Job Purpose / Objective :
Reporting to the Chief Risk Officer of International Markets ( IM ), the Director, ALM & Enterprise Risk Management ( the Director ) will provide assets liabilities management oversight for all markets and support the risk management for Cigna’s insurance joint venture business.
S / he will be accountable on the design and execution of the ALM oversight activities by directly liaising with the China insurance JV partner and JV management team.
At a tactical level, he / she is expected to work closely with the business and provide subject matter expert advices on matters related asset liabilities management and the China insurance business portfolio, while building improved monitoring and risk management capability to monitor, identify and manage underlying risks.
Additionally, the Director will advise the CRO on China JV Board matters. This would require close collaboration with the JV management team as well as other internal oversight functions, such as investments, ALM, actuarial, finance, legal and compliance.
Critical Tasks and Expected Contributions / Results :
Lead assets liabilities management oversight for International Markets
Develop effective mechanisms to monitor ALM risk exposure and work with the countries to develop and / or adjust the strategic assets allocation and investment strategy
In collaboration with the China insurance joint venture (the JV) management team, ensure policies & standards are comprehensive and current to manage evolving ALM risks
Conduct risk-based deep dives to identify emerging ALM risks
Lead the business oversight of the China insurance joint venture (the JV ). Relying on deep and practical knowledge of the China insurance and investment market, advise International Markets (IM) Global Office in areas such as product strategy, distribution, ALM, PRC GAAP and solvency requirements, industry and regulatory trends, etc.
Liaise with the JV management team to understand their business plans and assist IM Global office in setting appropriate management scorecard and KPIs for the business.
Appropriately guide and influence the business to achieve desired growth
Support Cigna’s board representatives of the JV by reviewing the JV’s board materials in partnership with other supporting functions, and support the continual development of robust board governance practices
Establish structured and effective communication processes with the joint venture partner
Support ERM risk reporting and coordinate the compilation of the investment KRIs
Serve as liaison between China insurance JV with International Markets office and functional leadership teams at group level
Stay on top of relevant ALM best practices and China insurance market trends
Experience / Knowledge Requirements :
Degree holder with a minimum of 10 years’ experience working in ALM or risk management function of life insurance companies with direct dealings with the China insurance market
Bachelor degree in finance, actuarial science, statistics or other degree of relevance
Professional designation in an internationally recognized actuarial organization (FSA, FIA, FCIA, etc.)
Familiarity with designing appropriate ALM strategies to back insurance liabilities and capital. Experience with designing appropriate reporting and control frameworks to assess the asset liability management of these portfolios
Experience supporting board level conversations for life insurance companies in China, and knowledge in improving board governance process will be a significant asset
Expert in PRC GAAP insurance accounting and solvency requirements. Desired candidate will also be proficient in USGAAP insurance accounting
Exhibit leadership skills to recommend constructive change and obtain management buy-in
Self-starter who is able to work successfully, proactively and independently, manage competing priorities and be flexible in roles and responsibilities
Strong ability to perform well and be unfailingly diplomatic in a high pressure and complex environment
Strong influencing and negotiating skills
Proven analytical, planning, and organizing skills
Excellent written and spoken English and Mandarin. Cantonese is desirable but not essential.
Willing to travel, especially to China
Experience in health insurance will be an asset