Risk Senior Specialist (Operational Risk, Projects and IT/ Tech)

FWD Life Insurance

About FWD Life Insurance 

FWD Life Insurance Corporation (FWD Life Insurance) launched its commercial operations in September 2014. As of end-2020, FWD Life Insurance ranks 2nd and 4th in terms of Paid-up Capital(1) and New Business Annual Premium Equivalent(2), respectively.

FWD Group is a pan-Asian life insurance business with approximately 10 million customers across 10 markets, including some of the fastest growing insurance markets in the world. In the Philippines, FWD has 17 business hubs located in key cities nationwide, with its headquarters in Bonifacio Global City in Taguig.

Established in 2013, FWD is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.

POSITION OVERVIEW:

The Risk Senior Specialist is responsible for assisting in the execution of the annual Risk Management Plan. The job uses in-depth analysis to identify emerging risks, new opportunities and movement in existing risks that could impact FWD. Risk disciplines to cover but not limited to include:

  • Financial risk (Credit, Liquidity, Market)
  • Insurance risk
  • Legal and Compliance risk
  • Operational risk
  • Technology risk
  • Strategic risk

The role provides the company with a second line challenger function on business decisions, risk assessments and support on strategic projects.  Senior Risk Analyst will primarily support the Chief Risk Officer in implementing the Operational Risk plan on areas of Technology Risk, Incident/Issue management, Outsourcing and Project risks.

KEY RESPONSIBILITIES:

1. Assists in the execution of the annual Risk Plan and the assigned risk disciplines as directed by the CRO and/or Risk Management Director. Primary focus but not limited to the following tasks:

  • Technology Risk Management: Works closely with IT department in identifying, prioritizing, mitigating and reporting of technology related risks, including cybersecurity. Coordinate with IT on the design and testing of Disaster Recovery program of the company. Design, monitor, measure and report technology KRIs and provide update to Management and relevant risk committees. Perform KCSA and test effectiveness of controls in managing IT systems.
  • Incident and Issue Management, liaising with cross-functional teams to provide second-line support by helping the first-line of defense in assessing the impact of the incident and the effectiveness of the proposed resolutions.
  • Project risk assessment, liaising with cross-functional teams to provide risk and control assessment on the proposed projects. Be able to provide valuable recommendation and opinion on project initiatives.
  • Outsourcing assessment, liaising with cross-functional teams to provide guidance and risk assessment for third party arrangements and ensure compliance to group-wide supervisory requirements.
  • Key Control Self-assessment for various business process or projects.

2. Identifies potential emerging risks and provides recommendations on mitigation strategies. Keep abreast of risk management and regulatory changes and ensures compliance where necessary.

3. Facilitates risk training to all employees and provide guidance on technical related risk.

4. Provides risk management team with recommendations on strategic initiatives and process enhancements.

REQUIREMENTS:

  • Bachelor’s degree in IT, Computer Science, Accountancy, Management/Process engineering or Business Administration.
  • Professional certifications in Risk Management, Compliance, Audit or Project Management is an added benefit.
  • 3 years of professional experience in Risk Management/Compliance or Audit or 3 years experience in a first line operational role within a life insurance company.

TECHNICAL COMPETENCIES:

  • Communication:  Strong communication skills required with the ability to communicate appropriately with all levels within the organization. Ability to create presentations and other material to easily communicate Risk related matters.
  • Problem Solving: Ability to conduct root cause analysis and aid the business in identifying alternate resolutions to issues.
  • Innovation:  Assist the business in identifying new processes or controls as needed when working with the business on strategic projects or assisting them in resolving incidents.
  • Analytical:  Ability to assess vulnerabilities in IT systems, business processes, third party arrangements and projects to identify risks and potential issues and recommend controls or resolutions.

OTHER REQUIRED COMPETENCIES:

  • Customer Led:  Uses feedback and interpersonal ability to establish and maintain positive relationships with customers.
  • Deliver the vision:  Is able to describe what the plans are for own role and function and how they link to the company vision.
  • People orientated:  Delegates work and supports team members to deliver on tasks. Seeks input from team and encourages cooperation towards team goals
  • Decision making:  Involves relevant stakeholders in the decision-making process. Recognizes opportunities or problems requiring attention and evaluates the benefits/risks of taking action versus inaction.
  • Market led:  Identifies the importance of different markets, customers and emerging products and technologies relevant to own area
  • Strategy focused:  Delivers against and support the Functions strategy and can articulate the link between the functions strategy and their own role
  • Cultural alignment:  Actively seeks out and shares information about the company culture and acts accordingly as appropriate. Follows procedures, policy and cultural standards.
  • Drive results:  Ensures role KPI’s relate and contribute to the broader team objectives. Has specific and measurable goals and tracks progress against them.

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