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Takaful Operational and Shariah Risk Lead

82090

Job Summary

To assist the business in achieving its objectives in a sustainable manner by supporting and enterprise wide risk management framework that is complete, effective and efficient. Establish and maintain effective methodologies for Shariah risk analysis, management, reporting and also maintain effective methodologies for Operational Risk in accordance to local regulation and Zurich Group for Zurich Takaful Malaysia Berhad and Zurich General Takaful Malaysia Berhad.

Promote a culture that embeds shariah risk management and operational risk as foundational to how business is done. Work collaboratively with the business including Shariah Committee, other assurance functions and Zurich Takaful Malaysia Berhad and Zurich General Takaful Malaysia Berhad senior management.

Job Qualifications

Required:
• Bachelors Degree in Accounting/Finance/Risk Management/Business Administration and 10 or more years of experience in the Insurance or Risk Management area in Insurance company. Has operational processes experience in Takaful companies.
Desirable:

• Professional Certification in Shariah and additional management training related to Shariah, Enterprise Risk Management and/or other Governance/Risk topics

 

Job Accountabilities - Key Accountabilities

Provide Shariah Risk Management functions to ZTMB businesses to alleviate possible Shariah Non-Compliance (SNC) events including:

  • Develop, review and/or enhance Shariah Risk Management (SRM) policy for Zurich Takaful business operations.
  • Partner with business operations in proactively identifying, assessing, controlling, monitoring and reporting potential inherent Shariah Non-Compliance Risks embedded in their processes.
  • Collate, analyse potential impact, validate corrective actions and maintain SNC in the event reported by the business operations and support functions.
  • Assist in measuring potential impact of SNC risk to ZTMB based on historical and actual de-recognition of income derived from SNC activities.
  • Monitor SNC risks to facilitate efficient and effective management of such risks and report SNC risk incident to Shariah Committee and the Board periodically.
  • Identify and assess inherent SNC risk in new product and enhanced processes and systems and recommend necessary control and mitigation.

Conduct Shariah Compliance review for ZTMB pre-product launch to ensure that activities executed do not contravene with the Shariah requirements (namely BNM ShariahGovernance Framework, Shariah Advisory Council resolutions and SC decisions). In addition,conduct an ad-hoc project Shariah Compliance review whenever required.

Promote and lead Shariah Risk Management Awareness and practice of regulatory compliance in the conduct of ZTMB business through development of Shariah Risk Management awareness programme and the application of Operational Risk Management tools in managing SNC risks.

Job Functions

Assist and support ZTMB and ZGTMB Chief Risk Officer (CRO) in ensuring implementation of Zurich's Enterprise Risk Management framework and running an efficient and effective risk management function at a local business area, Business Unit or functional level by ensuring a consistent and efficient adherence to the Group’s risk management framework including:

  • Provide support for Risk Governance and Risk Reporting processes.
  • Take lead in coordinating for Zurich Risk Policy Adherence, monitoring process and Quality Assurance activities
  • Implement and conduct operational risk management activities
  • Coordinating and support Self Assessment of Operational Risk exercise for departments in ZTMB and ZGTMB.
  • Conducts risk assessments, ad-hoc assignments according to priorities assigned.
  • Provide support in reviewing Takaful product collaterals, marketing and training material
  • Flag significant matters of concerning risks for assigned areas to senior risk management.
  • Compile risk reports based on available information, providing consistent and reliable information for risk-related decision taking.
  • Where necessary, provide advisory to ZTMB and ZGTMB management with regards to Shariah risk and Operational risk.

 

Business Accountabilities


• Provide support in regulatory reporting process; i.e ORION
• Support the risk management function in the promotion of the Group Risk Management Framework to ensure it is sufficiently understood and implemented in the organization.

Actively participate in Group Risk Management activities in APAC and Global in their initiatives including promoting Takaful.

 

 

You are the heart & soul of Zurich! 
Together we are committed to delivering on our purpose - Let’s Create a Brighter Future Together!

We highly value the experience and know-how of our employees and offer a wide range of opportunities across business areas. You can expect to work on challenges that will help you grow and to collaborate with a diverse and inclusive team. 
People are Zurich’s most important asset. Their varied skills, perspectives and experiences drive innovation. And they reflect the breadth and diversity of our customers, suppliers, communities and investors around the world. We are committed to attracting and retaining talented individuals from a variety of backgrounds and experiences. Zurich does not discriminate based on race, ethnicity, religion, national origin, sex, gender expression, gender identity, genetic information, age, disability, protected veteran status, marital status, sexual orientation, pregnancy or other characteristics protected by applicable law. 

 

 

  • Location(s):  MY - Kuala Lumpur 
  • Remote working:
  • Schedule:
  • Recruiter name: Kavitha Vijayaratnam
  • Closing date:

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