Chief Risk Officer, India

is a listed international insurance Group with a heritage spanning 200 years.

It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs today and tomorrow and is also engaged in reinsurance activities.

As one of Europes larger insurance companies Ageas concentrates its activities in Europe and Asia which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors.

In most markets, Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 44,000 people and reported annual inflows close to EUR 16 billion in 2022 (all figures at 100%).

Shape your Career with Ageas

We re currently looking for a high caliber professional to join our team as Chief Risk Officer, based in Mumbai, India. The job holder will be a member of the Senior Management Committee and will report to the Chief Executive Officer of Ageas Federal Life Insurance (AFLI).

The Chief Risk Officer is responsible for identifying, measuring, mitigating, and monitoring company-wide risks to achieve organizational goals and objectives through effective risk management. Act as an advisor on all strategic initiatives of the company and provide independent risk review and assessment on products, projects, assets, capital, investments and company-wide business activities. The job holder will provide support and participate actively in RBC and IFRS projects.

In this role you re expected to:

• Advise on the strategic asset allocation of funds through annual SAA exercise.
• Own and maintain the investment policy to ensure alignment with company goals.
• Ensure the sound quality of the credit portfolio by conducting regular credit reviews.
• Provide advice on risk and reward for new investments and instruments (InVIT, REIT, Alternate investments, etc) and advise on the creation of new funds.
• Monitor the asset liability profile of funds and advise on the duration gap to be maintained.
• Advise on the company s risk appetite to the Risk Management Committee and the Board.
• Conduct portfolio performance and risk analysis to inform decision making.
• Advise on financial risk compliance and implement a framework of monitoring limits.
• Provide inputs to the Actuary on risks and volatilities of assets for economic capital calculation.
• Organize monthly Asset Liability Committee meetings and ensure timely and accurate reporting.
• Implement international best practices in financial risk management, including new frameworks like Solvency II.
• Prepare reports to Ageas, including Quarterly Financial Risk Reports and Key Risk Reports.
• Create a framework for derivatives, Value at Risk (VaR), Mark-to-Market (MTM), etc.

• Provide inputs on pricing interest rates for different products, monitor pricing rates, and advise on revisions to maintain product margins.
• Participate in product development and review activities.
• Review business cases, profitability, and pricing assumptions.
• Ensure risk compliance and sign off on new products and new lines of business (e.g., GTL, Group Credit).
• Review liability, modelling, and valuation.
• Monitor solvency and profits, and provide stress test reports and scenario analysis.
• Advise the company on the impact of product and business line strategies on solvency, VNB, EV, and profits. Advise management on the outcomes of stress test exercises.

Operational Risk Management and Business Continuity

• Facilitate and coordinate Risk Control Self-Assessment (RCSA) and risk profiling activities.
• Advise on processes from a risk exposure perspective.
• Design and develop key risk indicators relevant to the business and cascade them to business owners for monitoring risk exposures.
• Conduct risk assessment and due diligence of outsourced vendors, and coordinate quarterly meetings of the Outsourcing Committee.
• Advise on a proper framework for outsourcing risk review.
• Provide all outsourcing risk reports to the Board, IRDA, etc.
• Own the Business Continuity Plan (BCP) and Crisis Management Team (CMT) program of the company, ensuring a proper BCP is in place based on Business Impact Analysis.
• Advise management on major operational incidences and process gaps to be fixed.

Risk Control Unit and Fraud Investigations

• Supervise the Risk Control Unit and guide the unit to use the latest tools and techniques to prevent claim frauds.
• Liaise with IRDA, IIB, reinsurers, and industry players to understand new trends in claim frauds and advise the underwriting department on fraudulent proposals.
• Provide guidance on fraud investigation and reports to the Anti-Fraud Committee.
• Monitor Fraud MIS, identify fraud hotspots, and advise business functions to plug the gaps.
• Coordinate on fraud reporting and provide data to IRDAI, Federal Bank, etc.

• Work with the Chief Information Security Officer (CISO) to ensure a robust cyber security framework in the company.
• Chair weekly meetings of the Information Security team, including the CISO and IT teams, to ensure timely closure of vulnerabilities.
• Provide guidance and risk perspective on various cyber tools to be implemented.
• Liaise with IRDA, Cert-In on cyber risk matters together with the CISO.
• Maintain the Cyber Security Policy of the organization.

As a successful candidate you d ideally have the following skills and exposure:

• Proven experience in financial risk management and investment advisory.
• Strong understanding of asset allocation, credit portfolio management, and financial risk compliance.
• Excellent analytical and problem-solving skills.
• Ability to communicate complex financial concepts to senior management and the Board.
• Extensive stakeholder relationship and management experience.
• You are agile and strategically oriented, focused on results, culturally sensitive and able to work independently.
• Consistently demonstrates clear and concise written and verbal communication skills.
• Willingness to travel when required.

Ageas values your talent and knows how to reward it. We offer you an attractive salary and fringe benefits. You will work in a stimulating international environment with numerous opportunities for personal development. You will work independently within a global dynamic team in agile ways (start-up spirit).

Take the next step in your career, apply for this role at Ageas today

Ageas is an equal opportunity and affirmative action employer.