Operational Risk Manager (Jg6)

Sanlam Limited; Gauteng; On-site; ZAR 800 000 - 1 200 000; Full time

Job summary

A leading company in the insurance sector is seeking an Operational Risk Manager to embed risk management practices within their claims solutions. The role involves identifying, monitoring, and mitigating risks, while promoting a strong risk culture. Successful candidates will have extensive experience in operational risk management, particularly in insurance, and will be adept at collaborating with stakeholders to enhance risk controls and reporting.

Qualifications

• Minimum of 7+ years in Operational Risk Management, preferably in insurance.
• Postgraduate qualification or professional certification (CRM, PRM, FRM) is advantageous.

Responsibilities

• Develop and execute a proactive risk strategy aligned with business objectives.
• Lead the reporting of operational losses and near misses.
• Deliver insights on risk trends and scenarios affecting business performance.

Skills

Analytical

Problem Solving

Strategic Thinking

Negotiating

Relationship Building

Presentation

Education

Risk Management

Finance

Postgraduate Qualification

Tools

CURA

MS Office

Job description

Operational Risk Manager

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An operational risk manager position exists in the Santam Claims Solutions: Quality & Knowledge Management (QKM) team, based at our Gauteng Centurion (WestEnd) offices.

Reporting to the Head of QKM

What will you do?

The Operational Risk Manager will work closely with the Claims business to embed risk management practices within Santam Claims Solutions in day-to-day activities. This role is responsible for identifying, monitoring, and mitigating risks within the claims environment, and ensuring the integration of risk management frameworks, policies, tools, and techniques to enhance risk controls. Additionally, the role will promote a strong risk management culture through communication and discussion.

What will make you successful in this role?

Risk Management

1. Risk Monitoring and Control Support: Support the Head of QKM in monitoring the risk profile of Santam Claims Solutions, ensuring key risks are managed effectively with appropriate controls.
2. Create and Implement Risk Strategy: Develop and execute a proactive risk strategy aligned with Santam's business objectives.
3. Evaluate Risk Exposure: Regularly assess risks in claims management, focusing on fraud, compliance, operational, financial, and reputational risks.
4. Risk Assessment and Control Evaluation: Conduct comprehensive risk assessments to evaluate controls within claims processes.
5. Design and Implement Mitigation Plans: Identify high-risk areas and develop targeted mitigation strategies.
6. Monitor and Escalate KRIs: Track key risk indicators and escalate concerns when thresholds are exceeded.
7. Foster Risk Culture: Promote initiatives to establish an ideal risk culture within Claims Solutions.
8. Collaboration with Stakeholders: Work with ERM, Compliance, and Internal Audit teams to ensure consistent risk management practices.

Operational Losses

1. Identification and Reporting of Losses: Lead the reporting of operational losses and near misses.
2. Analysis and Root Cause Identification: Analyze losses to identify trends and causes.
3. Initiatives to Mitigate Losses: Lead initiatives to reduce losses through process and control improvements.
4. Operational Losses Database Management: Maintain the losses database on CURA, tracking corrective actions.

Risk Insights and Reporting

1. Provide Risk Insights: Deliver insights on risk trends and scenarios affecting business performance.
2. Develop Dashboards and Reports: Create dashboards and reports for senior leadership on risk exposures and mitigation effectiveness.
3. Escalate High-Risk Matters: Escalate significant risks and losses to ERM promptly.

Qualifications and Experience

• Educational background in Risk Management, Finance, or related field; postgraduate qualification or professional certification (CRM, PRM, FRM) is advantageous.
• Minimum of 7+ years in Operational Risk Management, preferably in insurance.
• Strong understanding of risk frameworks, regulations, and industry best practices.
• Experience with ERM software (CURA), analytics, and reporting tools.
• Proven stakeholder engagement skills with senior leadership.

Skills

• Proficiency in MS Office (Excel, Word, PowerPoint)
• Strong presentation, facilitation, and relationship-building skills
• Analytical, problem-solving, and data evaluation skills
• Negotiating and influencing abilities
• Strategic thinking

About the Company

Santam is the market leader in the general insurance industry in Southern Africa. We are a diversified, expanding, and transforming company committed to delivering Insurance Good and Proper. We value diversity and are committed to employment equity, aiming for a workforce that reflects societal demographics.

Qualified applicants are invited to submit their cover letter, CV, and salary requirements in MS Word format to santam.co.za. Please share this vacancy with qualified individuals.