Financial and Product Risk Consultant

Overview FIND YOUR 'BETTER' AT AIA We don’t simply believe in being ‘The Best’. We believe in better - because there’s no limit to how far ‘better’ can take us. We believe in empowering every one of our people to find their 'better' - in the work they do, the career they build, the life they live and the difference they make. So that together we can support even more people - including our own - to live Healthier, Longer, Better Lives. If you believe in better, we’d love to hear from you. About the Role The Financial & Product Risk Consultant must apply actuarial training to provide a 360-degree view of the organization's risk profile. This includes complex challenges affecting market risk, liquidity risk, reinsurance strategy, product development, management and strategy, by applying qualitative and quantitative insights and measurement. The role requires aligning Financial and Operational Risk impact to the business strategy. Roles and Responsibilities Risk Management and Compliance Performs risk assessment of reinsurance strategy, financial and pricing models, pricing assumptions, profitability analyses and their impact on operational risk. Carry out control testing for ICFR controls. Confidently handle various stakeholders' requests. Provide risk oversight, challenge and analytic insights on assets and their interaction with liabilities, liquidity, currency risk, and product performance. Perform financial and product risk analysis for financial metrics and operational processes related to the AAMP process and outside the AAMP process. Perform Risk and Control Assessments (RCA) for financial and product risk related teams. Review business case risk analysis related to product initiatives, including agency initiatives. Assess business and market risks and how they affect financial and product performance. Draft, review and maintain local policies and guidelines to support effective implementation of the framework within the Work Scope. Implement risk management initiatives affecting the Work Scope (local or Group Office driven). Review product-related materials, communications and other collaterals. Review and monitor Product Operational Risk Assessment (PORA) and related documents such as the Risk Acceptance (RA). Handle distribution channels assigned for product-related initiatives. Work with Risk and Compliance teams to define support requirements during the year or at any given circumstance. Governance and Regulatory Requirements Submit periodic reports/dashboards to Head of Risk on all product risk and compliance activities. Support Financial Risk Principal and Product Risk Principal in the respective areas of financial and product/insurance risk management. Provide monthly or quarterly reports to Risk and Compliance team for Risk Committee Meetings. Report status of Risk and Compliance initiatives/issues to financial and product-related management and Risk committees. Design, propose and uphold risk governance and oversight of financial, product- and insurance-risk related business activities. Proactively propose actions when business units breach appetite, tolerances or limits. Conduct periodic reviews of end-to-end product development, management and governance processes and propose changes as needed. Training and Engagement Conduct training on changes in laws and regulations related to product and financial risk management processes. Support embedding a strong GRC culture across the business. Policies and Procedures Provide recommendations to improve compliance with policies, standards and external requirements; analyze opportunities for process optimization within the Work Scope. Conduct annual gap analysis on Group Policies versus regulations vs local policies. Localize and tailor Group Policies as needed and embed in financial and product operational processes, considering local business peculiarities. Monitor implementation and ensure timelines are met. Business Engagement Proactively engage with business and provide advice to mitigate key risk, compliance and reputational issues; strengthen risk and compliance engagement and awareness of regulatory developments and ethics/compliance risks. Monitor relevant internal and regulatory/industry developments and initiate necessary actions. Provide risk and compliance subject matter expertise support to the First Line. Reporting and Escalation Escalate key financial and product risks and actual/potential non-compliance incidents to the Financial Risk Principal and Product Risk Principal; monitor corrective actions to remediate deficiencies. Ensure timely and quality reporting to Group Risk on relevant aspects of risk and compliance. Produce product portfolio & financial risk dashboards and track the evolution of the risk profile; provide commentary/actions as advised. Develop, compile and report KRIs, risk exposure measures and other management information to assist the GRMC in understanding risk profiles and overseeing insurance-related risks, reinsurance, reserve adequacy and product risk. Monitor financial, product and insurance risks and provide senior management with a second opinion of the risk profile. Proactively escalate financial, product and insurance risk-related concerns to appropriate risk committees. Others Perform activities required by Financial Risk Principal and Product Risk Principal as they arise. Coordinate with Group Risk and Compliance initiatives across the organization. Efficiently manage and monitor open audit items to ensure remediation activities are completed as defined. Support leadership teams to develop and expand continuous monitoring processes for regulatory standards and requirements. Coordinate with regulators as necessary. Minimum Job Requirements Bachelor's degree in Mathematics, Statistics, Accounting, Economics or Business with over 5 years of experience in handling financial and product risks, investments or actuarial, preferably in the insurance industry. Preferably Actuarial Trainee Preferably CERA track Excellent interpersonal and communication skills and self-motivated. Excellent written and spoken communication skills in English and local language. Independent and able to work under pressure. Organized, analytical with good strategic and tactical know-how. Strong business acumen; problem solving skills. Good understanding of process management and design, change management, internal controls and risk management. High level of integrity and ownership of results. Build a career with us as we help our customers and the community live Healthier, Longer, Better Lives. You must provide all requested information, including Personal Data, to be considered for this career opportunity. Failure to provide such information may influence the processing and outcome of your application. You are responsible for ensuring that the information you submit is accurate and up-to-date. #J-18808-Ljbffr