Vice president, operational risk

1 week ago

Hong Kong, Central and Western District, Hong Kong SAR China Peak Re Full time

Get AI-powered advice on this job and more exclusive features. Peak Reinsurance Company Limited ("Peak Re" or the "Company") is a Hong Kong-based global reinsurance company. Since commencing its operations in 2012, the Company has grown steadily to rank 27th among global reinsurance groups in terms of net reinsurance premiums written. The Company reported a net profit after tax of USD160 million against reinsurance revenue of USD750 million in the first half of 2023 (six months ended 30 June 2023). With a total equity of USD1,260 million as of 30 June 2023, Peak Re enjoys an "A-" rating by AM Best. Peak Re is authorised by the Insurance Authority of Hong Kong under the Insurance Ordinance (Cap. 41). The Company offers both Property & Casualty ("P&C") and Life & Health ("L&H") reinsurance. It strives to provide clients around the globe with innovative and tailored reinsurance, risk management and capital management solutions. Position Overview: The role will oversee the planning, development, and execution of Peak Re Group's operational risk management framework as part of Enterprise Risk Management (ERM) framework. This role is responsible for identifying, assessing, mitigating, and monitoring operational and non-financial risks across the organization. The VP will work closely with various functions to ensure that risk management strategies are effectively integrated into business processes. The successful candidate will work in conjunction with the local and Group Operational Risk stakeholders as well as the Peak Re ERM team and 1st line of defence (1 Lo D) Global Operations team. Job Responsibilities: Lead all aspects of Operational and non-financial Risk oversight for Peak Re Group, providing holistic advice to the Group ERM function and functional leaders. Develop, enhance, and implement the operational risk management framework, policies, and procedures to identify, assess, mitigate, and monitor operational risks, ensuring compliance with regulatory requirements and industry standards. Proactively develop a robust risk culture conducive to best practice risk management, in line with Peak Re's risk strategy and philosophy. Collaborate with internal functions, including IT, compliance, finance, and HR, to ensure effective risk management practices are in place and provide ongoing support and training. Lead the Risk and Control Self-Assessment (RCSA) process, ensuring that all operational risks are identified, assessed, and documented. Collaborate with various functions to review their control setups and rate the effectiveness of controls. Implement and maintain the Internal Control System (ICS) to ensure that all controls are designed correctly and operating effectively. Regularly review and update the ICS to address any identified deficiencies. Oversee the day-to-day ORM activities across relevant businesses, including reviewing and challenging local Operational Risk information, identifying emerging risks, and conducting Quality Assurance reviews. Conduct regular risk assessments and reviews to identify potential operational risks, develop action plans to address them, and monitor the effectiveness of risk management procedures. Develop and maintain an operational risk incident report, and where there is an incident or near-miss, assess the potential operational and financial impact to the company, carry out a root cause analysis, and ensure appropriate controls/mitigations are in place where appropriate. Develop and maintain an Operational Resilience framework, including risk identification and management, Business Continuity Management, People Management, Disaster Recovery Plan, Cyber Resilience, and reporting/governance, and third-party management. Prepare reports on operational risk management activities to senior management, Risk Management and Compliance Committee, and the board of directors. Provide Operational Risk oversight of large-scale global and local projects as well as BAU risk processes. Design and execute change management, communication, and training plans to drive risk culture, strategy, initiatives, projects, efficiency, and capabilities forward. Support the continuous improvement and practical execution of Risk Governance to facilitate all key risk management activities across the three lines of defense. Job Requirements: Bachelor's degree in risk management, finance, business administration, or a related field. Minimum 10 years of experience in operations, process engagement/improvement, enterprise risk management, and/or related fields in financial institutions or advisory companies. Relevant experience in the reinsurance/insurance industry is preferred. Proven track record of developing and implementing effective risk management strategies and controls. Comprehensive knowledge of risk management principles, practices, and regulatory requirements. Strong analytical and problem-solving skills, with the ability to identify and assess complex operational risks. Excellent communication and interpersonal skills, with the ability to work effectively with stakeholders at all levels of the organization. Highly advanced influencing and negotiation skills. Occasional travel may be required. Seniority level Mid-Senior level Employment type Full-time Job function Other#J-18808-Ljbffr

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