Assistant Vice President, Group Risk Management (Insurance)
Country:
Singapore
State:
Singapore
Job Function:
Risk Management & Sustainability
Job Posting Date:
9 May 2024
Job Summary
Newly created position under Group Risk Management to oversee Group Insurance programme for cost effective risk transfer in line with risk appetite, covering: Insurable risks and potential coverage gaps; Policy structure, limits, coverage, deductibles, premiums, insurers, claims, loss prevention measures; Market condition and benchmarking.
The incumbent will work alongside Group Legal and Group Finance and leverage insurance broker(s) to optimize the insurance coverage.
Job Description
Group Insurance:
- Manage the Group Insurance programme which comprises insurance policies that cover the Group globally and local insurance policies of overseas business units.
- With the support of professional brokers (appointed through tenders or otherwise), support the arrangement of new policies and renewal of expiring policies, by liaising with stakeholders across the Group in collating, reviewing and organising the requisite information declarations, including underlying policies, needed by the insurers.
- Support the Group’s insurance strategy (policies, policy structure, coverage, limits, deductibles, exclusions, renewal, insurers, etc.) with a view to maintaining competitive premiums and adequate coverage of the Group’s risks in the light of the changing risk profile of the Group. In addition, the role is required to work with relevant internal stakeholders to ensure appropriate risk mitigating measures (especially those which will improve our loss ratios and reduce insurance premium costs) are put in place. Further elaboration under ‘Operational Resilience’.
- Review the Group’s total cost of risk with consideration of loss ratios, assess the effectiveness of risk transfer against risk retention and align with Group’s risk appetite
- Review claims made to the insurers, to mitigate the financial loss and costs suffered through any claimable incidents
- Provide expert advice and opinion on insurance matters
- Undertake any other responsibilities / duties as assigned by the Group Strategy and Sustainability Officer and SVP, Group Risk Management.
Operational Resilience:
- Governance oversight on the operational resilience measures, particularly loss prevention measures, across BUs
- Working alongside with other colleagues within Group Risk Management to support the development, maintenance, testing, and execution of business impact analysis (BIAs) and business continuity plans (BCPs) across BUs and ensure recovery procedures are effective for the restoration of key resources and for the resumption of critical business functions and activities.
- To collaborate with stakeholders to ensure alignment of business priorities against crisis and business continuity responses, and business recovery plan training, communication and execution.
Key Qualification
- Degree in relevant field such as Accounting, Finance / Business, Engineering or Economics
- Certifications / qualifications in Insurance
- At least 12-15 years of working experience in enterprise risk management and specifically on managing insurance for large enterprises
- Good knowledge of insurance and risk management concepts.
- Being versatile, self-motivated and strong thinker and executor. Excellent in communication and people management and stakeholder management.
- Positive attitude, confident, self-driven, committed and resilient.A team player