Senior Risk Officer at Jubilee Insurance

Role Purpose

The Senior Risk Officer will oversee and manage the organization's risk management framework, policies, and processes. The job holder will be responsible for identifying, assessing, and mitigating risks to ensure the company operates within acceptable risk tolerances and complies with regulatory requirements.

Key Responsibilities

Strategy

• Develop and implement a comprehensive risk management framework and policies aligned with industry best practices and regulatory guidelines.
• Develop and maintain risk mitigation strategies and controls, including the implementation of risk management plans and processes.

Operational

• Identify and assess risks across various areas of the organization, including underwriting, claims, investments, operations, and compliance.
• Conduct risk assessments, analyse data, and evaluate the potential impact and likelihood of identified risks.
• Monitor risk indicators and key risk metrics to identify emerging risks and potential vulnerabilities.
• Collaborate with internal stakeholders, such as senior management, underwriters, actuaries, and compliance officers, to ensure effective risk management practices and promote a risk-aware culture.
• Provide guidance and support to business units in identifying and assessing risks associated with new products, initiatives, or operational changes.
• Monitor and analyse industry and regulatory developments to ensure compliance with risk management regulations and best practices.
• Evaluating the effectiveness of risk management programs and recommending changes as necessary.
• Develop and deliver risk management training programs to enhance risk awareness and understanding across the organization.
• Prepare risk reports and presentations for senior management and board meetings, providing insights on the organization's risk profile and recommending risk mitigation strategies.
• Facilitate maintenance and review of risk register with the risk owners.
• Monitor and follow up on closure or remediation of identified risk issues with the risk owners.

Corporate Governance

• Stay updated on emerging trends, best practices, and industry benchmarks related to risk.
• Adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry and all internal company policies and procedures.
• Ensuring compliance with applicable statutory and regulatory requirements and establishing mitigation measures against emerging business risks.
• Provide assurance regarding the effectiveness of the Risk Management, Control, and Governance Processes

Leadership & Culture

• Fostering a corporate culture that promotes ethical practices and good corporate citizenship while maintaining a conducive work environment.
• Collaborate with cross-functional teams to develop initiatives that promote a positive and inclusive company culture.
• Individualized Development Planning: Create personalized development plans that align with your career aspirations and the organization's objectives.

Laws, Regulations and Company Policies

• Stay informed about and strictly adhering to all applicable laws, including Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) laws, Data Protection laws, and any other relevant regulations applicable to the industry; Understand, implement, and enforce internal company policies, processes, and procedures; Ensure that operational compliance programs are in place within your department. Develop and implement processes and controls that promote compliance with external laws, regulations, and internal policies; Foster a robust ethical culture within the organization, Lead by example, demonstrating and promoting ethical behavior, integrity, and compliance with laws and regulations. Encourage open communication and reporting of any potential compliance concerns or violations.

Key Skills and Competencies

• Risk Management Expertise: In-depth knowledge of risk management principles, frameworks, and methodologies within the insurance industry.
• Analytical Thinking: Strong analytical skills to identify, assess, and evaluate risks and their potential impact on the organization.
• Problem-Solving: Ability to develop innovative solutions to mitigate risks and address complex risk management challenges.
• Strategic Mindset: Ability to align risk management practices with organizational strategies and objectives.
• Communication Skills: Excellent verbal and written communication skills to effectively communicate risk-related information to stakeholders at all levels.
• Collaboration: Strong interpersonal skills to collaborate with cross-functional teams and foster a risk-aware culture.
• Attention to Detail: Thoroughness and accuracy in conducting risk assessments, analyzing data, and preparing risk reports.
• Leadership: Ability to provide guidance, mentorship, and support to junior risk management staff.

Academic & Professional Qualifications

• Bachelor’s degree in risk management, business administration, or related field.
• Professional certifications in risk management

    Relevant Experience 

• 7 years’ experience in risk management, with at least 3 years in a supervisory role
• Experience working in the insurance or banking or financial services industry.
• Proven track record of developing and implementing effective risk management strategies.
• Strong understanding of financial risks and regulations.
• Proficiency in data analysis and interpretation using statistical tools and software.