Job Scope / Position Summary
- Support the Head, Strategic, Sustainability & Model Risk Management and Risk Analytics in establishing risk management strategies and capabilities to optimize the company's risk vs return on capital employed in-line with the prevailing regulatory requirements.
- Support in managing the day-to-day activities of the risk analytics function.
- Provide support in the establishment, organization and ongoing management of risk data arising from the risk management cycle (risk identification, risk measurement, risk management and control, and risk reporting) in collaboration with other control functions.
- Support for the continued assessment and measurement of enterprise-wide risks that enables a wholistic consideration of risk factors including expected solvency impacts in a manner that is integrated into the company's decision-making processes.
- Support in providing continued assurance on the completeness and accuracy of risk data utilized for risk analytics purposes and ensure that all data management and analytics processes remain sound and appropriate for its intended use.
Main Responsibility
To focus on the day-to-day collection, management and transformation of risk data while preserving a high degree of integrity of the data and the associated processes.
- Supporting the effective operationalization of risk governance framework, including performance of risk assessments, as well as data requirements for risk measurement and reporting purposes.
- Ensuring completeness, functionality and efficacy of the tools, systems and practices undertaken to collect, assess and manage risk data including data and pro-cesses used for stress testing and scenario analysis.
To support, facilitate and coordinate the efforts towards the development of models, methodologies, data, processes, controls and platform required for the calculation, assessment, optimization and reporting based on the results of the regulatory Risk Based Capital Regime and other regulatory risk management requirements.
- Ensuring adequate soundness and appropriateness of internal processes and capabilities to satisfy regulatory requirements in relation to framework and methods for addressing, supervising and controlling the company's risks.
- Delivering risk measurement outputs that enhance risk insights in support of risk decision making.
- Continually enhance effectiveness and efficiency of risk measurement activities and underlying risk data collection and management practices.
To support in strengthening overall risk assessments at company and business unit level by developing and running qualitative & quantitative risk assessments activities appropriate to the size and complexity of the Company.
- Monitoring the development of the internal control and risk management system of the company and expressing his/her assessment of its completeness and effectiveness.
- Monitoring the strategic, sustainability, and model key risk indicators to ensure that these risks are managed in line with risk guidelines, strategy and limits. For this purpose, to actively collaborate with other functions by embedding risk criteria into risk assessments and validating such assessments and any remedial actions to keep the Company within the target.
- Supporting the development and the review of qualitative frameworks and quantitative models for addressing, supervising and controlling quantitative and qualitative risks.
- Supporting the periodic review and optimization of the systems of indicators and alerts so that they suitably describe the current and forward-looking risk profile.
To support the efforts towards the completion of the Company's regular risk reporting.
- Quarterly reporting on the Company's risk profiles to the management and board levels.
Qualification and Experience Requirement
- University degree, graduate or post-graduate, with concentration in quantitative discipline (Actuarial, Finance, Economics, Engineering, Statistics, Insurance, Risk Management, etc.)
- Desirable qualifications or good progress towards any professional ERM, PRM, FRM, FSA, CERA, CQF.
- Preferably completion of professional insurance qualification.
- Fresh graduate or around 1-2 years of working experience in insurance, data management, and/or risk modelling positions.
- Familiarity with the risk management space of the insurance industry or financial service companies and understanding of local insurance markets and competition landscape.
- Understanding of risk dynamics and link with profitability.
- Good understanding of risk analytics, capital management, allocation concepts and methodology; understanding of the implications of changes in the company's risk profile by single and joint risk factors.
- Clear understanding of regulatory and compliance issues and policies to ensure the company meets the expectations of regulators, credit rating agencies and investors.
- Understanding of regulatory risk management frameworks and requirements including the RBC frameworks.
- Highly proficient in the use of large and complex datasets.
- Strong foundation in actuarial practice, probability theories, stochastic calculus, and statistical analysis including time series modelling.
