Risk Manager, ERM

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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 170 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.

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. The 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.

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…