Executive Director of Risk Management

Job Description

This position provides leadership and direction to identify, evaluate and plan strategies for the University’s insurance programs to maximize protection of assets at the most economical rates and minimize effects of fortuitous loss.

Has authority to make decisions on risk management issues affecting the organization up to authorized levels. Responsible for 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.

Develop strategies and processes to identify, measure and manage risks related to hazards and other areas of exposure in coordination with University units responsible for these risk areas while serving as a resource for faculty, staff and students on issues related to insurance, risk identification and mitigation. Qualifications Education :

• Minimum requirements include a college or university degree in related field.
• Bachelor’s degree in risk management, economics, finance or related field preferred.
• MBA or other advanced degree preferred.

Experience :

• Minimum requirements include knowledge and skills developed through 8+ years of work experience in a related job discipline.
• Experience working in or advising higher education industry highly preferred.
• ARM, CRM, CPCU or other professional designations preferred.

Job Specific Qualifications

• Ability to work with the University community of faculty, students and staff and with external organizations such as the University’s insurance brokers, outside legal counsel, claims administrators and actuaries.
• Ability to manage multiple streams of work and multiple relationships in an effective and efficient manner.
• Ability to recognize risk issues in complex, ambiguous activities and relationships.
• Understand insurance markets and property and casualty insurance products, insurance program design and alternative risk transfer techniques.
• Ability to understand and interpret contracts and insurance policies.
• Knowledge of statistical and capital budgeting techniques and general accounting principles.
• Basic working knowledge of property and liability loss prevention and safety practices.
• Mathematical and analytical ability.
• Strong negotiating skills.
• General understanding of higher education compliance and regulatory environment.
• Demonstrated enthusiasm and motivation.
• Requires ability to travel across campus.
• Requires agility to traverse through buildings damaged by fire, windstorm, etc. and access non-public building spaces including attics, basements, mechanical rooms, steam tunnels.
• Availability to respond to emergencies 24 hours-a-day, 7 days per week required.
• General understanding of safety practices.
• Effective written and oral communication skills.
• Project management skills.
• Organizational and interpersonal skills supported by a strong attention to detail required.

Responsibilities ESSENTIAL FUNCTIONS :

• Develop strategic and tactical plans / solutions to manage the University’s cost of risk (insurance premiums, self-insured losses and administrative costs) while effectively transferring excessive risk.
• Annually review the adequacy of the University’s insurance and self-insurance programs against the risks faced by the University.
• Annually prepare a strategic plan including goals and expected outcomes and execute on that plan. Prepare insurance specifications for submission to potential insurers and supporting information such as underwriting exposure data and property statement of values.

Receive and review insurance proposals and recommend insurance purchases. Bind coverage upon authorization when necessary.

Ensure prompt delivery of insurance policies. Review each insurance policy for accuracy and follow-up for timely corrections.

• Manage the University’s relationships with insurance brokers, third-party claims administrators and other external consultants.
• Implement procedures that will ensure compliance with insurance policy requirements, especially for timely reporting of new loss exposures and claims.
• Prepare and distribute information describing the University’s insurance programs for executive leadership, general counsel, and units in the appropriate level of detail.

Provide insurance documentation including insurance certificates for external entities as needed. Maintain insurance policy files and records.

Manage University’s captive insurance program, Orange Insurance, LLC, including program scope definition, documentation, funding, claims, state filings and fees, and financial reporting.

Prepare responses for legal discovery, as necessary. Maintain sufficient reserves to pay known and incurred claims. Determine liability for accounting purposes.

• Manage the compliance of programs involving minors on campus with university policy.
• Monitor insurance company financial strength on current and expired insurance to identify possible failures and manage claims against insolvent insurers.

Manage process of seeking recovery for claims under the University’s insurance policies including recovery from responsible third parties and under contracts.

Coordinate safety and loss prevention services, especially those provided by insurance companies, with those provided by the Office of Environmental Health and Safety Services and other units.

Manages the claims associated with Workers Compensation, in coordination with the Office of Human Resources and ensure compliance with federal and state requirements.

MANAGEMENT / OTHER FUNCTIONS :

• Conduct comprehensive risk assessments across the enterprise that help inform the work of the Audit Committee of the Board of Trustees and that identify opportunities to improve business processes and enhance the control environment.
• Consult and collaborate with constituencies across the institution on business process improvement opportunities and operational and strategic risk issues, both with stakeholders on campus and with colleagues in University centers and affiliated organizations around the world to ensure that international activities and objectives are aligned with sound management policies and practices.
• Communicate elevated risk findings to the Senior Vice President and Chief Financial Officer and advise on the appropriate remediation and management of significant risks.
• Manage risk management / insurance department staff. Periodically review position descriptions. Train and monitor performance.

Provide annual performance appraisals.

• Ensure University contracts contain appropriate insurance requirements. Annually review templates for contract insurance requirements used in purchase orders, construction and renovation contracts, leases, research agreements and other contracts are appropriate.
• Negotiate contract insurance requirements, as necessary. Regularly review processes in contracting units for obtaining insurance certificates from contractors and vendors for adequacy and adherence to university requirements.
• Prepare annual budgets and quarterly updates, track actual versus budget expense for the risk management function.
• Annually benchmark University insurance costs to Identity opportunities for improvement.
• Properly account for insurance program expense.
• Verify policy premium adjustments and audits.
• Participate on University committees as assigned. Other assignments as directed.

Physical Requirements Not Applicable Tools / Equipment Not Applicable