Vacancy: Risk and Compliance Manager

Job Description

• Develop tools to consistently evaluate company’s risks.


• Develop systems to manage the company’s risks including insurance risks in the areas of product design, pricing and underwriting risk, credit risk, market risk including investment and liquidity, operational risk including legal, regulatory risk, contagion and related party risk, strategic risk and other risks as may be determined by the business.


• Develop structures and systems for continuous interaction and communication with other departments.


• Institute measures to address any deficiencies identified in the risk management strategy, policies, procedures and controls.


• Ensure that any exceptions to the company’s risk management strategy and policies are authorized by the Managing Director, and where appropriate by the Board of Directors.


• Preservation of assets (both human and physical) by the minimization of loss at the least possible cost to the company through risk avoidance, risk control, risk transfer and risk retention at acceptable levels.


• Manage the development and implementation of all aspects of the risk function, including implementation of processes, tools and systems to identify, assess, measure, manage, monitor and report risks.


• Manage the process for developing risk policies and procedures, risk limits and approval authorities.


• Manage the process for elevating control risks to more senior levels when appropriate.


• Liaise with Business users/department heads to prepare Functional specifications and processes.


• Translate business risk requirements and functional needs into business/reporting and system specifications.


• Support the Operations Unit (underwriting/Claims/Reinsurance) with risk assessment and review of transactions.


• Conduct compliance and risk assessments.


• Oversee and monitor the implementation of the compliance program


• Report on a regular basis to the Executive Committee (EXCO) and compliance sub-committee of the board on the progress of implementation, and assisting these components in establishing methods to improve efficiency and quality of services, and to reduce the vulnerability to fraud, abuse, and waste


• Periodically revise the program in light of changes in the needs of the organization, and in the regulations, laws, policies and procedures of government and other relevant regulators


• Coordinate internal compliance review and monitoring activities, including periodic reviews of departments


• Respond to government/regulators investigations and queries as the principal point of contact


• Independently investigate and act on matters related to compliance, including the flexibility to design and coordinate internal investigations (e.g., responding to reports of problems, calls, or suspected violations)


• Develop policies and programs that encourage managers and employees to report suspected fraud and other improprieties without fear of retaliation


• Develop and implement a Compliance training plans/programs.


• Assist the Finance Department in coordinating internal compliance review and monitoring activities.


• Maintain a log of communications received relevant to compliance.


• AMLRO for the Company.

Required Skills or Experience

• A recognized qualification in enterprise risk management


• MSc Risk management (preferred)


• 5 years’ experience in risk management


• Proven experience in Insurance risk management


• Knowledge of and experience in insurance compliance requirements