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Manager, Operational Risk Management, Asia Pacific

Job Level:  Professional
Location: 

Singapore, SG, 068897

Due Date:  17/3/2022
Area of Expertise:  Risk Management
Unit:  Allianz Singapore
Job Type:  Full-Time
Remote Job:  Not applicable
Employment Type:  Permanent
ID:  4185

Entity: Allianz SE Singapore Branch (Allianz Asia Pacific)

 

Job Purpose:
Working in the regional risk function and directly reporting to the regional Chief Risk Officer, the role is a ~50:50 split between regional topic leadership and holistic risk coverage of Operating Entities (OEs) in Allianz Asia/Pacific. On topic leadership, the role assumes responsibility for qualitative and operational risk management as well as risk governance topics, with the notable exception of IT Risk Management. OEs (and associated markets) are assigned based on expertise and “best fit”.

 

Key Responsibilities:

Regional topic leadership
Executive Accountability Regime (EAR)

 

  • Ensure effective implementation of the EAR on both regional and local level;
  • Hold regular APAC EAR Coordinators Calls and attend actively the regular Group EAR Call;
  • Organize EAR Working Group and EAR Steering Committee meetings on the regional level;
  • Collate OE queries and clarify with Group;
  • update OE EAR coordinators regularly

 

Top Risk Assessment process
 

  • Annual update and quarterly discussions related to regional top risks;
  • Comprehensive annual review and alignment considering;
  • Review OE results (bottom-up) and discussions with risk owners on Board level as well as regional risk owners (top-down);
  • Quarterly update of identified risk indicators with the respective risk experts;
  • follow-up on remediation and actions;
  • Presentation of results and follow-ups quarterly in the AZAP RiCo;
  • Alignment with selected Risk Owners on ad-hoc or regular updates in the AZAP RiCo

 

Integrated Risk & Control System (IRCS) and Operational risk management
 

  • Effective oversight of IRCS managed locally by the OEs; Roll-out/kick-off activities for new OEs;
  • Analysis of OE IRCS results (based on Group Risk application ORGS) with feedback and communication (e.g. regional overview and insights shared e.g. in the AZAP Governance & Control Committee (GovCC) or AZAP Risk Committee (RiCo);
  • specific OE overview and insights shared e.g. in the local GovCC or local RiCo); Close interaction with relevant Group functions and the Business Division Asia (alignment, regular discussions, ad-hoc-requests) regarding IRCS;
  • Ensure OE reporting according to the Operational Risk Event Capture Guideline;
  • Quarterly analysis of the data provided by OEs and discussion/presentation as needed;
  • Ad-hoc alignment with Group Risk on material operational risk events;
  • Contact person for related frameworks such as Project and Outsourcing Risk Assessments

 

Risk Governance
 

  • Act as contacts person for the Governance Caretaker and colleagues in AZAP Legal & Compliance;
  • Discuss the System of Governance (SoG) Operating Model and align on approaches in particular for new OEs; AZAP ELCA framework owner, i.e. disseminating updates and aligning on AZAP’s oversight activities (tailoring the ELCA);
  • documentation in ORGS;
  • Support the SoG adequacy review in particular when Risk-related elements are in-scope;
  • Support and contribute to the AZAP GovCC on a quarterly basis;
  • attend the quarterly AZAP P&R Forum;
  • Act as Data Privacy Champion for AZAP Finance

 

Training and guidance
 

  • Prepare and moderate monthly IRCS Community Calls.
  • Identify best practices for sharing;
  • Develop and enhance templates to facilitate the IRCS Cycle and associated activities;
  • Organize annual Risk Management Lunch & Learn;
  • Support in onboarding of new CROs, local and AZAP Risk colleagues;
  • ad-hoc training as requested

 

Secretariat of the AZAP Risk Committee
 

  • Coordination of the quarterly meetings and logistics; Sending of relevant documents to the AZAP RiCo (e.g. draft agenda, slide deck and documents);
  • Preparing the Minutes incl. alignment;
  • follow-up on actions and request updates from Action Owners;
  • Organize quarterly CRO Roundtable (incl. RiCo Debrief)

 

OE related topics
 

  • On OE level, the Risk Coverage Officer is responsible for all risk topics, the so-called holistic view.

