Chief Risk Officer (CRO) at Directline Assurance Company Limited

We seek to recruit a qualified self-driven and results-oriented individual to fill the position of Chief Risk Officer (CRO). The role holder will report to the Chief Executive Officer & Principal Officer.

The role

The Chief Risk Officer (CRO) is responsible for developing and overseeing the company’s risk management framework, compliance policies and governance structures to ensure regulatory adherence and financial stability. The role holder will ensure that all operational, financial, market, underwriting and regulatory risks are effectively identified, assessed and mitigated to safeguard the company\'s assets, reputation and long-term sustainability.

Key Reporting Relationships

Key Roles & Responsibilities

A. Risk Management Strategy & Framework

• Oversee and develop a comprehensive process for identifying, assessing, monitoring, managing and reporting business risks that could interrupt business operations.
• Develop and implement sound enterprise risk management (ERM) framework across all levels of the business in line with insurance industry best practices
• Report on known and emerging risks affecting the business to the executive and Board of Directors
• Align risk management strategies with business objectives and regulatory requirements.
• Lead the development of risk appetite statements and risk tolerance limits.

B. Regulatory & Compliance Oversight

• Ensure compliance with insurance regulatory requirements
• Maintain strong relationships with regulatory bodies, auditors, and external stakeholders.
• Oversee governance, ethics, and compliance programs across the organization.
• Monitor changes in regulatory frameworks and advise the Board and Executive team on necessary adaptations.

C. Operational Risk Management

• Identify and mitigate market, credit and liquidity risks affecting investment portfolios.
• Work closely with finance team to assess capital adequacy and solvency ratios.
• Ensure reinsurance strategies align with risk tolerance and financial goals of the business
• Conduct stress testing and scenario analysis to measure financial resilience.
• Oversee operational risk controls to prevent fraud, data breaches and business disruptions.
• Ensure robust cyber security, IT risk and data privacy frameworks are in place.
• Conduct risk assessments for new insurance products, services and partnerships.
• Develop business continuity plans (BCP) and disaster recovery strategies.
• Collaborate with Underwriting, Claims and Actuarial teams to manage technical risks.
• Ensure loss ratios, pricing models and underwriting policies align with the company’s risk appetite.
• Establish fraud detection measures in claims processing and policy issuance.

D. Leadership & Stakeholder Management

• Provide strategic guidance to the CEO, Risk Committees and the Board on enterprise risks.
• Lead and develop the risk management and compliance team.
• Work closely with internal audit, legal and finance teams to ensure strong risk governance.
• Foster a risk-aware culture through training and awareness programs across the company.

Qualifications and Competencies

• Bachelor’s degree in Risk Management, Finance, Actuarial Science, Business  Administration or a related discipline from a recognized university 
• Master’s degree in a business related field will be an added advantage.
• Professional certifications e.g. FRM (Financial Risk Manager), PRM (Professional Risk Manager), CFA, CPA, or CERA (Certified Enterprise Risk Analyst) are highly desirable 
• Membership to a professional body
• Relevant work experience of not less than ten (10) years, with at least five (5) years served in senior leadership in a similar role in insurance or financial services sector. 
• Deep and broad knowledge in risk management relevant to the breadth of the company’s operations anchored on a foundation of insurance risk and/or actuarial experience and including but not limited to underwriting, insurance, reinsurance, regulatory and ERM
• Deep knowledge of solvency requirements, underwriting principles, financial risk modelling, stress testing and analytics
• Strong understanding of the regulatory landscape more broadly with the ability to shape thinking and advise across the organization
• Broad awareness of the global political, economic and social factors that could influence/ impact the organization and its clients
• Must be highly numerate, able to frame the issues, take decisions, navigate the environment and add value to the organization
• Should have high level of integrity and understanding of corporate governance best practices
• Ability to assess and mitigate market, credit, and liquidity risks.
• Ability to engage with C-level executives, regulators and the Board.