Cigna healthcare is a global health service company with roots in the US, serving more than 180 million customers and patients throughout the world. We deliver quality health care through choice, predictability, affordability and through integrated capabilities and connected, personalized solutions that advance whole person health.
Cigna’s mission is to help our customers improve their health, well-being and sense of security by providing access to care. With our whole health approach, we’re focused on addressing health concerns, improving resilience, reducing stress levels and emotional health issues. Our employer promise is to remain steadfast in our commitment to fostering growth and improving lives by offering meaningful work within a positive, inclusive culture that prioritizes our colleagues. We champion teamwork and collaboration and empower our people with cutting-edge technology to drive efficiency and amplify their impact in everything we do. Together we strive to create an environment where every individual thrives and contributes to meaningful change.
Purpose of the Job/Role Overview
To lead the enterprise risk management function of Cigna Middle East & Africa (MEA). This function covers Cigna’s entities in Lebanon, the UAE, Oman, and Kuwait as well as Cigna’s operations in Africa. This role will also have responsibility for establishing and overseeing the risk management function of Cigna’s branch in KSA as well as supporting the qualitative risk aspects of Cigna’s Bahrain branch. The role will cover both retained and outsourced activities.
The role entails developing a comprehensive system of risk management that includes enterprise risk management, operational risk management, business resilience, internal controls and business continuity and driving the adoption of the same throughout the Middle East and Africa. This will require working with all relevant business units to assist them in developing their risk management ecosystems, including policies and procedures, training, risk identification and reporting etc. as well as empowering them to manage their own risks within pre-agreed parameters.
The role requires promoting a positive risk management environment.
The role reports to the executive committee, as well as to the risk management function of Cigna’s International Health division, including to other governance bodies within Cigna, as required.
The role requires a keen understanding of all relevant regulatory requirements, including those of the Central Bank of the UAE and all other applicable regulators.
The role entails being the key risk management point of contact for MEA across the Cigna Group.
This role is independent of other control functions (Compliance, Actuarial and Internal Audit).
Key Responsibilities
Risk Management and Internal Controls
Design, develop and implement a risk management and governance framework, risk appetite policy and statement and all other policies and procedures necessary for an effective system of enterprise risk management and governance for Cigna MEA, taking into account (i) Cigna Group’s enterprise risk management policies and (ii) all applicable laws and regulations. This will entail primary responsibility for risk management and governance documentation, as well as creating operational relationships with individual business units- including Actuarial, Sales, Client Management, Finance, HR, Data Privacy, Underwriting, Operations, IT, Legal & Compliance and Projects – and assisting the same with developing their own risk management policies and procedures, including tolerances and limits, risk identification, mitigation, control, reporting and ownership.
Develop and implement Internal Controls including Internal Controls over Financial Reporting together with the Finance Department, review and monitor its efficiency.
Develop, implement and oversee an effective operational Risk Management framework.
Drive and coordinate all management processes and associated reporting including the establishment of a centralized and robust process for the business to define risk appetite and be a key partner in the establishment of risk appetite; support the formulation and articulation of local risk appetite where required.
Drive the diffusion of risk culture within business / first line of defence functions through training, communication and promotion of the risk management framework and governance in partnership with the business.
Facilitate risk identification through (i) regular risk fora with participation by all relevant business units and (i) the establishment of a centralized risk register.
Undertake ad hoc risk reports as and when required by the business. This includes identifying and recommending to the business the need for risk reports as and when the need arises.
Monitor key risk exposures, thresholds and limits, escalating to the appropriate governance body within Cigna as required. Manage and report on enterprise-level risk assessments, evaluations and treatment cycles.
Oversee the implementation of, and regular stress testing of, the risk management system; this includes developing and maintaining our ORSA process and reporting, including annual reporting and scenario analysis.
Steer the relevant board / executive committees to ensure good risk management practice, including horizon-scanning for possible risks and the appropriate consideration of risks when making strategic decisions, including challenging proposed decisions and making recommendations.
Regularly report to the relevant board / executive committee and the risk management function of Cigna’s International Health division. This will include:
+ presenting a consolidated view of the Qualitative and Quantitative Risk Profile of the Middle East and Africa groups; and
+ reporting risk exposures in detail and advising on matters of risk management, including in relation to strategic matters, operational indicators, and changes in the regulatory and/or political environment.
The role will also require reporting to, and collaboration with, governance bodies of other Cigna entities within the role’s purview.
Ensure the solvency position for each entity within the role’s remit is established, reported and monitored.
Report to all relevant regulators as required, including, but not limited to the Central Bank of the UAE and the Insurance Authority in KSA.
Business Continuity Management and Resilience
In coordination with the international BCM function, develop and implement a BCM strategy and implement an effective BCM system across the region.
Support and assist with Business Continuity Plans and Disaster Recovery Plans as required by the business.
Lead or contribute to the crisis management efforts if an unexpected event significantly affects operations or financial results.
Fraud Risk Management
In coordination with Compliance, develop and implement fraud risk management system, together with the Regional Compliance Function. Develop fraud risk indicators and monitor suspicious activities.
Identify, advice and remediate fraud risks across operations and evaluate external fraud threats.
Lead fraud related investigations and report on these.
General:
Act in accordance with all applicable regulatory requirements.
Ongoing compliance with all fitness and propriety obligations as well as applicable certification regimes.
Ensure areas for which this role has responsibility are adequately monitored and controlled.
Ensure that where responsibilities are delegated, the following safeguards are in place:
+ Delegatees are capable of taking on delegated activities;
+ Delegatees are informed of the extent and limits of delegated responsibilities, ensuring this has been appropriately documented;
+ Supervise and monitor delegatees, maintaining a suitable level of understanding of the activity delegated.
* Be open and
