Chief Risk and Compliance Officer, HSBC Life Insurance Company Limited (INSH)

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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 calibre professional to join our team as Chief Risk and Compliance Officer, HSBC Life Insurance Company Limited (INSH)

Role Overview and Purpose   

The Chief Risk and Compliance Office (CRCO) for INSH (HSBC Life Insurance Company Limited, China) is the primary point of accountability within INSH for all Risk and Compliance matters. The purpose of the role is to lead and direct the effective identification, assessment, management, monitoring, and mitigation of risk and ensure that we meet all legal and regulatory requirements.

The CRCO for INSH reports functionally to Chief Risk and Compliance Officer, Global Insurance and on an entity basis to the INSH CEO. Role holder is responsible for providing counsel, advice and challenge to the INSH leadership for key business decisions and to develop INSH and line of business strategies and, where required, controls based on thorough understanding of key trends, opportunities and threats impacting INSH.

The CRCO for INSH is responsible for:

• Protecting the business through appropriate risk management discipline; ensuring all enterprise risks are understood, and clearly communicated to key internal and external stakeholders as required.
• Setting the risk oversight strategy, leading and overseeing the Risk and Compliance activities within INSH.
• The Risk Stewardship of Insurance Risk, Regulatory Compliance and Financial Crime, ensuring priorities are aligned and executed in accordance with Group strategy.
• All of this must be done in the context of the Group’s Risk Management Framework and local regulatory requirements.
• The CRCO is expected to hold the regulated positions of Chief Compliance Officer and AML Responsible Person.

Governance and Committee Memberships:

• Chair the entity Risk Management Meeting.
• Attend Board (and Board sub-committees) to represent Risk and Compliance as a second line of defence.
• Attend other INSH and non-INSH related governance forums as appropriate.

Principal Responsibilities and Accountabilities

• Leads and direct the stewardship of INSH, as a partner to the business, supporting growth aspirations whilst retaining the appropriate risk management discipline to achieve the Group’s strategic goals.
• Holds second line responsibility for the risk management of all financial and non-financial risks, acting as the single point of contact across all risk types for INSH.
• Directly accountable for the oversight of key financial risks as the Insurance Risk Steward.  This includes stewardship of Asset, Liability and Capital Management Risk; Contract Valuation Risk; Product Value Management Risk; and Insurance Underwriting Risk.
• Aggregate the risk profile, providing oversight of the Business’ overall risk portfolio through challenge and analysis of risk and reward, ensuring exposures are managed in a consistent and systematic way in accordance with the parameters set by the Businesses’ Risk Appetite Framework.
• Proactively identify, assess and provide a forward-looking view on top and emerging risks and issues within the Risk Map, developing mitigating strategies where necessary.
• Oversees the management of the relationship with relevant regulators.
• Fosters a strong risk and control and compliance culture, including ensuring adequate management focus and demonstrative “tone from the top” 
• Strengthens the businesses’ knowledge of risk and compliance management by incorporating risk and compliance considerations in all activities undertaken to protect and enable the business’ activities through a robust risk management understanding.
• Oversee the Risk and Compliance teams to ensure oversight of the risk management framework to enhance, standardise and integrate the various risk activities including the implementation of strategic projects and systems.
• Provide independent input and challenge Businesses’ Financial Resourcing Plan (FRP), Risk Strategy and Risk Appetite (ensuring alignment with Group Risk Appetite where necessary).
• Develops, monitors and communicates Risk and Compliance strategy, policies and appetite throughout INSH leading strategic direction for setting industry standards for Risk and Compliance, its challenges, and opportunities to ensure that the Group satisfies the requirements of stakeholders.
• Leads Risk; Regulatory Compliance; and Financial Crime sub-functions that are high quality and fit for purpose underpinned by an appropriate governance infrastructure. 
• Oversees the provision of advisory services to INSH to support a clear understanding of Insurance Risk, Regulatory Compliance risk and Financial Crime exposure with respect to clients, business initiatives and products.
• Maintains cost discipline and achieve efficiencies where appropriate.
• Acts in accordance with HSBC’s purpose and values, being cognizant of all applicable local legal, fiscal, regulatory and shareholder requirements as they relate to the team and the operations of HSBC.
• Champions a culture that prioritises the fair treatment of all customers, including particular attention to those who are vulnerable or have changing needs, whilst also ensuring that governance, processes and systems support staff to meet the needs of all customers.

Leadership & Teamwork 

• Creates a high performing and diverse senior leadership team, underpinned by robust succession planning and development of leadership capabilities.
• Works collaboratively with other senior executives in Line of Businesses and Group Infrastructure in the market to define strategies, plans and priorities for Risk and Compliance in support of the Group strategy.
• Ensures effective relationships with key stakeholders both within and external to HSBC, increasing connectivity and originating new productive relationships.
• Communicate with the relevant local, regional and group senior stakeholders to ensure an understanding of specific country risk issues at regional and Group levels
• Oversees the effective development and deployment of human resources in INSH, including effective succession planning, 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.

Operational Effectiveness and Control 

• Oversee comprehensive risk reporting to relevant committees and governance boards, ensuring governance is clear and effective.
• Ensures all policies, procedures, principles, and dispensations, etc. are updated for changes in Regulation and impacts on business.
• Resolves any/all identified issues promptly and escalates concerns to management as appropriate to ensure timely awareness of any material concerns.
• Maintains and observe all HSBC control standards and support implementation and observe the Group policies, including the timely implementation of recommendations made by internal/external auditors and external regulators.
• Maintains awareness of operational risk within assigned portfolio and minimise the likelihood of it occurring including its identification, assessment, mitigation and control, loss identification and reporting

Experience, Functional Knowledge, Core Skills

Experience

• Significant experience in compliance / legal field, with significant leadership experience at senior level in financial service industry 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
• Strong risk and/or compliance professional with a track record of managing risks in a large-scale company with preference in a financial and insurance organisation
• Have experience in the management of financial risks of an insurance business is highly desired
• 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.
• Detailed and extensive knowledge of the HSBC Group structure, its Risk Management Framework, and HSBC’s corporate culture.
• Demonstrated ability to drive change, make difficult decisions, challenge and influence senior management
• Entrepreneurship spirit, self-starter, independent with good communication and leadership skills
• Team player and high achiever with a positive attitude
• Experience in dealing with regulators is desirable but not essential.
• High level of personal integrity and values in line with HSBC core values
• Ability to communicate and influence senior management (English and Chinese written / spoken skills are needed)
• 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.

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

• Risk Stewardship - Deep understanding of what it means to be a Risk Steward and how the risks of an insurance manufacturer can materialize considering direct impact to the entity and its clients / group.
• Risk Identification - Identifying and managing risks proactively to minimize or eliminate disruptions
• Risk-Based Decision Making – Ability to make high-stakes decision using a risk-based approach by assessing key risks, weighed trade-offs, and actions to protect customers and the bank while meeting the business objective
• 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
• Regulatory Governance - Developing, implementing, administering, enforcing new rules/decisions and reviewing/revising regulation on a periodic basis to ensure relevant to current business landscape
• 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 financial-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