Risk Officer Insurance Regulatory Authority

PURPOSE
Provide support in coordination, monitoring and evaluation of the level of risk within IRA and in the Insurance Sector.

DUTIES AND RESPONSIBILITIES
1. Participate in the development of risk indicators and update the risk dashboard.
2. Review the risk management frameworks put in place by the industry players and provide guidance on their effectiveness.
3. Review risk management reports (Own Risk and Solvency Assessment, Risk Management Reports etc.) and provide technical guidance in risk management.
4. Continuously update existing actuarial models.
5. Participate in risk management surveys.
6. Monitor insurance companies compliance with the provisions of the Act in aspects such as capital adequacy/solvency, investment etc.
7. Review new/modified insurance products, accompanying premium rates, Commission rates. 8. Carry out any other duties assigned from time to time.

KEY PERFORMANCE INDICATORS
1. Timely submission of risk management reports.
2. Updated risk dashboard.
3. Statutory compliance Reports submitted on time.

PERSON SPECIFICATIONS
Qualifications
1. At least a Bachelor’s (Honours) Degree in Actuarial Science, Mathematics, Statistics or its equivalent from a recognised University/Higher Institution of Learning.

Competencies & Knowledge
1. Personal presentation
2. Analytical skills.
3. Risk management
4. Interpersonal skills
5. Supervisory skills