Outsourced Risk Officer for Regulated Entities
Firms regulated by the DFSA and FSRA require a Risk Officer with relevant experience to oversee the Enterprise-wide Risk Management framework and ensure compliance with the relevant regulations.
While it is a requirement for certain type of firms operating within the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) to have these roles, it is not always cost-effective to maintain them as full-time positions. We offer outsourced services to ensure compliance with all regulatory and reporting requirements.
The regulator permits businesses to outsource the roles of Compliance Officer and MLRO, depending on their scale and complexity. Many firms in the DIFC and ADGM chose to outsource these functions. This approach provides flexibility and necessary expertise without the financial burden of a full-time resource, given the size and complexity of their business operations.
Key Considerations while assessing your outsourcing needs:
- Advising the Board and senior management on risk management and assisting in risk assessment.
- Supporting the compliance function in regulatory/compliance risk management, including building second-level controls ("bottom-up" controls) and creating risk awareness.
- Establishing internal risk policies and structures for business units.
- Being responsible for the operational risk management function within the firm.
Why hire an Outsourced Risk Officer?
Outsourcing the Risk Officer role allows your company to concentrate on core business activities without worrying about regulatory requirements and obligations. This approach is also more cost-effective and efficient. At JRB, we have developed strong relationships with many clients who trust us as their preferred choice for outsourced Risk Officer services.