Insurance Risk Management Leader

6 days ago

Hong Kong, Central and Western District, Hong Kong SAR China FWD Life Insurance Corporation Full time

About FWD Life Insurance Corporation

FWD Life Insurance Corporation is a leading pan-Asian life insurance business with over 13 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. The company was established in 2013 and is focused on revolutionizing the way people perceive insurance. FWD's customer-centric and digitally enabled approach aims to deliver innovative solutions, easy-to-understand products, and a more streamlined insurance experience.

Purpose

As a key member of the Insurance Risk Management team, you will support the Group Head of Insurance Risk Management in formulating the strategic direction and developing the relevant control framework to ensure insurance exposures underwritten by Business Units (BUs) are in line with the Board-approved Risk Appetite Framework and Enterprise Risk Management (ERM) Framework. In doing so, you will reference risks and expected returns, as well as policyholder reasonable expectations, regulatory constraints, credit/market risk, and solvency/capital requirements.

Key Accountabilities

  • Work closely with and support the Group Head of Insurance Risk Management to recommend the Risk Appetite Framework to the Board.
  • Collaborate with local Chief Risk Officers (CROs) to formulate the Risk Appetite Framework for financial and insurance risk for local Board approval.
  • Develop strategies and implement the relevant control framework to manage financial and insurance risk in accordance with the Risk Appetite and ERM frameworks.
  • Oversee and monitor the implementation of financial and insurance risk policies and relevant controls at the Group and BU levels.
  • Identify opportunities and implement initiatives to efficiently manage financial and insurance risk.
  • Enhance the insurance risk infrastructure for actuarial, product, Own Risk and Solvency Assessment (ORSA), Asset Liability Management (ALM), risk control, and monitoring.
  • Develop and lead the insourcing of General Insurance Enterprise Control Assurance (GIECA) validation, providing independent assurance on the appropriateness of the results.
  • Maintain a comprehensive set of risk monitoring indicators to monitor insurance risk exposures at local and Group levels.
  • Provide actionable advice on current and emerging issues for all business lines, as well as giving oversight in the management of all local market risk management frameworks.
  • Act as the second-line defense for risk management associated with financial and insurance risk, providing independent challenge to the business.
  • Support Corporate Projects, such as Group Wide Systems (GWS), Insurance Asset Investment Group (IAIG), Gemini, Mergers and Acquisitions (M&A) due diligence, and formulating integration strategies and target operating models for actuarial, IFRS 17, and other initiatives.
  • Be a market influencer and lead industry practitioners in working with regulators and professional bodies to align industry interests for new regulations and standardizing market practices.
  • Form a strong and experienced team to deliver tasks as required by the Group Head of Insurance Risk Management, Group CRO, and Group Risk Committee.
  • Supervise and support the BU Insurance Risk Management functions.

Qualifications/Experience

  • Preferably a qualified actuary with 10+ years of insurance industry experience.
  • A financial/actuarial degree/qualification from a recognized university/association.

Knowledge & Technical Skills

  • Deep insight and good understanding of actuarial and product development exercises.
  • Solid experience with valuation and capital management techniques.
  • Excellent communication skills with business acumen and project management skills.
  • Working knowledge of applicable laws, regulations, rules, codes of conduct across the markets.
  • Asset Liability Management.
  • Risk Analysis.
  • Risk & Compliance Reporting.

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