The mission of CNA's Enterprise Risk Management (ERM) function is to build upon an established risk management framework to support the achievement of the company's strategic goals. In order to do this, the ERM function collaborates with the business areas to integrate effective risk management practices across all areas of the business. The ERM function establishes an enterprise-wide view of acceptable risk levels and aggregates, models, and evaluates exposures across all areas of the business.
The ERM Consulting Director is an individual contributor role that will be responsible for driving the implementation of the best in class ERM practices, and will proactively identify, assess, and quantify risks and impact of controls. He/she will be responsible for building strong partnerships with senior business leaders to be a strategic partner for the enterprise or business unit on risk related matters. This role will also contribute analyses and present to executive leadership on risk mitigation strategies and results of analyses.
Essential Duties & Responsibilities
Performs a combination of duties in accordance with departmental guidelines:
- Establish partnerships with senior business leaders to serve as a specialized point of contact for enterprise or business unit risk-related matters. Influences business leaders to address critical internal and external risk issues.
- Ensure timely identification, assessment and quantification of insurance risks by owning and executing on related ERM processes. Maintains and promotes an advanced understanding of risk factors impacting lines of businesses and functional areas and develops appropriate controls and measures to mitigate risk.
- Coordinate and manage business level risk committees and forums to allow for continuous risk dialogues and enhancement of the risk culture.
- Conduct periodic risk assessments to validate efficacy of controls and levels of residual risk. Implements risk management programs consistent with the organization's strategic plan.
- Advise, train and coach business partners to create greater transparency and understanding of effective controls.
- Partner with Internal Audit and Compliance on the 'Three Lines of Defense' and ensure an effective and efficient feedback loop therein.
- Facilitate setting of meaningful risk appetite statements for the business; oversee resulting limits and ensure alignment with enterprise risk tolerances.
- Contributes to the technical strategy and strategic decisions of area of specialty. Partners with the business on ongoing enhancements and management of forward looking key risk indicators used in the management of business risk reporting for committees and forums.
- Promote the utilization and embedding of economic capital and a risk/return framework within the business, bringing quantitative capabilities to the forefront.
- Produce advanced quantitative analyses in support of business decisions and scenario analysis, partnering closely with Exposure Management and Economic Capital Modeling.
May perform additional duties as assigned.
AVP or above
Skills, Knowledge & Abilities
1. In-depth and proven understanding of enterprise risk management practices coupled with a good understanding of the industry including a broad understanding of underwriting, claims, reserving, pricing, and product development.
2. Ability to collaborate with business and functional experts to provide risk assessment guidance, recognize risks and design control enhancements.
3. Ability to influence and lead change.
4. Strong decision making, analytical and creative thinking skills.
5. Ability to proactively anticipate issues and drive initiatives that achieve results.
6. Ability to operate effectively in a matrix organization and work well under pressure and to tight deadlines.
7. High level of professionalism, self-motivation and sense of urgency.
8. Strong teamwork and communication (written and verbal) skills.
9. Robust organizational, project management and multi-tasking skills with demonstrated ability to manage expectations and deliver results.
Education & Experience
1. Bachelor's degree with Master's preferred in accounting or finance or a related discipline, or equivalent
2. Typically a minimum of ten years of related risk and/or insurance experience
3. Applicable certifications encouraged e.g. CFA, PRM, FRM, CPCU and/or MBA