Risk Governance and Control Analyst Senior

American Modern Insurance Group   •  

Hartford, CT

Industry: Accounting, Finance & Insurance


11 - 15 years

Posted 43 days ago

Job Description

The Third Party Risk Management (TPRM) team is a part of Integrated Risk Management in Munich Re US P&C Ops. When we engage with a business partner: vendor, supplier, service provider, or client we must understand the inherent risks they bring to our organization; specifically cybersecurity, a key risk in today’s business environment. This position will support the implementation of a Third Party Risk Management Program, working closely with the business units in to identify, understand, and manage risks stemming from third party relationships. This role will be required to co-ordinate with Business Owners, Procurement, Legal, and IT to (1) develop inventories of the organization’s third parties, (2) govern the processes to identify cyberrisk profiles, assess cybersecurity maturity, and ensure compliance with Munich Re’s requirements, (3) track and report on TPRM activities in alignment with the TPRM Life Cycle for the entity including analysis of key metrics, reporting of risk data and management reporting, and (4) monitoring the risk profile.

Major Accountabilities
1. Drive a culture of strong Third Party (vendors, business affiliates, outsourced functions) Risk Management. Lead the analysis of the third party risk profile including creation of a third party inventory, risk classification segmentation, contingency planning and mitigation activities, and ongoing monitoring. Present Third Party Risk Management results to management including recommendations regarding relationship management to manage risk.
2. Complete effective risk management assessments, advice and strategy recommendations regarding a variety of risk items including mergers & acquisitions, surveys, strategic projects, initiatives, innovation and new products, analysis and preparation of qualitative and quantitative risk reports, and documented Statements of Risk Management informing executive decisions.
3. Serve as Risk Manager Delegate. Participate and or facilitate risk & governance committees such as Risk Management Committee, Emergency Management Group and Regional Emergency Management Group. Maintain committee charters & update based on changing risk landscape and best practices. Guide risk owners on development of risk focused presentation materials ensuring transparency of most critical risks. Develop summaries for Board reporting.
4. Manage decentralized resources in the annual Internal Control System (ICS) cycle for understanding the state of operational controls. Support and effectively challenge the business in the development and completion of ICS assessments including risk identification and strong control design and monitoring for purposes of an accurate and complete inventory of controls and improvement plans.
5. Develop ERM Framework, Practices and Governance for small/ non insurance entities. Ensure ERM Framework and practices are implemented and maintained appropriately. Provide challenge, consultation and guidance to all operations...
6. Maintain a sustainable Emerging Risk Process to enable the comprehensive research, analysis and reporting of Emerging Risks impacting each entity with the objective of implementing strategies to mitigate adverse impacts. Partner with Innovation team in support of new product development.
7. Influence business continuity strategies, complete risk assessment, and conduct exercises related to emergency management and leveraging broad working knowledge of company operations.


Required Qualifications:

Bachelor degree in relevant discipline such as Business, Finance, Accounting, Risk Management or equivalent work experience.

Work Experience:

At least 10 years of Finance, Accounting, Audit or other business experience with emphasis on risk management preferably in Insurance/Reinsurance experience or with emphasis on risk management.

Certifications/ Designations/Specialized Training/Licenses:

Suitable financial designation such as CPA, CIA, CPCU, FRM, etc. preferred.

Technical Skills:
Possess a good understanding of enterprise risks in the insurance/reinsurance business and related processes.

Experienced analytical skills and understanding of internal control and risk frameworks.

Strong proficiency with MS Office and “end-user” reporting tools.

Non-Technical Skills:

Interaction with a variety of internal and external people in a professional with conflict resolution capabilities to foster mutually satisfactory resolution to risk gaps and issues.

Clearly and concisely communicate both verbally and in writing complex financial concepts using appropriate language and examples.

Excellent organizational skills; ability to establish priorities, multi-task, handle competing priorities and follow through on all open items/tasks.

Other Requirements:

Supervisory experience of employees including input into performance objectives, enhancing technical skills of staff, and providing regular performance feedback.

Proven experience in managing complex projects. Demonstrates the ability to define a problem or situation and logically diagnose the cause and identify a solution.