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VP - Senior Insurance Risk Manager

Company: Aspen 56 Holdings Limited
Location: Jersey City
Posted on: November 23, 2022

Job Description:

Jersey City, New Jersey Permanent - Full Time About usSince Aspen was founded in 2002, we have become a leading, diversified specialty insurance and reinsurance company. We respond thoughtfully and creatively to find the best outcomes for our clients and business partners through carefully-tailored solutions.
We believe the way we work is just as important as the work we do, and we are guided by our core values of respect, honesty, trust and professionalism. -Aspen is a great place to develop your career offering an exciting and challenging environment where achievement is rewarded.The roleOperates as part of the second line of defence by providing independent risk oversight. Supports the Head of Insurance Risk Management with implementing and maintaining proportionate and risk based oversight for all aspects of Insurance risk as mandated to ensure that the Group and its legal entities have the necessary expertise, frameworks and infrastructure to support good risk-taking. Ensures adherence to applicable frameworks and performs independent assurance activities. Our Aspen Values are expected to be reflected in the delivery and performance of every role.Key accountabilities

  • Support Head of Insurance Risk to enhance Group-wide methodologies/frameworks to ensure consistency to insurance risk management
  • Contribute to development of annual Assurance plan, by defining points of focus for assessments, and participating in insightful risk management conversations - Continuously monitor Group's risk profile to ensure timely identification, escalation, mitigation and management of new, emerging or changing Insurance Risks
  • Prioritizes operational deliverables/activities to support delivery of business targets Support the Group CRO, Head of Risk and Head of Insurance Risk to maintain relevant operational risk management policies and related standards
  • Contribute to development and delivery of annual Insurance Risk Assurance Plan, covering all Aspen risk-taking entities, in coordination with broader Group Assurance Planning
  • Assist in coordination of Group-wide Risk and Control Self-Assessment process, including evaluating results to assess overall effectiveness of Aspen's control environment - Coordinate with Legal Entity CROs and broader Risk & Compliance organization to deliver integrated insurance risk management
  • Coordinate with Group/Legal Entity CROs to deliver risk reporting to executive committees and Risk Committee of the Boards of Directors
  • Coordinate with Legal Entity risk teams to deliver Aspen's operational risk management strategy and capabilities.
  • Provide Insurance Risk advice to Legal Entity risk teams/business partners, including participating in risk reviews/assessments of new business activities/change initiatives to ensure material risks are identified and appropriate controls implemented
  • Work collaboratively with integrated assurance framework to ensure work is coordinated, and results shared with other assurance providers, including Compliance/Internal Audit
  • Assess risk implications of business plans, its achievability, and key areas of uncertainty; determine whether business plans adhere to risk appetite and limits. Independent review of Reinsurance and insurance pricing adequacy, and frameworks used across the Group to assess price adequacy, including review/challenge to embedded assumptions and parameters. o Reinsurance and insurance reserve adequacy, and frameworks used to assess reserve adequacy. o Underwriting Performance review process, including assessing manner of outperformance/underperformance identified and actioned in future underwriting decisions.
  • Independent validation of key models used across Group in an analytical capacity (i.e. monitoring, business steering, management information used for decision making, etc.); or financial capacity (i.e. pricing, costing, reserving, valuation, exposure measurement, risk calculation, capital determination, etc.)
  • Independent review and challenge to assumptions and parameters used in material costing/pricing tools to Outward Reinsurance strategy/plan, as part of annual business plan risk assessment. Independent oversight of quality/effectiveness of communication between Underwriting and Reserving teams, including assessing differences between pricing assumptions and actual performance are analyzed and reflected in reserving, future business plan assumptions, and future pricing decisions.
  • Independent review and quality assessment of underwriting, including risk/exposure assessment, costing, pricing and contract wording; coordinating with other SMEs - Assess/validate frameworks to measure insurance risk exposure and aggregate exposures into a measure of risk, including quantitative controls that limit risk-taking.
  • Provide input into Aspen's Insurance Risk Limit framework and annual review of insurance risk limits which translate risk appetite into measurable criteriaSkills & experience
    • More than 10 years specific risk - experience in the P&C (re) insurance industry, ideally in underwriting, - actuarial or risk management
    • More than 5 years operational risk - experience, preferably within the - insurance industry
    • Bachelor's Degree, with recognised - professional qualifications preferred
    • Industry acumen, including - knowledge of business operations, finance, risk, as well as a working understanding of the actuarial - aspects.
    • Experience working as part of a team - within a multi-national insurance - environment
    • Sound commercial judgment, able - to understand complex processes and structural issues with capacity to go into detail, draw connections, explain succinctly and act - decisively and quickly.
    • Appropriate knowledge and - understanding of the regulatory - environments in which Aspen - conducts business
    • Extensive and relevant Risk - knowledge -
    • Knowledge of business processes, - risks and controls
    • Knowledge of Re(Insurance) -
    • Good working knowledge of - company governance, risk and - compliance systems and how - technology can be leveraged to - improve performance
    • High level of personal confidence, able to - lead change through influence and - persuasion.
    • Leadership courage with the ability to - challenge key business decision-makers.
    • Excellent interpersonal and - communication skillsOtherWe are an equal opportunity employer. All applicants will be considered for employment without attention to race, color, religion, sex, sexual orientation, gender identity, national origin, veteran or disability status.

Keywords: Aspen 56 Holdings Limited, Jersey City , VP - Senior Insurance Risk Manager, Executive , Jersey City, New Jersey

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