The Senior Risk and Compliance Officer is responsible for supporting the effective implementation and continuous improvement of the Company's Enterprise Risk Management (ERM) framework and ensuring comprehensive regulatory adherence. This role operates as part of the second line of defense, focusing on proactively identifying, assessing, and monitoring key risks, with a specialized focus on insurance risk and compliance obligations mandated by major Philippine regulators.
Key Responsibilities:
1. Regulatory Compliance and Governance
- Regulatory Monitoring and Reporting: Monitor evolving regulatory requirements from key government bodies, including the Insurance Commission (IC), Anti-Money Laundering Council (AMLC), Securities and Exchange Commission (SEC), and the National Privacy Commission (NPC).
- Filing and Submissions: Assist in the timely and accurate preparation and submission of all necessary regulatory filings, reports, and compliance documentation to the IC and other relevant authorities.
- AML/CFT Compliance: Support the oversight and implementation of Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) policies and procedures, ensuring compliance with AMLC regulations, including customer identification (CDD) and transaction reporting requirements.
- Privacy and Data Protection: Monitor adherence to the Data Privacy Act of 2012 (RA No. 10173) and NPC circulars, ensuring compliance practices are maintained for the security and confidentiality of client data.
- Consumer Protection Compliance: Oversee and implement compliance programs for the Financial Products and Services Consumer Protection Act (RA No. 11765), ensuring strict adherence to market conduct guidelines, transparency, and the effective handling of consumer complaints and redress.
- Compliance Review: Conduct periodic compliance reviews and risk assessments across business units to identify control gaps, regulatory risks, and recommend effective corrective actions or mitigation strategies.
2. Enterprise Risk Management (ERM) & Insurance Risk
- ERM Implementation: Support the management and maintenance of the Enterprise Risk Management (ERM) framework by rolling out policies and fostering a risk-aware culture across the organization.
- Risk Identification and Assessment: Conduct comprehensive risk assessments to analyze current exposures and identify potential or emerging risks, including regulatory, operational, strategic, and financial risks.
- Insurance Risk Management: Specifically focus on risks inherent to the insurance business, which include:
- Analyzing the risk selection process (underwriting), premium determination (pricing), and reinsurance strategies for potential failure to meet policyholder obligations.
- Evaluating and mitigating risks related to inadequate pricing, adverse selection, coverage ambiguity, and product complexity/innovation.
- Risk Monitoring and Reporting: Continuously monitor Key Risk Indicators (KRIs), analyze trends and root causes of material exposures (e.g., loss ratio deterioration), and contribute insights to regular internal risk reporting and management committees.
- Stakeholder Collaboration: Collaborate with cross-functional stakeholders (e.g., Actuarial, Finance, Operations, IT) to embed risk ownership and ensure integrated risk management initiatives.
Qualifications
- Education: Bachelor's Degree in Business, Finance, or a related course.
- Legal Background: A legal degree or background in corporate and insurance laws is preferred but not required for this role
- Experience: At least 5 years of experience in financial services, preferably in a role involving audit, compliance, risk management, or actuarial work within the insurance industry
- Knowledge: Familiarity with Enterprise Risk Management (ERM) frameworks is desirable and with all applicable regulatory requirements for a life or non-life insurance company.
- Skills:
- Strong analytical skills with the ability to synthesize complex information and develop practical solutions.
- Excellent written and verbal communication skills to effectively engage diverse internal stakeholders.
- Demonstrates integrity, transparency, and a strong commitment to ethical conduct and compliance with internal policies.
- Proven ability to plan, prioritize, and manage multiple tasks efficiently to meet deadlines.
