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Job Title:   Senior Risk Officer   

Organisation: Insurance Regulatory Authority of Uganda (IRA)

Duty Station:  Kampala, Uganda

Reports to: Chief Executive Officer

About US:

The Insurance Regulatory Authority of Uganda (IRA) was established under section 14 of the Insurance Statute 1996 now The Insurance Act, (Chap213) Laws of Uganda, 2000 (Insurance Act) which came into effect on 4th April 1996 and commenced operations in April 1997. The establishment of the Insurance Regulatory Authority of Uganda was a consequence of Government’s adoption of the liberalization and privatization policies which ended its role of directly engaging in the provision of goods and services and taking on the role of supervisor or regulator.

Job Summary:  The Senior Risk Officer will ensure that operational risk exposures are proactively identified, and adequately and efficiently controlled. To ensure enterprise risk management as a key enabler to achieving the business strategic objectives of the company.

Key Duties and Responsibilities:

• Implement the Enterprise Risk Management framework, regularly update it and watch for compliance, to ensure consistency in risk management approaches in comparison with industry best practices and to apportion responsibility between the risk management stakeholders.
• Perform risk assessments by reviewing key processes, procedures, projects, strategic and operational decisions and then identifying weaknesses and recommend, designing mitigation strategies to ensure that risks are identified and addressed in a timely mariner.
• Assist heads of departments in identifying, documenting and keeping under review current and emerging risks and developing action plans to mitigate the risk of any that fall outside risk appetite.
• Assist in the development and monitoring of key risk indicators and key control indicators to determine elevations in risk and proactively track implementation of risk mitigation measures.
• Identify risk trends and emerging risks impacting the Authority through the collation, analysis and reporting on internal and external risk data.
• Manage the incident reporting process ensuring management is aware of regulatory breaches, and supporting the business in resolving incidents.
• Cultivate a risk awareness culture by conducting trainings from time to time to ensure that risk management is embedded in decision making at all levels of the Authority.
• Review and report on the effectiveness of controls put in place to address identified risk and recommend additional controls necessary to address the risk.
• Coordinate business continuity management process.

Key Performance Indicators

• Improved Risk profile.
• Updated Risk Register.
• Availability and Up-to-date Risk policies

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Qualifications, Skills and Experience:

• The applicant must hold a Bachelor’s Degree in Commerce, Business Administration, Economics or a professional qualification equivalent to a bachelor’s degree.
• Specialized risk management certification is an added advantage.
• Membership of a professional association of Accounting, Finance and Risk management is also added advantage.
• Three years of work experience in risk management.
• Advanced computer skills.
• Broad knowledge and understanding of enterprise risk management practices.
• Excellent interpersonal skills.
• Analytical skills
• High level of integrity.
• Communication skills.
• Pays attention to detail.

How to Apply:

All suitably qualified candidates should submit their applications together with copies of detailed up-to-date CVs and at least three referees to:

The Chief Executive Officer,

Insurance Regulatory Authority of Uganda,

Plot 6 Lumumba Avenue, Insurance Tower,

P.O. Box 22855, Kampala

Or Email to: vacancies@ira.go.ug

NB: Only shortlisted candidates will be contacted.

Deadline: 30th January 2023 by 5:00pm

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