Main Purpose of Job Scope: Supporting Insurance & Financial Risk and supporting Head of Insurance & Financial Risk on the development and implementation of KTAXA’s Insurance & Financial
Role and Responsibilities:
1. Solvency Management, Asset-Liability Management (ALM), Strategic Asset Allocation (SAA), Capital Management
- Review and provide risk analysis on company’s local solvency RBC, ALM, SAA and Capital Management.
- Provide a formal second opinion on key financial and other business decisions, including investments, ALM, solvency and capital management.
- Assist and guide functional departments and business units to develop risk control measures and mitigation strategies on company local solvency, ERM/ORSA.
- Enhance interest rate risk management framework by implementing key rate duration gap and convexity gap with methodology ensuring reconciliation to Total Company level GAPS by category
(RBC, Statutory, MCEV, AIFRS)
2. Risk Appetite Framework (RAF)
- Responsible and accountable for RAF with full implementation and constantly refined for accuracy & robustness
- Ensure that the methodology for calculating sensitivities for the main financial dimension is adequate and seek to continuously enhance its accuracy
- Measure the impact on KTAXA’s RAF of new investment proposals
- Present quarterly RAF reports for Local Risk Management Committee and Board Risk Committee
- Review the RAF Alert and Limits on an annual basis
- Report RAF breaches and propose actions plan to resolve them
3. 2nd Opinion on Reserves
- Conducting 2nd opinion on valuation of Reserve on half yearly and yearly basis covering local statutory reserve, GPV Reserve and AIFRS Reserve basis.
- Monitor closely Liability Adequacy Test (LAT) and highlight if the gap is closing and understand the factors driving the gap.
4. Risk Committee, Investment Committee, Monthly & Quarterly Board Reporting
- Prepare and present related risk reports for the Local Management Risk Committee and Board of Risk Management Committee
- Liaising with Finance and Actuarial in providing related slides from Insurance & Financial risk topics for Monthly and Quarterly Board Reporting
5. Product Review / Product Approval Process
- Provide risk review on new and repriced products and proposed risk additional sensitivities to ensure the new product launch and repriced products are robust.
- Regularly updated and knowledgeable in AXA Group Product Approval Process guidelines and Risk Packs on product approvals.
- Actively updated on the company’s product roadmap, any big projects before they are launched and review product approval report for Local Product Committee approval.
- Liaise with underwriting and claims departments to provide risk opinion on underwriting guidelines and claims process
6. Bonus Review
- Work closely with the Chief Actuary on providing risk opinions on Annual Policyholder Non-Guaranteed Dividend declaration
7. TLAA and OIC
- Risk representative of KTAXA in TLAA and OIC meetings to regularly updated in new guidelines/methodology relating to Reserve, Solvency, IFRS17 & IFRS9 and products, ERM/ORSA guidelines
- University degree in Actuarial, Mathematics, Statistics, Finance, Engineering or any relevant field.
- At least 5 years of actuarial experience in life insurance companies
- Experience in Asset-Liability Management (ALM), Strategic Asset Allocation, Capital Management, Risk Appetite Framework (RAF) and ERM/ORSA
- Actuarial experience in Risk Based Capital (RBC) Valuation especially RBC
- Actively sitting and passing SOA/IoA or other international actuarial exams. Pass at least 2-3 actuarial exams (P, FM, MLC).
- Advantage if close to completion of actuarial exams and few papers away to FSA or FIA actuarial qualification.
- Excellent in English and computer skill especially in Excel VBA.