VP - Senior Insurance Risk Manager
Company: Aspen 56 Holdings Limited
Location: Jersey City
Posted on: January 24, 2023
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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