APAC Head of Risk (Insurance / Life Risks)

Location
Hong Kong Island
Salary
£124688.28 - £207813.80 per annum + benefits
Posted
10 Feb 2017
Closes
12 Mar 2017
Ref
JX56
Contact
Jason Strachan
Job Function
Actuary, Qualified
Contract Type
Permanent
Job description

Our client is a world renowned insurance company currently looking to hire a Head of Risk Management (CRO level professional) within their regional offices in Hong Kong. The purpose of this management level role is to provide second line oversight on the framework of systems and controls in order to ensure that these are sufficient and appropriate for risks to be managed within risk appetite.

The successful candidate will be an experienced risk manager with a strong academic background, and relevant experience in life actuarial.

Responsibilities

  • Develop Risk Framework and implement across APAC
  • Assess risk throughout the organization
  • Quantify risk limits
  • Independently review and validate elements comprising the Group's Internal Capital Model (ICM). In particular, the candidate would support the development of the continuous validation workplan and resulting validation activities;
  • Assessing the 'fitness for purpose' of different models used for risk and capital management across the Group as per the Group CRO's requirements;
  • Completion of the agreed internal control reviews and matrices to a high level of quality and to deadline, ensuring full buy-in and commitment from the business.
  • Oversee the completion of the 'permanent controls' by the first line, to the deadlines set
  • Perform regular independent second line testing on the permanent controls to ensure that the operating effectiveness is in line with the results provided by the first line.
  • Propose suitable corrective actions in response to risks and issues identified, insuring that these are sufficient and appropriate.
  • Track the delivery of corrective actions, working closely with the first line to provide support and guidance where needed. Escalate promptly any non-delivery of material actions to the Head of Regulatory Control.
  • Act as a dedicated point of support and guidance to third party auditors to include Internal Audit, the appointed external auditors, and any other parties who may be required to audit the businesses from time to time.
  • Provide regular reporting on the effectiveness of systems and controls, in a format suitable for presentation to a board level audience. To include the completion of a quarterly update report, and a quarterly key risk indicator dashboard (Risk Map).
  • Regularly monitor operational risk exposure through the ongoing oversight activities, review of relevant MI, and meetings with suitable persons from across the businesses. Ensure that appropriate mitigating actions are identified and taken in respect of material risks identified which fall outside of risk appetite.

Core Competences

  • Qualified Actuary with a Life Insurance Risk Management background, including familiarity with current and developing insurance regulations;
  • In-depth understanding of the components of an insurance balance sheet, the risks to which insurers are exposed and how they are modelled, especially within Life Risks segment
  • Good understanding of market consistent valuation techniques as well as capital calculations;
  • Good understanding of the key features of life insurance products and the types of risks associated with them. An international perspective on products and market characteristics would be an advantage;
  • Good understanding of the Solvency II regulatory framework;
  • An analytical mind-set with strong statistical/problem solving skills.
  • Strong documentation and verbal communication skills, both to technical and non-technical audiences;
  • Highly motivated and able to work independently and without close supervision;
  • Ability to challenge while being commercially orientated and pragmatic;
  • Ability to communicate with authority and confidence to senior audiences, both at the Group and Business Unit levels.


    To find out more please send your updated CV in Word format to Jason.Strachan@ojassociates.com or contact me on +852 5804 4186 for a confidential discussion.