Chief Risk Officer (CRO)

Key Roles & Responsibilities

A. Risk Management Strategy & Framework

Oversee and develop a comprehensive process for identifying, assessing, monitoring, managing and reporting business risks that could interrupt business operations.

Develop and implement sound enterprise risk management (ERM) framework across all levels of the business in line with insurance industry best practices

Report on known and emerging risks affecting the business to the executive and Board of Directors

Align risk management strategies with business objectives and regulatory requirements.

Lead the development of risk appetite statements and risk tolerance limits.

B. Regulatory & Compliance Oversight

Ensure compliance with insurance regulatory requirements

Maintain strong relationships with regulatory bodies, auditors, and external stakeholders.

Oversee governance, ethics, and compliance programs across the organization.

Monitor changes in regulatory frameworks and advise the Board and Executive team on necessary adaptations.

C. Operational Risk Management

Identify and mitigate market, credit and liquidity risks affecting investment portfolios.

Work closely with finance team to assess capital adequacy and solvency ratios.

Ensure reinsurance strategies align with risk tolerance and financial goals of the business

Conduct stress testing and scenario analysis to measure financial resilience.

Oversee operational risk controls to prevent fraud, data breaches and business disruptions.

Ensure robust cyber security, IT risk and data privacy frameworks are in place.

Conduct risk assessments for new insurance products, services and partnerships.

Develop business continuity plans (BCP) and disaster recovery strategies.

Collaborate with Underwriting, Claims and Actuarial teams to manage technical risks.

Ensure loss ratios, pricing models and underwriting policies align with the company’s risk appetite.

Establish fraud detection measures in claims processing and policy issuance.

D. Leadership & Stakeholder Management

Provide strategic guidance to the CEO, Risk Committees and the Board on enterprise risks.

Lead and develop the risk management and compliance team.

Work closely with internal audit, legal and finance teams to ensure strong risk governance.

Foster a risk-aware culture through training and awareness programs across the company.

Qualifications and Competencies

Bachelor’s degree in Risk Management, Finance, Actuarial Science, Business Administration or a related discipline from a recognized university

Master’s degree in a business related field will be an added advantage.

Professional certifications e.g. FRM (Financial Risk Manager), PRM (Professional Risk Manager), CFA, CPA, or CERA (Certified Enterprise Risk Analyst) are highly desirable

Membership to a professional body

Relevant work experience of not less than ten (10) years, with at least five (5) years served in senior leadership in a similar role in insurance or financial services sector.

Deep and broad knowledge in risk management relevant to the breadth of the company’s operations anchored on a foundation of insurance risk and/or actuarial experience and including but not limited to underwriting, insurance, reinsurance, regulatory and ERM

Deep knowledge of solvency requirements, underwriting principles, financial risk modelling, stress testing and analytics

Industries:Insurance

Function: Accounting and Finance