Enterprise Risk & Compliance Officer at GA Insurance

Job Summary:

• The position is responsible for assisting in identifying, assessing, mitigating, reporting, and monitoring all enterprise risks including compliance with Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), data protection and business continuity Plan (BCP) and exposures. The role also ensures alignment and compliance with regulatory standards, corporate governance principles, and industry’s best practices.

Duties and Responsibilities:

Enterprise Risk Management

• Co-develop and maintain a risk management strategy for the group
• Carry out comprehensive risk assessments across the business & functional areas in line with the risk management framework.
• Co-develop and implement systems, policies and procedures for the identification, collection and analysis of risk related information.
• Evaluate the adequacy and effectiveness of controls established by management to ensure that identified risks are appropriately mitigated at both departmental and process levels.
• Maintain the risk registers and assist management in tracking progress on the implementation of risk mitigation action plans.
• Continuously liaise with the various departments to identify, quantify, mitigate and monitor operational and financial risk across the region.
• Co-develop and implement risk response strategies to ensure that risks are addressed accordingly
• Monitor risk and communicate information to the relevant stakeholders to ensure the continued effectiveness of the enterprise’s risk management strategy.
• Review new and on-going products to ensure that they are carried out only after a comprehensive risk assessment is done
• Facilitate awareness and training programs on risk management, controls, and compliance activities.
• Carry out portfolio stress tests.
• Provide reports on a monthly and quarterly basis, and as directed or requested.

Compliance

• Coordinating the Anti–Money Laundering, Data Protection, and other regulatory activities
• Implement and maintain effective internal controls to prevent and detect potential compliance violations within insurance operations
• Ensures that applicable regulations are complied with by the business units through day-to-day monitoring and regular review of compliance to legislation, regulations and internal policies and controls.
• Ensures that Compliance risks are identified, assessed, controlled, and enforced through the organization.
• Identification and reporting of suspicious transactions.
• Stay updated on industry regulations, compliance requirements, and best practices.
• Review the business continuity programme within the company and ensure that regular tests are conducted and the policies and frameworks are regularly updated.
• Identifying areas of weakness with regards to business continuity and recommend remedial measures in consultation with all the relevant stakeholders.

Education/Qualifications:

• Bachelor’s degree in Business, Finance, Actuarial, IT, Law or any other related course.
• Risk Certification or Equivalent Professional qualification.
• Member of a relevant professional body will be an added advantage.

Work Experience:

• 3-5 years’ experience within risk management or compliance space
• In-depth knowledge of the financial services industry.
• Proven track record of successfully implementing strategic initiatives and driving process improvements.

Skills & Competencies

• Strong analytical and organizational skills.
• Personal attributes: integrity, dependable, initiative-taking, results-oriented, creative, and strong interpersonal skills.
• Ability to operationalize strategy into action for the function.
• Effective communication skills, both verbal & written.
• Proactive approach to staying updated on regulatory developments.
• Knowledge in automation in risk management
• Data analytics