AVP Head of Outsourcing & Third Party Risk Dubai Islamic Bank

AVP Head of Outsourcing & Third Party Risk at Dubai Islamic Bank is responsible to develop and oversee implementation of Outsourcing Risk and Third Party Risk policies and procedures of the Bank. Ensure that the policies are aligned with regulatory obligations and internationally recognized best practices. Support development of Outsourcing Risk and Third Party risk metrics in order to enable effective monitoring and reporting to Management and Board. Maintain in depth understanding of interactions of Outsourcing and Third Party risk with other key risk types to enable effective mitigations in coordination with stakeholders.

Responsibilities of AVP Head of Outsourcing & Third Party Risk

• Develop and maintain Bank’s Outsourcing & Third-Party risk governance policies and procedures to enable effective management.
• Design and Implement a continuous monitoring program, whereby information flow is established across the lines of defense in the endeavor to minimize the effects of Outsourcing risk and Third-Party risk.
• Ensure comprehensive, accurate and timely reporting on Outsourcing risk and Third-Party risk matters to Management and Board.
• Implement Outsourcing risk assessment and Third-party risk assessments programs and oversee the remediation plans to ensure timely resolution.
• Support development of the Bank’s Outsourcing Risk and Third-Party Risk appetite and tolerance metrics in order to provide an objective view to the Management and Board.
• Develop tools that support materiality assessment and risk assessment to manage and mitigate outsourcing risk.
• Oversee the management of Bank’s own Takaful policies which would include timely renewal as well as enhancement of coverage.
• Ensure that the Takaful claim management activities are discharge to effectively protect Bank’s interest in the claim process as well as enable timely claim payments.
• Mentor and develop team member skills by cross training with goal of embedding Outsourcing risk and Third-Party risk view in overall risk management.
• Review own performance and deliverables in line with the approved KPI’s to ensure meeting desired objectives.

Requirements of AVP Head of Outsourcing & Third Party Risk

• Master’s degree in e.g.Business Administration, Risk Management or others is required.
• Recognized Certifications in Outsourcing Risk and Third Party Risk is desirable.
• Minimum of 7 years of work experience in Risk Management and analytics in the Banking industry.
• Minimum 5 years work experience in Outsourcing Risk domain building frameworks and conducting assessment.

Skills and Knowledge Desired

• Sharia Principles of Islamic Finance.
• Islamic Modes of Finance.
• Analytical Ability.
• Outsourcing and Third Party Risk Monitoring.
• Outsourcing and Third Party Risk Assessment.
• Banking Products, Services and Operations Knowledge.
• Bank Systems Knowledge.
• MIS Generation and Analytics.
• Regulatory and Compliance Knowledge.

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