Senior Manager Risk and Insurance

POSITION OVERVIEW

The Senior Manager Risk and Insurance is responsible for implementing and overseeing the risk management framework of the organization. This includes identifying potential risks, developing strategies to manage those risks, and ensuring compliance with all regulatory requirements. The Senior Manager will work closely with senior leadership, departmental heads, and external partners to ensure that risks are understood, communicated, and appropriately managed across the organization.

RESPONSIBILITIES

1. Risk Identification and Assessment:
   1. Lead the identification, evaluation, and prioritization of risks across all areas of the organization, including financial, operational, strategic, and compliance risks.
2. Risk Mitigation Strategies:
   1. Implement risk mitigation strategies, including insurance programs, loss prevention initiatives, and contingency plans.
   2. Work with various departments to develop and maintain business continuity plans.
3. Policy and Framework Development:
   1. Establish and maintain risk management policies and procedures that align with industry best practices and regulatory requirements.
   2. Regularly review and update the risk management framework to ensure it remains effective and relevant.
4. Monitoring and Reporting:
   1. Monitor the effectiveness of risk management initiatives and make recommendations for improvements.
   2. Prepare and present regular reports to senior management on the status of risk management activities and the organization’s risk profile.
   3. Coordinate internal audits and manage the relationship with external auditors.
5. Compliance and Regulatory Oversight:
   1. Ensure compliance with all relevant laws, regulations, and standards related to risk management.
   2. Serve as the point of contact for regulatory bodies and oversee the response to regulatory inquiries and inspections.
6. Leadership and Collaboration:
   1. Collaborate with other departments (e.g., legal, finance, operations) to ensure a cohesive approach to risk management.
   2. Engage with external stakeholders, including insurers, regulators, and industry groups, to stay informed of emerging risks and trends.
7. Strategic Planning:
   1. Contribute to the strategic planning process by providing insights on risk-related issues and ensuring that risk management is integrated into organizational decision-making.
   2. Advise the executive team on risk-related matters and participate in the development of corporate strategies.
8. Insurance Management:
   1. Oversee the organization’s insurance portfolio, including property, liability and other relevant policies.
   2. Negotiate insurance terms, conditions, and premiums with brokers, underwriters, and carriers to ensure optimal coverage.
   3. Manage the insurance renewal process, ensuring that policies are renewed in a timely manner with appropriate coverage.
   4. Manage the claims process from initiation to resolution, working closely with insurers to ensure favorable outcomes.

QUALIFICATIONS

1. Bachelor’s degree in Risk Management, Finance, Insurance, Business Administration, or a related field.
2. Minimum of 5 years experience in risk management and insurance across financial, operational, strategic, and compliance domains, preferably within a corporate or regulated industry.
3. Strong knowledge of risk mitigation strategies and insurance program management, including expertise in policy negotiations, renewals, and claims management.
4. Proven ability to develop and maintain risk management frameworks that align with regulatory standards and industry best practices.
5. Excellent collaboration and communication skills to work with cross-functional teams (e.g., legal, finance, operations) and engage effectively with external stakeholders, including insurers and regulators.