Assistant General Manager – Risk and Compliance at GA Insurance

Job Summary:

The role is responsible for the development and maintenance of a well-defined Enterprise Risk Management Framework. The position holder is responsible for the identification, measurement, mitigation, monitoring, and reporting of risks on a timely basis.

Duties and Responsibilities:

• Designing and implementing an overall risk management process for the organisation, which includes an analysis of the financial impact on the company when risks occur
• Review and maintain the Company’s Enterprise Risk Management (ERM) Framework ensuring that the right risks are identified and are being managed; the assessments of the likelihood and consequences of each identified risk are current and realistic; and plans for managing each identified risk, including decisions to bear any risks unmitigated, are appropriate and effectively implemented.
• Establish the Company’s Stress Testing Framework that covers the major risks (Operational and Liquidity Risks)
• Carry out periodic analysis to ensure that the Company’s risk appetite with regard to the Credit risk management processes is maintained and achieved.
• Develop, maintain, and update the Company’s Internal Risk Assessment Process in line with the Company’s Strategic Plans, regulatory requirements, and risk management practices.
• Ensure the necessary policies, procedures and controls are in place with regard to complying with applicable laws, regulations and international standards and best practices applicable to the Insurance Industry.
• Ensure the Company is in compliance with various internal policies and procedures; and external regulation such as IRA/CBK regulations and relevant laws.
• Implement and monitor the Company’s Anti-Money Laundering & Whistle-blowing programme.
• Aggregate, review, and report, at least quarterly, information on the major risk exposures of the Company’s Business and Support Units.
• Acts as the contact person for IRA regulators and inspectors and ensures AML compliance and returns are done in accordance with the Proceeds of Crime and Anti-Money Laundering & Prevention of Terrorism Acts.
• Facilitate Company-wide required trainings on AML Compliance and other risk related required trainings.
• Establish a culture within the Company that emphasizes commitment to internal controls, risk management and high ethical standards.
• Oversee and manage the Company’s Information security systems while ensuring the security triad of Confidentiality, Integrity and Availability is achieved and maintained.
• Develops the risk & compliance annual strategy and budget for the department.
• Oversee and manage the implementation of the Company’s Business Continuity Planning and Disaster Recovery Management.
• Represent the risk and compliance function at the MANCO, strategy, and other committee meetings as and when requested and advice on risk issues. Ensuring business heads understand the risks that might affect their departments; ensuring individuals understand their own accountability for individual risks
• Compile Risk reports and other presentation materials for the BRMC quarterly meetings and oral presentations to the BRMC.
• Minute the BRMC meeting and notify the management and respective functional heads on resolutions arrived at.
• Act as the contact person for GA’s subsidiaries in relation to risk matters, develop & compile risk reports and make oral presentations in their BARC quarterly meetings.
• Building risk awareness amongst staff by providing support and training within the company

Knowledge, Experience, and Qualifications

• University degree in any of the following subjects is not mandatory, but preferable, Risk Management, Management or Business Studies, Finance or Economics, Science, Statistics, Engineering and Law.
• Postgraduate qualification and professional risk qualification will be an added advantage.
• At least 8 years’ experience in Financial Services with a minimum of 5 years relevant experience in Risk & Compliance at Senior Manager level in Insurance, Banking or Financial Services Sector.
• Ability to understand and document workflows and business processes.
• Knowledge and effective application of Insurance policies, processes, and practices.
• A sound understanding of regulatory framework.
• Ability to understand and interpret financial information and principles.

Personal Attributes

• Attention to detail.
• Demonstrates a high level of ownership and commitment to achieving results, solution oriented.
• Excellent Communication and report writing skills.
• Excellent interpersonal skills.
• Excellent organizational and planning skills.
• High levels of professionalism and professional development.
• Honest with impeccable integrity (high ethical standards)
• Ability to work with all levels of the Board and Management, across business units and departments.