Director of Risk and Insurance

Position Summary

Responsible for overseeing insurance and claims functions across the organization and its subsidiaries. This role involves identifying operational exposures to loss and recommending appropriate insurance and risk transfer strategies to mitigate potential impacts on the company’s ability to maintain optimal operations. Additionally, the role includes reviewing and approving insurance provisions in all procurement-related contracts.

General Accountability

Risk and Insurance supports the Treasurer, Chief Financial Officer (CFO) and the leadership of the Lines of Business, and is responsible for the following accountabilities:

• Advise senior management of all potential sources of accidental loss. Supervise activities related to conservation of human, financial and physical assets.
• Manage the organizations risk management department with the following goals:
• Protect against financial loss resulting from damage to company property
• Downtime and additional costs from damage to property of the organization and others.
• Liabilities for property damage or injury to members of the public
• Support the Treasurer and CFO in responding to various special requests from the Audit, Finance and Pension Investment Committee on Risk and Insurance matters.
• Support the Treasurer in managing risk and insurance activities such as procurement of insurance, claims management, contractual review and approval of claims payments.
• Support the Treasurer in insurance and risk management policies and procedures.
• Support senior management on corporate strategic initiatives related to risk and insurance matters for mergers, acquisitions, divestiture and new ventures.
• Provide the vision and strategic direction for the design, development, implementation and management of an insurance program for a publicly traded Company and its Stakeholders.
• Under a custom incentive rate mechanism, develop long term insurance strategies to mitigate insurable loss exposure by balancing the cost of premium against the likelihood of losses.
• Conduct periodic assessments and cost benefit analyses of insurance programs while evaluating non-traditional risk management tools such as: Captives; O.I.L. ; Risk Financing Optimization etc.
• Effectively communicate the company’s position on ESG to external parties (insurers, lawyers, adjusters and brokers). Ensure that the insurance program is appropriately aligned with the company’s ESG policies and targets.
• As new business ventures are explored and created, identify significant property and casualty risk exposures, and then design, develop and secure appropriate insurance coverage to minimize their impact on the Company’s total cost of risk.
• Manage the company’s risk and insurance matters related to due diligence requirements associated with mergers, acquisitions, divestitures, joint ventures and public offerings.
• Maintain on-going communications with the brokers and insurers providing them with business updates and notification of all significant events to ensure risk is well understood and appropriately priced by underwriters.
• Work independently and regularly interface with senior management and legal, providing counsel and advice on potential risks and liabilities on business contracts, projects, specific issues and initiatives, and recommending appropriate course of actions.
• Prepare detailed submission packages and presentation material for the CFO, ELT and the Board (Governance and Audit Committees to assist them in fulfilling their mandates) as required, for all lines of business and corporate risks.
• Work with ERM to facilitate the identification, assessment, and management of risks associated with major projects and strategic initiatives. Support the integration of risk mitigation and control methodologies into project management.
• Support ERM in the preparation of semi-annual risk profile for the Chief Risk Officer to present to the Board of Directors, to help the President and Chief Executive Officer inform the Board of principal risks and status of plans to mitigate.

Main Accountabilities

Strategy and Planning

• Develop an insurance and risk management strategy providing both short- and long-term goals.
• Research, evaluate and make recommendations regarding current and state of the art trends in insurance and claims management.
• Review potential acquisitions, divestitures and joint ventures to identify significant risk and insurance issues and make recommendations.

Risk Transfer through the purchase of insurance

• Manage the Property and Casualty insurance programs, including self-insured programs.
• Identify and analyze potential impact of exposures of loss faced by the corporation.
• Recommend risk transfer/financing through the purchase of insurance or thru contractual transfer.
• Evaluate the adequacy of limits and appropriateness of retentions/deductibles.
• Conduct cost/benefit analysis of program alternatives.
• Negotiate insurance policies and service agreement with key services providers.
• Maintain effective process to provide timely and accurate underwriting information to broker/insurers for insured risks.

Claims Management

• Manage insurance claims and claim litigation processes,
• Investigate losses and negotiate settlements on major property/casualty insurance claims. Coordinate with inside/outside counsel as appropriate.
• Analyze loss data trends and identify potential cost containment opportunities.
• Represent the corporation at mediations, settlement conferences and pre-trials for risk and insurance related actions.

Contractual Standard/Insurance Certificates

• Establish Insurance standards for various classes of vendor and customer relationships of the company.
• Review contract as required to assure compliance with insurance standards. Evaluate exceptions to insurance standards and approve/reject as appropriate.
• Establish and maintain effective processes for obtaining insurance certificates from service providers.
• Oversee process to issue insurance certificates to third parties as required.

Safety and Loss Prevention

• Partner with Safety and Engineering and Business unit management to coordinate internal and external safety and loss control processes including loss prevention, Employee Health and Safety and Facility Safety.
• Coordinate with Engineering to provide timely response to property insurers loss prevention recommendations, balancing such factors as cost of implementing recommendations, employee safety considerations and impact on cost of insurance/insurability.
• Provide a safe and healthy work environment:
• Provide subordinates with appropriate knowledge, skills, information, work procedures and equipment to facilitate responsible behaviour which will protect their safety and contribute to their health.
• Provide a work environment and facilities where health and safety incidents are minimized.
• Provide a work environment that supports and values diversity and is free from harassment.
• Know and ensure subordinates comply with all legal and regulatory requirements, corporate policies and procedures, and generally accepted practices relating to their work.

Maintain a team of subordinates who can produce the outputs required:

• Provide leadership to subordinates.
• Ensure subordinates are able and willing to produce the desired output, and that they continually improve the processes for achieving those outputs.
• Assess staff capability to do the required work, now and in the future.
• Conduct personal effectiveness reviews of subordinate’s managers/specialists to build relationships and trust, and to improve effectiveness.
• Advocate the acquisition of appropriate tools and skills to optimize the performance of staff.
• Mentor, counsel and foster the personal development of all subordinates.
• Translate the corporate goals and objectives into a direction which guides the work of the unit.
• Communicate that direction to all staff.
• Define specific tasks for subordinates which are required to achieve desired results and/or to accommodate changes required within the business operations.
• Communicate expectations regarding the collateral relationship among subordinates.

Reporting/Communication/Accounting

• Provide technical advice on insurance and risk management matters.
• Establish methodology to allocate insurance costs.
• Prepare annual risk and insurance budget.
• Develop and maintain claim status/reserve reports.
• Provide reports and updates as required to Senior Management,
• Coordinate and respond to claim inquiries from Members of Parliament, Ombudsman

Other

• Conduct training sessions, as appropriate on insurance and claims management topics.

Job Requirements Functional/Technical Competency

• Proven ability to manage multiple projects simultaneously and satisfy the needs of diverse stakeholders.
• Extensive understanding of insurance and claim processes, controls and analysis.
• Progressive knowledge of insurance strategies.
• Understanding of the energy industry and ability to bring relevant strategic recommendations to senior management.
• Technical knowledge and background in insurance claims
• Strong analytical skills
• Demonstrated proficiency in organizing and directing the work of others.
• Ability to maintain independence and impartiality in oversight and compliance roles.

Skills

• Strong interpersonal and communication skills.
• Command of Microsoft Office products, including Outlook, Excel, Word and PowerPoint with superior presentation abilities.

Education/Experience

• Bachelor’s degree in finance, risk management or business administration
• 10-15 years’ experience in risk management, claims management and self-insurance plans.
• 5 years’ experience in a leadership role (managing people, process or projects)
• Certified Risk Manager, Associate Risk Manager or Chartered Insurance Professional, designation