Head Enterprise, Sustainability Risk Management and Risk Analytics

Job Scope / Position Summary

Purpose of this role:

1. The role is to support the Chief Risk Officer in establishing risk management strategies and capabilities to opti-mize the company’s risk vs return on capital employed in-line with the prevailing regulatory requirements

2. Responsible for developing and managing a robust risk analytics capability through effective risk frameworks and risk management systems to enable risk informed decision making aligned with regulatory requirements and Board approved risk appetite limits.

3. Support the CRO in the establishment, organisation and ongoing management of risk data arising from the risk management cycle (risk identification, assessment, mitigation, monitoring and reporting) in collaboration with other control functions.

4. Responsible 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’s integrated into the company’s decision-making processes.

5. Provide continued assurance with regards to the levels of risk in the business in consideration of risk thresholds and appetites in line with regulatory capital requirements and the board approved risk appetite.

6. Supports the business through engagement in solvency and capital related matters with the stakeholders and provides assurance where required in line with the prevailing regulatory requirements.

Reach:

1. Supports the Chief Risk Officer in ensuring the timely identification, assessment, monitoring and reporting of and enterprise-wide risks within the company’s business operations through the development of risk analytics capabilities that provide insights to enable robust risk informed decision making by the business.

2. Provides independent assurance for key areas of decision making and encourages a quantitative risk management culture.

Role Necessity:

1. Head of ERM position is a requirement of BNM’s Risk Governance Policy Document.

2. Direct lead for 1 FTE which is the Risk Analyst (Executive) and leads other 2 FTEs under the Financial and Insurance Risk purview i.e., 1 Financial and Insurance Risk Manager and 1 Senior Risk Analyst (Senior Executive)

Main Responsibility

1. To focus on the assessment, improvement and oversight of the risk appetite framework and of the management of risks, capital and risk-adjusted criteria embedded into decision-making processes in order to maximize value within the requirements as defined by the local regulator and Board of Directors.
2. To support, facilitate and coordinate the efforts to-wards the development of models, methodologies, data, processes, controls and platform required for the calculation, assessment, optimization and re-porting based on the results of the regulatory Risk Based Capital Regime and other regulatory risk management requirements.
3. To strengthen oversight and overall risk assessments at company and business unit level including on Sustainability & Risk Analytics by running and/or supporting risk assessments appropriate to the size and complexity of the Company.
4. To lead and coordinate the efforts towards the completion of Generali Group’s regular Solvency Capital Requirement (SCR) calculation activities.
5. To lead and coordinate the efforts towards the completion of Generali Group’s regular reporting.
6. To be the alternate of the CRO in his/her absence.

Qualification and Experience Requirement

• University; Graduate or post-graduate level with concentration in quantitative discipline (Actuarial, Economics, Engineering, Statistics);

• Desirable qualifications: ERM, PRM, FRM, FSA, CERA, CQF.

• Possesses a Degree in quantitative discipline such as Finance, Economics, Statistics, Insurance, Risk Management etc. Preferably completion of professional insurance qualification

• 10+ 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

• Innovative character driving for opportunities to achieve a profitable balance between risks and rewards.

• Credible 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; under-standing 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 / PnL levers;

• Fluent English verbal and written skills

• Communication & inter-relation skills

• Motivational skills

• Team building and collaboration skills