Head of Risk and Compliance

Quantum Insurance is seeking an experienced and dynamic Head of Risk and Compliance to lead our efforts in managing risks and ensuring compliance with regulatory frameworks.

This senior role will be pivotal in establishing and overseeing our risk management and compliance strategies to safeguard the organization’s operations and reputation, in line with regulatory requirements, including the Insurance (Risk Management) Rules 2016, the Insurance Act, and the Financial Services Act.

Key Responsibilities:

Risk Management Framework (RMF): Develop, implement, and maintain a comprehensive Risk Management Framework (RMF), ensuring the effective identification, assessment, and mitigation of all material risks across the organization.

Compliance Oversight: Lead the Compliance function, ensuring adherence to all regulatory requirements including credit, operational, investment, liquidity, insurance, and outsourcing risks. Ensure timely reporting and submission of all RMF-related documentation to the Financial Services Commission (FSC).

Risk Appetite & Strategy: Collaborate with the Board to define and manage Quantum Insurance’s Risk Appetite Statement (RAS). Ensure that risk management strategies are aligned with the organization’s overall business goals, and assess whether new business initiatives are consistent with the risk appetite.

Enterprise Risk Management (ERM): Oversee the implementation of the Enterprise Risk Management Framework (ERMF), ensuring that risks from all business areas are effectively identified, measured, and controlled.

Regulatory Reporting: Ensure compliance with the Insurance (Risk Management) Rules 2016 and other relevant regulations. Provide regular reports to the Board and regulatory bodies, ensuring timely submission of the RMF and updates following significant corporate events.

Own Risk and Solvency Assessment (ORSA): Oversee the execution of the ORSA process, ensuring the adequacy of capital resources and risk tolerance levels. Review the organization’s solvency position and manage regular assessments to align with business strategies and regulatory capital requirements.

Operational Risk & Compliance Monitoring: Oversee the identification, assessment, and mitigation of operational risks related to business continuity, fraud prevention, IT systems, data security, and outsourced functions. Ensure effective monitoring of all compliance-related issues across the organization.

Leadership & Risk Culture: Foster a culture of risk awareness, compliance, and accountability at all levels of the organization.

Key Requirements:

Extensive Experience: Minimum 15 years of experience in Risk and Compliance within the Insurance or Banking sectors, with expertise in managing a wide range of risks including credit, operational, investment, liquidity, and insurance risks.

Regulatory Expertise: Strong knowledge of the Insurance (Risk Management) Rules 2016, Insurance Act, Financial Services Act, and other applicable regulations, with proven experience in ensuring regulatory compliance.

Leadership Skills: Strong leadership and strategic planning abilities, with a proven track record of defining and implementing Risk Appetite Statements (RAS), Risk Management Strategies (RMS), and Compliance frameworks.

Qualifications:

Master’s degree in business administration, Finance, Law, or a related field.

Relevant professional certifications in Risk Management, Compliance, or a related field.

Strong understanding of Enterprise Risk Management and Regulatory Compliance frameworks in the insurance industry.

Note:

Quantum Insurance reserves the right:

To call only the shortlisted candidates for interview.

Not to make any appointment following this advertisement nor to assign any reason whatsoever for accepting or rejecting any candidate.