Elias is an innovator and technologist with strong passion in AI/artificial intelligence, blockchain, quantum computing and data science. A strategic and operational analyst with a demonstrated ability to transform institutions around open technologies.Elias Omondi is a policy and regulatory expert, with a proven track record in the development of risk-based supervision frameworks, regulations, and policies. He has been instrumental in training actuarial techniques and the development of capital models in Africa. Elias has assisted various countries in Asia, Africa and Caribbean especially insurance and pension supervisors to establish regimes of risk-based supervision. He also supported market innovation, designing, and testing innovative mechanisms of risk management through the formulation of the Regulatory Sandbox (BimaBox) and InsurTech Accelerator Platform (BimaLab) Elias is an innovator and technologist with strong passion in AI/artificial intelligence, blockchain, quantum computing and data science. A strategic and operational analyst with a demonstrated ability to transform institutions around open technologies.
Experience
Principal, Innovation for Resilience
FSD Africa · Full-time
May 2023 – Present · 10 mos
Contributes to the implementation of the overall Risk and Resilience pillar strategy at FSD Africa by leading the development and implementation of programmes that work to catalyze new risk transfer solutions and improve the enabling environment for risk markets in Africa. Contributes to the implementation of the overall Risk and Resilience pillar strategy at FSD Africa by leading the development and implementation of programmes that work to catalyze new risk transfer solutions and improve the enabling environment for risk markets in Africa.
Senior Manager, Risk Regulations
FSD Africa · Full-time
Jul 2021 – Mar 2023 · 1 yr 9 mos
FSD Africa is funded by UK aid from the UK government, with a mandate to transform financial markets across sub-Saharan Africa. It works to reduce poverty by strengthening Africa’s financial markets.
My role entails the following:
- Contribute to the implementation of overall risk pillar strategy by leading the development and implementation of programmes that work to improve the enabling environment for risk markets in Africa.
- Working with insurance sector regulators to develop new policy and regulatory framework.
- Conceptualizing and implementing evidence-based advocacy campaigns, combining data gathering and analysis with sophisticated communication techniques to address the big issues affecting risk management and transfer in African markets.
- Leading research, analysis and thinking around ecosystem development.
- Lead independent Consultants (as required) who will assist with the inception and implementation of projects designed to drive systemic change in the market for insurance and other risk management instruments
Associate Actuary
IRA Kenya · Full-time
Jan 2011 – Jun 2021 · 10 yrs 6 mos
ZEP RE
- Development of the Risk Based Supervision framework and calibration of Risk Based Capital Model.
- Development of regulations and guidelines for the insurance industry
- Development of Electronic Regulatory System(ERS)
4.Development the regulatory sandbox(bimabox) policy paper and insurtech incubation hub(BimaLab) for the insurance sector
Advisor
International Monetary Fund · Contract
Oct 2018 – May 2021 · 2 yrs 8 mos
Malawi, Uganda, Rwanda, Ethiopia, Tanzania
Risk Based Supervision Advisor to IMF for Insurance Regulators in Malawi, Uganda, Rwanda, Ethiopia, Tanzania. Provided assistance on Implementing a Risk-based Capital (RBC) Framework and Enhanced approaches to the implementation of Risk-based supervision (RBS).
Consultant
World Bank Group · Contract
Jul 2015 – Dec 2020 · 5 yrs 6 mos
United States
Designing, developing and implementing policy and regulatory frameworks for insurance and banking for Central Bank of Lesotho, National Bank of Ethiopia and Insurance Regulatory of Authority of Uganda
Developing Qualitative Statutory Templates and Training of supervisory staff on Risk Based Supervisory Framework
- Both long term and short term insurance templates.
- Risk-based approach to supervision
- Supervisory Review and Reporting
- The structure of the reports
- Capital Adequacy and Reserving
- Any interrelationships between items in the returns;
- Benchmarks and Early warning indicators
Actuarial Associate
Examination Resources, LLC · Contract
Oct 2014 – Feb 2016 · 1 yr 5 mos
Kansas City, USA
Provision of professional services including the development of templates and models relating to the insurance sector.
- Developed the Early Warning System for – Office of Insurance Commission, Thailand, Uzbekistan, Central Bank of Lesotho, Insurance Sector
- Development of Statutory Financial Returns for Myanmar Financial Regulatory Department(FRD).
- Assist in development of Disaster Risk Financing and Insurance product for Fiji by providing options for product design, risk mitigation, and related reinsurance capacity provision
Technical System Analyst
Vizor · Contract
Sep 2014 – Dec 2015 · 1 yr 4 mos
Dublin Ireland
Vizor software limited is a company that develops regulatory software to make financial supervision easier, faster and more effective for financial regulators.
Assisted in Automation of Saudi Arabian Monetary Agency (SAMA), Non-bank Financial Institutions Regulatory Authority (NBFIRA)-Botswana, Bank of Jamaica (BOJ). Bermuda Integra (Ministry of Finance Bermuda) and Central Bank of Oman(CBO)
Education
Bayes Business School
Master’s Degree, MSc. Actuarial Management
2014 – 2015
Institute and Faculty of Actuaries
Fellowship IFoA, UK
Maseno University
Bachelor’s Degree , Actuarial Science
2006 – 2010
Grade: First Class Honors
Frankfurt School of Finance & Management
Certified Expert in Microinsurance
Mar 2021
Frankfurt School of Finance & Management
Certified Expert in ESG and Impact Investing
Sep 2022 – Sep 2023
