JOB PURPOSE (S) Responsible for Risk Management activities for a subsidiary of the Group – mainly monitoring risk(s) relating to Credit, Operational and other Risks. Support the Identification, assesment, mitigation and management of risks for the company through focusing on risk management via a defined enterprise wide risk framework - thereby ensuring the risks are mitigated and monitored in accordance with the companys Risk Policies.
DUTIES & RESPONSIBILITIES CREDIT RISK MANAGEMENT RESPONSIBILITIES: ? Credit Facility Processing: Liaise with sales to review and process credit facility requests and forward complete and correct documentations to GRMD office for processing. Serving as the secretariat of the Management Committee Credit at the Business Units.
? Administration of Sales Orders: Upload credit limit approvals; maintain credit limits and repayment dynamics on SAP. Review and confirm correctness of payment schedules before updating credit application/system and subsequently advise Sales Team to create sales orders. Follow due process (confirm that payment is in customer’s account) and release blocked orders as requested by Sales Team.
? Payments/Debt Monitoring: Ensure all payments are received before subsequent orders are created. Follow up with Treasury/Finance department to post confirmed payments reflecting in company revenue accounts but not reflecting in customers’ ledger. Advise Sales/Treasury department to request for due payments from Credit Customers.
? Management of Tolerance Limits: Ensure credit portfolio operates within the approved risk appetite limits for credit risk. - Non-Performing Exposure Limit (NPE) - TBD; Credit Portfolio Mix Limit - TBD; - Single Obligor Limit – TBD; Customer Concentration Limit - TBD.
? Maintenance of Relevant Registers: Maintain relevant registers that are required in the day to day discharge of job function. For instance, approved credit register, collateral (Bank Guarantee – BG) register, and blocked order schedule.
? Collateral Management: Periodically review and monitor collateral documents (BGs) and ensure Sales team are advised of expiring BGs in line with Credit Policy. Advice Legal to “Call in” BGs of debtor customers/banks as stated in the Credit Policy.
OPERATIONAL RISK ACTIVITIES
? General Activities:
? Work closely with the Group Operational Risk team in ensuring that losses arising from failed or inadequate internal processes, systems, people and external events fall within the Group's risk appetite and is in alignment with the organization’s corporate strategy.
? Provide support to departments within the business unit in the identification of operational risk issues and designing controls to mitigate risks identified.
? Ensure the proper implementation of the operational risk management framework, policies and procedures of the organization within the Business Unit.
? Deployment of OpRisk Tools & Methodologies:
? Conduct Risk & Control Self Assessments (RCSAs) annually and send Risk Register to Group Risk Management no later than one month after completion.
? Ensure prompt completion and rendition of monthly Key Risk Indicator (KRI) Dashboards to Group Risk Management no later than the second Friday of each month for previous month’s data.
? Develop KRIs required to track newly identified or emerging risk exposures.
? Assist departments with the identification of key risk(s) on an ongoing basis.
? Identify and report operational risk events using the Loss Incident Reporting tool and collate risk events reported for rendition to Head Office.
? Perform root cause analyses on identified risk events and recommend controls to be implemented to prevent these risk events from re-occurring in future or to minimize the impact of the risk should the event be a critical business process.
? OpRisk Monitoring:
? Monitor the implementation of actions plans to address key risks identified from RCSAs, KRIs and reported loss incidents.
? Monitor the Business Unit's risk exposure closely to ensure operational efficiency, expected sales and proper redress of limiting factors.
? Report all threats to Business Continuity and ensure that contingency plans are developed to address key business continuity risks identified.
? Monitor and ensure timely close-out of recommended controls for mitigating identified risks.
? Other OpRisk Support Functions:
? Attend Management Committee meetings and present or discuss key risks identified that require immediate redress or awareness of Senior Management.
? Effectively create a risk-aware culture in the assigned Business Unit through effective awareness programs or activities and training events.
OTHER RISK FUNCTIONS
? Strategic Risk monitoring on issues such as risks emanating from corporate governance issues, strategy formulation and implementation, Pricing pressure and competition issues, Mergers and Acquisitions, Sales & Marketing issues and likely exposures from Systemic risks from macro-economic trends that might impact business.
? Reputational Risk monitoring of business activities that may result in brand erosion or depletion of brand equity.
? Monitoring of other prevalent or emerging business risk exposures. COMPLIANCE
? Ensure compliance with all ERM Policies and Standard Operating Procedures
? For Country and Regional Risk Managers, customize ERM Polices and SOPs to align with country or regional business dynamics and regulatory landscape
? Prepare periodic reports in accordance with applicable policies such as Daily Sales & Collection Report, Monthly Credit Reports, Risk Reports to EXCO and the Board and such other reports that may be required from time to time. Reports must meet expected standard in terms of quality and integrity.
? Render weekly Loss Incident Report to Group Operational Risk Team. FOR COUNTRY AND REGIONAL HEADS INSURANCE MANAGEMENT
? Underwriting and Claims Management Responsibilities:
? Ensure required policies such as Marine, Goods-in-Transit, Group Personal Accident, Fidelity Guarantee, Fire & Special Risks, Burglary, Group Life, Money Insurance, Industrial All Risks, Motor etc, are in place
? Working with the Group Insurance team the incumbent shall ensure that we gather the best quality information (data gathering) into our data base to optimize our insurance portfolio through a coordinated Risk Management programme
? Claims Recovery and documentation
? Conduct environmental scanning of insurance industry practices and build excellent interpersonal relationships with all stakeholders including Dangote staff, insurance coordinators, brokers, underwriters, marine superintendents, and Loss adjusters
? Policy Documentation
? Review all risks at their designated region and liaise with the Group insurance team to ensure existing covers are comprehensive and complete without any gap in cover, and recommend appropriate policies where necessary ? Obtain and review all necessary documentation required for Insurance covers for validation ? Liaise with head office to ensure all insurance covers, policy documents and payments are current ? Review all policy and other documents for accuracy and correctness - sum insured, clauses, exclusions, and other terms and conditions working with relevant functions in the business ? Ensure complete documentation for insurance, timely notification of all claims to Head office - within 48hours of occurrence and collate all claims processing documents within 7days ? Provide Claims adjusters, Brokers, Insurers, Risk Surveyors and Marine Superintendents with necessary documents in a timely manner ? Relate with all Fleet or Asset Managers and Drivers to ensure that all accident cases are immediately reported. ? Support recovery teams in ensuring that all accidented trucks are immediately recovered either from scene of accident, Police stations or Third Party custody (timelines in accordance with relevant policies) ? Follow up with all third Parties to ensure necessary information required for speedy claims settlement are obtained. ? Ensure all Goods-in-Transit are properly insured and that insurers are promptly informed of goods recovered for necessary reconciliation of other outstanding claims records ? Update all claims schedules and submit monthly reports ? Prepare quarterly reconciliation of marine certificates and GIT declarations ? Any other duties that may be assigned by Insurance Lead/GCRO.
QUALIFICATION AND EXPERIENCE REQUIRED ? HND/Bachelor’s Degree in a Business related Course, Economics, Accounting or Engineering; Masters’ degree in a relevant field of study or relevant professional qualification would be an advantage ? 10 or more years for Heads of Risk at Country and Regional levels with relevant experience in manufacturing or financial services ? Good interpersonal skills with strong verbal and written communication skills dead