Closing Date for Expressions of Interest: 30 September 2023 at 4pm (Cook Islands)

Contract Period: Employee Contract to 30 June 2025

Pacific Island Countries (PICs) cover approximately 40 million square kilometres of the world’s largest ocean and include some of the smallest nations, in terms of population size and land mass. They are among some of the most vulnerable nations in the world, being highly exposed to the adverse effects of climate change and natural hazards. Since 1950, disasters from natural hazards risks have affected approximately 9.2 million people in the Pacific island’s region, causing 9,811 reported deaths. This has cost the PICs around USD3.2 billion (in nominal terms) in associated damage costs (EM-DAT, 2010).

PCRIC is domiciled in the Cook Islands and led by a CEO and Board of Directors, comprised of experts in the field of insurance and disaster risk financing in the Pacific Region. Since its establishment, PCRIC has had 5 policy holders with 6 participating countries in the PICs members of the PCRIF foundation. And over the years, 2 policy holders (RMI and Vanuatu) did not renew their polices.

PCRIC was under the oversight of the World Bank until December 2022. And in January 2023, PCRIC independently operates from the World Bank and recently restructured its operations to bode-well with its business objectives. Therefore, PCRIC is looking for an experienced risk manager to lead the review, formulate and implementing of PCRIC developed risk management system.

Assignment Description

The Risk Manager (RM) will be working under the supervision of the CEO for providing technical guidance, leadership and advice to the management and board as it relates to the entire ambit of risk management for the whole company including its segregated cell offering DRFI products.  Specifically, this position is required to provide technical review and input, policy formulation and advice on how to improve the Risk Management System and Risk Control Functions for the Company. This will enable PCRIC to take stronger ownership of the risks the company faces, and therefore allow for risk-informed decision making regarding the Company’s models, products, operation and result interpretation. The position will play a lead role in ensuring the integrity and robustness of PCRIC’s models and its products in order to ensure the company´s solvency and liquidity standards and ensure compliance with the recently updated regulation PCRIC will operate under as a Segregated Cell Company.

The Risk Manager will focus on the following activities under the assigned components:

Component 1:

Diagnose the overall risk exposure of the organization and map-out a risk control function of the organization including revamping the existing control

  • Provide a comprehensive analysis of the risk dimensions that PCRIC needs to establish proportionate control measures.
  • Assess PCRIC’s operating environment, institutional set-up, and the statutory and legislative requirements that determine the requirements of a new comprehensive and independent risk management system. This includes an analysis of how different component risk control functions interact and can be managed within a comprehensive risk management system.  Envisioned risk control functions include, but are not limited to, an Actuarial Function, Internal Audit Function, Compliance Function, and controls over the collection and use of data and models.
  • Review the existing risk management system which include risk appetite statement and risk register matrix, setting out suggestions for how these can be improved within an updated risk management system.
  • Update the risk register matrix to ensure all risks are captured within the proposed new risk management system.
  • Conduct a stakeholder mapping exercise and conduct discussions with all relevant stakeholders regarding the risk management plan to ensure stakeholder needs are reflected in the proposed risk management system to ensure it is a widely consultative and collaborative framework.
  • Engage with the Cook Islands Financial Supervisory Commission to ensure that the proposed risk management system will meet all legislative requirements and providing assurance over the Company’s regulatory solvency position.
  • Based on the activities above, document the proposed implementation plan for a comprehensive risk management system for PCRIC, including the drafting of key policies for component risk control functions for presentation to PCRIC management and Board of Directors.

Component 2:

Following feedback and approval from PCRIC management and Board, conduct the implementation of a comprehensive and independent risk management system, including the implementation of component risk control functions

  • Implement the proposed risk management system once approved by the Board, including providing assistance to the PCRIC Financial in procurement activities to adequately and effectively staff the overall risk management of the Company including component risk control functions.
  • Maintain overall responsibility for each component risk control function as outlined below:
    • Supervision of the Actuarial Function, providing independent oversight of activities such as pricing and terms of insurance policies issued by PCRIC, designing PCRIC’s reinsurance strategy and overseeing reinsurance placement in consultation with PCRIC’s reinsurance broker, and ensuring PCRIC meets all regulatory capital requirements.
    • Overseeing and being responsible for the design and output of the activities of an Internal Audit Function.
    • Maintaining ownership of the Compliance Function, ensuring the Company meets all regulatory and statutory requirements.
    • Designing and implementing policies with regards to the use of data and internal & external models for carrying out the Company’s operations.
  • Implement the accepted recommendations for enhancing the Company risk appetite statement and risk register matrix within the context of the new risk management system. This includes a discussion on underwriting and reinsurance risk appetite, risk capacity, risk limits and risk tolerances.
  • Utilize analytical techniques and processes, including internal and third-party modelling tools, to assist PCRIC in assessing and managing its exposure to risk.

