The Product Risk Consultant must add value by applying his/her rigorous actuarial training which equips him/her to provide a 360-degree view of the organisation’s risk profile, particularly on complex challenges affecting product development, management, and strategy by applying qualitative and quantitative insights and measurement. The Product Risk Consultant must align the Financial and Operational Risks impact to business strategy.
Risk Management and Compliance
- Performs risk assessment of financial and pricing models, pricing assumptions, profitability analyses together with its impact on operational risk
- Confidently handle various stakeholders’ request
- Provides risk oversights, challenge and analytic insights on assets, and its interaction with liabilities on the balance sheet in relation to product performance
- Perform financial and product risk analysis for financial metrics and operational processes related to the AAMP process and outside the AAMP process
- Perform Risk and Control Assessments (RCA) for financial and product risk related teams
- Review business case risk analysis related to product initiatives, including agency initiatives
- Assess business and market risks and how it affects product performance
- Draft I review and maintain on an ongoing basis, local policies and guidelines to supplement effective implementation of the framework within the Work Scope
- Implement risk management (local or Group Office driven) initiatives affecting the aforementioned Work Scope.
- Review product related materials, communication, and other collaterals
- Review and monitor Product Operational Risk Assessment (PORA) and its related documents such as the Risk Acceptance (RA)
- Handle distribution channels assigned for product related initiatives.
- Work with Risk and Compliance teams to define support requirement during the year or at any given circumstance.
Governance and Regulatory Requirements
- Submits periodic reports/dashboards to Head of Risk on all product risk and compliance activities.
- Provides monthly report or quarterly report to Risk and Compliance team for purposes of Risk Committee Meetings.
- Reports status of Risk and Compliance initiatives/issues to product related management and Risk committees.
- Design, propose and uphold risk governance and oversight of product- and insurance-risk related business activities.
- Proactively propose actions as and when the BUs run the risk of breaching appetite, tolerances or limits.
- Conduct periodic reviews of the overall effectiveness of the end-to-end product development, management and governance processes and propose necessary changes
Training and engagement
- Conduct Training on changes in laws and regulations in relation to product and financial risk management processes
- Support embedding strong GRC culture across the business
Policies and Procedures
- Provide recommendations to improve compliance with policies, standards and external requirements and continually analyzing for opportunities for process optimization relating to the Work Scope above.
- Conduct annual gap analysis on the Group Policies vs regulations vs local policies.
- Localize and tailor fit Group Policies, if needed, and embedded in product operational process taking into consideration the peculiarity of the local business.
- Monitor implementation and ensure that implementation are within the agreed time frame
- Proactively engage with business and provide advice I guidance to mitigate key risk and compliance and reputational issue. Strengthen risk and compliance engagement to educate and increase awareness of regulatory developments and ethics I compliance risks.
- Proactively monitoring relevant internal developments and regulatory & industry developments and initiating necessary action.
- Provide risk and compliance subject matter expertise support to the First Line.
Reporting and escalation
- Escalate key product risks and actual/potential non-compliance incidents to the Head of Risk and Chief Risk Officer to ensure that potential risks or incidents are managed effectively. Monitor implementation of corrective actions to remediate any identified deficiencies.
- Ensure timely and quality reporting to Group Risk on regular basis in all relevant aspects or risk and compliance.
- Produce BU and Group-level product portfolio & financial risk dashboards, tracking the evolution of the product & financial risk profile and recommend commentary/actions where advised for.
- Develop, compile and report KRl’s, risk exposure measures and other relevant management information to assist the GRMC in understanding the product & financial risk profiles and overseeing risk management of insurance-related risks, reinsurance, adequacy of reserves and products.
- Monitor financial, product and insurance risks and provide senior management with a second opinion of the risk profile
- Proactively escalate financial, product and insurance risk-related concerns to the appropriate risk committees
- Perform activities required by Head of Risk and Chief Risk Officer, as it arises.
- Attend (as a member) of various committees and make recommendations in a manner that shows both strategic and tactical thinking
- Work successfully and serve as a liaison to corporate-wide Group Risk and Compliance initiatives on areas related to financial, product and operational risks.
- Efficiently manage and monitor open audit items from internal I external audits to ensure completion of remediation activities defined in the agreed action plans and risk treatment plans
- Support leadership teams to develop and expand continuous monitoring processes to ·assess compliance with other regulatory standards and requirements.
- Coordinate with regulators, as necessary.
Minimum Job Requirements
- Bachelor’s degree in Mathematics, Statistics, Accounting, Economics or Business with over 5 years of solid work experience in the financial industry handling financial and product risks, investments or actuarial, preferably in the insurance industry.
- Preferably Associate of the ASP or the SOA
- Preferably CERA track
- Excellent interpersonal and communication skills and self-motivated.
- Excellent written and spoken communication skills in English and local language.
- Independent and be able to work under pressure
- Organize, analytical with good level of strategic and tactical knowledge
- Possess strong leadership, coaching and influencing skills; business acumen; problem solving skills
- Good understanding of process management and design, change management, internal controls and risk management
- High level of integrity and take ownership and accountability of results
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