Head Group Risk at PPS

Job Advert Summary

• To take full accountability for the development and implementation of the risk management framework and risk policies for the Group and to drive the associated risk management activities and processes to identify, assess and manage Group risks ensuring adherence to regulatory requirements and recognizing business opportunities.

Minimum Requirements
Education:

• Degree NQF level 7 (B Com or other relevant degree) – Essential
• Post graduate degree NQF level 8 (B Com or other relevant degree) – Preferred
• Risk management diploma or other relevant risk qualification – Essential
• Member of Institute of Risk Management South Africa (IRMSA)  – Preferred

Experience:

• Minimum 7 years of long-term insurance risk management experience of which at least 3 years in a management role – Essential
• Ability to engage with senior stakeholders at an executive and director level and debate and challenge where appropriate
• Drafting of policies and risk management frameworks for presentation to Directors – Essential
• Knowledge of Prudential Standards, Governance and Operational Standards for Insurers (GOI’s) – Essential
• CURA (risk management system) – Preferred

Knowledge and Skills:

• Facilitation
• Conflict Handling
• Analytical Thinking
• Detail orientated
• Problem solving and decision-making abilities
• Judgement
• Sense of urgency
• Results focus & Learning orientation
• Leading People

Duties and Responsibilities

Strategic Planning

• Formulate futures thinking approach and scenario planning by designing the scenario planning methodology, identifying the deliverables for scenario planning and managing the scenario development process including engagement and reporting to Senior Management, Executives and Directors.
• Recommend any deviations or changes from the risk management strategy, risk appetite and risk management procedures and tools as documented in the risk management policies and frameworks to the Risk Committee or Audit and Risk Committee (where applicable) for approval.

Risk management framework and policies setting

• Proactively and constructively manage the group risk management processes by setting risk management framework and policies, identification, assessment and management of risks and opportunities for the Group and meeting Prudential Standards requirements.
• Develop risk policies, frameworks and methodology by staying abreast of risk management industry developments and best practices.
• Embed an Enterprise Risk Management process throughout the Group by promoting awareness of risk management to both management and employees and ensuring effective risk management training programmes are established.

Risk identification, mitigation, monitoring and reporting

• Facilitate the identification & assessment of risks and assist business in developing risk mitigation plans by providing technical guidance to management in executing their risk management duties.
• Review risk reports and monitor risk mitigation plans by ensuring that appropriate plans for corrective action are put in place and obtaining feedback on progress made against action plans and ensuring delivery.
• Drive the implementation of climate-related risk and opportunity practices for the Group.
• Management of operational risk on a day-to-day basis including monitoring and reporting by developing an operational risk appetite and reporting on material incidents and associated losses against the approved operational risk limits and thresholds.

Key risk indicators setting

• Develop and monitor key risk indicators by identifying the forces that impact the critical risks in order to determine when the probability of a risk materializing is increasing.
• Benchmark current risk management practices against industry best practice and adjust/improve practices as and when necessary by developing systems for monitoring risk management including regular self-assessments of the risk management control function.
• Implement a Combined Assurance Model by identifying assurance providers and facilitating Control Self Assessments to ensure that all critical business risks are adequately assured.

Risk management maturity

• Provide input and assurance to the Board of Directors about the operations, efficiency and effectiveness of the components of the system for risk management.
• Communicate directly and regularly meet with the chairperson of the Risk Committee
• Promptly inform the Chairman of the Risk Committee of any circumstance that may have an adverse material effect on the risk management system.

Stakeholder management

• Co-ordinate all risk management regulatory reporting processes including the Own Risk and Solvency Assessment (ORSA) process and the SAM annual returns by ensuring that the information required by the regulators are submitted by business timeously and meets the regulatory requirements.
• Engage with regulators on a regular basis.
• Build strong relationships with internal and external stakeholders as a means to ensure objectives are met.
• Partner effectively with relevant stakeholders to determine key data points and metrics.
• Build cross-functional relationships and encourage collective accountability

People and culture

• Provide team leadership ensuring the effective implementation of strategy through leadership of the management team (setting individual objectives, managing performance, developing and motivating staff, provision of formal and informal feedback and appraisal) in order to ensure that the highest level of performance is achieved.
• Create a healthy and enabling organizational culture and climate, so that all employees are able to perform to their full potential and overall business performance is maximized.
• Accountable for strategic workforce planning; ensure that the team is sufficiently resourced to meet demand, compliance and the required customer experience.