Purpose of the role:

• The Head of Insurance and Financial Risk is a senior position responsible for developing and maintaining key elements of Insurance and Financial Risk including stress and scenario testing, recovery planning and model risk management.

• The role leads the strategic design, development and maintenance of the Insurance Risk and Financial Risk Management Frameworks ensuring they deliver a robust approach to the management of each material risk class. The role will take on liaison with the actuarial team in the development and execution of financial risk related stress and scenario testing.  

• Key relationships include department leaders and subject matter experts across Corporate Services and Insurance Australia.

Responsibilities:

• Developing, maintaining and implementing the Insurance Risk and Financial Risk Management Frameworks

• Developing, maintaining and implementing documentation to support the above mentioned frameworks for example, the Credit Risk Policy, Liquidity Management Framework and Model Governance Policy.

• Supporting the Head of Enterprise Risk with the development and ongoing monitoring of the Insurance and Financial Risk related Risk Appetite Statements and supporting Key Risk Indicators (KRIs).

• Providing insights and analysis of risk data relating to insurance and financial risk matters.

• Overseeing the implementation of non-operational risk related stress and scenario testing, including creating credible options to cope with a range of stress scenarios for example, capital shortfall or liquidity pressures.

• Developing, maintaining and implementing a recovery plan that is fit for purpose including a trigger framework, recovery options and communication strategy.

• Overseeing training and awareness for embedding Insurance and Financial risk management across the Group.

Qualifications:

• At least 10 years financial risk experience within the Insurance industry, ideally with Actuarial qualifications.

• High level of leadership and engagement skills, with the ability to manage SME Experts.

• Excellent communication, influencing and negotiation skills.

• Ability to build effective relationships with senior managers and other key stakeholders.

• Experience in the general Insurance industry is highly regarded.

• Experience with risk management systems.