Insurance Risk Management Specialist

5 days ago

Old Toronto, Canada Munich Re Full time

Job Summary

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We are seeking an experienced Insurance Risk Management Specialist to join our team at Munich Re. The successful candidate will have a strong background in insurance underwriting and claims, as well as excellent analytical and problem-solving skills.

About the Role

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This is a challenging opportunity for a skilled professional to lead audits and provide risk management services to our clients. As part of our North America Audit Hub (NAAH), you will work closely with Senior Management to achieve the Company's strategic objectives.

Key Responsibilities

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  1. Lead audits on insurance underwriting and claims, managing general agents (MGAs) and third-party administrators (TPAs). Conduct all phases of assigned audits from planning to reporting, including understanding business operations, scoping the audit, identifying risks and controls, designing and executing testing procedures, and writing audit reports.
  2. Conduct risk analysis, control identification, and audit program development, either independently or guiding assigned audit staff. Conclude on the effectiveness of controls through the completion of audit procedures.
  3. Set overall engagement milestones (planning, fieldwork & reporting) for assigned engagements in coordination with management.
  4. Develop technical knowledge of complex business processes and continue development of technical and analytical skills. Interpret associated risks, develop testing approaches, and propose solutions.
  5. Further industry knowledge and demonstrate proficiency in the department's audit methodology as well as the Company's processes and systems. Provide guidance and on-the-job training to assigned team members.
  6. Effectively communicate control weaknesses and gaps to Operational Management. Make sound recommendations for audit finding rankings and support conclusions during discussions with audit clients.
  7. Contribute to continuous improvement (CI) efforts, leading efforts to solve complex problems and making audit processes more effective and efficient.
  8. Demonstrate proficiency in data analysis concepts and practices, effectively using the department's data analysis software to facilitate audit scoping and testing. Guide staff in the effective use of data analytics.
  9. Facilitate the training and development of less experienced team members, providing timely coaching, feedback, and contributing to formal project evaluations.
  10. Keep abreast of changes in internal audit practices, regulatory requirements, and risk frameworks to understand their impact on internal auditing and Munich Re.

Requirements

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To be successful in this role, you will need:

  1. A Bachelor's degree in Accounting, Finance, Economics, Business Administration, or equivalent training along with five years of audit or relevant business experience.
  2. Intermediate to advanced knowledge of internal audit practices and financial and operational process documentation.
  3. Highly skilled ability to evaluate internal controls, effectively lead/develop an audit team, analyze and solve complex problems, conduct research, and express ideas clearly, concisely, and persuasively both verbally and in writing.
  4. Ability to use ACL software (Audit Command Language) or other data analytics tools preferred.
  5. CIA or CPA certification is preferred for those with an audit background. The completion of other insurance or audit-related certifications is a plus.
  6. Direct experience with or in-depth knowledge of insurance underwriting and/or claims desired.

What We Offer

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At Munich Re, we offer a comprehensive total rewards package that includes:

  1. A competitive salary range: $120,000 - $180,000 per annum, depending on location and experience.
  2. An extensive flexible benefits program.
  3. A pension plan.
  4. Exposure to challenging projects and development opportunities to grow your skills and career with both local and global colleagues and partners.

About Us

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Munich Re is a leading reinsurer and one of the largest primary insurers in the world. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work.

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