Operational Risk Management

At AIA we’ve started an exciting movement to create a healthier, more sustainable future for everyone.
- It’s about finding new ways to not only better people's lives, but to better the communities and environments we live in. Encompassing our ambition of helping a billion people live Healthier, Longer, Better Lives by 2030._
- And to get there, we need ambitious people who believe in playing an important part in shaping that future. People seeking unmatched career and personal growth opportunities, who are driven to work with, and learn from some of the most inspiring and supportive leaders in the business._

Sound like you? Then read on.

About the Role

Supports the CRO & Operational & Technology Risks and BCM Lead in overseeing management of operational risk.
- Maintain the operational risk framework aligned with Group’s risk taxonomy and regulatory requirements (e.g., OJK).
- Review and maintain AIA Risk Management Policy and underlying standards.
- Prepare operational risk packs for Operational Risk Committee (ROC) and Executive Risk Committee (ERC) and conduct meeting preparation with the respective SLT and EXCO
- Conduct RCA exercise at least on annual basis and liaise with first line to ensure Risk being assessed properly. The exercise result will be reported to Group Risk for further assessment and discussion.
- Manage and update the ERM portal and AIAF ERM section of the Group Risk portal.
- Local ERM to do monitoring as per Group Standard and recently new risks landscape were released that covers Operational Risk and Financial Risk/Insurance area. This impacted the way we are performing risk monitoring, reporting and implementation of new system. Act as the keeper of the AIAF operational risk watchlist, ensuring timely review and escalation to Group Risk.
- Review and sign off on policies, procedures, guidance, and working instructions issued by the first line.
- Monitor and adopt new regulations issued by regulators (OJK, AAJI).
- Liaise with regulators for reporting, socialization, and correspondence.
- Lead the development and implementation of the e-GRC system to support control functions.
- Set up, review, and monitor company’s risk appetite, tolerances, and limits.
- Develop and update the annual Risk Management Plan.
- Lead risk culture programs and assess risk maturity levels post-implementation.
- Third-party risk management (TPRM) which was previously sit under Finance division/ Sourcing dept, was moved to ERM in 2023. ERM will sit as governance function to monitor the implementation of TPRM Standard that comprised of establishing training program for TPRM, monitoring activities of the third-party activities which cover TPSA, Data Privacy material assessment that embedded in the new system. Hence Monitoring Governance activities for TPRM (Third Party Risk Management) is part of this job holder. Ensure implementation of Third-Party Management (TPM) is aligned with governance by increasing awareness among all staff, reviewing vendor engagement, performing assurance, and running the TPM committee on a monthly basis.

Job Requirements:

- Experience - A minimum 5 years / 3 years’ experience for the role of assistant manager / senior associate working in some aspect of life insurance business either in a operational or a control function be it risk management, finance, investment, or insurance operation would all be useful preparation for an operational risk role
- Risk management is preferred. A good understanding of and ability to articulate key concepts such as 3 lines of defense, oversight and assurance are essential.
- Build a career with us as we help our customers and the community live Healthier, Longer, Better Lives._