Head of Financial 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 Financial 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 in providing effective risk stewardship across all financial risk, including financial reporting & actuarial reserving, asset liability management (ALM), capital management and stress testing.  The role focuses on the identification, assessment, management, monitoring and mitigation of key financial risks within the Insurance line of business, in line with HSBC’s Risk Management Framework, working closely with local and global Risk & Control Owners and other Risk Stewards.
• This role owns relevant risk policies and is responsible to review First Line of Defence (FLoD) standards and procedures, ensuring robust risk management practices are maintained across the Insurance businesses.

Key Accountabilities and Responsibilities

Financial Reporting and Actuarial Reserving

• Act as the IFRS 17 actuarial subject matter expert.
• Partner with financial reporting risk stewards and local risk teams to lead oversight and assurance over key actuarial financial reporting across insurance entities, covering IFRS 17 and local capital reporting requirements.
• Oversee the design and enhancement of IFRS 17 financial reporting control standards for actuarial components of the financial statements.
• Conduct independent reviews and assurance to assess control effectiveness, valuation and projection methodologies, and the reasonableness of actuarial assumptions.
• Work closely with local risk management and Group Actuarial to confirm the quality of reported results and annual disclosures.

Asset Liability Management and Capital Management

• Act as the ALM and capital subject matter expert.
• Partner with traded risk stewards to oversee FLoD ALM activities.
• Independently review and challenge Strategic Asset Allocation proposals and contribute to product mix discussions to optimise the asset–liability profile.
• Lead oversight of financial forecasts, challenging projection assumptions and outcomes for reasonableness.
• Oversee regulatory and economic capital management, including review and approval of warning triggers and target operating level thresholds.
• Drive the development of quantitative ALM and capital risk metrics, monitoring entity risk profiles against the risk appetite statement.

Stress Testing

• Partner with Treasury Risk Stewards to lead oversight of all First Line of Defence (FLoD) stress testing activities.
• Independently assess the suitability of stress testing methodologies and underlying shock assumptions.
• Review and challenge stress testing outcomes, including the reasonableness of management actions to mitigate adverse impacts.
• Identify material risks not readily captured through stress testing, and drive discussions on appropriate contingency plans and remediation actions.
• Liaise with non-insurance stakeholders to support oversight of bank-wide stress testing activities.

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

• Attend Global Insurance Risk Management Meeting

Accountability for Business, Customers and Stakeholders

• Support Insurance CRCO with the sign off of year-end financial disclosures
• Support Insurance CRCO with the sign off of stress testing results

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

• Remain up-to-date on latest accounting, investment and regulatory capital developments impacting the business.
• Identify major changes in country-specific regulatory / statutory norms and ensure these are implemented.
• Understand 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 actuarial, accounting, financial reporting, valuation, 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, actuarial and capital management field, with highly developed 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.
• 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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