Description Position at The Port Authority of NY & NJ
About the RoleUnder the supervision of the Assistant Manager of Risk Financing, you will assist in overseeing the daily operations of the Risk Financing Team, ensuring the effective development and execution of the Port Authority's insurance programs and contractual risk transfer strategies. As a Principal Risk Analyst, you will mentor analysts, conduct and coordinate contract/scope reviews to establish appropriate insurance requirements for third-party agreements, support insurance placements and renewals, and facilitate compliance with internal and external requirements. Your collaboration with various teams including claims, legal, safety, security, brokers, and other support service providers is essential to maintain robust risk management practices.
Responsibilities- The successful candidate will mentor a team of risk analysts, providing guidance and support in scope of work and contract review, risk assessment and operational requirements.
- Review scopes of work and contracts (e.g. construction contracts, operating agreements, partnership agreements, leases, permits, easements, rights of entry, MOUs) to identify exposure to liability or financial loss and recommend appropriate risk transfer terms and insurance language, and insurance limits. Support, guide, and mentor a team of risk analysts to do the same.
- Assist in the procurement of brokerage services and prepare supporting materials, including memos and presentations, for authorization and Executive and Board consideration.
- Coordinate the Port Authority's insurance renewal process by overseeing data collection and analysis to support underwriting disclosures for insurers and reinsurers. You will guide your team in recommending appropriate insurance requirements for contracts and ensure these requirements are accurately reflected in final documents. Your attention to detail and collaborative approach will help strengthen our risk management practices throughout the renewal cycle.
- Assist with Risk Financing division budget development and periodic variance analysis and various insurance cost allocations.
- Collaborate with and influence internal and external partners, including Port Authority line and staff departments, brokers, private and public sectors partners, construction professionals, and governmental entities as needed.
- Monitor compliance, ensure team adherence to internal policies, regulatory requirements and best practices.
- Create and analyze Insurance budget.
- Participate in ad hoc risk-related projects as assigned.
Minimum Qualifications- Bachelor's degree in risk management, finance, economics, business, law or a related with a minimum of 10 years in contractual risk analysis and transfer.
- Expertise in construction risk, captives, complex risk structures, public infrastructure insurance, covering the aviation, real estate, and/or transportation sectors. Experience should include conducting risk assessments for wide range of projects, contracts/agreements, and partnership structures and drafting and reviewing insurance and indemnification clauses for said arrangements.
- Strong written and verbal communication skills for diverse audiences including internal and external customers and executive leadership.
- Ability to evaluate insurance coverage and recommend enhancements.
- Strong analytical skills and ability to distil and present risk concepts to team members and management.
- Ability to manage multiple projects under tight deadlines with strong customer service orientation.
- Proficient in Microsoft Office applications (Excel, Word, MS Project, SharePoint, Teams).
- Strong attention to detail and analytical skills
Desired Qualifications- Master's degree in risk management, finance, economics, business, law, or related field.
- Over 15 years of experience in corporate insurance role that involves contractual risk assessment/transfer and/or the purchase of complex corporate insurance programs.
- Insurance designations (CPCU, ARM, CRM, CIC, RIMS-CRMP) are a plus.
- Experience in brokerage, underwriting, and/or claims.
- Knowledge of OCIP and CCIP insurance programs.
- Proficiency in MS Power BI or GenAI tools for data analysis and reporting with experience developing dashboards and reports for management.
- Familiarity with compliance and regulatory requirements.
- Experience supporting RFPs and authorization processes.
Selection ProcessThe application process varies by position, but typically includes an initial phone interview for qualified candidates, followed by a more in-depth interview(s) and/or assessment(s). Selected candidates who are made a conditional job offer will be asked to undergo a background check.
Compensation, Benefits & On-Site Collaboration Requirements:.
In accordance with Port Authority policy, this position permits employees to work remotely a maximum of one day per week. In person collaboration is essential to how the Port Authority conducts business, and regular in-office days or team collaboration days may be required on business needs.
The Port Authority of New York and New Jersey anticipates that the actual salary offered to a successful candidate will depend on aspects such as experience, knowledge, skills, abilities, and internal factors.
The expected compensation range for this role is:Minimum: $107,250 Midpoint: $139,430 Maximum: $171,600
The Port Authority of New York and New Jersey offers a competitive benefits package and a professional environment that supports development and recognizes achievement.
Click here for more information about benefits, our culture, and career development opportunities
How to Apply:Interested candidates should apply to this job by clicking on the "Apply Now" button and submitting a resume. The Port Authority of NY & NJ welcomes veteran and military spouse applications. Only applicants under consideration will be contacted.
