AVP Risk Management

  • 34535
  • Life - Other
  • |
  • Ontario, Canada
  • |
  • Jan 17, 2019
Reinsurance
RESPONSIBILITIES
  • Supporting implementation and maintenance of ‘three lines of defence’ risk management framework across the Retro Business Unit. In addition to being directly accountable for the second line, this role will provide support and training to first line and liaise with first and third lines of defence as required
  • Maintenance of risk and governance framework in accordance with business changes and best practice
  • Overseeing ongoing implementation and operation of risk management policies in Retro BU, providing risk oversight and challenge.
  • Overseeing maintenance of local risk management tools including BU qualitative ORSA, BU risk register, BU loss event log, compilation of quarterly Risk MI for Retro Business Unit
  • Contributing to risk management and corporate policy documents applicable to the Division and Retro Business Unit
  • Performing risk reviews in relation to major Retro BU initiatives as required, including for major transactions
  • Monitoring compliance with risk policies
  • Overseeing testing procedures and controls
  • Facilitate, monitor and review first line’s Risk and Control Self Assessments for key operational risk processes in Retro BU
  • Liaise with Director, Operational Risk in particular on RCSAs for the Retro BU that can be used as a template across the Division eg operational, finance and valuation processes connected with the new administrative system being implemented across the Division.
  • Provide general support to Director, Operational Risk, Division for operational risk activities within the BU and at Division level where practicable:
  • Review completeness and accuracy of RCSAs.
  • Monitor mitigation actions in progress
  • Ensure risk events and issues are recorded timely and monitor/support remediation activities
  • Support, review and report on Operational Risk Appetites & KRIs
  • Timely reporting/escalation to governance committees
  • Facilitate Operational Risk Scenario analysis in Retro BU
  • Oversee agreed strategic projects ensuring operational risks are addressed
  • Provide business training on: polices/themes/trends/actions/gaps
  • Potentially represent PL Re in operational risk forums with Corporate ERM as support/deputy to Director, Operational Risk
  • Chairing the Retro Business Unit Risk Management Committee Participating in the Division Risk Management Committee as required
  • Assist in the fulfilment of regulatory requirements related to risk management in accordance with all applicable regulations
  • Ensuring risk issues and loss events are escalated to the Division CRO/risk management committee and legal entity board/BRC where appropriate
  • Leading Retro Business Unit risk monitoring activities including production and review of BU Risk MI
  • Maintaining awareness of developments in relevant (re)insurance markets
  • With legal and business colleagues identifying and analysing regulatory developments in relevant territories and potential impact
  • Oversight of economic capital model for Retro Business Unit with support from R&D and Corporate Actuarial departments Working with Risk Management colleagues to enable consistent and accurate consolidation of EC outputs from Retro models to Division model
  • Supporting analysis of change in EC results between reporting periods
  • Inputting to stress and scenario testing exercises at legal entity and business unit level
  • Validation activities in respect of calibration of the Division economic capital model and PLRL’s partial internal model
  • Oversight of BU outwards retrocession programme Maintenance of local business insurance programmes
QUALIFICATIONS
  • Strong understanding of life insurance industry
  • Good understanding of related process and requirements including economic capital and insurance reporting and valuation operational processes
  • A relevant professional qualification with 5 years’ relevant business experience, preferably in an insurance environment
  • Familiarity with relevant financial reporting standards such as US GAAP/LICAT/IFRS
  • Understanding of: Risk management frameworks and how to implement and maintain them, relevant aspects of the regulatory environment, use and implementation of economic capital models
  • Ability to work independently e.g. as project manager or on discrete tasks
  • Word, Outlook, Excel skills
  • Ability to proactively question and challenge the business in the development of reinsurance products in North America
  • Ability and confidence to provide robust challenge to colleagues, including senior management, and a willingness to challenge the status quo
  • Ability to communicate complex concepts and information to a variety of stakeholders (management, regulators, board, staff) both orally and in writing