRIC, SAFPS, etc. **Requirements (from the original advert)** * **PREFERRED EXPERIENCE** * A minimum 3 years of Auditing and/or Banking experience * **QUALIFICATIONS** * A B. Com degree or Relevant Qualifications in Risk Management or equivalent will be required to meet the requirements of the role at the highest level of competence. * A newly qualified Chartered Accountant would be advantageous. **Who should apply** An individual with a strong foundation in risk management principles and regulatory compliance, particularly within the banking sector and specific to Islamic banking. The ideal candidate will be analytical, proactive in identifying and mitigating risks, skilled in developing and implementing risk frameworks, and capable of contributing to strategic objectives. Strong communication and collaboration skills are essential for engaging with internal stakeholders, external consultants, and regulatory bodies. Experience in specific risk areas such as credit, capital, liquidity, operational, and fraud risk is expected. **Deadline** Not specified **Reference** Original posting: https://www.myjobmag.co.za/job/risk-analyst-kwazulu-natal-al-baraka-bank-south-africa-1 Source: myjobmag

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