At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products, and industry leaders working in a supportive environment to achieve this.
At the heart of our success is a strong culture where people are encouraged to be present, bold, and curious, allowing them to achieve their individual goals.
Please see our website for more information.
Company
Munich Re Specialty – Global Markets
Location
London, United Kingdom
Risk Manager
To support the development, implementation, and embedding of a comprehensive and proportionate risk management framework and risk culture across MRSG/GSI4, ensuring compliance with Munich Re, PRA, FCA, and Lloyd’s risk management requirements.
Whilst the Risk Manager role will support all MRSG legal entities or GSI 4 businesses such as MRSL (the Lloyd’s regulated entity)
Responsibilities:
To support the Head of Risk Management in the overall delivery of the MRSG risk management strategy and implementation of the risk management framework across the business (comprising the entities within MRSG/GSI 4 including its International Distribution Centres (IDCs) and Syndicates) and fully embed an appropriate risk culture. This includes:
- Implementing and embedding the risk management framework across MRSG and other non-Lloyd’s regulated entities as required, on a risk-based, proportionate, and consistent basis with the risk management strategy. Activities include risk and control assessments, risk event management, emerging risk analysis, risk reporting, and project work.
- Providing effective and timely risk management review, challenge, and advice to the business (1st line of defense), representing a risk management viewpoint in risk identification, measurement, mitigation, and reporting.
- Supporting the delivery of the annual risk plan and communicating any anticipated departures from the plan promptly.
- Addressing and responding to risk issues as they arise, escalating key matters to relevant stakeholders and governance bodies.
- Monitoring and assessing risks and controls for MRSG legal entities to identify top risks and emerging risks, and evaluating the adequacy of the control environment. This includes maintaining risk registers, designing and monitoring risk appetite measures, collaborating with stakeholders to ensure key controls are effective, and providing risk reports to governance groups.
- Managing risk event processes, conducting thematic risk assessments, and supporting risk reporting and analysis activities.
- Leading or contributing to projects and activities related to risk management, including risk training and awareness initiatives.
- Supporting or undertaking other departmental activities as required, including Lloyd’s Fundamental Principles Oversight Framework and internal model activities.
General responsibilities:
- Enhancing the profile of risk management and embedding a strong risk culture within the business.
- Continuously reviewing and developing the risk management framework to meet emerging needs.
- Promoting good conduct to deliver optimal outcomes for customers and policyholders.
- Participating in various working groups as needed.
Knowledge and Skills
- Proven risk management experience, with relevant qualifications or internal/external audit background.
- Deep understanding of the general insurance industry, preferably Lloyd’s or general insurance market.
- Excellent report writing skills and experience preparing reports for senior management, committees, or boards.
- Ability to question and challenge at all levels, including senior management, and to present balanced risk opinions and recommendations.
- Knowledge of Solvency II and Lloyd’s market is advantageous for reviewing and challenging risks and controls.
- Focus on meeting reporting deadlines, pragmatic problem-solving, and building collaborative stakeholder relationships.
- Broad understanding of current risk management practices and developments, with a capacity to provide thought leadership.
- University degree and/or relevant professional qualification.
If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!
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