Risk Manager, Enterprise Risk Management
1 day ago
About This Opportunity
We are seeking an experienced Risk Manager to join our Enterprise Risk Management ('ERM') Team, supporting the UK/EU Chief Risk Officers ('CRO') and ERM Senior Actuary.
This role is a newly created, prominent position in the ERM Team, working closely with Risk and Control Owners (subject matter experts) in the business units to develop and embed the Travelers Europe Risk Management Framework ('RMF') in view of business plans.
You will work across all principal risks (Insurance, Market, Operational, Credit, Liquidity and Strategic) through collaboration with experts from Actuarial, Catastrophe Aggregation, Compliance/Legal and Corporate Audit teams to develop risk mitigation and resilience.
This role also involves working with the ERM Senior Actuary to develop and deliver value-adding model validation and review of the capital modeling capabilities that support business financial decision-making.
You will assist with fulfilling regulatory requirements and consistently applying the RMF, including the Capital Model and its uses and limitations.
Your Key Responsibilities
- Provide advice, guidance, and challenge, and drive engagement of ERM with key internal stakeholders and produce reports suitable for external parties.
- Is a relationship manager for the business units ('BU'), through ad hoc and regular Risk and Control Self-Assessment ('RCSA') meetings, to ensure full and consistent understanding of risk assessments, and to communicate the expectations Risk and Control Owners need to meet.
- Works with business owners to identify and assess the internal control environment leading the reporting of risk events and challenging business actions to remediate deficiencies; and reports findings, recommendations, and updates to the Boards and Committees.
- Reviews and challenges quarterly risk rating updates and risk exposure reports, using experience and external benchmarking. Escalates priority items, unresolved or unexplainable issues to the CROs and Risk Owners.
- Collaborates with BU to identify and mitigate emerging risks often through working on transformation / strategic projects as the ERM subject matter expert.
- Collates and aggregates financial and non-financial risk exposure data, preparing risk reports for Boards and Committees e.g., risk appetite performance and risk register summaries. Assists with verifying the effectiveness and functioning of remediation activities as they progress and/or complete.
- Develops and maintains ERM documentation (frameworks, policies, and process definitions) and updates/produces risk reports owned by the Travelers Europe Boards e.g., ORSA, Risk Book (aka ORSA Record), Operational Resilience Self-Assessment, and others.
- Assists with preparing the Validation Report to Prudential Regulation Authority ('PRA') and Lloyd's requirements and other documents that may be required, including the Validation Policy and Validation Standards and supporting documentation. Assists with monitoring compliance of validation processes in line with regulatory requirements reporting to the Model Oversight Committee.
- Assists with the design and implementation of stress tests to be carried out on risk types modeled in the Travelers Europe Capital Models in order to provide sufficient objective review and challenge on the functioning of the model and accuracy and appropriateness of its outputs for all model uses.
- In partnership with model parameter owners, assist with the design and implementation of appropriate tests to provide objective review and challenge of model inputs and the expert judgment involved in preparing those inputs.
- Assists with carrying out any specific validation tests required by regulations and guidance from the Central Bank of Ireland, Prudential Regulation Authority, and Lloyd's, including Profit & Loss Attribution and Stress & Scenario testing.
- Assists with communicating the outcomes of all tests carried out to Model Oversight Committee, the ERC, and the Boards; assists with communicating the impact and consequences of any failed tests and working with stakeholders to develop timescales and priorities for resolution.
- Perform other duties as assigned.
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