Assistant Vice President, Group Insurance Risk Management

About FWD Group

FWD Group is a pan-Asian life and health insurance business that serves approximately 30 million customers across 10 markets, including BRI Life in Indonesia. FWD’s customer-led and digitally enabled approach aims to deliver innovative propositions, easy-to-understand products and a simpler insurance experience. Established in 2013, the company operates in some of the fastest-growing insurance markets in the world with a vision of changing the way people feel about insurance.

For more information, please visit www.fwd.com

PURPOSE

Support the Group Head of Financial Risk Management to formulate the strategic direction and develop the relevant control framework to ensure insurance exposures underwritten by BUs are in line with Board approved Risk Appetite Framework and ERM Framework. In doing so reference should be made to risks and expected return, as well as policyholder reasonable expectations, regulatory constraints, credit/market risk and solvency/capital requirements.

KEY ACCOUNTAIBILITIES

• Work closely with and support Group Head of Financial Risk Management to recommend the Risk Appetite Framework to the Board

• Work closely with local CRO to formulate the Risk Appetite Framework for financial and insurance risk for local Board approval

• Formulate strategies and implement the relevant control framework to manage financial and insurance risk in accordance with the Risk Appetite and ERM frameworks, and drive management actions to control or mitigate the risks if necessary at Group or local level

• Lead in producing GWS reports (ORSA, Recovery Plan, Liquidity Management Risk Report) and responses to the regulators

• Lead in risk assessment in product pricing and development and work with 1st line in development of relevant risk controls and mitigations

• Lead in risk assessment in distribution compensation proposals and work with 1st line in development of relevant risk controls and mitigations

• Oversee and monitor the implementation of financial and insurance risk policies and relevant controls at Group and BU level

• Identify the opportunities and implement initiatives to efficiently manage financial and insurance risk

• Enhance the insurance risk infrastructure for actuarial, product, ORSA, ALM, risk control and monitoring, etc.

• Develop and lead the GIECA validation, to provide independent assurance on the appropriateness of the results

• Support in reviewing the methodologies and assumptions use for reporting under GWS, IFRS and local capital regime etc

• Provide oversight to local BUs’ experience studies and assumption settings

• Maintain a comprehensive set of risk monitoring indicators, to monitor insurance risk exposures at local and group level

• Provide actionable advice on current and emerging issues for all business lines as well as giving oversight in the management of all local market risk management frameworks.

• Act as the second line defense for risk management associated with financial and insurance risk providing independent challenge to the business

• Support Corporate Projects, such as GWS, IAIG, M&A due diligence and formulating integration strategy, target operating models for actuarial, IFRS 17, etc

• Be a market influencer and able to lead industry practitioners that work with regulators and professional bodies to align industry interest for new regulations and standardizing market practices

• Form a strong and experienced team to deliver the tasks as required by Group Head of Financial Risk Management, Group CRO and Group Risk Committee

• Supervise and support the BU Insurance Risk Management functions, and help enhancing the local FRM teams’ capabilities

QUALIFICATIONS / EXPERIENCE

• Preferably qualified actuary with 15+ years insurance industry experience

• Financial/actuarial degree/qualification from a recognized university/association

KNOWLEDGE & TECHNICAL SKILLS

• Deep insight and good understanding of actuarial and product pricing and development exercises

• Solid experience with valuation and capital management techniques

• Excellent communication skill with business acumen, and project management skills

• Working knowledge of applicable laws, regulations, rules, codes of conduct across the markets

• Asset Liability Management

• Risk Analysis

• Risk & Compliance Reporting