Component 3

Establish a link between Management and Board for periodic engagement on key risk facets of the Company

  • Be responsible for regular reporting to PCRIC management and Board from each of the component risk control functions, summarized into a risk management report along with recommendations for ongoing risk mitigation actions for both existing and emerging risks, and improvements to the risk management system.
  • Provide key support to the CEO in business development and product development.
  • Support CEO for Company progress reports to both the Board and external stakeholders, in particular with regards to the risk management aspects of the Company’s operations.

Expected Deliverables/Outputs

The RM is required to accomplish the following:

  • Produce a report which outlines in detail the risk exposure of PCRIC and proposes a comprehensive and independent risk management system for consideration of PCRIC management and Board. This work will encompass updating of the existing risk register, and includes a detailed consultation process with all relevant stakeholders. The plan is expected to include appropriate terms of reference / policies and staffing requirements for each component risk control function.
  • Summarise the report findings into a short slide deck to present the concept to PCRIC management and Board.
  • Coordinate the implementation of the risk management system and component risk control functions, including providing support on the relevant procurement activities required.
  • Update the Company risk appetite statement and risk register matrix within the context of the new risk management system.
  • Undertake scenario analysis of PCRIC’s financial outlook for the short to medium term.
  • Maintain responsibility for the entire risk management system including ownership of the component risk control functions and associated policies and procedures.
  • Establish a clear reporting line regarding risk management between Management and PCRIC Board

Supervision & Reporting

The RM will report to the CEO of PCRIC who will accept the deliverables but may liaise with any other PCRIC staff/consultant to discuss any issues or matters if required.

Institutional Arrangements

  • The Consultant role will work from his/her own office.
  • If required, the Consultant is expected to travel at times agreed to with the CEO.
  • Travel costs will be covered by PCRIC.

Selection Criteria

  • The RM will have a detailed knowledge of the key risks faced by a segregated cell insurance company.
  • The RM will have developed a fully-fledged risk control function in the insurance arena and/or have experience in implementing a risk management system of an insurance related company or entity. Ideally, the RM should have led the design and roll out of a risk management system.
  • The RM will have advanced undertaking of key facets of risks associated with an insurance company, deep analytical knowledge, a strong knowledge of parametric insurance, excellent presentation skills and be able to develop strong relationships with the clients.
  • The RM will closely interact and report to the PCRIC team that will accept the deliverables.
  • The RM must be willing and able to undertake trips to the Pacific region to consult stakeholders and/or present outputs to clients if required.


This period of this assignment is expected to be for approximately two years from mid-August 2023 until 30 June 2025, with an estimated schedule of outputs as follows:

Component 1 delivered the component activities in time to be agreed to with the CEO
Component 1- delivered the component activities in time to be agreed to with the CEO
Component 2 & 3 – delivered the component activities in time to be agreed to with the CEO
Component Review Discussion 2 & 3- delivered the component activities in time to be agreed to with the CEO


Potential for future work

There is a possibility for work as the need arises and additional funds become available.  The scope of this future work is expected to be similar to the work conducted under the current assignment but may be revised in the light of the results of the program.  Furthermore, the continuation of the future work with the preferred selected firm would depend on the firm’s satisfactory implementation of this assignment.

Note on items that should be included in the Expression of Interest

EOI’s should provide enough information to allow the firm most qualified for the job to be identified, but full costing or details of the activity are not required at this stage. PCRIC will then invite the preferred candidate to submit a technical/financial proposal for negotiation.

EOIs may be submitted via email.  While EOIs are to be brief, the following information should be included for use by PCRIC in assessing firm’s ability to meet the requirements of the contract:

  • Full contact details
  • CV’s, including qualifications, experience and references
  • Basic information on costing/consulting fees
  • Brief overview of current/past assignments, preferably of a similar size scope/seniority
  • Declaration of any potential conflicts of interest

It is not necessary to provide a detailed proposed approach or fee as part of the EOI. A shortlist will be identified, and interviews held and the preferred candidates will then be asked to present a technical and financial proposal for services.

Submitting an Expression of Interest

EOIs should be submitted by email only to the CEO on the emails below arriving no later than 4pm on 30 September 2023 (Cook Islands).


For further information please contact us at the address below:

Aholotu Palu, CEO, PCRIC or