Chief Manager - Financial Risk Management - BFSI

JOB SUMMARY

Responsible to analyze and monitor the risk assessment and management in areas of Financial risk (Insurance risk and Investment risk). These are by using statistical, quantitative and qualitative techniques in key areas of managing ALM, product pricing risks, Insurance risks, strategic risks and Capital/Solvency Risks.

KEY RESPONSIBILITIES:

Liability Risk Management

- Support and oversight into managing ALM related risks including strategic asset allocation and investment strategies for par and non-par lines of business to drive the evaluation of risk and rewards associated with various instruments; including running figures through complex modelling techniques to find value at risk (VAR) measurements and other risk assessments wherever necessary

- Assess Liability Risk profile of key products and define product risk spectrum, basis which work with Pricing and Product's team on products with adverse impact on the company

- Perform stress and scenario testing in ascertaining risks to the embedded value and value of new business by analyzing various risk scenarios

- Provide 'Risk view' on company's initiatives and participate in key decision making including strategic planning, product structures and distribution experiments to identify risks and opportunities embedded therein

- Review of Liquidity risk, Reinsurance proposal, Economic Capital and other liability aspects where Risk team is expected to provide its input

- Measure, evaluate and manage effectiveness of product strategies deployed to mitigate risks embedded within new products to ensure risk optimization within portfolio

Derivative Management:

- Support CRO in overall derivative governance and its implementation

- Conduct stress testing of derivative portfolio and impact on the solvency of the company

- Modelling of different derivative contracts to assess the impact of market movement on MTM and other accounting and financial metrics such that Risk team has an independent view of the derivative portfolio.

Strategic Risk Management

- Support CRO in his strategic review of Business Plan from all risks perspective

- Support in Solvency monitoring against the planned trajectory, including calculations of stressed results,

- Analysis of key components of financial statements from a risk perspective, and variances therein

Risk Management Strategy and Framework

- Support in review and enhancements to the Risk Appetite Statement and other components of the risk management framework for managing risks across the organization.

- Actively collaborate with different stakeholders to all risks are comprehensively disclosed and deliberated in various Management and Board level governance forums like Operational Risk Group (ORG), Management Risk Committee (MRC) and Risk, ethics and ALM Committee (REALMC)

- Conduct research/statistical analysis to assess the severity of risk exposures and tolerances for managing insurance and financial risks are within the risk appetite

- Support development of risk policies and management strategies for financial risks and deploy the Risk Management Framework to required teams; Oversee & monitor adherence and compliance to risk policies, standards & procedures specifically for insurance and financial risks

- Present ideas via reports and presentations, outline findings and make recommendations for improvements across various processes in managing risks

Risk team's independent assessment:

- Carryout quantitative analysis for monitoring and management of insurance risks, mainly mortality and discontinuity risks

- Work with Product Pricing team to highlight any risk scenarios that may not have been taken into consideration or if the pricing process is not following the Risk management framework or policy; and to support and analyze performance of products vs pricing assumptions;

- Support in independent assessment of various investment proposals as per requirement

DESIRED QUALIFICATION/SKILL SET and MEASURE OF SUCCESS

Desired qualification and experience

- Actuarial (8-10 papers/Associate Actuary - with SP2 & SP5 cleared). 6-8 years of experience in relevant field with understanding of the Insurance (Life) Industry in India and internationally

- Completed/Pursing competitive courses like CFA/FRA/other certifications in the field of ERM will be a plus

- Experience in working with business intelligence tools like Tableau/Qlickview/Power BI/SAP BI etc will be a plus

- Background as an Actuary in relevant Insurance (Life) / Reinsurance / Consulting organization and good understanding of actuarial techniques in areas of EV, Business Planning, ALM, Product Pricing, EC will be an added advantage

- Knowledge of general tools and techniques of risk management in the life insurance space

Skills required:

- Strong Analytical skills and process orientation

- Self-starter with strong self-motivation and a capacity to work in a dynamic environment

- Strong Presentation, communication and interpersonal skills

- The ability to collaborate with mainly Finance and Actuarial team on various technical matters.

Measure of Success:

- Improved risk assessment across various decision making processes

- Adherence to timelines and quality on delivery of key areas of responsibility

- Feedback from supervisor and CRO