Overview
Head of Insurance (Risk Management)
Key Roles and Responsibilities:
– Provide strategic leadership, direction, and management for the Group & its subsidiaries’ risk management and insurance programs to ensure that strategic, operational, and emerging risks are identified, and evaluate existing internal controls’ ability to mitigate the impact and likelihood of occurrence of the identified risks.
– Design, implement and lead a group wide risk management strategy and framework by facilitating the identification, assessment and prioritization of all types of key risks through the development of standards and methods for managing, treating, monitoring, and reporting risks
– Direct all insurance programs for property, liability, employment and other coverage areas.
– Interface with insurance brokers, insurers, and other third-party insurance/risk management- related vendors to secure competitive and favorable insurance terms and contract certainty.
– Supervise claims activities working with claims management consultants and third-party claims administrators, internal and external legal, and other vendors in effective claims management.
– Assess and considers alternative strategies for risk retention as warranted by changes in the insurance marketplace, considering organization’s growth and financial strength.
– Utilizes quantitative risk analytics and models to provide insight on impacts of trends and manage long term risk financing decisions.
– Work with company leaders to establish an appropriate risk tolerance level, prioritize risks, risk transfer and measure their performance against these risks.
– Monitor financial risk exposures vs. prescribed limits, investigate risk events, and produce related Management Information (MI) reports.
– Provide consultation, review, and approval in contract negotiations in cooperation with business units on matters of insurance, indemnification, limitation of liability, and risk tolerance.
– Develop and maintain Business Continuity Management)plans, risk registers and crisis response plans including implementation, management, and validation guidelines; establish success criteria in order to evaluate program effectiveness.
– Manage and implement a Controls Assurance Plan including conducting targeted Quality Control Reviews on the effectiveness of key controls and compliance with the Finance Control Standards.
– Address the multiple audit observations and comments raised by internal and external audit. Organizational Responsibilities:
– Adhere to the Code of Conduct in a manner that is consistent with both its spirit and intent.
– Adhere to all organizational policies, procedures, standards, and practices
– Act with honesty, integrity, and good faith at all times
– Raise any issues or concerns in a manner consistent with the company’s complaints and grievance processes
– Undertake any other duties, consistent with skills and experience, as directed by the reporting manager
Required Skills/Abilities:
– Hands-on experience and thorough understanding of insurance and risk management strategies, including risk prevention, risk retention, and self-insurance, as well as risk transfer through insurance and/or contractual arrangements.
– Excellent writing skills with the ability to draft and edit a variety of written reports and communications and to articulate ideas clearly and concisely;
– Exceptional interpersonal, negotiation acumen skills. Able to influence people, solve problems, trouble shoot, think creatively, and resolve conflicts.
Preferred qualifications:
– Master’s Degree in Finance and Accounting or other relevant related field is required.
– Minimum of 10 years’ extensive experience in designing, developing, operating and managing large scale risk management programs for a complex organization with diverse operations and risk exposures
– Relevant professional certification is a plus.