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The client is a multinational insurance company operating in Malaysia .
(BNM is Bank Negara Malaysia)
PURPOSE The Head of Risk for Tafaful is responsible for establishing and maintaining a robust risk management framework for client. This role ensures compliance with regulatory requirements, Shariah principles, and internal governance standards while safeguarding the company’s financial stability and reputation. The position provides strategic leadership in identifying, assessing, monitoring, and mitigating risks across all business functions.
KEY ACCOUNTABILITIES
ENTERPRISE RISK GOVERNANCE
§ Maintain a documented ERM framework aligned with BNM policy documents and Responsibility Mapping requirements.
§ Monitor and report on the
Risk Appetite Statement (RAS)
and ensure adherence to approved risk limits.
§ Track and analyze
Key Risk Indicators (KRIs)
to provide early warning signals and support proactive risk management.
§ Accountable for the design, implementation, and monitoring of the Risk Appetite Framework (RAF), ensuring adherence to Board-approved limits.
§ Ensure strict segregation of risk oversight between for Takaful in matters relating to funds shared in services of joint activities, preventing cross-contamination of risk exposures with conventional insurance.
FINANCIAL RISK & ICAAP
§ Accountable for the independent validation and stress testing of the Internal Capital Adequacy Assessment Process (ICAAP), challenging capital assumptions proposed by Finance/Actuarial.
§ Provides independent oversight of solvency and liquidity risk, ensuring alignment with regulatory requirements and Risk Appetite.
§ Accountable for independent challenge and oversight of stress and scenario testing.
OPERATIONAL RISK
§ Accountable for the Operational Risk Management Framework, providing oversight of KCSA, KRI, and incident reporting performed by the First Line.
§ Accountable for the independent risk assessment of material outsourcing arrangements, ensuring alignment with the Outsourcing Policy and Risk Appetite.
§ Establish and maintain an incident management process to ensure timely escalation, root cause analysis, and remediation of operational risk events.
CRISIS MANAGEMENT
§ Develop and maintain business continuity plans and disaster recovery strategies.
§ Accountable for the Business Continuity Management (BCM) Framework, ensuring regular testing of disaster recovery and crisis management plans in line with BNM BCM Policy.
§ Accountable for the Crisis Management Framework, ensuring the organization is prepared to manage severe disruptions effectively.
SYARIAH RISK
§ Accountable for the Shariah Risk Management function in accordance with the Shariah Governance Policy Document, providing independent assessment of Shariah Non-Compliance (SNC) risks and reporting material exposures to the Shariah Committee and Board.
§ Responsible to ensure integration of Shariah governance into risk processes.
§ Engages with the Shariah Committee for all Shariah risk matters.
ESG AND CLIMATE RISK
§ Accountable for the Climate Risk Management Framework, overseeing the identification and quantification of physical and transition risks in alignment with the BNM Climate Risk Management Policy Document.
§ Conduct climate scenario analysis and comply with BNM Climate Risk Management Policy.
