Chief Risk Officer/Vice President - Risk Management
Description of Responsibilities
Responsible for and has the authority to make all decisions on risk management issues that directly impact the strategic direction of the company. Sets the strategic risk management vision and is charged with delivering that strategy to the company using exceptional leadership skills, network of internal and external alliances and highly developed business skills. Possesses an intimate knowledge of internal business processes and the organization's industry. Exhibits business process knowledge, possesses a broad based operational perspective and provides solutions for non-insurance related business risk issues. Recognized risk leader, who is a dynamic, proactive and decisive person. Adapts well to and initiates change in the organization. Seeks ways to optimize risks in the organization as a competitive business advantage. Key traits for the individual in this position are: highly developed communications, team player, change agent, strategic and creative, excellent project management skills and the ability to drive performance from all areas within their company.
Position level/Reporting Structure
This person typically reports to the Executive Director, President or CEO. They are identified as the top Risk Officer in the company and may be the CFO or COO if these positions are identified as the person responsible for all activities relating to risk within the organization.
Director - Enterprise Risk Management (ERM)
Description of Responsibilities
Responsible for the leadership, innovation, governance, and management necessary to identify, evaluate, mitigate, and monitor the company's operational and strategic risk. Develops Enterprise Risk Management tools, practices, and policies to analyze and report enterprise risks, and to manage risks according to an enterprise risk management framework. Ensures the organization's risk management policies and strategies are in compliance with applicable regulations, rating agency standards, and strategic imperatives of the organization. Establishes the Enterprise Risk Management architecture for the company. Oversees or monitors all operational risk management activities of the organization. Monitors and analyzes risks within the company's business units and reports on these risks to the Board. Chairs or provides key inputs into the company's enterprise risk or other committee that oversees the enterprise risk management process and ensures alignment with organizational objectives. This position also may have responsibilities for Insurance and Risk Management and / or Business Continuity Planning activities for the organization.
Position level/ Reporting Structure
This person may be a liaison for reporting findings and status to senior executives and/or the organization's board of directors/audit committee. The position typically reports to the Chief Financial Officer, Chief Risk Officer, or other corporate level officer designee.
Director - Financial Risk Management (Commodity, Credit, Interest Rates, and/or Foreign Currency)
Description of Responsibilities
Responsible for the leadership, innovation, governance, and management necessary to identify, evaluate, mitigate, and monitor the company's financial risk. Develops financial risk management tools and practices to analyze and report on financial market risks and to manage risks according to a financial risk management framework and relevant policies. Ensures the organization's financial risk management policies, limits, and strategies are in compliance with applicable regulations, rating agency standards, and strategic imperatives of the organization. Oversees or monitors all financial risk management activities of the organization. Monitors and analyzes financial risks within the company's business units and on a corporate basis. Chairs or provides key inputs into the company's financial risk management committee.
Position level/ Reporting Structure
This person may be a liaison for reporting findings and status to senior executives and/or the organization's board of directors/audit committee. The position typically reports to the Chief Financial Officer, Chief Risk Officer, Treasurer or other corporate level officer designee.
Director - IT Risk Management
Description of Responsibilities
This is a senior information technology risk management position in an organization, with authority to make decisions on major IT risk management issues affecting the organization. This person is usually not the CEO, CFO or COO unless they spend more than 50% of their time directly involved in, and accountable for IT risk management activities/issues affecting the organization. Accountable for implementing IT policies, plans and procedures, and organizational structures designed to provide reasonable assurance that 1) IT is aligned with the achievement of business objectives 2) Undesired events are detected, prevented and corrected and 3) IT risks are managed appropriately
Position level/ Reporting Structure
Reports findings on IT risk exposures to senior executives, and implements IT risk controls. Operationally reports to the Chief Technology Officer, or other corporate level officer designee.
Director - Insurance and Risk Management
Description of Responsibilities
This is a senior insurance and risk management position in an organization, with authority to make decisions on risk management issues affecting the organization. This person is usually not the CEO, CFO or COO unless they spend more than 50% of their time directly involved in, and accountable for, risk management activities/issues affecting the organization. Accountable for achieving strategic objectives, ensuring effective hazard (typically insurable risks) risk management for the organization and supervising, leading and/or directing key risk stakeholders. This person typically owns the process of identifying, measuring and managing insurable or hazard risks, developing reports and plans, and analyzing risk/insurance problems and defining and/or overseeing the implementation of the risk solutions that help optimize operations.
Position level/ Reporting Structure
Reports findings on risk exposures to senior executives and/or the organization's board of directors, and implements strategies to manage insurable and/or hazard risks. Operationally reports to the Chief Financial Officer, Chief Risk Officer, or other corporate level officer designee.
