CHIEF RISK OFFICER

SUMMARY:
Insurance

POSITION INFO:

Role Purpose

Partner with stakeholders to provide trusted and valued risk management, legal and compliance services that advances the business'' strategy and achieves the appropriate balance between risk and reward, while challenging business to manage risks better, thereby enhancing the business'' reputation with all stakeholders.

Responsibilities and work outputs

Internal Process

• Executive responsible for risk, solvency and capital management, actuarial control function support, compliance, market conduct, ombudsman and regulatory complaints as well as corporate legal and governance, including company secretarial services.
• Executive responsible for the formulation and embedment of the company’s sustainability strategy.
• Fulfil the statutory role as the head of the risk control function of Momentum Insure.
• Keep abreast of legislation and best practices within the risk, legal and compliance field and understand and influence business strategy and culture
• Foster strong relationships with regulators and industry bodies to ensure the company''s interests are represented and to stay informed about regulatory changes and industry best practices.
• Formulate and influence the business risk strategy and risk appetite, including appropriate measurement, monitoring and reporting tools, and contribute as part of the risk community to organisation''s Risk strategy.
• Provide stakeholders with insights regarding risk drivers to increase management’s responsiveness and influence business decisions.
• Oversee and provide advice to the Board of Directors, Audit and Risk Committee, senior management, and wider business on all risk and regulatory related matters, including business decisions, strategic initiatives, and corporate governance.
• Foster a risk aware culture where risk and compliance activities are integrated and embedded in business practices through ongoing communication and education.
• Establish the risk management process for the business including identification, assessment, monitoring, management and reporting on key risks facing the business.
• Manage the identification and investigation of material risks that may have an impact on the ability of the business to meet its objectives, in conjunction with the risk community.
• Direct and oversee the implementation of the risk management, legal and compliance framework and solutions within the business, ensuring that the business remains within its risk appetite.
• Manage the ongoing assessment of the adequacy and efficiency of risk management framework, risk appetite statement, risk management strategy and controls at a business level and drive the implementation of measures to enhance controls and risk management.
• Establish an aggregated view of the business current and evolving risk profile.
• Take responsibility for the coordination, execution and maturing of the business’s Own Risk and Solvency Assessment (ORSA) process.
• Manage the reporting of the business'' risk profile and outcome of ORSA, including details of all material risk exposures facing the business and related mitigating actions.
• Report on the effectiveness of the implementation of the risk management within the business and identified improvements that are required.
• Oversee the assessment, monitoring and reporting of the solvency position of the business and ensure that the business is appropriately capitalised.
• Contribute to organisation wide risk governance structures, policies and frameworks to ensure continuous integration, collaboration and alignment of risk and compliance practices across the group.
• Oversee the appropriate stress testing and scenario analysis and forward-looking projections are performed and the results are taken into account in strategy, business planning and monitoring.
• Develop risk and compliance governance structures within the business to facilitate the appropriate, accurate and timely flow of information.
• Develop strong partnerships across the business that facilitates the managing and mitigation of risks across the various areas of the business, resulting in an integrated risk management effort.
• Provide executive management within the business with advice on the risk and compliance implications of business activities, and provide consultative support to assess, prioritise and mitigate potential risks.

Client

• Build and maintain relationships with clients and stakeholders.
• Contribute to sustaining a competitive edge through external networking and benchmarking and representation on related forums.
• Define fair and innovative client service practices which build rewarding relationships and allows team to provide exceptional client service.
• Engage with key internal and external stakeholders to identify changing client needs and make recommendations to align service offering with client needs.
• Contribute to a client service excellence culture which builds enduring relationships and allows team to provide exceptional client service.
• Develop client service level agreements and standards in order to ensure clients receive clear and accurate information and are kept informed at all times.
• Drive efforts to improve client service and fair treatment of clients within area of responsibility.
• Incorporate client feedback into the enhancement of daily business processes and management operating systems.
• Participate and contribute to a culture which builds rewarding relationships, facilitates feedback and provides exceptional client service.

People

• Continuously train, develop and up-skill the Legal, Risk and Compliance team.
• Drive a culture that guides and directs best practice, fostering an environment of continuous learning-both informal and formal, improvement and cohesiveness.
• Create a positive work climate and culture to energise and empower employees, ensuring their work has meaning, thereby minimising disruption and maximising productivity in managing enterprise threats.
• Demonstrate exemplary leadership behaviour, through personal involvement, commitment and dedication in support of organisational behaviours.
• Enable a learning and growth culture whereby information regarding successes, issues, trends and ideas are actively shared between team members.
• Strategically identify employee growth and development needs and schedule targeted interventions to ensure the team possesses the requisite expertise for ongoing development, training, and personal growth.
• Effectively manage performance within the team in order to ensure business objectives are achieved.
• Encourage innovation, change agility and collaboration within the team.
• Live the Momentum Insure behaviours.

Finance

• Control the budget for area, including the authorisation of expenditures and implementation of financial regulations.
• Manage high risk and problematic financial issues in area of accountability and contribute to the development of policy.
• Identify solutions to enhance cost effectiveness and increase operational efficiency.
• Implement and manage financial risk methodologies, techniques and systems and use to monitor and report on financial activities.
  • Investigate reported wilful acts of non-compliance to organisation policy and practice and report on findings.

Skills required:

• Strategic and tactical thinking capability
• Business acumen
• Strong interpersonal skills
• Strong people skills
• Negotiation skills
• Project management

Competencies required:

• Exploring Possibilities
• Making Decisions
• Developing Strategies
• Directing People
• Articulating Information

Experience and Qualifications:

The following experience and qualification will be required:

• Post graduate degree in Risk Management, Compliance or Legal, OR
• Postgraduate degree in Actuarial and/ or Accounting Science (FASSA or CA(SA))
• Registration with the Institute of Risk Management South Africa (IRMSA)
• 10 - 12 years’ experience in risk management or compliance within a financial services or non-life insurance environment
• 5 - 8 years business management and/ or risk and/ or compliance experience at a senior management or executive level
• Experience as a Head of a Control Function will be preferred

Location

The above-mentioned position is currently available at our office in Centurion.