Chief Risk Officer at Prudential Zenith Life Insurance

Role Summary:

• The incumbent is responsible for reporting to the local and regional leadership on the LBU's risk exposure relative to its risk appetite and tolerance and providing risk-focused challenges on any business strategy, plans or material transactions that may alter the risk profile of the company or expose it to reputational or regulatory risk. Provides risk advice and information on key business decisions, and supports the development of the organization's risk and control culture, capabilities, awareness and frameworks.
• The role holder maintains an accurate and holistic view of the risk landscape and the LBU's risk profile, thereby informing and steering management decision-making with the objective of maximizing risk-adjusted return (ie. achieve a balanced risk-return profile). Reports to the CEO and Board on all material risks facing the business which could threaten the achievement of key business objectives and strategies. Also, ensures continuous awareness of the requirements of the Group Risk Framework and associated policies and standards and the implementation thereof in the local business. The role has a functional reporting line also to the Prudential Africa Chief Risk & Compliance Officer.

Principal Accountabilities/ Responsibilities:

Risk & Control Framework Implementation

• Steer and champion the implementation of a fit-for-purpose risk and control framework in alignment with local regulations and the Group Risk Framework policy requirements to ensure robust risk management processes (identify, measure, assess, control, report) are embedded and operational in the business.

Continuous Risk Identification

• Continuously identify risks (incl. regulatory risk) across PZL business lines to maintain an accurate and up-to-date view of the risk landscape with the objective of supporting the PZL CEO and leadership in managing these risks, inform business decision-making, identify potential threats to business strategy execution and to protect PZL's brand, reputation, financial position and integrity.
• Production of Risk and Control Management Information
• Deliver timely, accurate and high-quality risk management information to executive management and the Board covering all PZL business lines, with a focus on material risks (incl, regulatory and conduct risks) and position against risk appetite. This also includes effective management of the company's risk management committee/s.

Enablement of PZL Risk & Control functions

• Provide leadership, motivation and support to the team and establish mechanisms for continuous development and improvement in maturity, including cross-sharing of expertise, establishment of a collaborative and transfer of skills and capabilities.
• Risk-focused influence of material business decisions, plans and strategic initiatives
• Provide risk-focused advice, review and challenge of material business decisions, business plans and strategic initiatives / projects with the objective to ensure a balanced risk-return profile, the identification of risks that could threaten delivery and to ensure adherence to company risk appetite. This specifically include all risk-based decision making (RBDM) processes as defined in the Group Risk Framework. This also incorporates all approval processes as defined in the Group Governance Manual.

Risk Awareness and Culture

• Ensure company-wide risk and control awareness and establish processes to embed a strong risk culture and risk behaviours across the company (also incorporating customer fairness and conduct-related matters), including remuneration considerations (where appropriate).

Relevant Skills & Competencies

• In-depth knowledge of the insurance business. Professionalism, positive attitude and hands on approach.
• Ability to collaborate and influence multiple stakeholders in line with ethical standards in business and risk management.
• Excellent communication, presentation and interpersonal skills on senior management level within a multi-cultural environment with the credibility to influence collaboration and teamwork.
• Have effective managerial, leadership skills and networking capabilities. Strong business acumen, leadership and innovation.
• Forward thinking, result-driven and adaptable to dynamic situations, while upholding ethical work standards.
• Strong executive leadership capabilities and competencies to manage stakeholders.

Requirements: Educational/Professional Qualifications/Profile

• Minimum of B.Sc. degree in a related course area in a recognized University.
• MSc/MBA will be an added advantage (but not mandatory).
• Professional qualification in Insurance will be an added advantage, e.g. CIIN, CII UK, etc.
• Relevant professional certification in risk management is essential, e.g. Certified Risk Management Professional (CRMP), Professional Risk Manager (PRM), etc.
• Minimum of 10 years+ cognate experience in risk management and internal control.
• Extensive Industry experience will be an added advantage. Strong knowledge of life insurance and its workings.