Operational Risk Manager (JG6)

Sanlam Limited; Centurion; On-site; ZAR 60 000 - 100 000; Full time

Job summary

An established industry player is seeking an Operational Risk Manager to join their dynamic team in Centurion. This pivotal role involves embedding risk management practices within claims operations, ensuring effective monitoring and mitigation of risks. You will collaborate with key stakeholders to foster a robust risk culture and drive strategic initiatives aimed at minimizing operational losses. If you are passionate about risk management and thrive in a collaborative environment, this opportunity offers a chance to make a significant impact in a leading insurance company committed to excellence and transformation.

Qualifications

• 7+ years of experience in Operational Risk Management, preferably in insurance.
• Strong understanding of risk management frameworks and industry best practices.

Responsibilities

• Develop and implement risk strategies aligned with business objectives.
• Conduct comprehensive risk assessments and monitor key risk indicators.

Skills

Risk Management

Analytical Skills

Stakeholder Engagement

Presentation Skills

Negotiation Skills

Strategic Thinking

Education

Bachelor's Degree in Risk Management or Finance

Postgraduate Qualification in Risk Management

Tools

CURA

MS Excel

MS Word

MS PowerPoint

Job description

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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: QKM

WHAT WILL YOU DO?

The Operational Risk Manager will work closely with the Claims business to embed the risk management practices within Santam Claims Solutions in day-to-day activities. This role will be responsible for the identification, monitoring and mitigating of risks that arise within the claims environment and ensuring the integration of risk management frameworks, policies, tools, and techniques to enhance risk management and control. Additionally, the role will foster a strong culture of risk management through challenging discussions and communication.

WHAT WILL MAKE YOU SUCCESSFUL IN THIS ROLE?

Risk Management
• Risk Monitoring and Control Support: Support the Head: QKM in monitoring the risk profile of Santam Claims Solutions, ensuring that key risks are effectively managed, appropriate actions are taken, and that management has implemented adequate controls to mitigate these risks.
• Develop and Implement Risk Strategy: Create and execute a proactive, forward-looking risk strategy for Santam Claims Solutions, ensuring alignment with Santam’s overall business objectives and the broader risk framework.
• Evaluate Risk Exposure: Regularly assess risks within claims management, focusing on key areas such as fraud, compliance, operational, financial, and reputational risks to protect the business.
• Risk Assessment and Control Evaluation: Conduct regular, comprehensive risk assessments to evaluate the adequacy and effectiveness of current controls within claims processes.
• Design and Implement Mitigation Plans: Identify high-risk areas within claims operations and design targeted risk mitigation strategies and actionable plans to address them effectively.
• Monitor and Escalate KRIs: Continuously track key risk indicators (KRIs) and promptly escalate any concerns when established thresholds are exceeded, ensuring timely intervention.
• Foster Risk Culture: Recommend risk culture positioning and drive initiatives aimed at establishing an ideal risk culture within Santam Claims Solutions, ensuring alignment with Santam’s risk management objectives.
• Collaboration with Key Stakeholders: Work closely with Enterprise Risk Management (ERM), Group Compliance, and Group Internal Audit teams to ensure consistency in risk management practices and to drive a collaborative approach to managing risks.

Operational Losses
• Identification and Reporting of Losses: Lead the identification and reporting of operational losses and near misses, ensuring transparency and accountability in claims operations.
• Analysis and Root Cause Identification: Analyse operational losses to identify emerging trends, root causes, and high-risk areas, facilitating targeted improvements.
• Initiatives to Mitigate Losses: Spearhead initiatives aimed at reducing operational losses, including process enhancements, technology upgrades, and strengthened controls, to optimise efficiency and reduce risk exposure.
• Operational Losses Database Management: Maintain and update the operational losses database on CURA, ensuring it tracks corrective actions and informs future decision-making through lessons learned.

Risk Insights and Reporting
• Provide Risk Insights: Deliver comprehensive insights on claims-related risk trends, root causes, and scenarios that directly impact business performance and operational efficiency.
• Develop Dashboards and Reports: Design and develop high-impact dashboards and reports for senior leadership, with a focus on claims risk exposures, key risk indicators, and the effectiveness of mitigation strategies.
• Escalate High-Risk Matters: Ensure the timely escalation of high risks and material losses to Enterprise Risk Management (ERM) to facilitate appropriate action at the organisational level.

QUALIFICATIONS AND EXPERIENCE

• Educational Background: A bachelor's degree Risk Management, Finance, or a related field. A postgraduate qualification or professional certification in Risk Management (e.g., CRM, PRM, FRM) would be advantageous.
• Operational Risk Expertise: Minimum of 7+ years of experience in Operational Risk Management, preferably within the insurance sector.
• Industry Knowledge: Strong understanding of risk management frameworks, regulatory requirements, and industry best practices relevant to short-term insurance and claims operations.
• Technology & Systems Proficiency: Experience with Enterprise Risk Management software (CURA), risk analytics, and reporting tools.
• Stakeholder Engagement: Proven ability to collaborate with senior leadership, and cross-functional teams to drive a strong risk culture.

SKILLS

• Technical Proficiency (Proficiency in MS Excel, MS Word, and MS PowerPoint)
• Strong presentation and facilitation skills
• Stakeholder engagement and relationship-building skills
• Analytical and problem-solving skills
• Data collection and evaluation skills
• Excellent Written Communication
• Negotiating and influencing
• Strategic thinking

COMPETENCIES

ABOUT THE COMPANY

Santam is the market leader in the general insurance industry in Southern Africa. We are a large, diversified, expanding and transforming company and whilst based in South Africa, we are rapidly moving into a number of emerging markets, both in Africa and Asia.
Our success is rooted in our passion for our clients and everything we do is centred on our delivery of Insurance Good and Proper. We’re about people. People drive our business so it follows that we want to recruit the best people possible whether they work for us permanently or for a short time as temporary employees.
At Santam we are committed to transformation and embracing diversity. This commitment is what drives us to achieve a diverse workplace with employment equity as a key goal to create an inclusive workforce, representative of the demographics of our society. In achieving our employment equity goals we give preference to applicants from the designated groups in alignment with the Divisions Employment Equity targets.
Qualified applicants are invited to submit their cover letter, CV, and salary requirements in MSWord format to santam.co.za .Should you be aware of a qualified individual, please pass this vacancy on to them.