Senior Executive, Risk Governance & Operations Risk

Income Insurance Limited; Singapore; On-site; SGD 60,000 - 80,000; Full time

Job summary

A leading insurance company in Singapore is seeking a proactive team player to join its Risk Management team. The role involves performing risk assessments on third parties and new products, guiding stakeholders on operational risk issues, and contributing to risk culture initiatives. Candidates should possess a degree in Accounting, Finance or Business, along with at least 3 years of experience in operational risk or audit. The position offers an opportunity to work in a dynamic environment with a focus on compliance and risk management.

Qualifications

• Minimum 3 years of relevant experience in internal or external audit, or operational risk.
• Experience in insurance/banking sector preferable.
• Familiarity with MAS regulations, notices and guidelines an advantage.

Responsibilities

• Coordinate periodic reviews of outsourced vendors.
• Perform operational risk assessment for new insurance products.
• Assist on organisation-wide risk culture initiatives.

Skills

Good communication and writing skills

Strong analytical and problem-solving skills

Team player with good interpersonal skills

Ability to multitask with good organizational and time management skills

Proficient in Microsoft Office suite

Education

Degree in Accounting, Finance or Business or equivalent

Job description

Responsibilities

We believe that effective risk management will help us safely navigate the volatile and complex business and regulatory environments to achieve success. In Income, our Risk Management Department drives risk management agenda, ensures sound and effective risk management framework and promotes risk culture. We work in close partnerships with our business and other stakeholders to achieve the desired business and risk outcomes. We stay relevant and therefore, getting better and sharper at what we do is the constant. We have organised ourselves into Financial and Insurance Risk; Risk Governance & Operational Risk, Technology Risk Management and Investment Operational Risk and Compliance. We are looking for a strong and pro-active team player who wants to grow with Income to join us.

We are looking for a pro-active team player to join our Risk Management team. You will work closely with the Risk Governance & Operational Risk Management team to perform assessment and review for third party and outsourcing arrangements, new products, as well as assisting the team in risk culture & conduct initiatives and activities. You will also collaborate with relevant stakeholders and provide guidance on operational risk related matters and/ or involve in ad hoc projects and activities within the Risk Governance and Operational Risk Team.

Outsourcing and Third-Party Risk Assessment

• Coordinate with the Business Units on the periodic reviews and assessments on the outsourced vendors.
• Review due diligence and third-party risk assessment forms submitted by Business Units.
• Provide guidance to Business Units on the implementation of the outsourcing framework and adherence to regulatory requirements.
• Prepare regular reports on outsourcing for internal stakeholders and regulator, including update of the outsourcing central register.
• Collaborate with relevant stakeholders on enhancement to the third-party risk assessment system, including preparing user requirements, performing User Acceptance testing (“UAT”).
• Prepare training materials and roll out periodic training to organization-wide employees.

New Product Risk Review

• Perform operational risk assessment and review for new Life, Health, General and Digital insurance products, Investment-linked products and funds.
• Provide guidance and discuss with relevant stakeholders on key product related risks, adequacy and effectiveness of controls.
• Track and follow up with relevant stakeholders on mitigating action plans.

Risk Culture & Conduct Initiatives and Activities

• Assist the team on organisation-wide risk culture and conduct initiatives and activities based on the workplan.

Ad hoc Operational Risk related Projects and Activities

• Assist and provide support to the team for any ad hoc projects and activities.

Requirements

• Degree in Accounting, Finance or Business or equivalent
• Experience in insurance/banking sector would be preferable.
• Experience in third party vendor management and/or product development would be an added advantage.
• Minimum 3 years of relevant experience in internal or external audit, or operational risk.
• Familiarity with MAS regulations, notices and guidelines will be an added advantage.
• Good communication and writing skills, able to present to and engage with team / stakeholders.
• Team player with good interpersonal skill, able to work independently and be proactive as well.
• Strong analytical and problem-solving skills
• Proficient in Microsoft Office suite.
• Ability to take ownership, meticulous and detail-oriented
• Able to multitask with good organisational and time management skills