Director of Risk Management - Colby College

Director of Risk Management - Colby College

ID 101843

Application Deadline

11 / 27 / 2024

Category

Legal

Company

Colby College

Job Locations

US-ME-Waterville

At a glance

Colby College, located in Waterville, Maine, invites you to join its warm, enthusiastic community as the Director of Enterprise Risk Management, heading a newly established program with relocation support available! Reporting to the Vice President / CFO, this role oversees the college's enterprise risk framework and insurance strategies, working closely with leadership to identify exposures, recommend solutions, and ensure comprehensive coverage for institutional assets.

You'll manage an insurance portfolio exceeding $1M, conduct contract reviews, and collaborate on campus-wide compliance and emergency planning.

A comprehensive risk framework awaits your expertise, offering the chance to make a meaningful impact at this prestigious liberal arts institution.

Apply today to learn more!

Description : What you'll be doing

Another Source's client, C olby College , is recruiting a Director of Enterprise Risk Management and Insurance to join their team onsite in Waterville, Maine.

Here's a little about Colby College and the position they are recruiting for :

Founded in 1813, Colby College is one of the oldest liberal arts colleges in the United States, offering a transformative, undergraduate-focused education.

Located in Waterville, Maine, Colby provides students with a vibrant and diverse academic experience, blending rigorous coursework with a wide range of cocurricular activities.

Colby is known for its forward-thinking programs, including the Davis Institute for Artificial Intelligence, the Colby College Museum of Art, and the state-of-the-art Harold Alfond Athletics and Recreation Center.

With a strong commitment to scholarship, community, and global impact, Colby is a dynamic institution that prepares students for success in a rapidly evolving world.

Learn more about :

Colby College here : www.colby.edu

Office of Risk Management : https : / / www.colby.edu / people / offices-directory / general-counsel / office-of-risk-management /

About the role :

• Reporting to Vice President and Chief Financial Officer, the director is responsible for leading Colby College's enterprise risk management efforts;
• advising campus constituents on risk-management issues; overseeing the college's insurance program; managing the college's enterprise risk management (ERM) process;

and, as required, engaging with the Enterprise Risk / Audit Committee of the Board of Trustees on risk assessment protocols.

The Risk Director is responsible for innovation, governance and management necessary to identify , evaluate, mitigate, and monitor the college's operational and strategic risks associated with new and continuing activities.

This Risk Director e nsures that the college is protecting its assets and financial statements by establishing a process of identifying and assessing exposures and proposing financial options for controlling risk to those exposures.

The Risk D irector is responsible for including stakeholder engagement through outreach, training, and facilitated risk discussions .

The director maintains an ongoing awareness of emerging external and internal risks and opportunities . This position will not be responsible for setting the college's risk tolerance, accepting risk on behalf of management or serving as a risk owner for any identified risk.

The Risk Directo r will be responsible for the daily administration, record-keeping and oversight of insurance programs and policies across a broad range of loss types .

• This includes maintenance of the relationships with third party service providers (brokers, insurers, TPAs, etc.) by acting as the primary liaison with those service providers;
• preparing recommendations regarding the purchase of insurance policies and services; administering the claims and loss control activities;

preparing loss analyses and budgets; and ensuring compliance with insurance procedures; and utilizing fully loss prevention services.

In addition, the Risk Director will work with the General Counsel in providing support to the compliance functions of other divisions and departments across the college .

This will include collaborating in the development, implementation and maintenance of policies, procedures and training programs designed to minimize risk and ensure campus compliance with legal and regulatory requirements as well as ongoing administration and oversight of particular compliance programs

What you will be doing :

• Work with the college leadership to identify existing exposures, recommend solutions and implement approved programs matched with the proper financially responsible insurance coverage for institutional losses.
• Manages the Enterprise Risk Management budget for insurance in excess of $1M.

Contracts :

• Reviews all contracts for the College.
• Upon review with the Vice President and Chief Financial Officer, signs all contracts below $250,000 in value
• Maintains and signs standard Colby templates including :
• Facility Use Agreements (Campus Events, Chase Forum)
• Nondisclosure Agreements
• Data Safeguarding Addendum
• Collaborates with ITS on data security / privacy related implications for contract review
• Maintains file of contracts for each vendor, including drafting documents and executed version (if returned)
• Ensures the organization's risk management policies and strategies are in compliance with applicable regulations.
• Ensures the rating management policies and strategies are in compliance with applicable regulations, rating agency standards and strategic imperatives of the organization.
• Works with Internal Audit to identify risk areas, develop strategies and policies for managing those risks, and harvesting lessons learned from after event reviews and reportable findings.
• Develops Enterprise Risk Management tools, practices and policies to analyze and report enterprise risks in order to manage risks according to an enterprise risk management framework.
• Performs the duties of a system administrator of the risk management data system . This includes responsibility for accuracy of information entered, generation of loss reports to identify trends and make recommendations to mitigate risk.
• Reviews, makes recommendations and approves indemnification language and provides subject matter expertise for contracts and / or agreements.
• Completes the Risk Management Note in the Financial Statements in concert with the Vice President and Chief Financial Officer.
• Works with departments to ensure proper coverage of new and expanding high risk academic programs of study or where contractual agreements are in place that require additional insurance coverage;

communicates with the college community through the Risk Management Team and the Insurance Website.

