Head of Financial Risk Management

  • 35696
  • Life - Actuarial
  • |
  • Hong Kong
  • |
  • Aug 27, 2019
Insurance
RESPONSIBILITIES
  • Ensure Company’s Financial Risk Management Standards, policies and frameworks, are established and followed accordingly with appropriate adaption to Hong Kong’s operating condition, if needed.
  • Manage Audit Risk Compliance Committee and Board Risk Committee on financial risk related matters, both technically and logistically.
  • Run an effective 2nd line of defense on financial risk management by providing technical 2nd opinion on areas such as:
  • Investment & ALM strategies, Strategic Assets Allocation.
  • New asset class assessment.
  • Economic assumptions in different basis, Solvency II Best Estimated Liability, IFRS & Local Statutory reserving etc.
  • Derivatives hedging strategies.
  • Liquidity stress and contingency plan are in place and tested annually.
  • Ensure that comprehensive risk profiles are prepared, maintained and reported in the financial aspects of Hong Kong’s business through close collaboration with front line business partners such as CIO, Head of ALM, Finance Business Partners, Product Pricing and Actuarial team. When needed, support the annual risk assessment process for specific functional departments such as Finance, Investment etc.
  • Advise CRO in specific financial risk mitigation strategies:
  • Take the proactive role in challenging Investment, Actuarial and other relevant parties in all financial risk matters and mitigation strategies, e.g. the use of various types of derivatives.
  • Oversee all investment mandate and derivatives programs being developed for risk mitigation or other purposes.
  • Oversee the Risk Appetite Framework development, financial risk limits setting, monitoring and collaboration with various departments in formulating mitigation plan when breach of limit occurs.
  • Oversee all aspects of Solvency II matters relating to financial risks and to ensure proper compliance such as:
  • Managing the Data Quality Framework in relation to all asset data.
  • Supporting the preparation of the Own Risk and Solvency Assessment Reporting.
  • Enforcing the Solvency II Internal Model Validation Policy by challenging the validation activities on financial risk components.
  • Ensuring the Use Test requirements are followed such as ALM decisions are made with proper assessment on the impact to the full range of Risk Appetite metrics.
  • Ensuring the Solvency II documentation framework are fulfilled according to Group guideline.
  • Supervise the emerging risks framework on financial and economic risk is implemented according to established requirements.
  • Drive a sound risk culture, promoting open discussion within the business, debate and challenge across functional units, independent peer review as a norm with regard to key reports and decisions, and pro-active management of risks and issues. Work closely and collectively with functional units to support management in ensuring their risks are identified, assessed, reported and managed.
QUALIFICATIONS
  • Over 12 years of experience in investment and financial risk management in financial services industry, preferably in insurance.
  • Strong knowledge and hands on experience in quantitative finance such as the application of derivatives for hedging purposes, ALM, VaR.
  • Confident in challenging the 1st lines in all aspects relating to financial risk matters.
  • Professional designation: preferably a Qualified Actuary.
  • Strong people communication and presentation skills in English and Chinese.