Executive Director, Risk Management

Department

F&A FIN - Financial Services

About the Department

The Office of Vice President and Chief Financial Officer helps lead the University's integrated strategic financial planning and oversees the University's financial operations, human resource function and information technology operations, ensuring through analysis, discipline, and organization to best support and serve the academic mission and priorities of the University. The VP and CFO also has oversight of all administrative operations within the division of Finance and Administration, which is comprised of over 500 staff in several departments, including Financial Planning and Analysis, Information Technology, Human Resources, Risk Management, Internal Audit, Financial Services, and the Shared Services Organization. The Division of Finance and Administration is fully aligned with the strategic and academic priorities of the University, and each of the units within the division is tasked with implementing the administrative processes necessary to achieve lasting excellence.

Job Summary

This position provides leadership and direction through senior managers to identify, evaluate and plan strategies for the University's insurance programs in order to maximize protection of assets at the most economical rates and minimize effects of fortuitous loss.

Responsibilities

• Directs the University's insurance programs in order to maximize protection of assets at the most economical rate and minimize effects of fortuitous loss.
• Manages employees through subordinates, usually senior managers. Establishes performance goals, allocates resources and assesses policies for direct subordinates.
• Reports annually to the University Board of Trustees regarding University insurance programs.
• Manages the claims associated with Workers Compensation, in coordination with Human Resources.
• Works closely with the Executive Director of Compliance and Internal Audit on establishing a framework for University Enterprise Risk Management.
• Works directly with the University of Chicago Medical Center to support their risk management needs.
• Maintains sufficient reserves to pay known and incurred claims.
• Coordinates safety and loss prevention services, especially those provided by insurance companies, with those provided by the Office of Environmental Health and Safety and other units. 
• Directs the claims management process of workers’ compensation and ensures compliance with federal and state requirements.
• Manages claims reporting for the University and timing submission of claims reporting to the insurance carriers.
• Conducts analyses on the risk program to create a financially efficient insurance program while maximizing risk coverage.
• Participates on University committees as assigned.
• Participates in the operational response to emergency or crisis situations, including travel, facilities, pandemic, weather and cyber, among others.
• Develops and directs risk management strategies and policies which identify, assess and mitigate the impact of risks originating from or impacting the University's portfolio of activities/interests. Manages the analysis and reporting of risk management strategies to ensure compliance with University objectives.
• Oversees the negotiation of contract insurance requirements as necessary.
• Performs other related work as needed.

Minimum Qualifications

Education:

Minimum requirements include a college or university degree in related field.

Work Experience:

Minimum requirements include knowledge and skills developed through 10+ years of work experience in a related job discipline.

Certifications:

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Preferred Qualifications

Education:

• Bachelors degree in risk management, economics, finance or related field.
• MBA or other advanced degree.

Experience:

• Background in the higher education industry highly preferred.
• Understanding of healthcare-specific insurance highly preferred.

Certifications:

• ARM, CRM, CPCU or other professional designations.

Technical Skills or Knowledge:

• Personal computer skills with knowledge of Word, Excel, PowerPoint, and Access.
• Understand insurance markets and knowledge of property and casualty insurance products, insurance program design and alternative risk transfer techniques.
• Understand and interpret contracts and insurance policies.
• Knowledge of statistical and capital budgeting techniques and general accounting principles.
• Conduct financial analyses related to evaluating risk coverage and financia