NICO General seeks to recruit a suitably qualified person to fill the position of Risk Manager . The position is tenable at the Head Office in Blantyre .
Job Summary
- Employer: NICO General Insurance Company Limited
- Job Type: Full-time
- Location: Blantyre, Malawi
- Category: Risk Management
- Closing Date: 2026-10-02
Key Responsibilities
- Contributes to development of short- and long-term strategy with strong risk integration.
- Develops, reviews, and monitors execution of Risk Strategy.
- Aligns functional business plan with CFO’s expectations.
- Cascades annual plan into quarterly and monthly deliverables.
- Implements Enterprise Risk Framework (ERM) aligned to corporate governance standards.
- Develops and updates risk policies, procedures, and compliance programs aligned with ERM framework.
- Supports engagement with regulators, auditors and industry bodies on risk related matters.
- Provides administrative services to the Asset and Liability Committee (ALCO).
- Defines and communicates company’s risk appetite and tolerance levels.
- Monitors emerging risks and adjusts appetite where necessary.
- Develops and deploys quantitative risk models to assess potential impacts on strategic objectives.
- Conducts strategic risk stress testing.
- Assesses financial risks (liquidity, investments, credit).
- Strengthens internal controls, managing third-party risks, preventing fraud, and enhancing incident response and operational risk related stress testing processes.
- Monitors regulatory changes and ensures timely updates and implementation.
- Supports AML/CFT risk reporting.
- Manages complaints reporting.
- Develops and maintains a company-wide risk register to document and track key risks related to the business’ strategic plan, assets, products, operations, systems, and related processes.
- Implement key risk indicators (KRIs) and key control indicators as an early warning for identified risks.
- Submits integrated risk reports to the CFO and EXCO.
- Coordinating with the Internal Audit department, monitor and report on the resolution of audit recommendations, risk action plans and regulatory findings.
- Reviews the Companies’ internal controls and procedures to mitigate risks and reduce exposure.
- Manages incident/fraud reporting.
- Establishes BCM and Crisis Management governance structures.
- Coordinates Crisis Management Committee meetings.
- Updates BCM and Crisis policies.
- Maintains BCP, DRP, and CMP aligned with ISO standards.
- Tests and reviews BCM/DR frameworks.
- Reports BCM program status to NICO General Risk Committee.
- Translates corporate strategy into actionable plans, KPIs, and aligned risk-adjusted targets.
- Monitors enterprise performance through integrated dashboards and insights.
- Supports delivery of strategic initiatives.
- Establishes governance frameworks for strategy review, accountability, and escalation to EXCO.
- Integrates risk considerations into strategy execution and monitors impact on business objectives.
- Assesses NICO General wide risk management training needs and develops formal risk management training program and related competence model in conjunction with People and Culture department.
- Conducts ERM and BCM trainings.
- Assigns risk ownership across departments.
- Promotes consistent risk terminology and awareness.
- Develops and updates internal theme-name(s) to the company ERM framework and monitors its effectiveness.
Requirements
- A first university degree in Auditing, Accounting, Finance, Risk Management or equivalent from a reputable university.
- A Chartered Accountant with CIMA or ACCA or ICAM or a Certified Risk Manager or its equivalent is desirable.
- At least six (6) years’ experience in Audit, Finance or Enterprise Risk Management (ERM), five (5) of which must have been at Management level.
How to Apply
About the Company
NICO General Insurance Company Limited is a general insurance provider operating in Malawi, offering motor, fire, marine, and liability coverage to individuals and businesses across the country. The company is a subsidiary of NICO Group, a diversified financial services group with roots in Malawi, and maintains its headquarters in Blantyre. It serves clients through a network of branches and brokers throughout Malawi, underwriting risks for assets ranging from private vehicles to commercial enterprises. NICO General Insurance is regulated by the Reserve Bank of Malawi and holds a license to conduct non-life insurance business in the country. The company competes in Malawi's insurance market alongside other local and international underwriters, focusing on delivering claims services and risk management solutions to its policyholders.
Your Trusted Partner in Risk Management
Frequently Asked Questions
What qualifications or certifications do I need to become a Risk Manager at an insurance company like NICO in Malawi?
Most employers require a bachelor's degree in Risk Management, Finance, Accounting, or Business Administration. Professional certifications such as FRM (Financial Risk Manager), PRM (Professional Risk Manager), or local insurance qualifications from the Insurance Institute of Malawi significantly strengthen your application.
What are the typical day-to-day responsibilities of a Risk Manager in Malawi's insurance sector?
You will identify, assess, and monitor operational, financial, and strategic risks across the business. Daily tasks include reviewing underwriting decisions, analyzing claims data, preparing risk reports for senior management, and ensuring compliance with Reserve Bank of Malawi regulations.
How does the work culture and employer expectations differ in Malawian insurance companies compared to international firms?
Malawian workplaces emphasize respect for hierarchy and formal communication channels, with decisions often requiring senior management approval. Employers value reliability, relationship-building with stakeholders, and adaptability to local market conditions over rigid process adherence.
What career progression opportunities exist for Risk Managers in Malawi's insurance industry?
With experience, you can advance to Head of Risk, Chief Risk Officer, or executive positions within larger insurance groups. Some professionals transition into consulting, regulatory roles at the Reserve Bank of Malawi, or regional positions with multinational insurers operating across Southern Africa.
What employee benefits are typically offered to Risk Managers at established insurance companies in Malawi?
Standard packages usually include medical aid coverage, pension contributions, annual leave of 15-25 days, and sometimes performance bonuses. Larger firms may also offer group life insurance, funeral benefits, and professional development support for obtaining certifications.
How should I apply for a Risk Manager position, and what do Malawian employers prioritize in candidates?
Submit applications through company websites, job portals like MyJobo, or directly to HR departments with a tailored CV highlighting relevant experience. Employers prioritize demonstrated knowledge of local insurance regulations, analytical skills, integrity, and prior experience in financial services or audit roles.