Executive: Risk, Actuarial & Underwriting

Job Description

Role overview

To drive the development, implementation and realisation of a winning vision, supporting strategy and aligned business value chain for the Risk & Actuarial Division that supports the growth and development of the Mutual & Federal business through (1) full oversight of all risks and controls across the M&F Group (Operations, Financial, Regulatory, Strategic) in accordance with the Groups Risk appetite which supporting the delivery of the Group’s Risk Strategy, (2) full oversight of the actuarial strategies and transactions within Mutual & Federal, and (3) contribute to the continuous development of market leading products, underwriting and analytic techniques, systems and controls.

Key Responsibilities

  • Drive the development, planning for, implementation for the strategy and operating model for the Risk & Actuarial Division, partnering with the Executive: Finance in response to the business model and Mutual & Federal strategy.
  • Establish an aligned divisional Balanced Scorecard focused on the implementation, measuring and management of the divisional strategy.
  • Determine the business value chain for the Risk & Actuarial Division and ensure that this value chain is aligned and integrated with the Mutual & Federal value chain.
  • Drive the development and maintenance of a flexible yet sustainable and appropriate organisational architecture for the Division.
  • Guide the Mutual & Federal Board, EXCO and Risk Management Committee on the formulation of risk appetite, policies, delegated authorities and limit structures and to embed these within the Risk Management Framework.
  • Review and approve risk management methodologies & models and ensure consistency of risk assessment approach across Mutual & Federal.
  • Owning, maintaining and validating the Internal Capital Model across Mutual & Federal.
  • Set technical provisions for the Mutual & Federal balance sheet.
  • Challenge, test and monitor the design and performance of risk assessment processes and provide recommendations on areas requiring improvement.
  • Analyse and assess key accumulations of risk across Mutual & Federal.
  • Review and report to the Old Mutual Group Risk and Board on Mutual & Federals risk exposures against the risk appetite and compliance.
  • Challenge business decisions on key risk areas and have the ability to escalate issues that cannot be resolved.
  • Provide support, assistance and guidance to line management.
  • Drive the development, implementation and management of a comprehensive and fit-for-purpose compliance management strategy.
  • Drive the development, implementation and management of a comprehensive and fit-for-purpose actuarial and underwriting oversight strategy.
  • Drive the development, implementation and management of a comprehensive and fit-for-purpose business intelligence capability.
  • Perform regulatory and statutory role responsibilities in line with the Insurance Act.
  • Provide actuarial oversight on product development, pricing, underwriting standards, reinsurance and regulatory requirements.
  • Manage customer centricity
  • Manage continuous improvement across the organisation in alignment with the strategic intent
  • Maximise cost-benefit ratios
  • Manage risk within ethical, legal and the organisation’s financial regulations.
  • Translate the organisation’s strategic intent, culture and values into a framework to implement people practices to build strategic capacity
  • Drive a high performance culture through the implementation of best practice people and talent management practices

Experience required

  • 10 – 15 years’ experience in a senior/leading risk and governance role (s) of which 5 years spent at a senior management level.
  • 5 – 10 years short term insurance experience.
  • Post Graduate Degree in Actuarial studies.  
  • Must be a qualified Actuary.
  • Short term insurance experience is a prerequisite.

Please note, interviews for this position will take place at our Careers in Africa Recruitment Summit in London, 16- 18th of May 2014. Relevant candidates will be contacted and invited to attend the event.