Senior Risk Management Officer at Coronation Insurance Plc
Coronation Insurance Plc has been in operations for over half a century, offering a comprehensive range of insurance coverage. Established in 1958, Wapic has built a strong franchise in the largest economies in Sub-Saharan Africa and operates two subsidiaries; Coronation Life Assurance Limited and Coronation Insurance (Ghana) Limited.
The Company has a history of delivering efficient and transparent insurance solutions to discerning clients; a culture reflective of the strength and leadership which underpins the companyâs foundation. Key Duties and Responsibilities
Define the company’s risk management framework and establish guidelines for the development and implementation of supporting policies and procedures.
Incorporate risk considerations into strategic decision-making and ensure alignment between the strategic decisions of line management and the company’s risk policy.
Work closely with departments to facilitate the implementation of the company’s risk management framework, including the ongoing identification of risks, assessment of risks, definition of risk mitigation strategies, assignment of risk owners, monitoring and reporting on compliance with laid down policies and procedures on risk management.
Work with risk owners and managers, collaboratively, to develop risk mitigation responses in line with the agreed levels of risk tolerance.
Refine risk appetite and risk goals in accordance with risk management framework and process.
Monitor and review the company’s risk management policies and procedures, methodology, frameworks and tools for continued relevance, and suggest amendments necessary to update them on an ongoing basis.
Promote awareness of operational risk issues in the company.
Develop financial risk management tools and practices to analyze and manage risks according to a financial risk management framework and relevant policies.
Conduct periodic (scheduled and unscheduled) compliance checks across the company’s operations in
accordance with the company’s laid down policies and procedures.
Develop actionable roadmap based on leading practice risk frameworks to assess exposures, and provide tailored risk management solutions in complex and unusual situations.
Develop, communicate and promote the integration and standardization of risk management processes across the organization.
Identify potential threats to the financial stability of the company, including risky credit, investments, and portfolio inefficiencies.
Detect potential threats to operational efficiency including underperforming resources, personnel liabilities, property inefficiencies, and safety risks.
Recognizes potential threats to the company’s reputation and develop risk mitigating procedures.
Develop detailed operational plans and procedures for compliance programme.
Advocate a culture of risk awareness and active risk management across organization.
Provide feedback on areas for improvement and governance compliance status to enhance effectiveness of organizational corporate governance management.
Promote the standardization and continuity of reporting modernization by examining and leveraging the processes of other organizations to improve organization’s performance while minimizing risk.
Key Requirements
Education and Work Experience
First degree from a reputable tertiary institution in Business Administration, Accounting or Finance
Relevant Professional certification in risk management e.g. Financial Risk Manager (FRM), Certified Risk Manager (CRM), Professional Risk Manager (PRM) etc.
Minimum of 5-6 years relevant work experience, with at least 4 years leading a risk management function
Skills and Competencies
Expert knowledge of enterprise risk management strategies, techniques and reporting applications.
Knowledge and ability to manage contextual, programmatic and institutional risk.
Ability to identify, gather and process different sources of data across the organization into useful information relevant to developing a proper risk management framework.
Ability to identify and analyze problems and to think strategically to anticipate, interpret and develop strategic responses to issues.
Able to apply standard assessment techniques in complex situations to controls in both financial and non- financial environments.
Capable of communicating analysis and insights effectively, and articulate when communicating.
Demonstrated success in relationship building internally and externally with a wide array of stakeholders.
Ability to collaborate and work well in a team.
Ability to work under pressure and meet deadlines.
Proficiency in Microsoft Office tools, ERM solutions.
Key Performance Indicators
# of identified risks.
Frequency of risks
# of unidentified and unanticipated risks
Quality of risk management framework and recommendations
Internal compliance with standard operating procedures.
Costs incurred due to risks.
Timeliness in meeting deadlines and schedules.
Accuracy of risk reports on risks across the units.
Timeliness in meeting deadlines and schedules.