• Provides reports as necessary to show trends, progress and recommendations related to the management of risks the college is exposed to.
• Participates as a member of various established teams such as Emergency Management Advisory Committee, the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Compliance Committee, Data Privacy Work Group, Travel Risk Review Committee, and the Records Retention Team.

Insurance Responsibilities :

• Manages entire insurance program including the following :
• Manages and evaluates the college's insurance portfolio (excluding employee health insurance and unemployment insurance) with the assistance of outside consultants.
• Works with the Procurement Department to bid and award insurance products; negotiates with the awarded vendor to assure the best price / coverage for the college for both new and existing vendors.
• Presents to the Vice President and CFO the results of the negotiations of all products; keeps upper management informed of any insurance issues and the needs for additional coverage.
• Identifies and analyzes risk exposures to procure appropriate and cost-effective insurance to protect the assets of the college.
• Manages all parts of the claims process (property, general liability, educator's legal liability, cyber liability). Manages insured and self-insured claims and loss control activities, including general liability, property, auto and employment practices liability, coordinating with the General Counsel on minor claims and otherwise keeping the General Counsel and Vice President and Chief Financial Officer informed.
• Submits and manages insurance claims and expedites the process with the appropriate insurance carrier.
• Submits all renewal applications, including the following for the primary insurance broker with renewal date of April 1 after previous planning meetings.
• Meet with the broker team.
• Receive renewal applications and submit individualized information requests to campus stakeholders.
• Prepare and submit insurance renewal applications based on market feedback.
• Close-out renewal by April 1
• Ensure distribution of auto cards
• Manages the Fine Arts insurance program.
• Manages the Student Health Insurance Plan and works with Student Financial Services on the renewal and enrollment / waiver process.
• Manages Basic Sports and Catastrophic Club insurance program in consultation with Athletics.
• Ensures that coverage, costs and losses are tracked to serve as the basis for prepared recommendations for the purchase of appropriate levels of insurance policies and services to the Vice President and Chief Financial Officer.
• Presents to the Vice President and CFO the results of the negotiations of all products; keeps upper management informed of any insurance issues and the needs for additional coverage
• Prepares insurance budgets for the Vice President and Chief Financial Officer. Enters into the college budget system the expected insurance budget.
• Reviews the insurance section of college contracts particularly insurance and indemnification provisions; manages distribution of Certificates of Insurance to outside sources;
• keeps on file Certificates of Insurance provided to the college from outside vendors providing contractual services to the college;

reviews Certificates of Insurance provided to the college for rental facilities.

• Manages processes for the issuance of Certificates of Insurance for contracts and agreements in which the college enters.
• Maintains current exposure records (property, auto, etc.) and support s campus personnel who have requests for certificates of insurance.
• Prepares loss analyses and budgets and ensure s compliance with insurance procedures and full utilization of loss prevention services.
• Reviews any insurance audits for accuracy.
• Ensures regular communication with the Financial Planning and Budget team as well as the Controller.
• Works with the Maine Association of Insurance Agents to manage and pay premiums for college owned vehicles the college operates .

Responsible for Department of Motor Vehicles eligibility checks on all employees who drive college-owned vehicles.

Works with Colby's Facilities Department to purchase Builders Risk Insurance which is paid for by the construction project;

adds buildings to the policy once a Certificate of Occupancy is received from the Facilities Department.

Other Duties :

• Represents the college at the TBCRMG meetings and participate s in the TBCRMG activities and committees.
• Represent Colby College on the System Risk Management Committee sharing insurance vendors utilized and notable results, risk issues, risk assessments and solutions.
• Daily manages a diverse workforce including hiring and termination of employees.
• Supports management and oversight of any state or federal funds received through grants related to the department's functions.
• Responsible for establishing job standards for subordinate staff and effectively evaluating staff under charge . The performance evaluation is conducted through the performance evaluation system and in accordance with the college's policies and procedures.
• Partners with the Director of Campus Security to develop and maintain the college's emergency plans and procedures . Conducts periodic table-top exercises to ensure the plan's effectiveness .

Serves as a key member of the Emergency Response Core Assessment Team and the Emergency Notification Team.

Manages the college's emergency notification system and related safety app (Rave Guardian). Trains staff who are responsible for sending out emergency alerts;

tests system on a regular basis; develops message templates; develops strategies for increasing student / staff participation in the program.

What you will bring :

• Bachelor's Degree in relevant field required . Advanced degree preferred. Certified Public Accountant (CPA) or Certified Internal Auditor.
• Professional certification in the field of Risk Management.
• 5-8 years of professional experience in a risk management, safety and / or insurance-related position plus 8 or more years of supervisory or managerial experience.
• Work experience in higher education preferred.
• Knowledge and experience with pertinent Federal, State and Local Regulations.
• Commitment to customer service.
• Excellent relationship building skills with different departments, locations and employees within the college.
• Ability to interface with public and governmental agencies.
• Excellent oral and written communication skills.
• Ability to work independently and responsibly.
• Experience in forecasting and analyzing risk metrics.
• Strong computer skills, including word processing, database and spreadsheets, with the ability to develop and maintain data tracking tools and systems.
• Sensitivity to the need of each individual to be treated with dignity and respect as it related to diversity in general and the Mission of the College specifically.
1 day ago