Job Description
This role will provide oversight and strategic direction for the management of financial and operational risks across the Company. The CRO is responsible for identifying, quantifying, monitoring and managing financial and operational risks. These risks relate to the local regulatory framework, the local licensing, distribution and compliance frameworks.
The CRO will partner with the Company's leadership team to ensure that the Company is anticipating potential risks and regulatory risk related rules and formulate strategies to manage these risks proactively.
Key Responsibilities
General
- Assist the Company's CP, CFO and Executive Committee to develop risk reporting systems/procedures and communicate risk management policies, risk appetite and risk limits.
- Develop, maintain and continually assess the risk management framework.
- Develop risk mitigation strategies for the life segment critical risks in Risk register.
- Establish, communicate and facilitate the use of appropriate risk management methodologies, tools and techniques
- Organize and manage the risk committee.
- Liaise with the Global Risk team for enterprise-wide risk assessments and monitoring key risks across the region.
- Provides an independent view regarding proposed business plans and business transactions.
- Represent the Company to external constituents such as regulators and/or outside company directors.
Financial Risk
- Oversee the development of programs to measure and monitor risk related to (but not limited to) ORSA, ALM, product development, capital management
- Set risk tolerances, asset allocation, and liability structure based on Chubb Life's risk appetite and regulatory requirements.
- Conduct stress testing and scenario analysis to evaluate the impact of potential adverse events and accumulation of risk exposures, assigning actions to relevant Chubb Life committees
- Establish strategies and drive execution of programs to mitigate financial risk, including reinsurance.
- Ensure compliance with all regulatory requirements related to ALM
- Monitor and report on risks and regulatory environment to enable sound and strategic decision making
- Monitor industry best practices and emerging trends in ALM to enhance the effectiveness and efficiency of risk management processes. Identify opportunities for process improvement and implementing them.
Operational Risk
- This role requires close collaboration with the Compliance team to ensure all operational risk management activities align with regulatory requirements and internal policies.
- Act as a liaison between Operational Risk and Compliance to identify, assess, and address compliance risks within business processes.
- Stay updated on regulatory changes and work with Compliance to integrate new requirements into the risk management framework.
- Develop and implement a comprehensive risk management framework for the company's financial operations
- Establish systems and processes to monitor and measure operational risks on an ongoing basis. This includes tracking and reporting key risk metrics, incidents, and emerging trends to senior management, risk committees, and relevant stakeholders.
- Evaluate and review current business processes to identify potential operational risks and areas of improvement. Engage and collaborate with business units to develop and implement risk mitigation plans and process enhancements
Enterprise Risk & BCM Leadership
- Define and lead the enterprise-wide risk management vision, framework, and governance model, ensuring alignment with the company's long-term strategic objectives, capital plan, and regulatory requirements for the life insurance industry.
- Establish a comprehensive Risk Appetite Framework (RAF) in collaboration with the Board Risk Committee and the CEO, ensuring that business decisions, pricing, underwriting, investment strategies, and product development remain within approved risk tolerances.
- Champion a risk-aware culture across all levels of the organization by integrating risk considerations into strategic planning, business performance reviews, incentive structures, and operational processes
Leadership
- Develop and implement a strategic vision for financial risk management within the organization
- Build and maintain relationships with internal stakeholders, including senior management, department heads, Global Risk, and employees, to promote risk awareness, communication, and collaboration.
- Provide guidance, support, and training to foster a culture of risk management excellence and continuous improvement.
Qualifications
Specification & Certificate required:
- Bachelor's or Business Degree in Finance, Actuarial Sciences and Professional qualification (e.g. in accounting, actuarial, risk management of business management)
- 10 years+ relevant experience in Life Insurance industry.
Competency Required (Knowledge, Skills, Attribute)
- Detailed understanding of the industry practices, systems and processes.
- Sound understanding of ALM risk principles.
- Ability to demonstrate high degree of credibility and influence among senior stakeholders.
- Previous experience working in a multi- national environment in APAC.
- Fluency in English, other Asian languages would be advantageous.
- Good communication and negotiation skills.
- Ability to work with diverse group of stakeholders, both internal and external.
- Flexibility to work within multiple time zones and a highly matrixed environment.
- Broad understanding of A&H, par Insurance products and practice
- Highly analytical with the ability to interpret large volumes of data.
Ability to interpret financial information