Manager - Insurance Management
Description of Responsibilities
Responsibilities include directing the purchase of insurance programs, management of claims and loss control activities, management of relationships with third party service providers including brokers, insurers and other TPAs, preparing loss analyses and budgets, identifying exposures, recommending solutions, implementing approved programs, promoting loss prevention, updating and monitoring compliance with insurance procedures and managing safety/risk management manuals.
Employee Benefits Manager
Description of Responsibilities
Responsible for the direction and management of the organization's employee benefits program. Develops and administers plans through coordination with professional consultants and technical experts in the legal, medical, actuarial, accounting, financial, economics, labor relations, and communications disciplines. The benefits program administration includes designing and financing the plans, controlling costs, communicating benefits to employees, and keeping abreast of government legislation affecting employee benefit plans.
Claims Manager
Description of Responsibilities
Mitigates an organization's exposure to risk by formulating, developing, and coordinating all claims-related activities, as well as resolving bona fide claims at the least possible cost through various risk transfer techniques. Directs a program to ensure the proper and efficient handling of claims, gathering data on claims for both record keeping and loss forecasting purposes, and estimating the financial value of claims. Is also responsible for post loss reduction techniques such as salvage, subrogation and rehabilitation.
Workers' Compensation Claims Manager
Description of Responsibilities
Manages accountabilities in the administration of first and third party worker's compensation claims. This role manages domestic and/or international claim management strategies critical to the organization's success. Understands and operationalizes programs, policies, and procedures for: reporting, investigation, and analysis; litigation management; resolution/outcome management; and the delivery of claim information. Manages litigated and moderately complex claims and is entrusted with significant settlement authority. Understands and communicates claims management philosophy and strategy to business unit and regional management. Builds, maintains, and manages relationships with claims adjusters, insurers, outside legal counsel, and other claims related parties. Ensures external reporting requirements are met. Operationalizes the design, analysis and delivery of claim information which influences risk management behavior through performance metrics and benchmarking.
Business Continuity Manager
Description of Responsibilities
Leads corporate wide contingency planning/business continuity efforts. Establishes a framework and methodology for completion of contingency plans by internal business units. Coordinates training, communication, and testing of plans. Frequently has a background in IT, audit or control and either has earned or is working toward certification in business continuity planning. Drives and delivers Business Continuity commitment, support, ownership, accountability and results. Designs, builds, and implements standard Risk Assessment, Business Impact Analysis, and other Business Continuity tools and capabilities. Drives and delivers effective Business Continuity strategies to support and, in time of disaster, recover the company's critical business functions. Directs the continuous and regular validation and testing of documented Business Continuity plans
Safety Manager
Description of Responsibilities
Formulates, develops, and coordinates safety and loss control functions of the organization. Designs and directs a program to reduce accidents, occupational illnesses, and exposure to long-term health hazards through safety-training of supervisors and managers, planned inspections, skill training, first-aid care, emergency preparedness, proper job instruction, new employee indoctrination, physical protection, planned job observation, rules and practices, job analysis/procedures, disposal procedures, and protective equipment. Maintains compliance with governmental regulatory agencies. Responsible for identifying causes of past accidents.
Risk Management Analyst (Enterprise-Wide)
Description of Responsibilities
Supports the risk manager regarding all aspects of the enterprise-wide risk management program. Responsibilities include facilitating the identification of risks throughout the organization, developing, reporting and monitoring formats on risk management issues and developing methodologies for the assessment of risks throughout the organization.
Risk Management Analyst (Financial risk - Commodity, Credit, Interest Rates, and/or Foreign Currency)
Description of Responsibilities
Supports the risk manager regarding all aspects of a financial risk management program. Responsibilities include the development, implementation and application of risk metrics and methodologies and the monitoring, analysis and reporting of financial risk exposures. Supports organizational compliance with risk policies through regular risk exposure monitoring and reporting. Responsible for documenting and reporting risk policy exceptions to risk committee.
Risk Management Analyst (Insurance)
Description of Responsibilities
Supports department manager regarding all aspects of corporate insurance programs. Responsibilities include compilation of underwriting information and coverage placement, claims administration, loss forecasting, and analysis to assist in loss reduction.
Claims Analyst
Description of Responsibilities
Reviews first and third party claims for irregularities, accuracy and completeness. Requests additional information, where necessary, for completion of claim processing. Reviews claims for eligibility. Maintains updated records and prepares required reports. Assists in claims cost control. Performs the design, analysis and delivery of claim information. Contacts individuals about claims and coordinates the handling of benefits. This role focuses on operational effectiveness in support of claims management strategies. Understands and performs domestic and/or international claim programs, policies, and procedures for: reporting, investigation, and analysis; litigation management; resolution/outcome management; and the delivery of claim information. Handles mostly routine non-complex claims but, may handle litigated and moderately complex claims with limited settlement authority.
