Actuarial Risk Manage (Life Insurance)

1. Job Purpose
To oversee and manage actuarial risks across the life insurance business, including insurance liability risks, reserving practices, pricing assumptions, capital adequacy, and model governance. This role ensures alignment with Techcom Life Insurance's risk appetite, regulatory standards, and actuarial best practices.
2. Key Accountabilities
a. Risk Identification and Assessment
• Identify and assess key actuarial risks, including mortality, morbidity, longevity, lapse, and expense assumptions.
• Monitor emerging insurance risks and contribute to the enterprise risk watchlist.
• Evaluate reinsurance arrangements and assess risk mitigation strategies.
b. Risk Quantification and Modelling
• Support stochastic and deterministic modeling for insurance risk exposures.
• Assist in capital management frameworks such as ICAAP and ORSA.
• Conduct sensitivity analysis and stress testing of actuarial assumptions.
• Conduct stress and scenario testing for regulatory and internal risk appetite purposes.
c. Valuation and Reserving Risk Oversight
• Review actuarial valuation results, including statutory reserves and embedded value.
• Provide second-line oversight on assumption setting and reserve methodology under local regulations and IFRS 17. Validate adequacy of reserves under local (Circular 52, IFRS 17) and global standards.
• Challenge assumption changes proposed by pricing or valuation teams.
d. Model Risk Governance
• Review and validate actuarial models used for pricing, reserving, and capital projections.
• Support governance around model development, calibration, and documentation.
e. Product and Pricing Risk Management
• Provide independent review of new product proposals, profit testing, and pricing assumptions and capital consumption.
• Assess risk-return alignment and compliance with regulatory solvency margins.
• Ensure products align with company's risk appetite and solvency constraints.
• Conduct sensitivity analysis on pricing assumptions.
f. Regulatory and Internal Reporting
• Contribute to ORSA (Own Risk and Solvency Assessment), Risk Appetite Statements, and actuarial risk components in board and regulator reports. Support regulatory reporting to MOF and other authorities (e.g., solvency margin, actuarial opinion).
• Coordinate actuarial sections of stress testing exercises submitted to regulators.
• Provide actuarial input to risk committee presentations.
g. Collaboration and Risk Culture
• Champion a risk-aware culture through training and technical advisory.
• Liaise with product, finance, investment, and operations to ensure holistic risk assessment.
• Strengthen risk culture through technical insight and challenge.