Deputy Manager - Operational Risk

Position Summary the purpose of the job

Assist the Senior Manager, Operational Risk & Chief Risk Officer (CRO) on risk related matters. Responsible for overseeing and managing the operational risk framework within the company. This includes identifying, assessing, managing, and mitigating operational risks to ensure that

the company operates efficiently and complies with all regulatory requirements.

Key Accountabilities

1. Develop, maintain, and review the operational risk management framework and related policies to ensure alignment with the company's operational risk appetite and to keep them up to date with the evolving risk environment and regulatory developments.
2. Ensure effective implementation and maintenance of operational risk policies and procedures within the company by establishing consistent approach, effective reporting and escalation procedure to support internal control environment. This is achieved through the following approach:

a. Identification and assessment

• Ensure proper identification and assessment of operational risks, as well as the implementation of appropriate risk mitigation strategies.
• Review the identification and management of risks by business/ functional lines including the integration of operational risk at the company level.
• Challenge assessments produced by business/ functional lines and evaluate the effectiveness of risk mitigation activities.

b. Monitor operational risk exposure through the systematic collection and analysis o relevant risk data and metrics.

c. Responsible for risk reporting to Senior Management, Management Risk Committee (MRC), Board Risk Committee (BRC) and the Board of Directors (BOD).

d. Perform independent risk assessment on new projects, products, system

enhancement and etc

e. Build risk awareness within the organisation through education and training, and

embed it into the first line business processes.

3.Assist to develop, implement and maintain a robust third party and outsourcing risk

management framework. This is achieved through the following approach:

a. Ensure risk assessment approach for third party and outsourcing is established with

relevant principle and meet regulatory requirements.

b. Work closely with internal stakeholders across various departments, including

Outsourcing & Third Party Coordinator, Compliance, Legal and IT Security

Governance to ensure that outsourcing is managed effectively and in alignment

with the company's policies and regulatory requirements.

c. Drive the implementation of best practices for outsourcing risk management.

4. Assist to oversee the entire process of reporting, investigating, and addressing operational

risk incidents. This includes ensuring effective action plans are developed and

implemented for incident resolution to prevent recurrence.

5. Conduct identification, assessment, and management of operational risks across the

organization's operations, products, & services.

6. Guide the team and internal stakeholders, ensuring proper training, development, and

performance management.

7. Continuous improvement of knowledge and skill and work processes.

8. Any ad-hoc risk management projects or tasks assigned by Senior Manager, Operational

Risk & Chief Risk Officer (CRO).

Education/Work Experience

Bachelor of Science (Hons) Actuarial Science, International Certificate in Risk Management (CIRM), Advanced Operational Risk Management (PRMIA) and Maybank Non-Financial Risk Practitioner's Certificate.

More than 5 years of experience in operational risk management within the insurance and takaful industry.

Strong understanding of regulatory requirements in the insurance and takaful industry.

Proven track record in managing operational risk programs, with a focus on continuous

improvement.

Knowledge

In-depth knowledge of operational risk management frameworks, policies and procedures.

Familiarity with industry best practices and methodologies for identifying,assessing, and mitigating operational risks.

Comprehensive knowledge of insurance/takaful products and their associated operational risks.

Insight into key business functions within the company, and how operational risks can impact these areas.

Skills

Ability to design and implement practical risk mitigation measures and internal controls that align with the company's objectives including communication to the respective stakeholders.

Excellent analytical skills to evaluate risk data and information, enabling informed decisions on risk exposure and mitigation strategies

Capable of training and mentoring on operational risk management processes and promoting awareness throughout the company.

High level of integrity and professionalism, with a commitment to safeguarding the company's assets and reputation.