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Risk Manager - Super Insurance - Job Opportunity at Insignia Financial Ltd

Sydney, Australia
Full-time
Senior
Posted: August 4, 2025
Hybrid
AUD 130,000 - 160,000 per year based on senior-level risk management responsibilities in the Australian financial services sector, Sydney market premiums, and the specialized superannuation and insurance expertise required

Benefits

Hybrid working arrangements providing flexibility to balance in-office collaboration with remote productivity
Career development opportunities within a major financial services organization undergoing transformation
Professional growth through exposure to complex regulatory frameworks and senior stakeholder engagement
Opportunity to make meaningful impact on member and client outcomes in the superannuation sector

Key Responsibilities

Drive strategic implementation of enterprise Risk Management Framework across Master Trust business unit, ensuring organizational resilience and regulatory compliance
Lead comprehensive Insurance in Super risk oversight aligned with APRA standards SPS250 and CPS230, directly impacting member protection and business sustainability
Provide independent challenge and objective review of risk practices across internal operations and external service providers, ensuring robust governance
Execute Line 2 assurance reviews over risk framework implementation and insurer performance, delivering critical oversight for trustee decision-making
Ensure adherence to complex superannuation legislation including SIS and Corporations Act, protecting organizational license to operate
Lead breach assessment and incident management processes, implementing remediation strategies that prevent regulatory penalties
Deliver executive-level risk reporting to trustee board and committees, influencing strategic risk appetite and business direction
Foster proactive risk culture across business units through stakeholder engagement and continuous improvement initiatives

Requirements

Education

Degree qualified

Experience

5+ years of experience working in a risk and compliance role

Required Skills

Knowledge of regulatory requirements applicable to superannuation funds and Insurance in Super Experience working in complex businesses undergoing significant transformation Ability to drive behavioural and mindset changes with key stakeholders Ability to influence with impact Exceptional communication skills (written and verbal) Ability to prepare well-articulated written documents Strong relationship and stakeholder management skills Prior incident management experience
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Sauge AI Market Intelligence

Industry Trends

The Australian superannuation industry is experiencing heightened regulatory scrutiny following the Banking Royal Commission, driving increased demand for sophisticated risk management professionals who can navigate complex compliance requirements. APRA's strengthened prudential standards, particularly CPS230 and SPS250, are reshaping how superannuation funds approach operational resilience and third-party risk management. Digital transformation across the superannuation sector is creating new operational risks while simultaneously demanding more agile risk frameworks. Organizations are investing heavily in technology upgrades and process automation, requiring risk professionals who can assess emerging risks while maintaining traditional governance standards. Consolidation within the Australian superannuation industry continues as smaller funds merge with larger entities to achieve scale efficiencies. This trend is creating opportunities for risk managers who can handle complex integration projects and manage risks across multiple business units and legacy systems. Insurance within superannuation products is under increased scrutiny from regulators and members alike, following concerns about inappropriate coverage and claims handling. This focus is driving demand for specialized risk managers who understand both insurance and superannuation regulatory requirements.

Role Significance

Likely part of a risk management team of 8-15 professionals within a larger governance function, with this role potentially leading specialized insurance risk workstreams and collaborating across multiple business units
Senior individual contributor role with significant autonomy and influence over enterprise risk decisions. The position operates at Line 2 defense level within the three lines of defense model, providing independent oversight and challenge to business operations while reporting directly to senior leadership and trustee boards.

Key Projects

Implementation of enhanced APRA prudential standards compliance programs Third-party risk management framework development for insurer relationships Operational resilience testing and business continuity planning Risk appetite framework reviews and updates Regulatory breach remediation and process improvement initiatives Digital transformation risk assessments and control implementation

Success Factors

Deep understanding of Australian superannuation regulatory environment and ability to translate complex legal requirements into practical business controls and processes Strong stakeholder management capabilities to influence senior executives, trustees, and external service providers while maintaining independence and objectivity Analytical mindset combined with practical business acumen to identify emerging risks and design proportionate control responses Excellent written communication skills for producing trustee-level reports and regulatory submissions that demonstrate compliance and risk management effectiveness Change management capabilities to drive cultural transformation and embed risk-aware behaviors across business units during periods of organizational change

Market Demand

High demand driven by regulatory complexity, industry consolidation, and the critical nature of risk management in protecting member outcomes

Important Skills

Critical Skills

Regulatory knowledge of SIS Act, Corporations Act, and APRA prudential standards is essential as these form the foundation of all risk assessment and control design activities. Without this knowledge, the role holder cannot effectively evaluate compliance or advise on regulatory implications Stakeholder management and influencing skills are critical given the need to challenge business practices, engage with senior executives, and drive behavioral change across multiple organizational levels and external partners Written communication capabilities are essential for producing trustee reports, regulatory submissions, and control documentation that must meet high professional standards and regulatory requirements

Beneficial Skills

Project management certification would enhance ability to lead complex risk framework implementations and regulatory compliance projects Professional risk management qualifications such as Financial Risk Manager (FRM) or similar would strengthen technical credibility and career progression opportunities Insurance industry knowledge beyond superannuation context would provide broader perspective on insurer risk assessment and relationship management

Unique Aspects

Specialized focus on Insurance in Super creates niche expertise that is highly valued in the Australian market, given the complexity of combining insurance and superannuation regulations
Role operates during significant industry transformation period, providing exposure to change management and regulatory implementation projects that enhance career development
Independent oversight responsibility provides direct access to senior leadership and trustee boards, offering unusual visibility and influence for a non-executive role
Combination of internal risk management and external service provider oversight creates broad skill development across multiple risk domains

Career Growth

3-5 years to progress to head of department level, with potential for C-suite roles within 7-10 years given the specialized nature of superannuation risk management

Potential Next Roles

Head of Risk Management Chief Risk Officer General Manager Risk and Compliance Trustee Director roles Senior Consultant - Risk Advisory

Company Overview

Insignia Financial Ltd

Insignia Financial Ltd is a major Australian financial services group operating in wealth management, superannuation administration, and financial advice sectors. The organization manages significant funds under administration and serves both retail and corporate clients across Australia.

Established player in the Australian financial services market with substantial market share in superannuation administration and wealth management services, competing with major banks and specialist fund administrators
Strong presence in the Australian market with Sydney serving as a key operational hub, positioning this role within the heart of Australia's financial services industry
Large corporate environment with emphasis on regulatory compliance and member outcomes, offering structured career development and exposure to complex financial services operations during a period of industry transformation
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