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Risk Manager

Standort London, Vereinigtes Königreich Jobtyp Vollzeit Arbeitsmodus Hybrid Stellenlevel Berufserfahrene Job ID 9447 Unternehmen Munich Re Specialty - Global Markets Beschäftigungsart Unbefristet Kompetenzbereich Aktuariat und Risikomanagement
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About us

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.  

At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.  

Please see our website for more information.

Risk Manager

To support the development, implementation and embedding of a comprehensive and proportionate risk management framework and risk culture across MRSG/GSI4, ensuring compliance with Munich Re, PRA, FCA and Lloyd’s risk management requirements. 

Whilst the Risk Manager role will support all MRSG legal entities or GSI 4 businesses such as MRSL (the Lloyd’s regulated entity)

Responsibilities:

To support the Head of Risk Management in the overall delivery of the MRSG risk management strategy and implementation of the risk management framework across the business (comprising the entities within MRSG/GSI 4 including its International Distribution Centres (IDCs) and Syndicates) and fully embed an appropriate risk culture.  This includes:

  • Being responsible for the implementation and embedding of the risk management framework across MRSG, and other non-Lloyd’s regulated entities as maybe required, on a risk based proportionate and consistent basis with the risk management strategy.  Risk management framework activities include but is not limited to risk and control assessments, risk event management, emerging risk analysis, risk reporting and project work as described below.
  • Providing the business (1st line of defence) with effective and timely risk management (2nd line of defence) review, challenge and advice, to represent a risk management viewpoint in in risk identification, measurement, mitigation and reporting of risks. 
  • To support the MRSG Risk team in the delivery of the annual risk plan and communicating when departures from plan are anticipated on a timely basis.
  • To address and respond to risk issues as they arise, escalating issues or key matters arising to the Head of Non-Financial Risk Management or the Head of ERM, other stakeholders (e.g. business partners, risk owners, members of ExCo) and governance bodies as appropriate.
  • To support the Head of Risk Management in the on-going monitoring and assessments of risks and controls for the MRSG legal entities, to enable the identification of top risks, potential new risks or emerging risks; and to provide an assessment of the adequacy of the control environment. This includes:
    • Maintaining the respective entity risk register and facilitating regular risk and control assessments. This may include financial risks and non-financial risk which are listed in the risk taxonomy..
    • Supporting the design and monitoring of risk appetite measures and RAG trigger limits to monitor trends in risk exposures.
    • Collaborating with business stakeholders to assess and ensure effective key controls are appropriately designed and are operating effectively to mitigate identified risks in the risk register. 
    • Where relevant, collaborate with relevant business stakeholders to agree pragmatic recommendations and actions for reducing exposures to risk where these exceed appetite or tolerance.  Ensure the timely communication of such with the Risk Owner.
    • Completing risk reporting to the respective governance groups (ExCo and Board).
  • To manage the risk event management processes, and ensure timely updates of risk events in the MRSG Risk Event Log and associated governance/IRM reporting.
  • To manage include carry out thematic risk assessments, risk reviews/opinions or investigations of topics that may arise from time to time. This may include second line reviews on projects, hot risk topics or areas of concerns, emerging risks, new business initiatives, new products, new regulatory topics, and / or third party risk management arrangements.
  • To support the Head of Risk Management and Head of ERM in the development and / or production of both regular  and / or ad-hoc risk reporting to various stakeholders of MRSG/GSI4. This primarily includes regular risk reporting to the respective MRSG legal entity governance body, e.g. MRSI UK ExCo and MRSI UK Board, DP ExCo and DP Board, MRSL R&CC, MRSL Exco MRSL Board, as well as ad-hoc reports such as risk opinions or thematic reviews as requested.
  • To manage, lead and / or coordinate, or contribute towards MRSG/GSI4 projects or activities which may be required.
  • To lead, contribute and / or deliver risk training and awareness initiatives on behalf of the Risk team as may be required.
  • To support or undertake any other risk management departmental activities as and when required by the Head of Risk Management and Head of ERM. 
    • For MRSL, to provide second line review and challenge of the business Lloyd’s Fundamental Principles Oversight Framework (Project Rio).  
    • For IRM, this may include ORCS (Operational Risk Control System) reporting of top operational risks to Munich.
    • MRSL Internal Model, Validation and/or other ORSA activities as maybe required.  Examples of activities include coordinating activities to parameterise operational risk in the internal model and validation of non-kernel aspects of the internal model.
    • Completing outsourcing reports for important or simple third party relationships.

General responsibilities:

  • To raise the profile of risk management and work with the business to support embedding of a strong and positive risk culture.  
  • To support the review, on a continuous basis, of the risk management framework to ensure that it meets the business’s emerging needs and to provide constructive and timely input into its development and embedding.
  • Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders.
  • Partake in various working groups as may be required.

Knowledge and Skills

  • Must have proven risk management experience, internal or external audit experience with suitable qualification.
  • Must have in-depth understanding of general insurance industry, and preferably of the Lloyd’s or general insurance market.
  • Must have excellent report writing skills, experience of preparing reports and presentations for Senior management / Committee or Board review.
  • Must have ability to tactfully and appropriately question and challenge the business at all levels (including Senior Management and Directors) and present considered and balanced risk opinions, findings and recommendations.
  • Broad knowledge of Solvency II and Lloyd’s market is an advantage in order to be able to question, review and challenge Syndicate or IDC management of risks, internal control effectiveness, business processes and procedures. 
  • Should be focussed on completing activities to meet internal/external reporting deadlines, pragmatic solutions orientated and be conscientious with developing collaborative relationships with business stakeholders.
  • Should have broad understanding of the current risk management environment and awareness of key developments in risk management best practice (including providing Thought Leadership in specific topics or areas as requested by the Head of Risk Management or Director of Risk and Compliance).
  • University Degree and/or relevant professional qualification

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

Diversity, Equity & Inclusion

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

Learning and innovating today, striving for sustainable societies and business tomorrow

At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.

Learn more about sustainability at Munich Re – choose your impact!

#BePresent #BeBold #BeCurious

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Ihre Benefits

Bei uns gibt es mehr als nur einen spannenden Job. Profitieren Sie von Benefits, die Ihr Wohlbefinden und Ihre Entwicklung fördern.Bitte beachten Sie, dass regionale Unterschiede auftreten können.

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Wir fördern ein respektvolles, verantwortungsvolles und inklusives Arbeitsumfeld.

Learning & Development

Wir bieten maßgeschneiderte Weiterbildungsmöglichkeiten mit Fokus auf Kernkompetenzen und geschäftsrelevantem Wissen.

Unterstützung für Familien & Work-Life-Blance

Wir fördern die Vereinbarkeit von Familie, Freizeit und Beruf.

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Wir fördern Ihre physische und psychische Gesundheit weit über gesetzliche Vorgaben hinaus.

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