Vice President, Enterprise Risk Management

Position Overview

The VP, Enterprise Risk Management is a strategic leader in the company responsible for developing and implementing the corporate risk management program to support the corporate mission and strategy. This individual will act as a champion for risk management and foster a risk-aware culture. 

This individual will coordinate and supervise all risk management activities, including risk identification, assessment, prevention, control, and monitoring. The individual manages a team of people within the Enterprise Risk Management department and works cross functionally with other departments to identify and manage corporate risks. 

The VP, Enterprise Risk Management will develop and manage the company’s NAIC Own Risk and Solvency Assessment (“ORSA”), which requires an annual assessment of capital adequacy to cover risk exposures including a prospective solvency assessment, and the NAIC Model Audit Rule (“MAR”) compliance which requires the filing of an annual Management Report of Internal Control Over Financial Reporting.  

The VP, Enterprise Risk Management coordinates all internal audit activity, including quality assurance over third-party administrators. The role is also responsible for vendor risk management oversight.  

This role will partner and collaborate with stakeholders across the organization, including Information Technology, Operations, Finance and Compliance as well as P&L leaders. The role will be the single point of accountability for risk identification and mitigation. 

This position will report to the Chief Financial Officer. 

Essential Tasks

• Serve as a strategic partner to other executives within the company, providing expert advice on risk matters including risk identification and control.
• Work with senior leaders to assess and communicate acceptable levels of risk.
• Monitor the industry and external environment for emerging risks and advise relevant stakeholders on appropriate courses of action.
• Lead a corporate risk assessment process that identifies and measures risks, identifies and/or establishes key internal controls to those risks, and establishes ongoing monitoring particularly for the Tier 1 risks.
• Create the ORSA framework and work with other departments, particularly the actuarial and treasury departments, to model risk scenarios and probabilities and create a future solvency assessment; file the ORSA annual report.

• Direct all activities for the company to be MAR compliant, including:
• Lead the development and maintenance of best-in-class internal controls and control monitoring procedures within the Company. 
• Assist all departments in the Company to review their processes and controls and to document those processes and controls that are to be relied upon for MAR. 
• Establish the procedures for testing and the documentation of such tests of MAR controls; ensure MAR report is filed annually.
• Develop and track Key Risk Indicators and develop remediation plans when risks fall outside of various risk tolerances; report internally to the Enterprise Operating Committee the KRIs through executive level dashboards. 
• Manage and control vendor risk by establishing and maintaining a comprehensive vendor risk management program.
• Create and oversee the quality assurance function relating to third-party administrators (“TPAs”) to ensure the TPAs meet all requirements set forth in the administrative service agreements and prescribed by state law. 
• Participate in the due diligence process for potential new vendors and any potential corporate acquisitions.
• Present at least annually to the Audit Committee of the Board of Directors on the risk management program, including KRIs, ORSA, internal audit, quality assurance, and the vendor risk management program. 
• Manage the team of individuals in the Enterprise Risk Management department, leading and coaching the team to work at a high level to achieve the department’s goals. 
• Develops and manages the ERM department’s expense budget and assists with securing the corporate insurance coverages. 
• Interact with external auditors and regulators as required.

Requirements

Education and Certifications 

• Bachelor’s Degree in accounting, finance or related field required.
• MBA preferred.
• Applicable risk control certifications preferred (e.g. COSO Enterprise Risk Management, Certified Risk and Compliance Management Professional, Certified Enterprise Risk Manager, Enterprise Risk Management Certified Professional, Professional Risk Manager Designation, RIMS – Certified Risk Management Professional, etc.)

Experience  

10 years of experience developing or leading Enterprise Risk Management required 

• 5 years of insurance industry experience in a leadership role required
• 7 years of management experience required
• Knowledge and experience with insurance laws and regulations as well as frameworks within the financial services industry such as COSO, NIST, SOX
• Comfortable in working in a matrix organizational structure alongside functional colleagues and business stakeholders

Travel Required 

Domestic travel as needed, not in excess of 20% 

What we offer:

• Hybrid and remote work environments
• HSA/PPO medical plans
• Dental
• Vision
• HSA/FSA
• Short-term and Long-term Disability
• Employee Assistance Program
• Life and Travel Insurance
• Company Discounts
• Home office and wellness reimbursement
• 401(k) w/ up to 6% company match
• Generous PTO
• 12 paid holidays
• Parental leave
• Generous employee referral program
• Professional development and development planning: tuition reimbursement, continuing education & assistance obtaining professional certifications