Enterprise Risk Management (financial risk), Principal

Enterprise Risk Management (financial risk), Principal

AIA Group
8-10 years
Not Specified

Job Description

Bring your career aspirations to life with AIA!The position is responsible for leading and/or supporting in the provision of guidance and advisory in either Investment or Actuarial related areas to ensure that all elements of risks are properly managed as well as controls assessed for adequacy and appropriateness vis-a-vis the risk appetite. Key scope includes:
a) Providing risk oversights, challenge and analytic insights on business decisions
b) Working closely with members of the Risk Committees by monitoring and reporting investment risk related matters, and identifying emerging risks with potential implications on the AIA's financial risk profile.
c) Coordinate the enterprise risk management process for AIA's pensions and asset management business.
Scope: Financial Risk (either Investment or Actuarial)
Roles and Responsibilities:
1. Risk Management Framework, Policies and Procedures and system
  • Support coordinating in the implementation of risk management process throughout AIA Bhd. and related companies as required according to the Board approved risk methodology.
  • Support rolling down the Risk Management Framework/ Policy and related risk policies from group as well as establishing relevant risk policies and procedures to meet local regulatory requirements. This includes review on a periodic basis to ensure continued relevance and appropriateness, as well as updating as necessary the relevant risk policies, incorporating feedback of Board and Management - this includes establishment of risk appetite, risk limits and review of the existing key risk indicators (KRI) and thresholds.
  • Work closely with all business functions to ensure all elements of operational and strategic risks are properly identified, assessed, mitigated, monitored and reported by implementing the Risk & Control Assessment (RCA) programme at AIA Bhd, and related companies as required. Entails assisting EXCO and respective Head of Department (HOD) to identify key operational risks in their respective areas. Subsequently, assist them to analyse and assess their risk in light of the AIA approved risk methodology. Thereafter to ensure that appropriate controls are in place and risks are managed within the approved risk appetite framework.
  • Ensure all incidents (including interpretation and roll down of relevant requirements) are captured and reported on a timely, accurate and complete basis to BNM, Group and/ or management, as well as to work with respective functions on root cause analysis with a view to prevent/ reduce recurrence and/ or impact of any similar incidents.
  • Ensure all Key Risk Indicators (KRI) required for reporting to BNM are accurate and timely. Supporting EXCO and HOD, to establish key risk metrics for monitoring as well as assessment of trends for any potential areas of concern. Such assessments should be tabled to the appropriate forums/ persons so that timely actions could be taken, noted and/ or key risks mitigated to the appropriate level.

2. Reporting and deliverables for Boards, Risk Committees, Regulators, Group and Management
  • Prepare / Complete all relevant materials/ papers on timely basis highlighting key risks, mitigating controls and action owner for EXCO, Group (Risk & RCE), respective local Risk Management Committees, Board Risk Committees and/or Board.
  • Monitor and ensure the execution of relevant action plans which includes materials prior and post meeting, logistics, minutes and matters arising as directed by the respective local Risk Management Committees, Board Risk Committees and/or Board within agreed timeline and acceptable standard of quality.
  • Ensure all relevant documents/data are updated into the folders. Housekeeping to be carried out at least once every quarter.
  • Conduct Regulatory as well as internal (local and Group) review and reporting, including but not limited to Operational risk - BNM ORION (KRI and loss event), outsourcing risk management programme, AAMP-Product operational risk assessment checklist (PORAC), Business case, New projects, Product implementation.

3. Embedding Risk Management
  • Create a positive risk based culture, where a robust risk assessment process is embedded that business units implement proactively and on an integrated basis.
  • Embed Integrated Risk Management, equipping and enabling risk owners to discharge their duties
  • Coordinate risk management education and awareness such as to educate all employees on risk management process and principles on a continuous and regular basis.
  • Provide risk assessment support for strategic/ business initiatives and products as well as relevant project management, outsourcing arrangements and investments.
  • Provide ERM awareness training during induction and risk workshop for senior management (when necessary).
  • Conduct survey on ERM awareness, delivery, effectiveness and impact with a view to continue to support the ongoing growth of the organization in a sustainable and resilient manner.

Minimum Job Requirements:
  • Degree in related field including Risk Management, Accounting, Actuarial Science, Finance, Investment or Business with 8-10 years relevant work experience in the financial industry handling risk management, internal audit, compliance and/ or controls
  • In-depth understanding of the Insurance business is preferred, especially in Investment
  • Good interpersonal and communication skills and self-motivated
  • Good written and spoken communication skills in English and local language
  • Independent and be able to work under pressure
  • Be organized, detail-oriented and analytical
  • Possess leadership, coaching and influencing skills business acumen problem solving skills
  • High level of integrity and take ownership and accountability of results

Job Details

About AIA Group

For more than a century, AIA has strived to make a significant, positive impact for our customers and communities across Asia, reinforced by our Purpose : to help millions of people live Healthier, Longer, Better Lives . Our Purpose guides the decisions we make and the actions we take as an organisation - empowering and enabling people to understand and manage their health, while meeting their long-term savings and protection needs. We believe that helping to create a healthier Asia is one of the most important and valuable things we can do for our communities, today and in the future.

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