The primary objective of this role is to work with internal teams to develop an annual risk plan and implement systematic, comprehensive risk and compliance reviews across entities within the jurisdiction. Review all Company internal policies, procedures and workflows and make improvement recommendations, to facilitate the management of risk by those responsible for the conduct of the business, to ensure that the Company’s reputation for conducting its business with regulatory compliance, integrity and professional skill is protected, to attend and advise on all matters related to risk that may affect the business. To support management in running an efficient and profitable business without violating any risk related regulatory requirements. Expertise in International Health Insurance regulatory landscape, including familiarity with the Insurance Act, Bermuda's Code of Conduct, the Economic Substance Act, the Companies Act, and CISSA (Commercial Insurer's Solvency Self-Assessment) is desirable.
Responsibilities:
- Assist in developing the Enterprise Risk Management framework by aligning the risk objectives with organizational plan.
- Assist in implementation of new risk management system and Company-wide training.
- Formulate and roll out the risk appetite and tolerance framework to formalize the risk strategies in line with Group Framework and align it with organizational objectives.
- Perform the enterprise-wide risk assessment and establish the risk registers, risk taxonomy, risk factors in line with the Risk Management Framework.
- Perform annual risk and compliance assessments across entities to assess the identify risks and update the risk profiles as per insurance regulations not limited to and including the Insurance Act, the Companies Act, Bermuda's Code of Conduct, the Economic Substance Act, and CISSA (Commercial Insurer's Solvency Self-Assessment).
- Identify, assess and report emerging risks to broaden the risk horizon.
- Intervene and manage high exposure risks if current control & mitigation measures are not effective.
- Compile the top risk profile of all entities under jurisdiction on a quarterly basis for reporting to the Risk Committee.
- Develop the controls to assess the risks on qualitative and quantitative basis and monitor it effectively.
- Assess and evaluate all the Company's plans, projects, contracts and services to protect the company from risk and compliance breaches.
- Evaluate progress and effectiveness of action taken to implement risk recommendations received from all internal & external reviews.
- Prepare and submit written reports of findings and make recommendations for the improvement of business operations where required.
- Produce reports and presentations that outline findings, explain risk positions, and recommend changes.
- Recommend ways to control, mitigate or reduce risk.
- Track, measure, and report on aspects of all identified risk areas.
- Devise scenario analyses reflecting possible severe market events and develop and monitor early warning indicators.
- Maintain input and data quality of risk management systems.
- Prepare regulatory reports on risks as per the disclosure requirements of relevant regulators.
- Assist to develop the Board Packs related to risks.
- To develop and promote a companywide risk awareness culture.
- Work in coordination with local operations teams to maintain crisis management and business continuity plans, ensuring the team's readiness to manage crisis effectively.
Experience
- Ideally a bachelor’s degree in administration, commerce, accounting, finance, economics or equivalent.
- Certifications such as CIA (Certified Internal Auditor), FRM (Financial Risk Manager), ARM (associate in risk management), or CRM (Certified Risk Manager) are strongly preferred.
- Minimum 10 years relevant professional experience in the areas of risk, control and compliance gained within the financial institution / insurance domain with minimum of 3 years focused on Bermuda Insurance market.
- Excellent knowledge of risk and control procedures, including planning, risk techniques, testing and sampling methods and tools used in conducting risk assessments.
- Proven quantitative risk assessments and modelling experience.
- Proven ability to perform risk reviews for operational and non-operational policies and procedures, business processes, objectives, key management strategies.
- Well-developed analytical, communication and presentation skills.
- Ability to work independently and as a team, remain focused and maintain the highest integrity and objectivity.