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RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a Public Joint Stock Company based in the United Arab Emirates (UAE). It was founded in 1976 and is one of the oldest banks in the UAE. The Bank operates within retail and corporate banking, offering a range of services including personal and business banking, credit cards, loans, investment services, and wealth management.In the recent years, the Bank has achieved significant milestones which includes being named as one of the world’s best banks by Forbes ME (2022) and was awarded UAE’s SME Bank of the year by the Asian Banking and Finance Awards. The Bank has been successful in achieving the highest profitability and lowest cost of risk since 2015. It has also seen significant growth in its acquiring business, card spending, and business loans.Being on a transformational journey, in partnership with Honeywell, RAKBANK has also taken steps towards sustainability by reducing its overall energy consumption.We are a diverse team comprising of over 3,000 employees from across 58 countries. We make conscious efforts to build talented and diversified teams and encourage people to develop their full potential. We are committed to providing a working environment that promotes work-life balance, career development, recognition and security for the future.In line with our strategy, a major part of our transformation journey is to future proof our bank and establish ourselves as a ‘Digital bank with human touch’, for our customers.So join us in co-creating the future of RAKBANK!What You Will Be DoingAssist the Enterprise Risk Management function in Bank’s internal Capital Adequacy Assessment Process & Stress Testing. This position will perform and improve on the Bank’s Stress Testing programs through periodic enhancements to techniques used in assessing the Bank’s capital adequacyAssist in implementing Internal Capital Adequacy Assessment Process (ICAAP) and Stress Testing Framework in line with regulatory requirement and monitor industry-leading practices to suggest improvement in frameworks.Assist in execution of Enterprise-wide, portfolio & sub portfolio level stress testing under multiple macro-economic stress scenarios for all Pillar I and Pillar II risks including execution of various credit risk stress scenarios with in-depth knowledge of IFRS9 models.Identify and assess the physical and transition risks associated with climate change, including extreme weather events, policy changes and technological development and conduct scenario analysis and stress testing to understand the impact of climate risks on Bank’s financial performance and reputation.Support in execution of periodic risk identification process within the organization, maintaining up-to date risk inventory and performing through the cycle business model analysis.Recommend appropriate risk mitigations measures to close identified gaps during: risk assessment, audits and regulatory reviews along with the regular monitoring.Assessing the capital management, stress testing requirements and ensuring that the global and regional industry best practices on capital management are adopted.Support the development of the Risk Appetite Statement and perform regular monitoring of adherence to the risk appetite.Assist, via research, to advise on significant risk headwinds, and have a firm handle on risks that may arise from evolving conditions within the economy and/or regulatory developments.Delivering effective communications and managing relationships with key stakeholders across the Bank.Assessment of Bank’s Interest rate risk with thorough analysis on monthly movements and submission of this analysis for management consumption. Calculation and submission of all relevant reporting including central bank reporting on IRRBB. Periodic stress test of IRRBB to assess possible future scenarios and highlight potential portfolio risk to management.Assessment of Bank’s Liquidity risk with thorough analysis on daily/monthly movements and submission of this analysis for management consumption. Calculation and submission of all relevant reporting including central bank reporting on liquidity risk. Periodic stress test of Liquidity risk to assess possible future scenarios and highlight potential portfolio risk to management. Assessment of early warning indicators and Liquidity scorecard to ensure sufficient liquidity in the bank and highlight any serious concerns to management well advance in time. Assist team in managing model risk through validation of statistical models developed by multiple teams in Risk management, including credit risk and market risk. Assist team in validating data, methodology, results and application of models being developed.Active participation in annual ICAAP and Stress test exercises to assess above mentioned risks and other areas of ICAAP and stress test. Assist team in management of cross border risk through monitoring of geo-political situation in high exposure countries.What You Should HaveDeep understanding of Asset Liability management including Interest Rate and Liquidity Risk.Understanding of impact of market behavior on interest rate in banking and trading book.Understanding of ICAAP and Stress test processes of a Bank with focus on end to end portfolio testing, including credit, market, interest rate and liquidity risk.Understanding of general macro prudential ratios and economic trends.Clear conceptual understanding of Quantitative Modelling.Ability to communicate its analysis to functional users in business friendly language. Understanding of advance quantitative analytics for analysis of portfolios.Fair understanding of Basel & IFRS9What We Are Looking ForBachelor’s Degree in Financial Risk Management, Actuarial Science, Mathematics, Statistics or equivalent.5-8 years relevant working experience in Financial Institutions and or Risk Advisory.Proficient in MS Office and programming languages (SAS / SQL / Python / R)Good interpersonal, analytical and presentation skillsExperience in dealing at all levels within an organization including senior management.Experience in operating within large governance structures.Results focused with an ability to identify pragmatic solutions.Self -motivated and highly organized with a proven track-record of taking ownership and responsibility for own workloadWhat’s In It For YouPay for performance culture (Competitive and performance-linked compensation)Provision of medical care plan for your family and youComprehensive Life insurance planDiverse workforce and inclusive cultureCareer development and growth opportunities by design
