Position Summary
- To support the Head of Financial, Insurance & Actuarial Risk Management in implementing risk management strategies that optimize the company's risk-return profile in line with regulatory requirements and internal risk appetite.
- To support in the development, implementation, and continuous improvement of financial, insurance, and actuarial risk management frameworks.
- To provide timely analysis and reporting on emerging financial, insurance & actuarial risks, supporting the Head in strategic decision-making.
- To proactively identify, assess, and monitor key financial, insurance, and actuarial risks, and escalate material issues as appropriate.
- To conduct both quantitative and qualitative risk analysis to support business planning, capital management, and product development.
- To collaborate with internal stakeholders across departments to support the implementation of effective risk mitigation strategies.
- To monitor industry trends and regulatory developments, ensuring relevant updates are communicated and incorporated into risk practices.
- To support the development, review, and maintenance of financial, insurance and actuarial risk management policies, procedures, and documentation.
- To support in preparing for and responding to internal and external audits or regulatory reviews related to financial, insurance and actuarial risk.
- To contribute to a strong risk culture by promoting awareness and understanding of financial and insurance risk across the organization.
Main Responsibility
1. To support the assessment, improvement and oversight of financial, insurance & actuarial risks of the company's RAS (Risk Appetite Statements), key risk indicators & risk limits based on risk management policies and guidelines.
- Coordinating ICAAP (Internal Capital Adequacy Assessment Process), ORSA (Own Risk Self-Assessment) and SCR (Solvency Capital Requirement) reviews.
- Developing and managing of the company's risk appetite including the oversight on financial, insurance & actuarial Key Risk Indicators (KRI).
- Performing financial, insurance & actuarial risk assessments on products, services, business plan, underwriting and reinsurance topics.
2. To support the development of models, methodologies, data, processes, controls and platform required for the calculation, assessment and reporting based on the results of the regulatory Risk Based Capital Regime and other regulatory risk management requirements.
- Managing data for financial, insurance & actuarial risk modelling purposes.
- Delivering risk modelling outputs that enhance risk insights on risk decision making.
- Continuous enhancement of risk modelling activities and underlying risk data collection and management practices.
3. To support risk assessments at company and business unit level by running and/or supporting financial, insurance & actuarial risk assessments appropriate to the size and complexity of the Company.
- Supporting the development of the internal control and risk management system of the company.
- Monitoring and ensuring that financial, insurance & actuarial risks are managed in line with risk guidelines, strategy, and limits. For this purpose, actively collaborates with other functions by embedding risk criteria into assessments (e.g. stresses), which is later to be monitored & reviewed (e.g. reinsurance strategy), as well as any remedial actions to keep the company within strategic plan, objectives & targets.
- In relation to stakeholder standards, supports the development of qualitative frameworks and models for addressing, supervising, and controlling the quantitative and qualitative risks.
- Monitoring and updating the systems of indicators and alerts of the company so that they suitable describe the current and forward-looking risk profile.
4. To support the efforts towards the completion of reporting requirements for financial, insurance & actuarial risk management.
- Monthly reporting of the Investment Concentration Risk to Generali Group as per the requirements in the Investments Risk Group Guideline (IRGG), including the proposed actions to reduce exposure to the Investment Counterparties breaching the IRGG limits.
- Quarterly Risk Appetite Framework (RAF) reporting to Generali Group, including the justifications of the movements in the Total Capital Available (TCA) and Total Capital Required (TCR).
- Company Illiquidity Investment Ratio (CIIR) and Company Liquidity Ratio (CLR) monitoring and reporting to Generali Group. CIIR is reported quarterly while CLR is reported semi-annually.
- 4. Annual risk review on actuarial processes, amongst others.
5. To support the efforts towards the completion of Generali Group's regular Solvency Capital Requirement (SCR) calculation activities.
- Coordinating the gathering of the necessary SCR data and information with the relevant first line stakeholders (i.e. Investment, Finance, Actuarial, Reinsurance, Underwriting functions).
- Ensuring the SCR data requirements are met by performing data validation and reasonableness check, including updating Generali Group of any new addition of the Reinsurance/Investment counterparties.
- Performing SCR calculation activities within the timeline set by Generali Group via the individual replication tools and validating the results against the SCR Run in Prometheus.
- Liaising with Regional Risk Management and International Risk Management with regards to the SCR related matters with the necessary justifications.
6. To implement and continuously improve financial, insurance & actuarial risk related policies and guidelines.
- Proposing new policies and guidelines when deemed or required by regulators.
- Adapting Group policies and guidelines locally.
- Updating of policies and guidelines on group system.
Qualification and Experience Requirement
Education:
- University; Graduate or post-graduate level with concentration in quantitative discipline (Actuarial, Economics, Engineering, Statistics).
- Desirable qualifications: PRM, FRM, FSA, CERA, CQF.
- Possesses a Degree in quantitative discipline such as Finance, Economics, Statistics, Insurance, Actarial, Risk Management, etc.
- Preferably completion of professional insurance qualification.
Experience:
- 5+ years working experience, at least 5 in insurance, 3 in senior management positions.
- Familiarity with the risk management space of the insurance industry or financial service companies.
- Proven leadership track by occupying similar positions where the risk management perspective is added to business goals and objectives.
- Managerial understanding of risk dynamics and link with profitability.
- Understanding of local insurance markets and competition landscape.
- Experience with managing a range of stakeholders.
Skills:
- Innovative character driving for opportunities to achieve a profitable balance between risks and rewards.
- Credible and figure capable, key player of the management team; often regarded as a source of knowledge and experience.
- Influencing in persuading front-line management and risk owners to participate actively in the measurement, control and mitigation of risks by gaining the business leaders trust delivering advice and guidance on risk issues, risks related to new initiatives and strategic decisions.
- Good communication skills to be able to convey complex risk information to senior management and key external stakeholders in a clear, concise and understandable manner.
- Good understanding of 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.
- Ability to lead a team of risk analysts.
- Understanding of insurance products drivers and balance sheet/profit and loss levers.
- Fluent English verbal and written skills.
- Communication & inter-relation skills.
- Motivational skills.
- Team building and collaboration skills.
