Manager, Insurance & Risk Management

Greetings from Velesto Energy Berhad!

We are pleased to offer an opportunity for a seasoned professional to join our Drilling Business Division.

About the Role

The Manager, Insurance & Risk Management is responsible for managing the company’s corporate and operational insurance portfolio to ensure adequate risk coverage for all drilling operations and assets. This includes planning, negotiating, administering and renewing various insurance policies in alignment with industry requirements, client contract obligations and regulatory compliance. The role also ensures effective risk transfer strategies and timely claims management for the organisation.

Responsibilities

Operational Management

• Develop and implement insurance strategies that align with the company’s operational risk profile, including assets, personnel and third-party liabilities.
• Manage and coordinate the placement, renewal, and administration of all insurance policies including Hull & Machinery, P&I, Employers Liability, General Liability, Environmental/Pollution and Business Interruption.
• Review client contracts and tender documents to identify insurance obligations, advise internal stakeholders on insurance clauses and ensure contract compliance.
• Coordinate closely with brokers, underwriters, reinsurers, and legal advisors to negotiate terms, limits, premiums and endorsements.
• Maintain an accurate insurance schedule and ensure timely renewal of all coverage.
• Lead incident reporting and claims management, including liaising with loss adjusters, internal departments, and insurers to ensure timely resolution and optimal recovery.
• Support Finance and SCM teams in ensuring all assets and third-party vendors are appropriately insured and documented.
• Prepare insurance certificates, endorsements, declarations, and letters of undertaking as needed for tenders or client requirements.
• Conduct internal training and awareness sessions for operational teams on coverage scopes, exclusions and incident reporting procedures.

Risk Management

• Assess insurance adequacy against evolving operational risks, including expansion into new geographies or introduction of new asset types (e.g. MODUs, marine vessels).
• Recommend and update risk mitigation strategies via optimal insurance placement.

Contract Compliance and Support to Business Development

• Support Business Development and Commercial teams by reviewing and advising on client contract insurance requirements during tendering and pre-award negotiations.
• Ensure insurance proposals align with contractual liabilities and support commercial competitiveness.

Claims Monitoring and Incident Review

• Monitor claims trends and maintain claims registers to support data-driven decision-making.
• Provide lessons learned and post-incident analysis to reduce future exposures.

Vendor & Partner Insurance Compliance

• Evaluate insurance compliance of contractors, vendors, and JV partners in accordance with company standards and client contracts.

Performance Monitoring and Reporting

• Prepare monthly and quarterly insurance dashboards and reports for senior management, including policy status, premiums, claims, and risk outlook.
• Participate in internal and external audits related to insurance and risk control.

Additional Scope

• Lead and coordinate the risk management team across departments.
• Maintain the company’s risk register, ensuring key risks are identified and assessed.
• Work with risk owners to develop mitigation plans and monitor their implementation.
• Report key risks and emerging issues to management and the relevant Board committee.
• Promote risk awareness across the organisation.

Qualification

• Bachelor Degree in Insurance/ Quantity Surveyor/ Finance/ Economic/ Business or equivalent.

Experience

• A minimum of 10 years’ experience in Insurance, with preferably 5 years in Oil and Gas industry.