Risk Manager, ERM

Who Are We?

Taking care of our customers, our communities and each other. That’s the Travelers Promise. By honoring this commitment, we have maintained our reputation as one of the best property casualty insurers in the industry for over 160 years. Join us to discover a culture that is rooted in innovation and thrives on collaboration. Imagine loving what you do and where you do it.

Target Openings

1

What Is the Opportunity?

This senior role sits within the Travelers Europe (‘TRVE’) Enterprise Risk Management (‘ERM’) team supporting the Chief Risk Officer (‘CRO’) to develop and embed the Travelers Europe Risk Management Framework (‘RMF’) and Risk Appetite Framework (‘RAF’) in view of business plans.

Under general supervision, this role supports the TRVE ERM programme by working on financial risks, mostly through model validation, and non-financial risks with Risk Owners (or subject matter experts) in the business units (or the first line of risk management). The role requires knowledge and application of Prudential Regulatory Authority (‘PRA’), Financial Conduct Authority (‘FCA’), Lloyd’s, Central Bank of Ireland (‘CBI’) and Bermuda Monetary Authority requirements.

This is a second line role working across all principal risks (Insurance, Market, Operational, Credit, Liquidity and Strategic) in collaboration with other experts to achieve objectives. This role is responsible for developing and delivering value adding model validation and review of the capital modelling capabilities that support business financial decision making. This role assists with fulfilling regulatory requirements and consistently applying the RMF including the Capital Model and its uses and limitations.

The Risk Manager provides advice, guidance and challenge, and drives engagement of ERM with key internal stakeholders and produces high quality reports suitable for external parties. The role leads production of the Own Risk and Solvency Risk Assessment (ORSA), Model Validation report, climate risk management information and others. The role contributes to maintaining risk documentation (policies and frameworks) and reporting through the Solvency and Financial Condition Report (‘SFCR’), Solvency Capital Requirement (‘SCR’) Methodology Document and others. This role does not currently have direct line management responsibility.

Travelers Europe currently offers flexibility to employees who wish to work on a hybrid basis in accordance with our Hybrid Work Arrangements Policy. This entails full time employees working three days a week in the office and two days at home (or pro rata for part-time employees). This policy may be changed at the Company’s discretion.

What Will You Do?

Primary Job Duties & Responsibilities:

• Leads preparation the Validation Report to 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, Business Risk Committee and Board Committees.
• 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. Ensures there is strong collaboration across other lines of risk management.
• 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 assessments and risk exposure reports, using experience and external benchmarking. Escalates priority items, unresolved or unexplainable issues to the CRO 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 the oversight 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 Boards e.g., ORSA, Risk Book (aka ORSA Record), climate MI and others.
• Assists with the design and implementation of stress tests to be carried out on risk types modelled in the TRVE 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 judgement involved in preparing those inputs.
• Assists with carrying out any specific validation tests, deep dives and thematic reviews required by regulations and guidance from the CBI, PRA and Lloyd’s.
• 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.
• This is an individual contributor role.

EU Solvency II / UK Regulatory Key Function:

• This role works on financial and non-financial risk projects to efficiently meet risk requirements from Lloyd’s, the Bank of England, PRA, Financial Conduct Authority, Bermuda Monetary Authority and Central Bank of Ireland and others (e.g., Travelers US Group and AM Best).
• Responsible for assisting the Boards and CRO with regulatory thematic reviews.
• Outputs will be reviewed and inform senior management and legal entity Boards.
• Individuals are expected to have working knowledge of statistical concepts and can perform model runs and testing under supervision.
• Independently prepares risk documentation and analysis for senior and external.
• Expected to attend business unit meetings and act as ERM relationship manager in completing business requests.
• Access to commercially sensitive information including future plans, regulatory disclosures and risk event data.

What Will Our Ideal Candidate Have?

• Project management – experience of working with functional management and building good relationships required, including the ability to manage and make significant contributions to risk projects and report/present to stakeholders using Microsoft tools.
• Bachelor (BSc) or Master (MSc) of science degree or higher in financial risk management. Studying towards, or holds, Casualty Actuarial Society (FCAS), Fellow of the Institute and Faculty of Actuaries (FIA), Chartered Financial Analyst (CFA), Financial Risk Manager (FRM) or similar.
• Insurance – Chartered Insurance Institute (CII), Lloyd’s Market Associations (LMA) or others that are similar.
• Risk Management – Institute of Risk Management (IRM) or Federation of European Risk Management Associations (FERMA) or others that are similar.

What is a Must Have?

• Qualifications and/or experience of quantitative (or financial) and non-quantitative (or non-financial) risk management methods and tools in the UK/EU insurance industry.

What Is in It for You?

• Private Medical Insuran ce: On commencement of employment, you are eligible for single cover provided by Travelers, with the option to add cover for your dependents, at your expense through payroll deduction.
• Retirement: Travelers will make a core contribution of a percentage of salary to your Pension Plan. Additionally, if you decide to contribute to the plan, you will receive an increased company contribution.
• Holiday Entitlement: Start your career at Travelers with a minimum of 25 days holiday entitlement annually, plus the opportunity to purchase additional days to allow for up to a total of 35 holidays per year.
• Wellness Programme: The Travelers wellness programme is comprised of tools, discounts and resources that empower you to achieve your wellness goals and caregiving needs. In addition, our mental health programme provides access to free professional counseling services and other resources that support your daily life needs.
• Volunteer Encouragement: We have a deep commitment to the communities we serve and encourage our employees to get involved. Travelers has a Matching Gift and Volunteer Rewards programme that enables you to give back to the charity of your choice.

Employment Practices

Travelers is an equal opportunity employer. We value the unique abilities and talents each individual brings to our organization and recognize that we benefit in numerous ways from our differences.

If you are a candidate and have specific questions regarding the physical requirements of this role, please send us an email so we may assist you.

Travelers reserves the right to fill this position at a level above or below the level included in this posting.

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