Enterprise Risk Management, Consultant

2 weeks ago

Kuala Lumpur, Malaysia AIA Full time

FIND YOUR 'BETTER' AT AIA

If you believe in better, we’d love to hear from you.

About the Role

Support role in Enterprise Risk Management Department which works as a second line of defense in partnership with the business (as first line of defense) to coordinate the risk management process throughout AIA Bhd. and its related group of companies to ensure all element of risks are accurately identified, assessed, mitigated and reported in line with the BNM Guidelines as well as AIA policies requirements.

This position works closely with the members of the Risk Committees i.e. mainly Risk Committee as well as Head of Departments and their delegates by monitoring and reporting risk related matters with focus on operational risk.
Responsible for establishing and maintaining the overall operational risk program to ensure the company’s interests are adequately protected and within the risk appetite approved by Board.

The individual in this position is responsible for identifying, evaluating and reporting on operational risks in a manner that meets regulatory, group, management and other compliance requirements. The individual works proactively with the various business units and other internal departments and organizations to implement practices that meet the regulatory, Group’s and Company’s defined guidelines, risk policies, standards and/ or procedures.

Job Responsibilities :

1. Risk Management Framework, Policies and Procedures and system

Support the implementation of risk management process throughout AIA Bhd. as the need arises according to the Board approved risk methodology. Support the rollout and localisation of the Risk Management Framework/Policy and related risk policies from the group, as well as the establishment of applicable risk policies and procedures to fulfill local regulatory needs. This includes conducting periodic reviews to ensure continuous relevance and appropriateness, as well as incorporating comments from the Board and Management on risk appetite, risk limits, and a review of the existing key risk indicators (KRI) and thresholds. Works closely with all business functions to ensure all elements of operational and strategic risks are accurately identified, assessed, mitigated, supervised and reported by implementing the Risk & Control Assessment (RCA) programme at AIA Bhd as the need arises. Entails assisting EXCO and respective Head of Department (HOD) to identify key operational risks in their respective areas. Subsequently, assist them to analyse and assess their risk in light of the AIA approved risk methodology. Thereafter to ensure that appropriate controls are in place and risks are handled within the approved risk appetite framework. Ensuring all incidents are captured and reported on a timely, accurate and complete basis to BNM, Group and/ or management, as well as to work with respective functions on root cause analysis with a view to prevent/ reduce recurrence and/ or impact of any similar incidents. Ensuring all Key Risk Indicators (KRI) required for reporting to BNM are accurate and timely. Supporting EXCO and HOD, to establish key risk metrics for supervising as well as assessment of trends for any potential areas of concern. Such assessments should be tabled to the appropriate forums/ persons so that timely actions could be taken, noted and/ or key risks mitigated to the appropriate level.

2. Reporting and deliverables for Boards, Risk Committees, Regulators, Group and Management

Prepare/ complete all relevant materials/ papers on timely basis highlighting key risks, mitigating controls and action owner for EXCO, Group), respective local Risk Management Committees, Board Risk Committees and/or Board. Monitor and ensure the execution of relevant action plans which includes materials prior and post meeting, logistics, minutes and matters arising as directed by the respective local Risk Management Committees, Board Risk Committees and/or Board within agreed timeline and acceptable standard of quality. Conduct Operational Risk Scenario Analysis and support in completion of regulatory requirement gap analysis. Key responsibility includes Operational Risk Reporting (KRI and loss events) per BNM requirements, as well as internal incident reporting trend and dashboard analysis; focusing on timely action plan closure, issue and ensuring controls robustness. Conducting review and reporting, including but not limited to the below: Outsourcing risk assessment, Product Operational Risk Assessment (PORA), Business case, New projects, new initiatives, process enhancement, Product implementation and/or ad hoc review on selected high risk area

3. Embedding risk management

Creating a positive risk based culture, where a robust risk assessment process is embedded that business units implement proactively and on an integrated basis; Embedding Integrated Risk Management, equipping and enabling risk owners to discharge their duties; Coordinate risk management education and awareness such as to educate all employees on risk management process and principles on a continuous and regular basis; Providing risk assessment support for strategic/ business initiatives and products as well as relevant project management, outsourcing arrangements and investments Provide ERM awareness training during induction and risk workshop for senior management (when necessary)

Min Job Requirements :

Education : Tertiary qualification in Actuarial Science / Finance / IT / Risk Management / Business or any other relevant education or related experience.

Work experience : At least 6-7 years relevant work experience in the financial industry handling risk management, internal audit, compliance and/or controls.

General requirements :

- In-depth understanding of the Insurance/Takaful business

- Good interpersonal, communication (including verbal and written), self-motivated, independent, able to work under pressure, good problem solving skills.

- Other skills ; proficiency in data analystics, programming, digitalization skills are preferred.

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