Head of Distribution and Product Risk Management, Insurance

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Risk and Compliance is a global function that brings together all aspects of regulatory and financial crime risk management. Acting as risk stewards, and incorporating a range of specialist teams, we work together with the business and leverage advanced technology to help HSBC navigate a complex regulatory landscape and embed a sustainable approach to compliance risk management that supports safe growth and ensures fair outcomes for clients. Compliance aspires to continuously raise the bar and set leading standards across the industry to help HSBC safeguard its customers and the communities within which it operates.

We are currently seeking a high caliber professional to join our team as a Head of Distribution and Product Risk Management, Insurance.

Role purpose

• HSBC’s Insurance business operates globally, with manufacturing across Asia Pacific, Europe and Latin America, and a strong growth focus in Asia. The product suite includes participating, universal life, unit-linked, protection, annuities, health, and employee benefits. HSBC also distributes third-party products in markets without manufacturing capability and distributes general insurance globally.
• This Second Line of Defence (SLOD) role supports the Insurance CRCO team in providing effective risk stewardship across distribution, product, with-profits/universal life, underwriting and claims.
• The role focuses on the identification, assessment, management, monitoring and mitigation of key insurance risks, in line with HSBC’s Risk Management Framework, working closely with local and global Risk & Control Owners and other Risk Stewards.

Key Accountabilities and Responsibilities

Product governance and approval

• Lead the development and maintenance of insurance product risk policies and product governance frameworks, including systems and templates.
• Hold delegated authority to approve products escalated for global-level approval.
• Oversee product risk at a portfolio level, ensuring profitability, capital demand and risk exposures remain aligned to strategy and risk appetite.
• Represent Insurance CRCO in product governance and committees.
• Working with actuarial, finance, underwriting, compliance and risk to manage product risk effectively.
• Coordinate with the Global Insurance Product Team and Global Insurance Risk and Compliance Team to ensure product governance delivers good outcomes for customers and shareholders.
• Drive consistency in monitoring across new business, distribution, and in-force risk and profitability.
• Conducting thematic review and quality assurance to confirm compliance against policies and procedures.

Participating Business and Universal Life

• Lead the SLoD activities in managing shareholder risks, while ensuring outcomes meet policyholders’ reasonable expectations and align with fund operation, performance and expected management actions. 
• Ensure robust First Line of Defence (FLoD) management principles and procedures are in place, meet regulatory expectations, and are complied with.
• Assess the adequacy of management actions for investment, surrender, insurance and expense risks.
• Review strategic initiatives impacting underlying funds and liabilities.
• Independently challenge actuarial assumptions and methodologies to ensure fairness and alignment with policyholder reasonable expectations.
• Engage with product officers and actuaries to ensure products meet customer needs transparently, including compliance with HSBC fair value expectations.
• Partner with regulatory compliance risk steward to review customer communications (e.g. benefit illustrations) for accuracy and clarity, including articulation of variability in benefits.

Distribution Risk Oversight

• Partner with regulatory compliance risk steward to shape and challenge distribution practices cross recruitment, incentives, end-to-end sales journeys, sales quality, and performance monitoring, ensuring alignment with HSBC standards.
• Drive robust oversight and challenge of control design and operating effectiveness across distribution activities in manufacturing entities.
• Lead the SLoD oversight of partnership business where HSBC serves as a distributor for third-party products.
• Represent Insurance CRCO in distribution governance and committees, ensuring clear reporting, effective oversight, and timely escalation of material issues.
• Steer the design and implementation of Conduct MI, Distribution Risk KRIs, and Risk Appetite; review remediation plans and track progress for breaches against RAG/risk appetite thresholds.
• Support FLOD-led enhancements to distribution risk frameworks and procedures.
• Liaise with non-insurance stakeholders to support bank-wide distribution risk oversight activities.
• Monitor and drive closure of distribution-related audit findings and FLOD/SLOD issues.
• Promote a conduct-led risk culture across insurance-owned distribution channels.
• Lead or support thematic review and quality assurance, manage key stakeholder relationships across Insurance and WPB, and oversee distribution and underwriting campaigns.

