MetLife

Summary of Responsibilities: 

 The role is a key member of the Australian Risk & Compliance team (R&C) and Global Risk Management (GRM) function, providing risk management framework expertise, risk management advice and effective challenge of projects, business activities and decisions that may affect MetLife’s risk profile. 

 Reporting to the Chief Risk and Compliance Officer, the Senior Manager, Operational Risk, will have primary responsibility for the development, implementation and embedding of MetLife’s Risk Management Framework with particular emphasis and responsibility for Operational Risk including the Non-Financial Risk Assessment (NFRA) process, Risk Event systems and procedures, application of the Business Resilience and Crisis Management framework; and supporting the Line 1 Business in compliance with APRA prudential standard CPS 230 ‘Operational Risk Management’. 

 The incumbent is expected to exercise a leadership role in assisting MetLife associates in achieving the highest standards of business conduct and fully complying with applicable laws, regulations and Company policies. The incumbent conducts oversight and monitoring of Non-Financial risks associated with MetLife’s revenue generating business through a formal, disciplined, and documented Risk Management strategy and framework. 

 The Senior Manager, Operational Risk is expected to function as a value-added partner to the business as part of the three lines of defence governance model. This includes supporting MetLife in meeting its legal, regulatory and MetLife policy obligations through the implementation of Corporate, Regional and local Risk Management strategy within the areas of responsibility set out in this position description.

Non-Financial Risk and CPS 230 Operational Risk Responsibilities:

• Implementing, localising and maintaining the Non-Financial Risk Assessment (NFRA) process and procedures, including performing periodic review and challenge, monitoring and reporting to Local Management, Regional Risk, GRM and the local Board.
• Monitoring and reviewing the management of risk events including escalating to the Board Risk Committee Chair and Chief Executive Officer, as appropriate, and/or report to external bodies as may be required.
• Providing strategic advice to the business on, identifying and responding to material risks, and supporting the effective management of risks and risk events in line with MetLife’s policies.
• Reporting to the Board on key risk events and breaches, including trends and insights.

• Provide SME support and coordination relating to process mapping and related risk profile documentation of end-to-end business processes that represent critical operations to MetLife’s local business.
• Provide SME support and coordination relating to compliance with CPS230 regulatory requirements, including business continuity and third-party risk management frameworks in the context of MetLife’s Risk Management Framework and Risk Appetite.
• Partner with stakeholders across the business to support activities for ensuring compliance with CPS230 requirements that considers the flow through impacts of change and the connections across functional areas.
• Monitor and report against compliance with CPS 230 and any additional legislation on an ongoing basis to the Risk Management Committee and Board Risk Committee.
• Support the Risk & Compliance team and other control functions to implement an integrated non-financial risk management framework, including regular update and tracking of the Group Non-Financial Risk Assessment (NFRA) process, top and emerging risk identification and mitigation, risk event and breach management database and any other tools used by the Australian Risk & Compliance Function.

Business Resilience, Continuity & Crisis Management Responsibilities:

• Responsible for oversight of the Group Business Resilience framework as it applies within the MetLife Australia operations, including facilitation of Business Continuity Plan (BCP) reviews, BCP related testing and reporting to Global Resiliency, Australia management and external stakeholders where required.  
• Implementing, localising and managing the Global Resilience policy and standards.
• Developing, implementing and maintaining the MetLife Crisis Management Plan
• Implementing, localising and monitoring the MetLife Business Continuity Plans (BCP)
• Supporting MetLife compliance with strategies and procedures to maintain business continuity
• Making recommendations regarding the BCP to the Board and implementing necessary improvements.     

General Responsibilities:

• Key support to the CRCO in carrying out the functions of Risk Management, covering:

• Proactively support the implementation and management of the MetLife Risk Management Strategy and Framework within the Australian operation and to assist all employees and relevant intermediaries to comply with associated policies and procedures.
• Direct and provide general oversight of risk management programs in MetLife Australia’s operations, including policies and procedures, controls, training, communications and corrective action for non-financial risks, internal and external events, changes in laws and regulations.

• Implementing, localising and managing the Global Risk Management Frameworks and associated policies and procedures and ensuring these are fit for purpose and that they comply with applicable local laws and regulations.
• Develop, implement and manage the framework to support the business to manage and identify the risk in their teams.

