Assistant Vice President, Financial & Family Takaful Risk Management

About Takaful Ikhlas

Takaful Ikhlas Berhad is renamed to Takaful Ikhlas Family Berhad (Takaful IKHLAS Family) and manages the family takaful business. Its general takaful business is being managed by a new entity, Takaful Ikhlas General Berhad (Takaful IKHLAS General).

Takaful IKHLAS offers a comprehensive range of family and general takaful products. Its distribution channels comprise of highly knowledgeable and well-trained agents, brokers, financial institutions, motor franchise holders and cooperatives. Takaful IKHLAS has 13 branch offices and currently records around 2 million registered certificate (policy) holders and more than 5,000 agents.

Both Takaful IKHLAS Family and Takaful IKHLAS General are wholly owned subsidiaries of MNRB Holdings Berhad.

Job Purpose

This role is responsible to add values to strategic and operational decisions by assessing and

identifying risks that could impact the financial success of the Company. Primarily focus on

evaluating the risk-return implications, threats and opportunities and potential trade-offs,

specifically with regards to the family takaful business and investment portfolio. Support the Risk

Management Department in ensuring that risks are identified, assessed, managed/mitigated,

monitored and reported timely

Job Responsibilities

• Support Internal Audit's independent validation of IPR rectifications through effective knowledge sharing to ensure timely and seamless execution of the validation process.
• Support in the development, implementation and monitoring of a strategic, comprehensive financial, credit and family takaful risk management program.
• Provide strategic insights on financial, credit and family takaful risk matters as well as the risk profile to SMC, GMRCC, RMCB and Board.
• Support the development and continuous enhancement of the Risk Management related Framework to ensure alignment with the latest regulatory requirements and business direction.
• Proactively engage with the management and/or business units to facilitate risk review/assessment and provide advisory and recommendation for process improvement/mitigation options on risks associated with new products, partnership and business arrangements, retakaful arrangements, projects, initiatives, and regulatory changes.
• Support in financial, credit and family takaful risk assessments and perform risk analysis to identify leading risk indicators and emerging risks to which the Company is exposed or potentially exposed.
• Support in the design, implementation and maintenance of stress testing and capital models, in collaboration with the Actuarial Services function, which feed into the ongoing stress testing process and capital adequacy assessment.
• Define, review and calibrate key risk metrics with business units to manage portfolios across asset classes.
• Prepare and develop risk management reports on financial, credit and family takaful risks, including Risk Management Reports and ICAAP Reports.
• Monitor the execution of the approved mitigation/improvement plan arising from financial, credit and family takaful risk assessments and ensure that action plans are effectively executed and validated.
• Support Priority Risk Workshops and eRM training.
• Support the execution of the Risk Management annual plan.
• Support in development and enhancement of risk dashboards, templates, and reports.
• Partner with business units across the Company to raise awareness of risk management concerns.
• Support in the integration of sustainability risk into risk management.
• Support IFRS S1 and IFRS S2 disclosure readiness from a risk management perspective, ensuring key sustainability-related risks and related disclosure requirements are appropriately considered and addressed.
• Support in development and enhancement of internal climate risk stress testing capabilities, including the calibration of stress testing parameters under various climate scenarios

Qualification

• Bachelor's degree in Actuarial Science, Statistics or related discipline

Professional

• Part-qualified actuary, or
• Financial Risk Management certification (FRM) / Certified Enterprise Risk Analyst (CERA), or Risk Management certifications

Experience

• >=5 years of working experience in life insurance and family takaful industry
• Experience in financial risk management, actuarial pricing, actuarial valuation, or capital modelling