Claim Risk Gov & Control Specialist

We are adding to our diverse team of experts and are looking to hire those who are committed to building a culture that enables the creation of innovative solutions for our business units and clients.

The Company

Munich Re Specialty North America provides extensive, specialty property and casualty insurance solutions to customers through select brokers, Managing General Agents, program administrators, cover holders and insurtech partners. Products include: property, casualty, professional liability and other specialty insurance solutions. Our comprehensive, customized solutions are provided by A+ rated carriers and are tailored to clients’ needs. We offer superior service levels, industry-recognized underwriting and claims expertise and innovative approaches to complex and evolving risks.

Munich Re Specialty North America is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services in North America. For more information on Munich Re Specialty North America, including licensing, regulatory-required, and other information on the operating companies, visit .

Future focused and always one step ahead

The Opportunity

The Claim Risk Governance and Control Specialist will have a significant role in the risk management framework for Claims Compliance, ensuring that reputational risk is minimized by avoiding regulatory fines and penalties. This position requires

• A broad understanding of governance and risks relevant to Claims operations in the insurance/ reinsurance business and in-depth knowledge of all Claims processes.

• Ability to analyze operational risk and controls.

• Ability to objectively assess and mitigate risks across Claims operations and ensure that appropriate risk management issues are identified and effectively communicated to management.

• Many manual internal processes need to be understood and then evaluated for efficiency and efficacy. Automated tools and solutions may be considered where appropriate.

Responsibilities:

Ensure completion of recurring Claim Department Operational Risk Control System (ORCS) requirements, and liaise with Integrated Risk Management (IRM) Team and the Claims Leadership Team for Claim Department related risk assessments, risk controlling, and risk mitigation strategies.

Manage the audit functions with external auditors (including external audit firms and government auditors) as well as Internal Audit.

Facilitation of compliance testing related to the Model Audit Rule (MAR) and the Sarbanes-Oxley Act (SOX) that is performed to ensure that internal controls meet specific regulatory standards.

Manage proper and appropriate oversight and controls for Claims system access/authority.

Organize and track MARSOX control for Claims Manager quarterly file reviews.

Job Requirements:

Bachelor’s degree in accounting, Economics, Finance, Actuarial Science, or Risk Management.

7+ years reinsurance/insurance experience within multiple disciplines, which includes auditing, accounting, underwriting, IT, risk management, finance.

Knowledge of Claims Industry best practices especially in the areas of risk governance, and operational risk.

Ability to translate business knowledge into critical risk assessment.

Broad knowledge of processes and functions spanning the insurance control cycle.

Project management and strong analytical skills.

Collaborative with internal and external stakeholders.

Advanced communication skills.

Thrives in fast-moving environment.

Excellent adaptability.

This position is being offered in several of our office locations,including:
Philadelphia, PA;
Hartford, CT;
Chicago, IL;
Princeton, NJ; and New York, New York.

The salary range posted below reflects market variations across various locations. This role is designated for either Chicago or NYC and reflects multiple geographies. The offer will be adjusted per geography.

The base salary range anticipated for this position is$99,700 - $166,100,plus opportunity for company bonus based upon a percentage of eligible pay. In addition, the…