Insurance Risk Manager

Placements24; Durban; Hybrid; ZAR 900,000 - 1,800,000; Full time

Benefits offered by this job

Medical aid

Retirement annuity

Professional development funding

Generous leave

Job summary

Placements24 is recruiting an Insurance Risk Manager in Durban to lead enterprise risk activities across the organization. You will develop and maintain an ERM program tailored to the insurance sector, identifying and prioritizing risks, and integrating risk culture across teams.

With 6+ years of risk management experience and a solid grasp of SA regulatory landscape, you will design stress tests, monitor KRIs/KPIs, and report to executives and regulators while enabling strategic decisions.

Qualifications

• Bachelor-level degree in finance/economics/risk management or related quantitative field.
• Master's degree or professional risk qualification (CRISC/PRM/FRM) is advantageous.
• Minimum 6 years in risk management, with insurance industry focus.

Responsibilities

• Develop and maintain the insurer's ERM framework.
• Identify, assess and prioritize risks across operations (market, credit, operational, strategic).
• Design stress tests and scenario analyses to stress resilience.
• Develop KRIs and KPIs to monitor risk exposure and control effectiveness.
• Embed risk practices across business units and decision processes.
• Ensure regulatory compliance and reporting to regulators.
• Prepare risk reports for senior management, board and regulators.
• Deliver risk management training to staff at all levels.
• Investigate risk events and implement corrective actions.
• Stay updated on emerging risks and regulatory changes.

Skills

ERM frameworks

Risk modeling

Data analysis

Analytical thinking

Stakeholder management

Project management

Regulatory knowledge

Education

Bachelor's degree in Finance, Economics, Risk Management, Statistics, or related quantitative field

Master's degree or professional qualification (CRISC, PRM, FRM) advantageous

Tools

SAS

R

Python

Job description

About the Role

Our client, a significant player in the dynamic insurance market, is actively seeking a seasoned Insurance Risk Manager to join their strategic operations in Durban, KwaZulu-Natal . This senior role is integral to safeguarding the company's financial stability and operational integrity by identifying, assessing, and mitigating a wide spectrum of risks. The ideal candidate will possess a robust understanding of enterprise risk management frameworks within the insurance sector, coupled with a proactive approach to developing and implementing risk mitigation strategies. You will work collaboratively across departments, ensuring compliance with regulatory mandates and fostering a strong risk-aware culture throughout the organization. This is an exceptional opportunity to contribute at a high level in a vibrant coastal city, Durban .

Key Responsibilities

• Develop, implement, and maintain the company's enterprise risk management (ERM) framework, tailored for the insurance industry.
• Identify, assess, and prioritize key risks across all business operations, including market, credit, operational, and strategic risks.
• Design and execute risk assessment methodologies, stress testing, and scenario analysis.
• Develop and monitor key risk indicators (KRIs) and key performance indicators (KPIs) to track risk exposures and control effectiveness.
• Collaborate with business units to embed risk management practices into daily operations and decision-making processes.
• Ensure compliance with relevant industry regulations and statutory requirements related to risk management.
• Prepare comprehensive risk reports for senior management, the board of directors, and regulatory bodies.
• Develop and deliver risk management training programs to employees at all levels.
• Investigate and analyze risk events, recommending and implementing corrective actions to prevent recurrence.
• Stay updated on emerging risks, industry best practices, and regulatory changes affecting the insurance sector.

Requirements

• A Bachelor's degree in Finance, Economics, Risk Management, Statistics, or a related quantitative field.
• A Master's degree or professional qualification (e.g., CRISC, PRM, FRM) is advantageous.
• Minimum of 6 years of progressive experience in risk management, with a significant focus on the insurance industry.
• Demonstrable experience in developing and implementing ERM frameworks.
• Strong knowledge of insurance operations, products, and regulatory landscapes in South Africa .
• Proficiency in risk modeling software and data analysis tools.
• Excellent analytical, critical thinking, and problem-solving skills.
• Strong communication, presentation, and interpersonal skills, with the ability to influence stakeholders at all levels.
• Proven ability to manage complex projects and work effectively under pressure.
• Experience with regulatory compliance frameworks such as Solvency II or similar is a plus.
• Adaptability and a proactive approach to identifying and managing emerging risks.

Benefits

Our client provides a competitive salary package benchmarked against industry standards, complemented by a performance-related bonus structure. The benefits include comprehensive medical aid, a retirement annuity contribution, and substantial opportunities for professional development, including funding for relevant certifications and workshops. Employees also enjoy generous leave allowances and access to corporate wellness programs. Join a reputable organization that values risk stewardship and offers a rewarding career path in beautiful Durban .