Operational Risk Manager at Santam Insurance

WHAT WILL MAKE YOU SUCCESSFUL IN THIS ROLE?
Risk Management

• Risk Monitoring and Control Support: Support the Head: QKM in monitoring the risk profile of Santam Claims Solutions, ensuring that key risks are effectively managed, appropriate actions are taken, and that management has implemented adequate controls to mitigate these risks.
• Develop and Implement Risk Strategy: Create and execute a proactive, forward-looking risk strategy for Santam Claims Solutions, ensuring alignment with Santam’s overall business objectives and the broader risk framework.
• Evaluate Risk Exposure: Regularly assess risks within claims management, focusing on key areas such as fraud, compliance, operational, financial, and reputational risks to protect the business.
• Risk Assessment and Control Evaluation: Conduct regular, comprehensive risk assessments to evaluate the adequacy and effectiveness of current controls within claims processes.
• Design and Implement Mitigation Plans: Identify high-risk areas within claims operations and design targeted risk mitigation strategies and actionable plans to address them effectively.
• Monitor and Escalate KRIs: Continuously track key risk indicators (KRIs) and promptly escalate any concerns when established thresholds are exceeded, ensuring timely intervention.
• Foster Risk Culture: Recommend risk culture positioning and drive initiatives aimed at establishing an ideal risk culture within Santam Claims Solutions, ensuring alignment with Santam’s risk management objectives.
• Collaboration with Key Stakeholders: Work closely with Enterprise Risk Management (ERM), Group Compliance, and Group Internal Audit teams to ensure consistency in risk management practices and to drive a collaborative approach to managing risks.

Operational Losses

• Identification and Reporting of Losses: Lead the identification and reporting of operational losses and near misses, ensuring transparency and accountability in claims operations.
• Analysis and Root Cause Identification: Analyse operational losses to identify emerging trends, root causes, and high-risk areas, facilitating targeted improvements.
• Initiatives to Mitigate Losses: Spearhead initiatives aimed at reducing operational losses, including process enhancements, technology upgrades, and strengthened controls, to optimise efficiency and reduce risk exposure.
• Operational Losses Database Management: Maintain and update the operational losses database on CURA, ensuring it tracks corrective actions and informs future decision-making through lessons learned.
• Risk Insights and Reporting
• Provide Risk Insights: Deliver comprehensive insights on claims-related risk trends, root causes, and scenarios that directly impact business performance and operational efficiency.
• Develop Dashboards and Reports: Design and develop high-impact dashboards and reports for senior leadership, with a focus on claims risk exposures, key risk indicators, and the effectiveness of mitigation strategies.
• Escalate High-Risk Matters: Ensure the timely escalation of high risks and material losses to Enterprise Risk Management (ERM) to facilitate appropriate action at the organisational level.

QUALIFICATIONS AND EXPERIENCE

• Educational Background: A bachelor's degree Risk Management, Finance, or a related field. A postgraduate qualification or professional certification in Risk Management (e.g., CRM, PRM, FRM) would be advantageous.
• Operational Risk Expertise: Minimum of 7+ years of experience in Operational Risk Management, preferably within the insurance sector.
• Industry Knowledge: Strong understanding of risk management frameworks, regulatory requirements, and industry best practices relevant to short-term insurance and claims operations.
• Technology & Systems Proficiency: Experience with Enterprise Risk Management software (CURA), risk analytics, and reporting tools.
• Stakeholder Engagement: Proven ability to collaborate with senior leadership, and cross-functional teams to drive a strong risk culture.

SKILLS

• Technical Proficiency (Proficiency in MS Excel, MS Word, and MS PowerPoint)
• Strong presentation and facilitation skills
• Stakeholder engagement and relationship-building skills
• Analytical and problem-solving skills
• Data collection and evaluation skills
• Excellent Written Communication
• Negotiating and influencing
• Strategic thinking

COMPETENCIES

• Risk Management
• Sound Decision Making
• Client Centric Approach
• Resilience
• Results Driven Mindset
• Collaboration
• Quality, Compliance and Accreditation
• Business Processes
• Cultivating Innovation
• Reporting and Administration