Risk Manager – Health and Insurance at Discovery Limited

Principal Accountabilities

Risk Strategy, Policies and Implementation

• Develop, implement, maintain risk strategies, risk policies for the Insurance and Health entities, ensure alignment between Group standards, that of subsidiaries and partnerships in the Group.
• Provide Management and the respective entity Board’s with a framework for enterprise risk management.
• Embed policies and train and support all required staff accordingly.
• Co-ordinate and manage the policy attestation and assurance requirements for all risk policies and report the results to management and the respective Boards.
• Establish, monitor, improve the risk governance structure and reporting requirements of the Insurance and Health entities, aligned with the rest of the Group.
• Ensure that the Insurance and Health entities have an established risk appetite, risk tolerances and key risk indicators for all risk classes as well as principal risks.
• Define, implement and maintain a full knowledge database to give effect to risk intelligence and data analytics to ensure that risk reporting at various levels is automated and generates value added information for decision making.

ERM Implementation and Maturity

• Undertake studies, investigations and analysis (including engaging with relevant stakeholders) for identifying risks.
• Conduct in depth structured analysis into topical and emerging risks within the portfolio.
• Provide subject matter expertise on risk management issues, incidents and trends.
• Consult with business entities on trends, proactive mitigations and drive initiatives to address key trends.
• Facilitate and guide on all risk activities across the Group which include inter alia strategic risk and control assessments (RCAs), Deep Dives, emerging risks, incident management, escalation and reporting, KRI monitoring, mitigation development and monitoring etc.
• Implement a continuous improvement programme such that Discovery is assessed at best practice maturity for risk management, lead on GRM roadmap workstreams and initiatives.
• Conduct best practice research, recommend and implement solutions to improve the effectiveness of risk management practices across the Group.
• Play a trusted advisor role to Management and Executives with regards to leading risk practices and consulting activities.
• Perform any activities as required in respect of Discovery’s participation in industry forums and as required by the Head of Risk.
• Contribute to keeping the team abreast of changes in the environment, best practice and risks affecting the business entities and the Group.
• Conduct an annual self-assessment of the ERM programme.

Combined Assurance

• Develop and implement a combined assurance strategy, as well as a framework, for the Insurance and Health entities on par with best practice.
• Provide a basis for identifying any areas of potential assurance gaps and duplication of resources within the combined assurance framework.
• Develop and implement tools and templates required for Management and assurance reporting.
• Develop and obtain approval for the annual combined assurance plans, assess adequacy, recommend corrective solutions for gaps and duplications within the plan.
• Monitor and report on progress against the combined assurance plan as well as the framework. Facilitate Mini-Combined Assurance Forums to obtain inputs.
• Develop a structure to give effect to combined assurance and maintain relationships with the key assurance providers.

Reporting

• Develop and maintain templates for all risk reporting for the Insurance and Health entities, aligned with the Group reporting standards.
• Prepare final reports and presentations required for Group reporting at various levels which will include but is not limited to:
• Contribute towards the enterprise risk report, weekly incident report, shareholder reports, BU risk reports and dashboards.
• Leading the co-ordination and drafting of the annual ORSA reporting for licenced entities, Discovery Life and Discovery Insure.
• Develop a mechanism for communication to broader staff and various audiences to keep them informed of risk trends and relevant information.

Special Projects/Initiatives

• Conduct all strategic risk reviews as identified through own analysis and as required by the Head of Risk and CRO in collaboration with the GRM risk officers.
• Co-ordinate and participate in group wide assessments as directed by the Head of Risk.
• Prepare presentations, risk information and investigations as required by the Exco, Board, Head of Risk or CRO.
• Attend various meeting and Steercoms and facilitate various risk working groups.

Strategic and Operational Planning

• Provide input into the preparation of the annual, 3 year rolling risk management roadmap and plans, training and development plans for timely approval by the Group Risk and Compliance Committee ensuring combined assurance and strategic objectives alignment.
• Prepare presentations to discuss the plans with the business entities, as well as for the Head of Risk.
• Track progress against the plan per business unit.

Management and Stakeholders

• Day to day management and leadership of a team of 3 direct reports: develop, lead and motivate the team to maximise effectiveness.
• Lead on various Group-wide initiatives involving other GRM team members and/or key stakeholders.
• Work closely with business entity leadership, Risk Excos and risk working groups, 1st LOD Risk functions, relevant executives, external key stakeholders and Regulators.
• Effectively manage team-specific and operational risks relevant to area of accountability.

Education, Knowledge and Experience

• Minimum Bachelor of Commerce Degree in Finance, Risk, Accounting or Actuarial Science.                
• Relevant risk or internal audit qualification
• Actuarial qualification is advantageous
• IRMSA (or equivalent) membership and certification
• Financial industry experience will be an advantage, risk management frameworks, enterprise risk management experience, key regulations, strong reporting competencies
• 8-10 years of experience in an enterprise Risk environment, within the insurance industry
• Minimum 5 years experience in managing a team