Deputy Chief Executive
Arab Insurance Group (ARIG)
Mohd. Mazhar Hamadeh
Managing Director of the Syndicate
The Risk Committee, whose members are elected from amongst the Technical Board Members but with a different Chairman, assists the Board in fulfilling its oversight responsibilities for the identification, analysis, assessment, embedding and management of all the risks which the Syndicate faces, both operational and technical, and which may have a financial impact on operations.
The Committee meets at least twice a year and preforms its duties in accordance with a pre-approved “Risk Management Policy”
ENTERPRISE RISK MANAGEMENT (ERM)
The Syndicate aims to ensure an appropriate risk-reward balance in all its activities, within an Enterprise Risk Management (ERM) framework and risk control cycle applied to the operation to encourage informed decision-making and strategic analysis while meeting the requirements of effective corporate governance and protecting the interests of the Syndicate’s Members. We therefore base our risk management on the following guiding principles:
We implement a clearly defined risk control framework, which includes adherence to our Risk Appetite, and all underwriting and procedural guidelines contained in the constantly updated Master Operation Handbook (MOH).
EFFECTIVE STRATEGIC RISK MANAGEMENT
The risk-rewards analysis forms a major part of our decision-making process, it is implemented to ensure effective integration of Risk Models into the Syndicate operation and optimize the decision making process.
CLEAR ACCOUNTABILITY AND RESPONSIBILITY
The Syndicate operates on delegated and clearly defined authority levels. All staff are accountable for the risks they identify and/or assume. These are aligned with the overall objectives and are embedded in the risk management process.
PROTECTION OF BALANCE SHEET FROM SHOCK EVENTS
The Risk management function monitors the Syndicate’s risk-taking activities. Our risks evaluation process includes the analysis and understanding of the financial impact and business implications from the potential occurrence of infrequent large events.
INTERNAL AND EXTERNAL INDEPENDENT AUDIT
Internal and external independent audit is performed for operations of the Syndicate. This covers all risks and internal controls identified in the risk register to ensure adequacy of internal controls and adherence to the policies, procedures and guidelines set in the Master Operation Handbook (MOH)