Senior Risk Analyst

Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 114,000 colleagues serve people in more than 160 countries.

     

JOB DESCRIPTION:

Working at Abbott

At Abbott, you can do work that matters, grow, and learn, care for yourself and your family, be your true self, and live a full life. You’ll also have access to:

• Career development with an international company where you can grow the career you dream of.
• Employees can qualify for free medical coverage in our Health Investment Plan (HIP) PPO medical plan in the next calendar year.
• An excellent retirement savings plan with a high employer contribution · Tuition reimbursement, the Freedom 2 Save student debt program, and FreeU education benefit - an affordable and convenient path to getting a bachelor’s degree.
• A company recognized as a great place to work in dozens of countries worldwide and named one of the most admired companies in the world by Fortune.
• A company that is recognized as one of the best big companies to work for as well as the best place to work for diversity, working mothers, female executives, and scientists.

The Opportunity

We have an immediate opportunity for a Risk Analyst in our Lake County, Abbott Park, IL location.

As the Risk Analyst, you will be responsible for supporting the analysis and consolidation of Abbott’s global insurance underwriting data, providing recommendations to enhance data integrity, ensure compliance, manage claims, and improve insurance program evaluation and implementation. The position is accountable for financial planning and analysis, systems strategies, and the various regulatory compliance and audit responsibilities. 

This position routinely interfaces with Abbott Finance Directors, Area Finance Directors, Controllers, Global Treasury management, as well as third-party Insurers, Brokers and Service Providers.  This position contributes to the development and implementation of strategic initiatives.

What You’ll Work On:

• Support the consolidation and analysis of all worldwide insurance exposure, claims, and financial data for management review, underwriting presentations, and third-party service providers.

• Assist in the oversight of global insurance programs, including policy placement and language review, negotiations, identifying risk trends, and claims management.

• Contribute to the design, implementation and administration of all required systems, including the Risk Management Information System (RMIS) and Treasury website.

• Review and track total cost of risk, provide forecasting insight for budget purposes, and ensure statutory compliance and accurate financial reporting.

• Collaborate with key stakeholders to identify and evaluate insurable risks and provide recommendations that support Abbott’s risk management philosophy and programs. Interface with division commercial and operations, as well as other functional areas, including Finance, Treasury, EHS, Engineering, HR and external consultants.
   

Position Accountability/Scope:

The Risk Analyst is also responsible to provide advice and guidance to peers based on organizational goals and objectives and for supporting activities of global insurance brokers/advisors, third-party adjusters and consultants to meet Abbott goals and objectives.  The position collaborates with key stakeholders to ensure that all projects are completed on time and within budget, as erroneous decisions or recommendations may result in critical delays and modifications and may cause substantial expenditure of resources. The role also assists with the identification, analysis, and mitigation of risks that could impact Abbott finance and operations. The Risk Analyst proactively keeps apprised of policies and procedures, develops recommendations for management for process change improvements, and collaborates with Global Risk Management and key stakeholders on implementation of recommended improvements to existing policies and procedures. 

This position reports to the Senior Manager, Global Risk Management. 

Qualifications:

• Bachelor’s degree in business, finance, accounting or related field. (Risk management designation/certification (ARM, CPCU) desirable.)
• A minimum of 4 years of combined experience in management of large commercial lines insurance programs or relevant Finance / Treasury experience.

• Proficient use of RMIS systems and Microsoft Office, with heavy emphasis on Excel and Powe