Financial Risk Manager from a Direct Life Insurer (Singapore)
Financial Risk Manager
The successful candidate will report to the Chief Risk Officer (CRO) or his delegated Team Lead. The person will be part of a team of risk management professionals looking at various financial risk areas, such as Own Risk and Solvency Assessment (ORSA), Stress-Testing and Enterprise Risk Management (ERM). The person will work closely with various functions and Division/Department Heads. He/she will need to ensure that financial risks are effectively managed and that the relevant frameworks, policies, processes and controls are aligned with regulatory and internal requirements.
As part of the Risk Management Department, the person will also have an opportunity to be involved in various risk activities, such as Environmental Risk Management, Individual Accountability & Conduct, Risk Culture, Risk Control Self Assessments (RCSA) and various Operational Risk Management matters. The person will also be looking at governance-related matters and assist in liaising with regulators on relevant company matters.
Job Responsibilities
- Carry out the annual ORSA exercise and present the report to the Management Committee, Board Risk Management Committee and Board
- Work with Actuarial Department on the construction of stress test scenarios and perform in-depth analysis on the Company’s solvency position
- Monitor the trends for Key Risk Indicators (KRIs) and highlight relevant concerns to all stakeholders
- Assist in the review of the ERM Framework, ORSA Policy & Procedures and other related policies
- Partner with key stakeholders in the business to identify, assess and mitigate risks
- Communicate risk assessments to various levels of management and Board/Board Committees
- Support the implementation of financial risk policies, practices and solutions to ensure holistic understanding and management of risks according to company, group and industry best practices
- Propose processes that enhance strategies, plans and methodologies to measure, monitor, and report risks.
- Contribute in cross-functional teams to identify, assess, aggregate and mitigate current and emerging risks
- Work hand-in-hand with business units in providing support on various initiatives and risk related matters, whilst promoting the right risk culture within the Company
- Work with the rest of the team in initiatives to enhance the Company’s practices in areas such as Culture and Conduct and Environmental Risk
- Perform all other tasks as assigned by the CRO or Team Lead
Requirements
- Degree in Actuarial / Finance / Economics or other related fields.
- Good progress with Actuarial exams.
- Other risk management related qualifications such as CFA, FRM (GARP), or currently in the process of obtaining such qualifications, would be an advantage.
- At least 5 years’ experience in actuarial or risk management functions in a life insurance company.
- Good knowledge of various types of life insurance products.
- Statutory reporting (RBC 2) / IFRS 17 / Solvency II experience would be an advantage.
- Strong knowledge of cash flow modeling. Knowledge of PROPHET / any other cash flow modeling software would be an advantage.
- Strong excel and VBA skills.
- Experience in pre and post investment trade monitoring (both online in Bloomberg as well as offline using tools such as excel) would be an advantage.
- A strong understanding of risk management concepts, principles and standards is required.
- Good understanding in various financial risk areas and associated regulatory requirements (e.g. MAS Notice 125, 126, 133, Risk Management Guidelines).
- Able to work independently and collaboratively as part of the Risk Management Department.
- Analytical and structured with good organizational, interpersonal and communication skills.
- Strong stakeholder management skills and able to present ideas concisely and persuasively, and work across all staff levels, from the working level to senior management and Board.