Chief Risk Officer

Momentum Insure Company Limited; Gauteng; On-site; ZAR 1 200 000 - 1 800 000; Full time

Job summary

A major insurance provider in South Africa is looking for an experienced risk management executive to lead compliance and risk strategies. The successful candidate will collaborate with stakeholders, implement risk management frameworks, and ensure adherence to legal standards. Candidates should have substantial experience in risk management within the insurance sector and relevant postgraduate qualifications.

Qualifications

• 5 - 8 years experience in risk management or compliance in financial services.
• Experience as Head of a Control Function preferred.
• Strong understanding of risk and legal frameworks.

Responsibilities

• Partner with stakeholders for risk management and compliance services.
• Establish risk management processes including identification and assessment.
• Provide insights to management regarding risk drivers.

Skills

Risk management

Legal compliance

Stakeholder management

Education

Post graduate degree in Risk Management, Compliance or Legal

Postgraduate degree in Actuarial and/or Accounting Science

Registration with the Institute of Risk Management South Africa (IRMSA)

Job description

Introduction Introduction Momentum Group Limited (Momentum Group) is a significant player in South Africa's life insurance and integrated financial services sectors.

We are a proud Level 1 B-BBEE South African-based group dedicated to building and protecting our clients' financial dreams.

Our client-facing retail and specialist brands, including renowned names such as Momentum, Metropolitan, Guardrisk, and Eris Properties, play a pivotal role in fulfilling this purpose.

Our federated model emphasises empowerment, accountability, and continuous engagement with all our stakeholders.

Designed in close consultation with leaders across the group, this operating model aims to unleash each business unit's inherent energy and commercial drive through our collaborative federated approach.

Role Purpose

Partner with stakeholders to provide trusted and valued risk management, legal and compliance services that advance the business' strategy and achieve the appropriate balance between risk and reward, while challenging business to manage risks better, thereby enhancing the business' reputation with all stakeholders.

Requirements

Post graduate degree in Risk Management, Compliance or Legal, OR Postgraduate degree in Actuarial and / or Accounting Science (FASSA or CA(SA)) Registration with the Institute of Risk Management South Africa (IRMSA)

• years′ experience in risk management or compliance within a financial services or non-life insurance environment 5 – 8 years business management and / or risk and / or compliance experience at a senior management or executive level Experience as a Head of a Control Function will be preferred Duties & Responsibilities Executive responsible for risk, solvency and capital management, actuarial control function support, compliance, market conduct, ombudsman and regulatory complaints as well as corporate legal and governance, including company secretarial services.

Executive responsible for the formulation and embedment of the company's sustainability strategy.

Fulfil the statutory role as the head of the risk control function of Momentum Insure.

Keep abreast of legislation and best practices within the risk, legal and compliance field and understand and influence business strategy and culture.

Foster strong relationships with regulators and industry bodies to ensure the company's interests are represented and to stay informed about regulatory changes and industry best practices.

Formulate and influence the business risk strategy and risk appetite, including appropriate measurement, monitoring and reporting tools, and contribute as part of the risk community to organisation's Risk strategy.

Provide stakeholders with insights regarding risk drivers to increase management's responsiveness and influence business decisions.

Oversee and provide advice to the Board of Directors, Audit and Risk Committee, senior management, and wider business on all risk and regulatory related matters, including business decisions, strategic initiatives, and corporate governance.

Foster a risk aware culture where risk and compliance activities are integrated and embedded in business practices through ongoing communication and education.

Establish the risk management process for the business including identification, assessment, monitoring, management and reporting on key risks facing the business.

Manage the identification and investigation of material risks that may have an impact on the ability of the business to meet its objectives, in conjunction with the risk community.

Direct and oversee the implementation of the risk management, legal and compliance framework and solutions within the business, ensuring that the business remains within its risk appetite.

Manage the ongoing assessment of the adequacy and efficiency of risk management framework, risk appetite statement, risk management strategy and controls at a business level and drive the implementation of measures to enhance controls and risk management.

Establish an aggregated view of the business current and evolving risk profile.

Take responsibility for the coordination, execution and maturing of the business's Own Risk and Solvency Assessment (ORSA) process.

Manage the reporting of the business' risk profile and outcome of ORSA, including details of all material risk exposures facing the business and related mitigating actions.

Report on the effectiveness of the implementation of the risk management within the business and identified improvements that are required.

Oversee the assessment, monitoring and reporting of the solvency position of the business and ensure that the business is appropriately capitalised.

Contribute to organisation wide risk governance structures, policies and frameworks to ensure continuous integration, collaboration and alignment of risk and compliance practices across the group.

Oversee the appropriate stress testing and scenario analysis and forward-looking projections are performed and the results are taken into