Risk Officer

1. Enterprise Risk Management Framework

• Review and assess the adequacy and effectiveness of the existing Enterprise Risk Management Framework.
• Recommend enhancements to risk management policies, procedures, and governance structures.
• Support the development and periodic review of the Risk Appetite Framework and associated risk tolerance limits.
• Facilitate the embedding of risk management practices across the business.

• Board Meetings

• Assist in preparation of board meetings not limited to agenda finalisation, coordination for relevant papers to be ready on time, review of solvency reports, liaise with company secretary for board related matters and collate all papers for final submission.

3. Risk Identification and Assessment

• Conduct enterprise-wide risk assessments covering strategic, operational, insurance, financial, regulatory, and emerging risks.
• Assist management in identifying, evaluating, and prioritizing key risks.
• Develop and maintain risk registers and risk assessment methodologies.
• Facilitate risk workshops and stakeholder engagements to identify material risks.

4. Insurance and Underwriting Risk Review

• Review underwriting risk management practices and underwriting governance arrangements.
• Assess key underwriting risks, portfolio concentrations, loss trends, and claims experience.
• Evaluate the effectiveness of underwriting controls and authorities.
• Provide recommendations to improve underwriting risk oversight and monitoring.

5. Capital and Solvency Assessment

• Support the assessment of capital adequacy and solvency risks.
• Provide independent review and challenge of capital management practices.
• Assist with Own Risk and Solvency Assessment (ORSA) processes and related reporting.
• Conduct stress testing and scenario analysis to assess the impact of adverse events on solvency and capital positions.

6. Reinsurance Risk Review

• Assess the effectiveness and appropriateness of reinsurance arrangements.
• Review reinsurance retention levels, treaty structures, and risk transfer effectiveness.
• Evaluate reinsurer credit risk exposures and counterparty risk management processes.
• Provide recommendations for optimizing reinsurance programmes.

7. Investment, Market and Credit Risk Assessment

• Review investment risk management frameworks and processes.
• Assess market, credit, liquidity, and concentration risks within the investment portfolio.
• Evaluate asset-liability management practices and related risk exposures.
• Provide recommendations to strengthen investment risk oversight and reporting.

8. Operational Risk and Resilience

• Review operational risk management practices and control environments.
• Assess risks relating to people, processes, systems, outsourcing, cyber security, fraud, and business continuity.
• Evaluate incident management, loss reporting, and root-cause analysis processes.
• Support the development and testing of business continuity and disaster recovery plans.

9. Regulatory Compliance and Governance

• Assess compliance with applicable insurance regulations, risk management standards, and governance requirements.
• Provide guidance on regulatory expectations and industry best practices.
• Support engagements with regulators, auditors, and other stakeholders on risk-related matters.
• Review governance committee structures, charters, and reporting practices.

10. Risk Monitoring and Reporting

• Develop and enhance risk reporting frameworks and dashboards.
• Review and establish Key Risk Indicators (KRIs) and risk monitoring processes.
• Prepare reports and presentations for Executive Management, Risk Committees, and Boards.
• Provide independent challenge and recommendations regarding significant risk exposures.

11. Risk Culture and Training

• Conduct risk culture assessments across the organization.
• Develop and deliver risk management training and awareness programmes.
• Promote accountability for risk ownership and effective risk management practices.
• Facilitate workshops for management and Board members on emerging risks and regulatory developments.