(a) A clear understanding of the role and responsibilities associated with the position;

(b) A good understanding of financial services activity relevant to the licensee and the wider industry and its regulatory environment;

(c) The relevant experience and qualifications to fulfill his responsibilities;

(d) Strong understanding of risk management practices, prudential risk measures and methodologies, risk analytics, models and reporting;

(e) Strong understanding of regulatory standards (e.g., Basel III for banking, Solvency modeling for insurance) and their impact on risk controls;

(f) Good knowledge of enterprise-wide risk management process, risk appetite setting, risk limits setting, capital allocation and capital and liquidity management;

(g) Experience dealing with risk reporting for the board/committees, prudential and regulatory reporting, risk disclosures in annual reports;

(h) Good knowledge of some of key risk management areas – credit, market, operational, capital adequacy management, (underwriting and reinsurance risks for insurance) etc;

(i) Good understanding of data flows and financial reporting practices and conventions;

(j) Familiar with asset and liability and portfolio management and allocation;

(k) Good knowledge of valuation practices for different classes of assets;

(l) Good understanding of the stress testing principles and practices; and

(m) Deep understanding of the competencies required within the risk function to manage all risk activities.