Risk Engineer Job at Metropolitan in Centurion

Job Title: Risk Engineer (Reference # 13726)

Position Purpose

    To be involved in risk surveying, underwriting, reinsurance placements and risk management activities of MSTI.

    Experience & Qualifications

    Bachelor's degree in Built Sciences, Sciences, Risk Management & Insurance or Insurance and/or Risk Management diplomas.
    At least 3 years short-term insurance experience, one of which should be in the risk surveying environment or at least 2 years in the built environment.

    Work Output

    Risk Surveying
    Perform a scientific assessment of risks to be assumed and/or risks assumed by MSTI.
    This is achieved by:
    Surveying risks, to determine their acceptability subject to MSTI’s appetite. Areas of concern to be covered are:
    Official and trading name(s) of the enterprise.
    Geographical location of the risk(s) and its associated longitude and latitude lines. This will assist in determining:
    The extent of natural perils exposures.
    The extent of geological exposures and seismic activity.
    The probable impact of the above exposures and activities on the risk during the envisaged period of insurance
    The enterprise’s risk management philosophy and management attitude towards managing the enterprise’s risk exposures.
    Risk age, condition and the maintenance status Construction type.
    Enterprise’s occupation, the production processes and their inherent risks and how these risks are mitigated.
    the availability of risk protections, and their appropriateness and suitability to mitigating the enterprise’s exposures.
    The enterprise’s house keeping
    Neighbouring/surrounding risks exposures and their possible impact on the enterprise surveyed.
    Make appropriate risk mitigating recommendations, if any, and agree a follow up monitoring schedule with the enterprise to ensure implementation of the recommendations so required.
    Desktop analysis of the enterprise financial performance based on the certified financial statements published for the past three financial years.
    Determine the concentration risk arising from the enterprise’s credit-related exposures.
    Adhere to the Risk Engineering administration processes and procedures, developed and signed off in collaboration with the enterprise-wide risk management desk by Head of Underwriting
    Risk Management
    Evaluate correlations between risks
    This is achieved by:
    Assisting in the derivation and implementation of operational/tactical strategies that will reduce the degree of correlation between lines of business, and within each line the correlation between types of risk as determined by Actuarial.
    Ensure that concentration risk arising from Policyholder credit-related exposures are known, monitored and effectively controlled.
    This is achieved by:
    Ensuring that accumulation control measures dealing with concentration risk arising from one policyholder given coverage across different lines of business that can be affected by the same single event, are communicated to and understood by Senior Management.
    Ensure that emerging risks are known, understood and effectively managed.
    This is achieved by:
    Monitoring and understanding developments broadly in the socio-economic environment and legal arenas that might give rise to new risks in insurance and reporting these to Head of Underwriting, Actuaries and to Risk Management Desk.
    Agreeing with Head of Underwriting mitigation actions needed regarding coverage, limit and volume restrictions, reinsurance protections and monitoring of potential accumulations.
    Incorporating the agreed mitigation actions into the “Underwriting Authority Mandates”, “Underwriting Guidelines” and “Underwriting Processes & Procedures and Referral Guidelines” by way of endorsements.
    Ensuring that coverage triggers, lines of business potentially exposed, associated limits, accumulation potential across lines of business and policy years and reinsurance applicable are communicated to and understood by sales and distribution personnel.
    Systematically reviewing post –event large losses so that:
    Insight into the effectiveness of the myriad individual account “Underwriting Processes & Procedures and Referral Guidelines”, “Concentration Risk Monitoring and Management Guidelines”, Data Collection and Operational Risks can be gained.
    Note: Insight into adherence to relevant guidelines when the risk was underwritten and the impact the risk has had on the various concentration management measures can provide Underwriting and Risk Management with valuable information that enables them to continuously make improvements to “Underwriting Guidelines”, “Underwriting Processes & Procedures and Referral Guidelines”, “Concentration Risk Monitoring & Management Guidelines” and Accumulation Control Tools.
    Reinsurance
    Assist business with the placement of facultative reinsurances.
    Ensure at all times that any proposed reinsurer is in the MSTI’s Security Listing and Limits prior to quote requests for facultative covers.
    Obtain third party documents (i.e. RI Cover Notes / RI Certificate) timeously from Counterparties
    Validate that all reinsurance cover notes and/or reinsurance certificates received from Reinsurance Brokers / Reinsurers are within the agreed terms and conditions
    Ensure that all Premium Payment Warrantees accepted are authorized by Head of Underwriting and communicated to finance.
    Place and administer facultative reinsurance exposures.
    Ensure that reinsurance training and oversight is emphasized and sufficiently robust to make sure that there is a significant degree of risk transfer analysis skills and reinsurance placing skills transfer and reinsurance product knowledge development.
    Underwriting
    Comply and ensure compliance with the MSTI Risk Appetite Guidelines, Underwriting Guidelines, and Underwriting Processes & Procedures issued by Head of Underwriting.
    Compliance is ensured by:
    Participating on all audits and helping with the compilation of the draft audit report prior to discussions Senior Management.
    Ensuring by testing that the guidelines implemented on the system is correct and functioning as intended
    Comply and ensure compliance with the Reinsurance Guidelines issued by Head of Underwriting. Compliance is ensured by participating on all technical audits and helping with the compilation of the draft audit report prior to discussions with Senior Management.
    Support sales strategic initiatives.
    Achieve the Company’s set top line and bottom line annual targets for all Product Lines.
    Acting within the confines of his/her signed Underwriting Authority Mandate (UAM).
    Comply and ensure compliance with the minimum information required for underwriting purposes prior to quoting.
    Compliance is ensured by:
    Performing monthly self-audits every first week of the month succeeding the month under review for business written or renewed in the month under review, and reporting the findings and resolutions if any every last Friday of the month in which the self-audit is performed to Head of Underwriting.
    Operations
    Required to travel extensively
    Required to deliver a written survey report within five days of a survey request initiation.
    Required to respond to any underwriting referral within 24 hours of the referral being triggered.
    Required to discuss cover gaps strictly with sale (never with clients: sales responsibility)
    Assist with the development of training material for technical underwriting, and train on these materials if so required.
    Financial
    Strike a healthy balance between growth and profitability

    Competencies Required

    Leadership
    Analytical
    People Management
    Planning & Organising
    Problem Solving & Innovative
    Action Orientation
    Strategic
    Persuasiveness
    Effective written and oral Communication
    Flexibility
    Resilience
    Accountability
    Excellent at Information monitoring
    Excellent interpersonal skills
    Financial Acumen
    Business Acumen

    Additional Information

    Attitudes:
    Enthusiastic and passionate about the job and the company
    Energetic and strong sense of urgency (deadline & results-oriented)
    Strong sense of Integrity and honesty
    Ability to respect confidentiality
    Self-disciplined and self-motivated

How to Apply:

http://careers.metropolitan.co.za/psp/Applicant/EMPLOYEE/HRMS/c/HRS_HRAM.HRS_CE.GBL

Deadline: 18/02/2014