Enterprise Risk Manager

Munich Re Princeton, NJ
At Munich Re, we utilize extensive risk knowledge to offer expertise, financial strength, and innovative solutions to help our clients meet the difficult challenges they face in today's world. Risk management is our strength. For us, the question is not if we can cover your risks, but how.

Integrated Risk Management (IRM) develops, implements, and maintains the framework for managing risk across Munich Re's US P&C operations. Our mission is to ensure that these risks are well understood and managed effectively through a variety of quantitative and qualitative processes. Our Risk Analytics & Strategy team measures the risks faced by the US P&C Companies using our internal economic capital model and scenario analyses. We provide senior management with an internal view of our companies' risk profile, and this is used to support the capital management of our companies. We also facilitate the development of the strategy to manage these risks, we report on these risks regularly to senior management, the Board, and regulators, and we perform ad-hoc analyses of new and/or emerging risks.

We are seeking an Enterprise Risk Manager in our Princeton, New Jersey location. This position includes responsibility for developing, maintaining and enhancing internal economic capital models. This person will also analyze and communicate results for managing US Property and Casualty (P&C) Operations' Enterprise (Underwriting, Investment, and Operational) Risks. In addition, they will develop and maintain Risk Management Policies and Strategies which are consistent with group practices but reflect local regulatory requirements of each P&C entity in US, Canada & the UK. They will also analyze risk and communicate to senior management influencing strategic decisions

Key Responsibilities of this position include:

* Manage staff of Actuaries, Enterprise Risk Analysts and Specialists in all activities outlined below.

* Analyze capital model results for US P&C Ops and interpret results relative to risk strategy. Develop analytical prospective business scenario analysis that will inform the Risk Management Committee (RMC) decisions on capital planning.

* Lead the completion of US P&C Ops entities Own Risk & Solvency Assessment (ORSA) for US, Canada & UK.

* Develop and maintain legal entity Risk Strategies which are consistent with the group Framework. Quantify whole portfolio and supplemental risk tolerances and communicate results to US P&C Operations senior management and Munich Re-IRM.

* Support Business development through value add client consulting. Maintain regular contact with internal clients and working knowledge of our business trends and changing risk profile. Present on trends in Enterprise Risk Management (ERM) to internal and external clients.

* Support M&A Risk Management assessment in the context of risk modeling, risk strategy, identification of operational risks and development of a Risk Management integration plan.

* Ensure adequate risk measurement and management by decentralized risk managers throughout US P&C Ops, evaluating the consistency of processes, risk measures, and assumptions across the insurance control cycle in order to recommend areas for improvement, new risk measures or changes in existing risk measures.

* Lead regional implementation of Group risk management projects. This may include introducing new analysis, monitoring or control processes throughout US P&C Operations. Support development and enhancement of Munich Re group risk management analytics.

* Develop risk management presentations for Board, RMC, rating agency and regulatory reviews.

* Remain current on ERM modeling and analysis techniques and translate these into internal IRM best practices. Communicate and advise management within US P&C Ops and the Munich Re Group on these best practices and recommend enhancements in the quantification and analysis of enterprise wide risks.

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