TATA AIG - AVP - Financial Risk Head (10-16 yrs)
To meet all the requirements of the deliverables for Financial Risk Management and Insurance Risk Management as per Departmental Objectives. Responsible to analyze and monitor the risk assessment and management in areas of Insurance and Financial risk. These are by using statistical, actuarial, and qualitative techniques in key areas of managing ALM and Investment strategy risk, Capital Risks, Product Pricing risks, and Insurance risks.
1. Developing the Risk Appetite Framework, Stress testing, Sensitivity analysis, Operational Risk Appetite:
- Risk appetite monitoring against defined limits and thresholds as well as regulatory limits. Stress testing and Back testing.
- Analysis of key components of financial statements from a risk perspective, and variances therein
- Able to quantify and understand various financial and insurance risks. Need to be able to understand the impact of economic assumptions towards the growth projections of the company and be able to perform impact analysis.
- Provide Risk view on company's initiatives and participate in key decision making including strategic planning, product structures and distribution experiments to identify risks and opportunities embedded therein
- Support in Solvency monitoring against the planned trajectory, including calculations of stressed results.
- Derive the Strategic risk register from the Annual operating plan of the organization by working along with key operating members of the organization. Build the limits and thresholds for each risk and establish a quarterly rhythm for reporting.
2. Risk Management strategy and framework:
- Conduct research/statistical analysis to assess the severity of risk exposures and tolerances for managing insurance and financial risks are within the risk appetite
- Support development of risk policies and management strategies for Insurance Risks and deploy the Risk Management Framework to required teams; Oversee & monitor adherence and compliance to risk policies, standards & procedures specifically for insurance and financial risks
- Present ideas via reports and presentations, outline findings and make recommendations for improvements across various processes in managing risks.
- Work collaboratively with senior management team and credibly challenge their decisions and ensure that all policies of the Risk Management framework are met on a day to day basis;
- On a regular basis provide framework and professional guidance to senior management for them to consider, identify, assess, mitigate, and report on risks confronting the organization specifically Insurance and Financial risks;
3. To provide Risk Inputs on the Product Approval Process
- To be able to identify, assess and quantify the risks inherent in the new/existing product and able to perform profitability and sensitivity analysis.
- Measure, evaluate and manage effectiveness of product strategies deployed to mitigate risks embedded within new products to ensure risk optimization within portfolio.
- Work with Product Pricing team to highlight any risk scenarios that may not have been taken into consideration or if the pricing process is not following the Risk management framework or policy; and to support and analyse performance of products vs pricing assumptions;
- 10-14+ years in Enterprise & Financial Risk Management in General Insurance Domain with CA/CS/MBA Fina/CFA
Good to have certifications: - Cleared Actuarial Papers, FRM