Director, Corporate Insurance Risk Management

5 months ago

Toronto, Canada Royal Bank of Canada Full time

**Job Summary**

The Director, Corporate Insurance Risk Management (CIRM) will oversee the annual insurance renewal strategy and lead the alternative risk transfer programs that enable CIRM to fulfill its mandate and achieve its objectives. This role partners and collaborates closely with other CIRM Team members, internal stakeholders and external partners to oversee the annual renewal process; acts as lead on alternative risk transfer solutions; advise stakeholders across RBC on M&A and other insurance advisory requests; support claims management activities and processes; and continuously identifies opportunities to optimize RBC’s insurance program.

**What is the Opportunity?**

As part of the Group Risk Management (GRM) team, the Director, Corporate Insurance Risk Management (CIRM) will oversee the annual insurance renewal strategy and lead the alternative risk transfer programs that enable CIRM to fulfill its mandate and achieve its objectives. This role partners and collaborates closely with other CIRM Team members, internal stakeholders and external partners to oversee the annual renewal process; acts as lead on alternative risk transfer solutions; advise stakeholders across RBC on M&A and other insurance advisory requests; support claims management activities and processes; and continuously identifies opportunities to optimize RBC’s insurance program.

The Director, Corporate Insurance Risk Management will report to the Sr. Director, CIRM.

**Note**:_This is a Maternity Leave coverage for 15 Months with option to extend depending on business needs_**

**What will you do?**
- Support the strategy, culture and activities that enable the team to operate as an integrated department
- Support a culture of integrity and behaviors that align to RBC’s Code of Conduct and professional standards
- Work collaboratively across teams, contributing to an engaged workforce who are effective, knowledgeable and adaptable
- Act as the key point of contact in managing productive relationships with industry partners, including insurance brokers, insurers, legal counsel, peers, and consultants as required
- Leads the strategy to identify optimal risk transfer solutions where appropriate as part of an effective risk-management program
- Collaborate with RBC partners in finance, tax, legal, subsidiary governance office, etc on day-to-day matters to effectively run the alternative risk transfer program
- Preparation for Board Meetings including materials for agenda items and presentation to the Board
- Oversee the annual insurance renewal/purchase process, including financial lines, property and casualty
- Review of insurance binders, policies, endorsements upon renewal to ensure accuracy, completeness, and consistency with terms bound
- Review of the global program premium methodology and determine premium allocation
- Continuously identify opportunities to optimize and evolve RBC’s insurance program within the risk appetite
- Identify new and emerging risks and manage with potential insurance solutions
- Advise RBC partners on insurance aspects of mergers & acquisitions, divestitures, new products and services to manage and mitigate risks
- Provide our partners in Global Credit with insurer onboarding and binding support
- Respond to regulatory inquiries and due diligence requests for information about RBC’s insurance
- Provides guidance and recommendations with the review of insurance provisions in vendor/supplier agreements, leases, and other documents as required
- Support the Claims Manager by providing advice and expertise regarding the management of claims where required
- Oversees the creation of the annual Corporate Insurance Review for RBC Board of Directors reporting and local subsidiary board reporting
- Provide RBC business units with insurance training to support the review of supplier vendor contracts

**What do you need to succeed?**

**Must Have**
- Minimum of 10yrs experience in either risk management, claims, underwriting, brokerage experience or similar experience (e.g. paralegal)
- Knowledge of alternative risk transfer products and programs
- Proficient in insurance contract reviews and understanding insurance policies
- Experience in risk management (1LOD or 2LOD) or related field, knowledge of financial services products, processes, and regulatory environment
- Experience working in a matrixed environment, and coordination of work across a large number of stakeholders
- Ability to foster collaborative relationships with partners across 1st and 2nd LOD and with key external partner

**Nice to Have**
- Familiar with the lifecycle of insurance purchase and renewal
- Proficiency with Bank technology
- Knowledge of Microsoft Applications - at a minimum Basic Word, Excel, Power Point.
- Advanced oral and written communication skills, including presentation and training skills
- Strong ability to influence through personal style and finesse rather than authority
- Advanced research skills - attun

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