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Senior Specialist, Governance, Risk and Compliance

Location Kuala Lumpur, Malaysia Job type Full-Time Work mode Hybrid Job level Professional Job ID 13610 Company Munich Re Employment type Regular Area of expertise Actuarial & Risk Management
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Munich Re Retakaful, part of Munich Re, the world’s largest reinsurer, is looking for a Senior Specialist, Governance, Risk and Compliance, who can help us continue forging ahead in the global Family Retakaful market.

You will be responsible for providing an effective key second line of defense role for Munich Re Retakaful operations both from a Bank Negara Malaysia (BNM) regulatory perspective but also in relation to Munich Re’s internal corporate governance, risk management (both financial and non-financial) and compliance standards.

You will report to the Chief Risk and Compliance Officer, Munich Re Retakaful and will be based in Kuala Lumpur

Your Job

  • Support the Chief Risk & Compliance Officer in driving the Risk and Compliance agenda, balancing business objectives, regulatory requirements, and Group expectations.
  • Lead the implementation and continuous enhancement of the Risk Management Framework, including risk identification, assessment, monitoring, reporting, and escalation of key risks and exposures.
  • Oversee Enterprise Risk Management activities, including ICAAP, Risk Control Self-Assessment (RCSA), operational risk management, risk appetite monitoring, and regulatory reporting requirements.
  • Manage Compliance Management activities, including compliance risk assessments, advisory support, monitoring, investigations, regulatory change management, training, and fostering a strong compliance culture.
  • Ensure effective implementation of Munich Re Group Risk Management Framework and Compliance Management System requirements within Munich Re Retakaful.
  • Oversee key risk and compliance programmes, including information security and cyber risk, AML/CFT, sanctions, anti-corruption, data protection, outsourcing, business continuity management, and third-party risk management.
  • Develop, review, and enhance Shariah Risk and Compliance frameworks, policies, procedures, and guidance, while providing advisory support to business and support functions on Shariah-related matters.
  • Monitor emerging risks arising from changes in market conditions, geopolitical developments, regulatory expectations, and industry trends, and provide timely recommendations to Management.
  • Act as the primary coordinator for regulatory engagements, including interactions with Bank Negara Malaysia and other relevant authorities, ensuring timely and accurate submissions and responses.
  • Build and maintain strong relationships with stakeholders across Munich Re Group, regional and global functions, Board and Management Committees, external partners, and cedents across the Middle East and other key markets

Your Profile

  • Relevant work experience (typically around 4+ years) in risk, compliance, insurance, or related fields.
  • Degree in a relevant discipline, with professional qualifications in compliance, risk management, actuarial science, or insurance (e.g., CERA, FSA, LOMA, AMII, FLMI, BRM, or equivalent).
  • Certification in Muamalat / Islamic Finance or equivalent Shariah-related qualification (e.g., IBFIM, IIUM) is an advantage.
  • Knowledge of the Takaful business model is advantageous.
  • Possesses fundamental knowledge of Shariah principles.
  • Proficient in Microsoft Excel and PowerPoint (essential).
  • Strong communication skills in spoken and written English, with the ability to articulate ideas clearly and deliver effective presentations.
  • Demonstrates curiosity, adaptability, and a willingness to conduct independent research.
  • Ability to formulate and confidently present evidence-based viewpoints, even when they differ from others.
  • Exercises sound, independent judgment and communicates decisions transparently.

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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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