Job Purpose
The role is responsible for developing, enhancing, and implementing the Operational Risk Management Framework for the insurance business. The job holder ensures that all operational risk exposures across products, services, processes, and systems are effectively identified, assessed, monitored, controlled, and reported in compliance with regulatory requirements and company policies.
The role also provides advisory support for risk mitigation initiatives, strategic projects, and continuous improvement in operational risk practices across the organization.
Key Accountabilities
1. Operational Risk Framework & Policy Development
- Develop, review, and enhance operational risk management policies, procedures, and guidelines in alignment with local regulations and the company's risk management framework.
- Develop methodologies for identifying, assessing, measuring, and monitoring operational risks across the insurance value chain.
- Lead the implementation and enhancement of operational risk tools (e.g., RCSA, KRI, incident/loss event database, risk indicators, risk registers).
2. Operational Risk Advisory & Control
- Provide expert advisory to business units on managing operational and compliance risks related to underwriting, claims, product development, sales & distribution, operations, customer service, and partnerships.
- Evaluate operational risks in new product development, new processes, system enhancements, and strategic projects.
- Review and challenge business units to ensure risk controls are designed effectively and appropriately implemented.
- Support investigation, analysis, and resolution of operational risk incidents and emerging risk issues.
3. Monitoring, Reporting & Portfolio Management
- Monitor operational risk indicators and ensure risk thresholds/limits are maintained within approved levels.
- Conduct regular assessments of risk exposure and control effectiveness.
- Prepare operational risk reports for management, highlighting trends, key issues, and proposed control measures.
- Serve as focal point for coordinating with internal/external audit, regulators, compliance, and other risk functions on operational risk matters.
4. Capacity Building & Risk Culture Enhancement
- Deliver training and capacity-building programs on operational risk management practices for departments and staff.
- Promote strong risk awareness and embed operational risk culture within the organization.
- Provide coaching and technical guidance to junior team members.
Qualification:
- University degree or above majoring in Auditing/Accounting/Finance/Banking/Economics/Law
- Master's degree or higher is preferred
- At least 12 years of experience, of which at least 03 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 and financial industry
- Knowledge of products / services applicable to the customer segment in charge of insurance company/banking market
- Understanding of policies / procedures for the customer segment in charge of insurance company/bank is preferred
- English proficiency, minimum TOEIC 700 or equivalent
