Deputy Manager - Financial Services Risk Management - Insurance

Financial Services Risk Management in a Leading insurance company- Mumbai

Location : Mumbai

Overall Job Purpose

The Deputy Manager is responsible for executing best-practice model validation activities to ensure models across Prudential are conceptually sound relative to their intended use and performing appropriately

This includes analysis, monitoring and identification of market, credit and insurance risk as it pertains in business environment through the production of sensitivity, simulation, stress testing, scenario analyses and optimization modelling.

Additional focus areas include trend analysis on various scopes, and the measurement and monitoring of concentration risk and risk appetite.

The job will also involve supporting business units across Prudential group in specialised projects and ad-hoc consultancy requirements relating to Operational risk.

Accountabilities/Responsibilities

Operations

To work under direct supervision and guidance of the Manager/Risk Consultant to generally to achieve the following for the Enterprise Risk Function:

- The Financial Risk DM will be responsible for the development process with a clear statement of purpose. Design, logic, theory as well as the mathematical specification and the numerical techniques and approximations pertaining to the different models should be documented and supported by published research and sound industry practice

- Ensure that the implemented models are functioning effectively and assess performance over time as conditions and model applications change.

- Produce clear and comprehensible reports and documentation to aid in effective business decision making, while outlining estimates, input-value scenarios and assumptions that provides indications of the model's accuracy, robustness, stability and limitations. The reports and documentation should also state compliance with policy and provide for the continuity of operations.

- Critically validate external and other third party data and parameter values and assess whether the data is representative of the organizations situation.

- Assist in consulting and advising on actions to address significant market and credit risk weaknesses and table recommendations to the Risk Committee, Asset and Liability Committee and Board Audit Committee for approval

- Engage with business to pro-actively identify potential market and credit risk, as requested and/or as deemed necessary through indicative analyses

- Analysing the organisation's market position and running figures through complex modelling techniques to find value at risk (VAR) measurements

- Identifying and analysing existing and potential risks in any product or activity offered or envisaged to be offered by Prudential

- Develop models to monitor, profile and explain the following:

- Business, Economic and Industry trends;

- Market and credit concentrations;

- Client, business and product risk and profitability grading;

- Stress testing and scenario analyses;

- Product and balance sheet optimization;

- Any other matters identified over time.

- Develop good working relationships with business stakeholders and staff at functional levels(within Prudential including PPMS) to ensure efficient clearance of issues and timely completion of desired activities

- Analyse and predict the future trends from the current developments/inputs received from business and recommend management accordingly to plan the strategies

- Identify and report opportunities for improvement in the functioning of business process resulting in efficiencies

- Identify and escalate potential business opportunities on existing engagements

- Compliance - To ensure that you understand and adhere to Prudential's Code of Conduct and. Where appropriate, comply with all relevant regulatory policies. This includes completion of any mandatory training requirements

- Financial controls - Ensure all expenditure commitments (order, contracts, budgets etc.) and all payments are properly authorised, controlled and monitored, in accordance with Prudential UK delegated authority requirements. The responsibilities of expenditure authorisers are documented in the Prudential UK Financial Procedure manual

- Participating in non-conflicting Risk Management activities such as internal audits/BCM etc.

- Provide proactive support to change programmes and significant projects

- Work with others in Risk to challenge the business in its approach to risk identification, quantification mitigation and management

Key Interfaces

Internal

Risk Leadership and Senior Management Team

Business Area Managers

Business Risk and Control Managers

Group Risk

Group-wide Internal Audit

Business process owners

All teams within Risk Management

Competence / Knowledge / Skills required

EDUCATION AND PROFESSIONAL QUALIFICATIONS NECESSARY:

- Master's degree in finance, economics, statistics or related field

- Diploma/Certification in Risk management from professional institution would be a significant plus like Certification as Financial Risk Manager (FRM), Professional Risk Manager (PRMIA), Chartered Financial Analyst (CFA), Certificate in Quantitative Finance (CQF) or CISI preferred

- Actuarial experience(qualified/pursuing) would be desirable, but not essential

EXPERIENCE

- 5-7 years of relevant experience in the areas of responsibility, delivering a broad range of Enterprise risk management and advisory activities

- 3-5 years in banking or financial services as a Data Scientist, Statistician, Quantitative Risk Analyst, Model Developer, Model Validator, or similar.

- Knowledge of regulatory requirements related to model risk management

- Experience with analytics software (SAS, R, SPSS, Matlab, Excel VBA, SQL), relational databases and/or - Big Data- technologies.

- Ability to assess model conceptual design, back-testing of model results, theoretical underpinnings and assumptions, model owner controls over data flows, model execution, and compliance of model results with intended application by model users

- Ability to translate complex statistical or economic theories and analysis into practical implications for business teams and Senior Management.

- Ability to proactively learn newly emerging statistical, econometric, and mathematical modeming techniques, and understand the implications of their use in the organization.

- Previous experience as a team or project lead preferred.

- Demonstrated understanding of statistical modelling, econometric forecasting, machine learning, data extraction and processing techniques; and demonstrated ability to apply such methods in areas such as Credit Risk, Market Risk, Operational Risk, Asset & Liability Management, Stress Testing, or Economic Capital calculation.

- Practical and theoretical knowledge of business risk and control frameworks and how these map to evolving regulatory requirements

- Good knowledge of Insurance products, systems and distribution methods would be desirable

- Have a demonstrable track record of delivering process/control improvements within significant programmes of work, with nominal supervision

- Gather, summarise, and examine data or information and identify root cause and implications of findings

- Ability to operate remotely, in a diverse and multi-cultural environment. International work or consultancy exposure would be a definite plus

- Ability to independently undertake research, author technical papers and provide thought leadership on current and emerging risk themes and topics

KNOWLEDGE AND SKILLS: (KEY)

- Analytical, self-motivated, and detail-oriented with strong verbal and written communication skills

- Thorough knowledge of financial risk management methodologies

- Ability to quickly learn and assimilate key processes and procedures

- Ability to analyse business requirements and regulations

- Ability to articulate clearly in group presentations and in interactions with business and stakeholders, via phone or face-to-face

- Ability to work in a fast-paced, complex and cross-asset environment

- Confidence to challenge appropriately, escalating as required

- Enquiring and persistent approach

- Ability to prioritize, embrace a steep learning curve, and seek out responsibility

- Ability to manage conflicting objective

- Ability to coach and mentor junior analysts in developing technical, communication and presentation skills.

- Good interpersonal skills - involving liaison across the organization with key personnel, influencing other to deliver to deadlines and guiding them on specific requirements

BEHAVIOURS

- Strong work ethic with the highest levels of professionalism, commitment and integrity

- Excellent communication, presentation and interpersonal skills

- Good listener with attention to detail, analytical, objective thought process and an enquiring approach

- Ability to work with minimal inputs, information or supervision and deliver to tight deadlines

- Ability to prioritise and manage conflicting objectives

- Ability to work independently with minimal supervision

- Ability to liaise and negotiate proficiently and effectively with the business and third parties

- Operates within the context of own function but willing to help other areas when required

- Pragmatic without compromising functional goals and professional requirements

- Willingness to share knowledge with colleagues and work collaboratively within and across teams

- Objective, analytical and lateral thinking with a - can-do- attitude with the ability to summarise and communicate complicated technical issues

- Effective team player

Interested Candidate Please forward your Cv at the earliest with current and Expected CTC with Notice period

Shraddha Mehta