Job Brief:
The Appointed Actuary plays a pivotal role in safeguarding the financial stability and regulatory compliance of the company. This leadership position involves rigorous assessment of the companys financial health, active participation in product and risk management, and strategic communication with key stakeholders, including the Board of Directors and regulators. The role demands a high degree of technical expertise, strategic insight, and a commitment to continuous improvement
Job Responsibilities:
- Financial Oversight and Reporting
Regulatory Compliance: Ensure the timely preparation and submission of the Financial Condition Report (FCR) and other statutory reports required by Bank Negara Malaysia (BNM). Certify that the companys reserves and technical provisions are sufficient and accurately calculated, adhering to regulatory standards.
Financial Condition Assessment: Regularly evaluate the companys financial condition, with a focus on reserve sufficiency and solvency. Conduct stress testing and scenario analysis to measure financial resilience, providing actionable insights and recommendations to the Board
- Product and Pricing Advisory
Independent Advisor: Serve as an independent advisor on the design, pricing, and underwriting policies of the companys products. Ensure that these elements are sound, aligned with market practices, and uphold the financial integrity of the organization.
- Risk Management Collaboration
Risk Identification: Identify and assess the range of financial risks faced by the company, including insurance, market, credit, and operational risks.
Partnerships: Collaborate closely with the Chief Risk & Compliance Officer (CRCO) and other departments to craft and implement comprehensive risk management strategies that align with the companys risk appetite and regulatory requirements
- Reinsurance Strategy and Execution
Advisory Role: Provide expert advice on the organizations reinsurance strategies, ensuring they are sufficient to meet risk appetite and comply with regulatory mandates.
Program Evaluation: Continuously review and refine the reinsurance program, assessing its impact on the companys financial stability and making recommendations for optimization.
- Capital Management and Policy Guidance
Capital Adequacy: Offer strategic input on capital management, focusing on ensuring the company meets its capital adequacy and solvency requirements.
Policy Development: Guide the allocation of capital and provide insights on dividend policies, ensuring they are aligned with regulatory requirements and the companys long-term financial health.
- Stakeholder Engagement and Communication
Complex Information Simplified: Translate complex actuarial concepts and financial data into clear, actionable information for the Board of Directors, senior management, and external stakeholders.
Regulatory Liaison: Act as the primary contact for BNM on all actuarial matters, ensuring clear and effective communication of the companys actuarial practices and positions.
- Policyholder Advocacy
Protecting Interests: Ensure that the companys management of financial resources is conducted with the policyholders best interests in mind.
Benefit Analysis: Provide expert advice on issues related to policyholder dividends, bonuses, and other benefits, ensuring decisions are equitable and sustainable.
- Leadership and Continuous Development
Industry Leadership: Stay informed on industry trends, regulatory changes, and emerging risks that could impact the company. Lead efforts to adapt and evolve the companys actuarial practices in response to these changes.
Team Development: Foster a culture of continuous improvement within the actuarial team, mentoring and developing team members to enhance their professional skills and contribute to the companys success.
Job Requirements:
Education: Bachelors Degree in Actuarial Science, Mathematics, Statistics, or a related field
Professional Qualifications: Fellow of a recognized actuarial professional body (e.g., Institute and Faculty of Actuaries, Casualty Actuarial Society, Actuaries Institute (Australia), Society of Actuaries, or equivalent)
Experience: At least 8 years of experience in the general insurance industry, with significant experience in actuarial valuations, additional experience in other functions like IFRS17, pricing and risk management is an advantage.
Integrity and Professionalism: Demonstrates the highest level of integrity and professionalism in all dealings.
Regulatory Awareness: Deep understanding of regulatory requirements and the ability to ensure compliance.
Strategic Thinking: Ability to think strategically and provide insightful actuarial advice to guide the companys financial decisions.
Leadership: Strong leadership skills with the ability to influence and guide the Board and senior management.
Attention to Detail: Meticulous attention to detail in all aspects of actuarial work, ensuring accuracy and reliability of outputs.
Diversity & Inclusion Commitment
The Company is committed to providing equal employment to all individuals regardless of their race, colour, religion, gender, sexual orientation, gender identity, national origin, age, disability, marital status or any other characteristic protected by applicable laws.
We try make sure everyone has a fair chance to work with us, no matter where theyre from or who they are. We believe having different kinds of people on our team makes us better and more creative. Our friendly environment is all about treating every person with respect and making sure everyones ideas count. We want people from all all walks of life to apply and be part of our mission to create a place where everyone is welcome and valued.
