Financial and Product Risk Consultant

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 add value by applying his/her actuarial training to provide a 360-degree view of the organization's risk profile, particularly on complex challenges affecting market risk, liquidity risk, reinsurance strategy, product development, management, and strategy by applying qualitative and quantitative insights and measurement. He/She must align the Financial and Operational Risks impact to business strategy.

Roles and Responsibilities:

Risk Management and Compliance

• Performs risk assessment of reinsurance strategy, financial and pricing models, pricing assumptions, profitability analyses together with its impact on operational risk

• Carry out control testing for ICFR controls

• Confidently handle various stakeholders' request

• Provides risk oversights, challenge and analytic insights on assets, and its interaction with liabilities, liquidity, curreny risk, also in relation to 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 it affects financial and product performance

• Draft I review and maintain on an ongoing basis, local policies and guidelines to supplement effective implementation of the framework within the Work Scope

• Implement risk management (local or Group Office driven) initiatives affecting the aforementioned Work Scope.

• Review product related materials, communication, and other collaterals
• Review and monitor Product Operational Risk Assessment (PORA) and its 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 requirement during the year or at any given circumstance.

Governance and Regulatory Requirements

• Submits 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.
• Provides monthly report or quarterly report to Risk and Compliance team for purposes of Risk Committee Meetings.
• Reports 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 as and when the BUs run the risk of breaching appetite, tolerances or limits.
• Conduct periodic reviews of the overall effectiveness of the end-to-end product development, management and governance processes and propose necessary changes.

Training and engagement

• Conduct Training on changes in laws and regulations in relation to product and financial risk management processes
• Support embedding strong GRC culture across the business

Policies and Procedures

• Provide recommendations to improve compliance with policies, standards and external requirements and continually analyzing for opportunities for process optimization relating to the Work Scope above.
• Conduct annual gap analysis on the Group Policies vs regulations vs local policies.
• Localize and tailor fit Group Policies, if needed, and embedded in financial and product operational process taking into consideration the peculiarity of the local business.
• Monitor implementation and ensure that implementation are within the agreed time frame.

Business engagement

• Proactively engage with business and provide advice I guidance to mitigate key risk and compliance and reputational issue. Strengthen risk and compliance engagement to educate and increase awareness of regulatory developments and ethics I compliance risks.
• Proactively monitoring relevant internal developments and regulatory & industry developments and initiating necessary action.
• 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 to ensure that potential risks or incidents are managed effectively. Monitor implementation of corrective actions to remediate any identified deficiencies.
• Ensure timely and quality reporting to Group Risk on regular basis in all relevant aspects or risk and compliance.
• Produce product portfolio & financial risk dashboards, tracking the evolution of the product & financial risk profile and recommend commentary/actions where advised for.
• Develop, compile and report KRl's, risk exposure measures and other relevant management information to assist the GRMC in understanding the product & financial risk profiles and overseeing risk management of insurance-related risks, reinsurance, adequacy of reserves and products.
• 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 the appropriate risk committees

Others

• Perform activities required by Financial Risk Principal and Product Risk Principal, as it arises.
• Work successfully and serve as a liaison to corporate-wide Group Risk and Compliance initiatives on areas related to financial, product and operational risks.
• Efficiently manage and monitor open audit items from internal I external audits to ensure completion of remediation activities defined in the agreed action plans and risk treatment plans
• Support leadership teams to develop and expand continuous monitoring processes to ·assess compliance with other 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 solid work experience in the financial industry 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 be able to work under pressure
• Organize, analytical with good level of strategic and tactical knowledge
• Possess 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 take ownership and accountability 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.