Manager, Finance Risk

Responsibilities

The Finance Risk Manager will play a key role in ensuring the financial effectiveness of the Company’sinsurance program. This includes managing and analyzing accounting reserves in accordance withgenerally accepted accounting principles [GAAP], ensuring adequate insurance coverage, andparticipating in the claims management process. The role also involves collaboration with various internal and external teams, including legal, actuarial, and insurance brokers. The role plays a crucial role in ensuring the organization’s financial stability and minimizing risk exposure through effective insurance program management and strategic decision-making.

Qualifications

• Support the development of the Company’s annual Insurance Risk Program:• Review all existing insurance programs to ensure they align with organizational needs andfinancial objectives.• Assess the financial and organizational impact of each insurance program, including coveragelimits, premiums, and risk mitigation measures.• Work with internal teams to understand risk exposures and propose adjustments to insuranceplans or reserves, as necessary.• Review, Analysis, and Management of Required Insurance Accounting Reserves:• Oversee the review and analysis of financial reserves required for self-insured insurance plans,retention amounts, deductibles, and other legal or related liabilities.• Ensure proper allocation and documentation of reserves in accordance with generally acceptedaccounting principles and regulatory requirements.• Support the Third-Party Administrator (TPA) relationship, review loss runs and provide financialinsights during claims discussions and assist in identifying reserve exposure early in the process.• Regularly assess reserve adequacy to ensure financial risk is effectively mitigated.• Litigation and Other Insurance or Risk-Related Meeting Participation:• Participate in litigation meetings with the legal department, insurance brokers, and executivemanagement to review claims status.• Participate in quarterly risk management meetings with the insurance brokers and executivemanagement for updates on renewals or significant claims under the plans.• Participate in annual renewal program meetings with the insurance brokers.• Participate in internal steering committee meetings as required by the Company.• Annual Budgeting for Insurance Programs:• Lead the annual budgeting process for all insurance programs, ensuring adequate annual fundingfor coverage and reserves.• Provide forecasting throughout the year on insurance costs as necessary.• Provide recommendations for cost-saving opportunities without compromising coverage or riskmanagement strategies.• Risk Assessment and Financial Reporting:• Provide regular financial reports on the status of insurance programs, reserves, and claims tosenior management.• Identify and communicate potential risks and financial implications associated with insurance andclaims.• Support the development and execution of the overall risk management strategy.

 

This job description is not designed to cover or contain a comprehensive listing of activities, duties orresponsibilities that are required of the employee for this job. Duties, responsibilities, and activities may change at any time with or without notice.