Underwriting and Claims Risk Oversight

• Lead the Risk stewardship across underwriting and claims. Setting clear expectations for effective risk management by contributing to the development, maintenance, and communication of relevant risk policies, standards, and frameworks.
• Undertake ongoing oversight and monitoring activities to assess adherence, identify emerging risks, and promote consistent risk practices across the business.
• Independent review and challenge of out-of-authority cases to ensure decisions are supported by robust analysis and appropriate risk consideration. This includes providing constructive challenge, confirming that the right governance and controls have been applied, and ensuring timely escalation through the appropriate forums where required.

Governance and Committee Memberships (membership of ExCos, Risk Management Meeting)

• Attend Global Insurance Risk Management Meeting
• Represent Insurance CRCO in distribution and product risk committee.

Accountability for Business, Customers and Stakeholders

• Product approval
• Out-of-authority underwriting approval

Leadership & Teamwork

• Create a high performing team, underpinned by active team coaching and development.
• Work collaboratively with other senior executives in Line of Businesses and Group Infrastructure to define strategies, plans and priorities for Risk and Compliance in support of the Group strategy.
• Ensure effective relationships with key stakeholders both within and external to the Insurance line of business within HSBC, increasing connectivity and originating new productive relationships.
• Communicate with the relevant local, group and bank senior stakeholders to ensure an understanding of specific risk issues.
• Oversee the effective development and deployment of human resources, including effective talent management, resourcing and performance management.
• Implements the Group’s performance management and reward strategies, promoting sustainable business growth and allocating rewards that align to responsible risk and compliance management.

Functional Knowledge

• Remains up-to-date on latest legal and regulatory developments impacting the business, including changing statutory, regulatory, and financial reporting requirements.
• Identifies major changes in country-specific regulatory / statutory norms and ensures these are implemented.
• Understands impact of macroeconomic trends, continuously adapting the Risk and Compliance sub-function’s support and activities based on risk, business needs and Group’s strategy.

Core Skills  

• Insurance Financial Expertise - Deep insurance and financial expertise covering accounting, financial reporting, valuation, pricing and capital management
• Risk Stewardship - Advanced understanding of the role of a Risk Steward and how the risks of an insurance manufacturer can materialize considering direct impact to the entity and its clients / group.
• Policy Writing - Highly developed skills in writing group level risk policies
• Risk Identification - Strong ability to identify and manage risks proactively to minimize or eliminate disruptions
• Risk-Based Decision Making
• Risk Reporting and Escalation - Demonstrates awareness of risks and takes a proactive approach to reviewing, managing, reporting, and escalating risks; effectively judges how to manage sensitive information and risky situations
• Business and Cross Functional Partnering - Engaging stakeholders and working together within business and or other functions effectively to achieve desired outcomes.
• Strategic Thinking - Thinking conceptually, imaginatively, and systematically to achieve a set of tasks or goals
• Financial Analysis and Resource Management - Evaluating businesses, projects, budgets, and other finance related transactions to help determine their performance and suitability, Using resources effectively through planning and organising, ensuring right resources are assigned to the right tasks
• Leadership - Build an inspiring vision, create a positive environment by empowering others. Identify the strengths and abilities of employees and help oversee processes, guide initiatives and steer employees to achieve goals
• Global economic impact - Interpreting global economic trends and understanding the impact that they have on the needs of our clients

Experience

• Significant experience in finance, product or actuarial field, with significant leadership experience at senior level and a strong capacity to innovate and find solutions
• Progressive leadership and communication skills, ability to lead change, influence and actively drive performance
• Demonstrated ability to partner with business stakeholders and collectively grow the business while minimising risk
• Be a strong risk management professional with a track record of managing risks preferrably in a large-scale insurance organisation
• Have experience in the management of financial risks of an insurance business
• Detailed knowledge and understanding of the insurance industry and regulatory environment including current and emerging risks including financial risk management, balance sheet dynamics, market risk and model risk is desirable.
• Demonstrated ability to drive change, make difficult decisions, challenge and influence senior management
• Self-starter, independent with good communication and leadership skills
• Team player and high achiever with a positive attitude
• High level of personal integrity and values in line with HSBC core values
• Ability to communicate and influence senior management
• Ability to drive change and make difficult decisions
• Act with courageous integrity in decision making
• Take personal accountability, be decisive, use common sense, empower others
• Communicate openly and honestly.
• Be inclusive and collaborative.

Opening up a world of opportunity
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