• Promote first line risk awareness and accountability, maintain a culture of transparency and integrity through exercising effective stakeholder engagement, communication, training, reporting and the promotion of Risk Management strategy, policy, and processes.

• Challenge the business on the identification and management of risks within their teams.  
• Support MIL in managing risks within the approved Risk Appetite, and to operate within the parameters set by the Board.
• Providing strategic advice to the business on, identifying and responding to material risks, and supporting the effective management of risks and risk events in line with MetLife’s policies.
• Providing strategic advice on, identifying and overseeing risk, and reviewing and providing effective challenge to products, projects, activities and decisions that may materially affect MetLife’s risk profile.

• Actively contribute to internal and external committees and working groups, including performing in the role of Chair where required.   

• Assisting with preparation for Risk and Board Committee meetings as required.
• Supporting the implementation of enterprise risk reporting, gathering analysis and commentary from designated business areas as directed by the CRCO.
• Building deep relationships with designated business owners, risk leads, project managers, Internal Audit and other internal stakeholders including attending and contributing to relevant project meetings, working groups and team meetings.
• Act as the central point of contact for external stakeholders, including External Audit, Fund Partners, Industry bodies and others as required. 
• Act as the central role on Risk Management related projects and change initiatives where required.
• Monitoring the execution of management action plans to closure for designated business areas 
• Preparing and submitting responses and reports to regulators as and when required.

• Ensure that changes in financial services law, regulations, industry standards and internal policies are effectively communicated to relevant areas of the business.

• Reporting to management and Board on material interactions with regulators. 
• Support the delivery of global and local Risk Management training to all associates where required.
• Enhance data analysis and reporting practices in place to mature risk reporting, risk governance and risk escalation up to ALT and the Board.
• Liaise with Internal Audit on risk and audit related matters as required.
• Support the successful implementation of Risk Management related projects and change initiatives where required.
• Management responsibility ensuring that staff members are empowered, challenged, continuously developing and motivated to perform their duties to the highest standard. 

Specific Risk Management Responsibilities

• Advise and contribute to MetLife’s adherence to data governance and alignment to APRA’s 5-year data collection roadmap.
• Advise and support L1 and L2 on risk actions and controls, control assurance, testing, identification and tracking of risk events and issues.
• Developing and facilitating processes that enable assessment and notification of potential or actual risk events.
• Overseeing that all issues and risk events reported through the relevant risk system are assigned a business owner to manage impact assessment and remediation.
• Maintaining the Risk and Compliance vendor relationships (e.g. Tickit, OpenPages)

Key Business Relationships:

• Chief Risk & Compliance Officer Australia
• Australia Risk and Compliance team
• Global and Regional Risk Management Associates
• Ethics & Compliance Team Australia
• Australia Head of Legal and legal team  
• Australian Leadership Team
• MetLife Australia Board and Board Risk Committee (BRC)
• Department Heads, Team Leaders and associated teams
• Internal and external auditors.
• External Consultants
• Australian Regulators
• External Trustees/Clients/Reinsurers

Knowledge/Skills/ Competencies Required:

• Relevant academic qualifications and experience in a financial services environment.
• Experience in operational risk oversight and delivery of manual operating environments.
• Strong understanding of relevant legislation, regulations, and APRA prudential standards within the Life Insurance industry.
• Ability to appraise, interpret and present material risk findings both verbally and by written analysis.
• Strong leadership and interpersonal skills, ability to communicate and influence at senior management level.
• Strong internal and external service orientation and relationship management skills, with a focus on partnering with the business to achieve strategic organisational objectives.
• Experience in reporting and presenting to executive levels, Board committees and the Board
• Excellent verbal and written communication skills

 Personal Attributes:

• Proven ability to work under pressure in an evolving environment whilst embracing change and instilling a positive outlook in the wider team;
• Ability to adopt and embrace change and drive best industry practice and championing change;
• A committed team player who openly communicates and shares knowledge in the wider MetLife team; and
• Excellent time management and ability to prioritise work at all times.

 Qualifications:

• Minimum of 8-10 years of experience in a Risk Management or similar role within a financial services organization, Life Insurance related experience will be a plus.
• Tertiary qualifications in finance, actuarial, compliance, accounting, business or law
• Attainment of other professional designation such as AIAA / FIAA, CFA, CPA, CA etc. desirable but not essential.