Chief Risk Officer

Description

Job Summary: Lead the Company's comprehensive risk management, ensuring the design, implementation, and strengthening of the Integrated Risk Management System (SIAR), SARAS, and Actuarial Function. Key Highlights: 1. Lead comprehensive risk management, SIAR, SARAS, and Actuarial Function. 2. Provide a holistic view of the risk profile to Senior Management. 3. Ensure regulatory compliance and adherence to corporate standards. **Purpose of the Role** Lead the Company’s comprehensive risk management function, ensuring the design, implementation, maintenance, and strengthening of the Integrated Risk Management System (SIAR), SARAS, and Actuarial Function. The position must provide Senior Management and the Board of Directors with a holistic and technically substantiated view of the risk profile, promote effective challenge of business decisions, verify alignment among strategy, risk appetite, capital, liquidity, solvency, and ensure compliance with local regulation and applicable corporate standards. **Key Responsibilities** **Integrated Risk Management System (SIAR)** * **Lead enterprise-wide risk governance:** Lead the maintenance and periodic review of the SIAR, ensuring its scope covers all risks inherent to the business and that the governance structure defines clear responsibilities. \[MC1] * **Develop and maintain the Risk Appetite Framework (RAF):** Update risk appetite, capacity, tolerances, limits, and thresholds in collaboration with Senior Management, ensuring alignment with the business plan, capital, liquidity, profitability, volatility, solvency, and forward-looking scenarios; submit for Board of Directors’ approval and monitor adherence. \[MC2] * **Consolidate the holistic and forward-looking risk profile:** Identify, assess, and prioritize material individual, aggregated, and emerging risks; analyze their evolution, interdependencies, concentrations, speed of materialization, and potential impact on strategy, results, capital, liquidity, solvency, and reputation; issue recommendations to management. \[MC3] * **Define technical standards, methodologies, and model governance:** Lead the formulation and updating of policies, procedures, methodologies, models, indicators, early-warning alerts, limits, and second-line controls. Ensure robust model governance, documentation of assumptions and data, independent validation, performance testing, backtesting, and tracking of limitations. \[MC4] * **Lead financial risk management:** Oversee market, liquidity, credit, counterparty, and country risks. Ensure the team produces and validates technical analyses on VaR, sensitivity, backtesting, stress testing, gaps, liquidity flows, credit quality, issuer- and counterparty-specific limits, and investment exposures supporting reserves. \[MC5] * **Lead insurance risk management:** Ensure an integrated view of underwriting, pricing, discounts, technical reserves, liquidity, reinsurance, counterparty, claims, accumulations, and catastrophic events. Challenge first-line policies and outcomes, aligning them with the Actuarial Function, reinsurance program, risk appetite, and solvency. \[MC6] * **Lead operational and non-financial risk management:** Ensure process-based risk identification, supervise measurement of inherent and residual risk, event logging, key risk indicators, business continuity, outsourcing, and contingency plans. \[MC7] * **Conduct risk and control assessments:** Define and supervise the process of risk and control self-assessment by process. \[MC8] * **Provide opinions on significant decisions:** Assess, prior to approval, risks associated with new products, channels, markets, investments, reinsurance programs, critical outsourcing arrangements, and other material initiatives. \[MC9] * **Coordinate stress testing, scenario analysis, and sufficiency assessments:** Define scenarios, coordinate stress tests, analyze results, and propose mitigation plans. Evaluate coherence of the risk profile. \[MC10] * **Deliver decision-useful information:** Prepare and present executive-level, understandable, and technically substantiated reports to Senior Management, the Risk Committee, and the Board of Directors on risk profile and appetite, concentrations, trends, scenarios, limits, capital, liquidity, solvency, material events, and recommendations. \[MC11] **Environmental and Social Risks, including Climate-related Risks (SARAS)** \[MC12] * **Lead SARAS implementation and sustainability:** Define and execute the implementation roadmap covering governance, resources, data, methodologies, controls, and deliverables required to meet regulatory deadlines timely, integrating SARAS into SIAR and aligning with corporate guidelines. * **Reporting:** Present the annual risk level report to the Board of Directors and Senior Management; maintain evidence readily available for the SFC; and oversee training for the Board, Senior Management, and the risk function. **Actuarial Function as Middle Office** * **Supervise product evaluation, pricing, and underwriting:** \[MC13] Ensure the Actuarial Function evaluates product design and pricing, premium adequacy, discounts, product terms, and underwriting policies; identifies deviations, adverse trends, and risks arising from new initiatives; and formulates recommendations prior to material decisions. * **Supervise reasonableness of technical reserves:** Ensure independent review of methodologies, assumptions, estimates, adequacy, uncertainty, and data quality \[MC14] used in technical reserves and other contractual obligations. * **Assess reinsurance adequacy and insurance exposures \[MC15]:** Ensure the Actuarial Function reviews exposure and capacity models of reinsurance programs to mitigate the Company’s risk profile. * **Ensure actuarial reporting:** \[MC16] Guarantee that the Actuarial Function periodically reports accurately and clearly to the Board of Directors and Senior Management on pricing, underwriting, reserves, reinsurance, models, stress testing, capital, and material matters; follow up on decisions and recommendations. **Required Profile** **Academic Qualifications** ----------------------- * Professional degree in Actuarial Science, Economics, Finance, Engineering, Statistics, Mathematics, Accounting, Administration, or a related discipline with strong quantitative training and demonstrable experience in insurance. * Intermediate English **Experience** --------------- * Minimum eight (8) years of professional experience, of which at least five (5) must be in comprehensive risk management within financial institutions or insurance companies. * Minimum three (3) years leading teams, methodologies, committees, or second-line functions. **Competencies** ---------------- * Critical thinking and effective challenge * Strategic vision * Strategic use of Artificial Intelligence * Executive communication * Independence and sound judgment * Leadership of specialized talent * Data orientation * Change management