Here is the job vacancy available at Hollard Insurance Ghana. The reputable company is seeking to employ an Internal Control Officer
Job Summary
Responsible for developing, implementing, and maintaining a robust internal control system within the business. This role encompasses working closely with various departments to identify risks, implement controls, and improve processes. This also includes overseeing the effectiveness of controls within the Claims, Underwriting processes as well as monitoring reinsurance activities.
- Minimum Qualification : Degree
- Experience Level : Senior level
- Experience Length : 6 years
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Responsibilities
a) Internal Control Evaluation: Conduct regularly review and update internal control systems specific to insurance operations, including underwriting, claims processing, policy issuance, and premium collection to ensure they are effective and compliant with regulatory requirements.
b) Compliance Monitoring: Plan and conduct reviews to evaluate the effectiveness of internal controls and compliance with policies and procedures. This is to ensure adherence to industry regulatory requirements, including those set by the Insurance Regulatory Authority and other relevant bodies. Develop and implement compliance programs to address regulatory changes and ensure ongoing compliance.
c) Risk Management: Identify, assess, and prioritize risks inherent in the insurance business. Develop and implement risk management strategies to mitigate financial, operational, and compliance risks. Update risk register.
d) Audit Coordination: Prepare for and support internal and external audits, focusing on areas such as underwriting, claims, reinsurance, and financial reporting. Address audit
findings by implementing corrective actions and monitoring their effectiveness.
e) Policy and Procedure Development: Develop, review, and update internal control policies and procedures tailored to the insurance industry. Ensure policies and procedures are effectively communicated and understood by all employees.
f) Training and Awareness: Conduct training programs for staff on internal controls, regulatory compliance, and risk management specific to the insurance industry. Promote a culture of risk awareness and compliance throughout the organization.
g) Claims and Underwriting Review: Perform regular reviews of claims and underwriting processes to ensure they comply with internal policies and regulatory requirements. Identify trends, anomalies, and potential areas of fraud, and recommend improvements.
h) Reinsurance Monitoring: Ensure that reinsurance arrangements are properly managed and comply with company policies and regulatory requirements. Monitor reinsurance recoveries and assess the adequacy of reinsurance coverage.
i) Reporting and Documentation: Prepare detailed reports on internal control assessments, compliance reviews, and risk management activities. Document and track the implementation of corrective actions and improvements.
j) Continuous Improvement: Stay informed about industry best practices, regulatory changes, and emerging risks in the insurance sector. Propose and implement improvements to internal control systems and processes to enhance efficiency and effectiveness.
Qualification and Relevant Experience
a) University degree in Finance, Actuarial or a related field
b) Minimum of 6 years’ experience in internal control, audit, or risk management
c) Certificate in Compliance Management is desirable
d) Strong understanding of internal control frameworks
e) Excellent analytical and problem-solving skills.
f) Strong communication and interpersonal skills.
g) Proficient in Microsoft Office Suite
h) Ability to manage multiple priorities and deadlines.
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How To Apply: Job Vacancy at Hollard Insurance Ghana
Interested persons should send a cover letter and a current resume to: Recruitment@Hollard.com.gh
Please indicate Internal Control Officer as the subject of your email. Closing date is Thursday,
25th July 2024. Only short-listed applicants will be contacted
