Head of Risk and Principal Officer

Job Description

The Head of Risk and Principal Officer is responsiblefor establishing, leading and embedding an effective, forward‑looking enterprise risk management framework that protects the life insurance company’s financial strength, policyholder interests, regulatory requirements and long term sustainability as well as Principal Officer duties.

Strategic Risk Leadership (Life Insurance Focus)

• As a member of the FNB Life Botswana Executive Committee, the Head of Risk and Principal Officer acts as a strategic advisor and independent challenge function, enabling disciplined risk‑taking and strong governance in a regulated life insurance environment.
• Develop and implement an enterprise risk management (ERM) framework tailored to a life insurance business.
• Defines the company’s risk appetite and tolerance levels  and ensures adherence
• Ensure alignment between product design, pricing, capital usage and risk appetite.
• Define and monitor the risk profile across mortality, morbidity, lapse, expense, reinsurance, and concentration risks.
• Provide risk input into new products, bancassurance initiatives, partnerships, and distribution arrangements.
• Develops risk frameworks, policies, procedures and standards
• Ensure the proactive identification of emerging risks, including customer affordability, climate risk, data risk and model risk.

Insurance, Actuarial & Capital Risk Oversight

• Oversee insurance‑specific risks in close collaboration with Actuarial, Finance and Product teams.
• Ensure the effective execution of:
  • Solvency and capital adequacy assessments
  • Stress and scenario testing
  • ORSA‑type processes (where applicable)
• Support reinsurance strategy and counterparty risk assessments.
• Reviews product design, pricing assumptions, reinsurance structures and reserving adequacy in collaboration with Acturial and Finance teams
• Monitor experience variances and trends impacting profitability and capital.

Regulatory, Prudential & Conduct Risk Management

• Act as the Principal Officer interfacing with Non Banking Financial Institution Authority (NBFIRA) and supervisory authorities in Botswana.
• Ensure compliance with insurance licensing conditions, prudential standards and governance requirements.
• Oversee conduct risk frameworks focused on:
  • Fair customer outcomes
  • Product suitability
  • Sales practices and bancassurance controls
• Support regulatory submissions, inspections, and governance reviews.
• Monitor regulatory developments and assess implications for the business.

Operational, Technology & Third‑Party Risk

• Oversee key operational and technology risks impacting the life insurance value chain.
• Strengthen controls over:
  • Fraud risk
  • Cyber risk
  • Claims risk
  • Outsourced and third‑party service providers (including bank dependencies)
• Ensure robust business continuity and disaster recovery planning for critical i
• Insurance operations.

Risk Culture & Line 1 Accountability

• Embed a strong, customer‑centric and ethical risk culture across FNB Life Botswana.
• Drive clear risk ownership within Line 1, supported by effective challenge from the 2nd line.
• Promote risk awareness through training, practical guidance and transparent communication.
• Hold executives and management accountable for operating within approved risk appetite.
• Role‑model FNB Life Botswana and Group values through ethical leadership and professional judgement.

Building a High‑Performance Risk Function

• Lead an effective FNB Life Botswana Risk function (2nd line) with appropriate insurance competence.
• Ensure consistent application of Group risk policies and frameworks, adapted to life insurance realities.
• Build strong collaboration with:
  • Actuarial
  • Finance
  • Compliance
  • Internal Audit
  • Bank distribution teams
• Develop risk capability, succession, and talent across the function.

Executive Influence & Stakeholder Management

• Act as a trusted advisor to the Managing Director and Board.
• Translate complex insurance and risk topics into clear executive and Board‑level insights.
• Constructively challenge decisions impacting policyholders, capital, or reputation.
• Build credibility with regulators, auditors, and Group stakeholders.
• Balance innovation, growth, and prudential discipline.

Qualifications

• Relevant degree in Actuarial Science, Finance, Risk Management, Economics, Business. Law or related field  
• Professional qualification required:
  • AIISA Or FIISA  

Experience

• 6–10 years’ experience in risk management within life insurance or bancassurance
• At least 3 years senior management experience in a regulated environment
• Strong understanding of:
  • Life insurance risk drivers
  • Capital and solvency concepts
  • Insurance regulation and governance
• Experience within a bank‑owned insurance model advantageous
• Experience in Botswana or comparable African markets preferred

Key Skills

• Insurance Risk Management
• Capital & Solvency Analysis
• Risk Governance & Reporting
• Conduct Risk Oversight

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Important Closing Date Note

Take note that applications will not be accepted on the below date and onwards, kindly submit applications ahead of the closing date indicated below.

27/03/26