Senior Manager, Risk Management

3 days ago

Kuala Lumpur, Kuala Lumpur, Malaysia Generali Life Insurance Malaysia Berhad Full time

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  • Responsible for implementing risk management processes to meet Company's objectives, local regulatory and group requirements.
  • To execute plans and strategize effective risk control metrics and processes to support the business needs; identify, assess, monitor, measure and report on all material/ emerging risks faced as guided by the overall risk management approach of the Company.
  • Develop and drive a sound, open and pro-active risk culture, working closely and collectively with functional units to support management in ensuring all key risks are reported and properly managed.
  • Provide support to the Chief Risk Officer in the risk reporting to Management for information and decision making and to the Board Risk Management Committee for proper risk oversight.
  • Drive climate initiatives and ensure compliance to BNM's Climate Risk Management and Scenario Analysis Policy Document.

Responsibilities:

  • Coordinate corporate risk profile discussions at Management level while ensuring that risks identified are in line with the Company's risk appetite / tolerance level.
  • Oversee production of Department Risk Registers by risk owners, where risks identified are managed accordingly / properly escalated. Review results of Risk Registers to ensure inputs are appropriate.
  • Ensure fraud risk management is effective and to identify any new modus operandi.
  • Provide risk opinion on risk assessment and mitigation plans on subjects relating but not limited to project management and outsourcing.
  • Close coordination with IT Security Officer to ensure security risks are adequately managed.
  • Manage incident / loss events and monitor / improve Key Risk Indicators.

2. Financial Risk Management

  • Monitor and report on market risk management, liquidity risk management, asset liability management and credit risk management activities.
  • Provide risk opinion on Strategic Asset Allocation (SAA) and new investment strategy.
  • Collaborate with stakeholders in ICAAP implementation to assess capital requirement over the business strategy and under stress scenarios.
  • Production of Group capital requirements, i.e. Solvency Capital Requirements using a simplified approach.
  • Review and ensure timely production of Liquidity Ratios.
  • Ensure timely submission of Investment Risk limits and monthly monitoring.

3. Life Insurance Risk Management

  • Ensure periodic review of actuarial valuation process including reserve calculation, assumptions, data, methodology, model and results.
  • Review the Product Approval Process (PAP) including pricing assumptions, methodology and checks done by the Pricing team in meeting the Group and local policies.
  • Provide risk opinion on matters relating to distribution compensation, life assumption and reinsurance support.
  • Develop and drive a sound risk culture across the company, including raising awareness of risks and risk management, and performing training as required.
  • To ensure compliance with Group Standards and Regulations via implementation of the Risk Management Framework.

5. Business Continuity Management

  • Ensure business continuity management activities (risk assessment, business impact analysis, BCP testing) are carried out in accordance to plan.

6. Climate Risk Management and Initiatives

  • Ensure climate risk management activities are carried out as per the board-approved implementation plan, and meeting expectations from key stakeholders, including Group and local regulators.
  • Ensure compliance with Climate Risk Management and Scenario Analysis, asset classification as per the Climate Change and Principle-based Taxonomy, and other relevant requirements from local regulators.
  • Coordinate and push for climate initiatives as part of the Company's transition plan as well as supporting transition of counterparties through engagement with the relevant stakeholders.

7. Managerial Responsibilities

  • Responsible for career management, performance assessment and development of the risk team.
  • Motivate and ensure that the team is well-equipped to achieve desired productivity and deliver results.

8. Other Assignments

  • Secretary to the Risk Committee of the company, to ensure that senior management regularly reviews the risk profile of the business and the associated mitigation plans.
  • Attend and contribute to the other key management committees, in particular including the Local Product Management Committee, Local Management Investment Committee, the Audit, Risk, and Compliance Committee, and Board Risk Management Committee.
  • Driving the direction of Risk Management through planning of Risk Management activities.

Requirements:

  • Preferably a degree in Actuarial Science, Risk Management, Finance or equivalent while a professional certification or relevant technical qualifications are desirable.
  • Minimum 8 years' experience in risk management, compliance, and/or audit in an insurance company, preferably with Actuarial-related experience.
  • Strong knowledge and experience in Financial and Life Insurance Risk Management (Reserving, Pricing, Reinsurance).
  • Experience in product design/ pricing and experience study is a plus.
  • Strong understanding of the financial services industry (life insurance, funds management, health insurance, financial planning, distribution).
  • Strong analytical skills and ability to work independently.
  • Excellent communicator/ presentation skill and stakeholders' engagement to ensure good problem-solving.
  • Able to contribute business thinking in addition to technical skills and a team player.
  • Highly motivated and drive to ensure continuous improvement on self and the department.
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