 

Financial risk management
1. Annual alignment on the management ratio, and quarterly review of solvency development
2. Annual alignment with AIMS regarding the OE’s Strategic Asset Allocation
3. Annual alignment on the OE’s investment limits, and quarterly review of exposures
4. Annual alignment on limits w.r.t. the Product Steering Matrix, and quarterly review of utilization
5. Alignment on Asset-Liability-Management and duration management
6. Regular review of reports to Group (e.g. ASU Deviation; Nat Cat, MMD exposures; …)
7. Review of risk related KPIs of OEs during planning processes

 

Non-Financial Risk Management
1. Conduct the annual RADAR assessment in close alignment with the local CRO
2. Review TRA results and offer advise
3. Align on the quarterly Qualitative Risk Report
4. Support the OE along the IRCS Cycle; review the OE’s documentation in ORGS
5. Discuss material operational risk events
6. Involvement in product discussions in particular w.r.t. retails risk/client value concerns and ASU referrals
7. Review of potential risks of OEs during planning processes

 

Support and guidance
1. Align with the local CRO in preparation of the quarterly OE RiCo
2. Attend the quarterly GovCC, ALM Working Group, Investment Committee and provide input as needed
3. Hold regular calls with the local CRO (and local Risk colleagues)
4. OE visits to ensure proper implementation of Risk related topics and also offer support “on the ground”

 

Key requirements

  • Relevant university degree and relevant professional qualifications (e.g. FRM, PRM, CFA)
    Fluent in English
  • Excellent knowledge in Operational Risk Management with 3+ year experience and good knowledge in related disciplines (e.g. BCM, ITRM)
    7+ years of experience in insurance, banking or relevant consulting
  • Excellent communication and organizational skills
  • Strong team player with very good interpersonal and relationship building skills
  • Ability to build and maintain cross-departmental relationships (very strong stakeholder management); strong professional presence, interacting effectively with management teams while taking full ownership of tasks
  • Independent working; business-minded, pragmatic and result-orientated can-do attitude; strong analytical, communication and organizational skills; assertive yet co-operative team player
  • Ability to deliver high-quality results on time while working under time pressure; flexibility in task management in order to adapt to changing priorities and delegating these effectively
  • Knowledge of additional languages (e.g. Mandarin) a plus
  • A solid understanding of insurance business, from a risk, financial, product and operational point of view
  • Experience in market, credit, business risk management, including various quantitative risk measures
  • Understanding of Asian regulatory environments as well as familiarity with Solvency 2
  • Exposure to an international working environment with matrix organization

 

Employees are at the heart of Allianz, as a part of the New Ways of Work (WOW), Allianz has Globally adopted a Hybrid work model. This model offers the best of both the physical and digital work environments to all our employees, we are pleased to share that this role is Hybrid.

 

Allianz Group is one of the most trusted insurance and asset management companies in the world. Caring for our employees, their ambitions, dreams and challenges, is what makes us a unique employer. Together we can build an environment where everyone feels empowered and has the confidence to explore, to grow and to shape a better future for our customers and the world around us. 
We at Allianz believe in a diverse and inclusive workforce and are proud to be an equal opportunity employer. We encourage you to bring your whole self to work, no matter where you are from, what you look like, who you love or what you believe in.
We therefore welcome applications regardless of ethnicity or cultural background, age, gender, nationality, religion, disability or sexual orientation.
Great to have you on board. Let's care for tomorrow.
Note: Diversity of minds is an integral part of Allianz’ company culture. One means to achieve diverse teams is a regular rotation of Allianz Executive employees across functions, Allianz entities and geographies. Therefore, the company encourages its employees to have motivation in gaining varied skills from different positions and to collect experiences from across Allianz Group.