Operational Risk Expert

Job Purpose

The Expert, Operational Risk Management position plays a critical role in developing, operating and monitoring operational risk management system for a life insurance company. The main objective is to ensure that the company identifies, assesses, controls and mitigates operational risks arising from its insurance business. This position contributes to maintaining financial stability, improving the ability to pay insurance benefits, protecting customer interests, and ensuring compliance with legal regulations and industry standards. As a senior professional focal point, this position is also responsible for advising senior management, promoting an operational risk management culture throughout the organization.

Key Accountabilities

1. Development an oversight the operational risk management framework to include key risk management activities, such as: Operational risk event reporting, Risk and Control Self Assessment, New product risk assessment, setting of Key Risk Indicators an training to the risk owners to promote awareness of operational risk.

2. Support Head of Risk Management to rollout the operational risk management and strategy for the Company within a timeframe with particular emphasis on the risk and controls, including the Operational risk governance, top risks reporting, risk appetite and tolenrance limits, strong control inventory framework.

3. Support Head of Risk Management to mange and constantly enhance the Risk Committee reports to ensure the dashboard on risk performance is well developed and appropriate.

4. Own and drive the process of embedding the operational risk framework throughout the business areas, engage with stakeholders to provide support for risk-based decision making and assurance that controls are functioning well within the first line of defense.

5. Influence and monitor progress of action plans to improve the risk and control environment arising from risk assessment, risk monitoring, internal and external audits and regulatory inspections.

6. Develop and deploy a control framework for management of outsourcing risk and provide oversight, monitoring and challenge the 1st line of defense to ensure no degradation in the outsourced service performance that may result in material risks.

7. Act as second line of defense to ensure the business continuity plan remains fit for the purpose and participate in the tests to ensure the control environment is appropriate.

8. Promote and appropriate culture of awareness an attention on operational risk management throughout the Company in line with evolving regulatory requirements, internal regulations and enhance the operational risk reporting and governance.

Qualification:

- University degree or above majoring in Auditing/Accounting/Finance/Banking/Economics/Law

- Master's degree or higher is preferred

Experience

- At least 8 years of experience, of which at least 05 years of experience in the position of expert or equivalent in the field of risk management / legal compliance / inspection and audit of the insurance, banking or financial industry

- Knowledge of products / services applicable to the customer segment in charge of the banking market

- Understanding of policies / procedures for the customer segment in charge of the bank is preferred

- Working experience related to risk management, compliance is preferred

English proficiency

- Minimum TOEIC 700 or equivalent