Job Summary

The Risk Manager is responsible for identifying, assessing, managing, and mitigating risks that could affect the insurance company's operations, financial performance, and compliance with regulatory requirements. The Risk Manager develops and implements risk management strategies, monitors risk exposures, and ensures alignment with industry best practices and regulatory standards.

Key Responsibilities

• Develop required policy and procedure to identify and evaluate risks pertaining to insurance business operation, including underwriting, claims, market, operational, third-party risks and regulatory compliance risks.
• Establish and maintain robust internal controls to manage operational risks, such as fraud prevention, error reduction in policy administration, and IT security threats.
• Monitor key risk indicators (KRIs) and other metrics to track the company’s risk profile and ensure early detection of emerging risks.
• Prepare comprehensive risk management and compliance status reports for senior management and the board of directors, highlighting key risks, mitigation efforts, and recommendations for improvement.
• Ensure compliance with insurance-specific regulations and directives including internal instructions and guidelines.
• Monitor compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations specific to the insurance sector.
• Conduct regular audits to identify potential weaknesses and noncompliance situations.
• Following up proactively on action plans put in place by management or the designated risk committees to address risk exposures and report on the same.

Education

• Bachelor’s degree in risk management, Finance, Insurance, Business Administration, or a related field.

Experience

• Minimum of (3) years’ experience in risk and compliance function within the insurance industry or financial institution, with a strong understanding of regulatory framework and insurance business operation such as underwriting, claims, and financial management.

Skills

• Strong analytical and problem-solving skills, with the ability to assess complex risk scenarios and develop effective mitigation strategies.
• Excellent communication and interpersonal skills, with the ability to present risk management concepts and recommendations to senior management and the board.
• Proficiency in risk management concept and principles including governance and internal control framework.
• Strong organizational and project management skills, with the ability to manage multiple priorities and deadlines.
• In-depth knowledge of regulatory requirements and industry standards relevant to the insurance sector.