Description
insurance programs
claims management
risk assessment
policy review
vendor compliance
business continuity
3. Identify and investigate exposures related to loss or damage to property, income, reputation, and/or personnel
4. Coordinate claims and loss recovery management
The Director of Risk Management is responsible for designing and executing an integrated risk
5. Ensure compliance with regulatory requirements, lenders and internal framework
strategy that protects the organization’s people, assets, and financial performance across all business lines—development, construction, investment, and property management. Additionally, they are responsible for leading a proactive and collaborative approach to risk assessment, management and mitigation, working in partnership with all departments. The position is responsible for approaching risk and loss control matters with a problem-solving perspective. The position’s responsibilities and interests encompass a broad perspective across the company that involves the safety of employees and visitors, protection of physical and financial assets, maintenance of reputation, and continuity of operation. Responsibilities include managing the company’s operational and development property and casualty insurance programs, leading proactive risk assessment and reduction strategies, and facilitating solutions to risk related issues.
1. Manage the Company’s insurance program including OCIP, general liability, builder’s risk, property, cyber, D&O, bonds and other insurance programs
2. Establish, maintain, and lead effective and proactive loss control and risk awareness programs
- Develop, recommend and maintain best practices and appropriate exceptions, for indemnification, hold harmless requirements and insurance requirements
- Semi-annually review all new Workers Compensation (WC) claims with HR and attend to the high dollar WC claims reviews with HR, carrier and broker. Work with HR to determine trends and explore ways to reduce preventable injuries and associated costs
- Collaborate on pre-litigation investigations, tenant and construction-related claims, and risk mitigation strategies tied to evolving laws and city/state regulations
- Collaborate with colleagues at peer companies to assess new exposures and then facilitate review to assess and address areas of potential concern
- Coordinate with Procurement to ensure all vendors are reviewed and approved based on adequate insurance limits and endorsements
- Serve as principal point of contact with various external partners including insurance brokers, carriers, underwriters, claims adjusters, attorneys and other service providers
- Create/initiate/conduct awareness training for various target audiences across the institution including current/new employees, supervisors, department head and others as needed to minimize risk
- Assist departments in reviewing contracts, insurance requirements, and releases
- Provide consultative advice for departments focusing on constructive approaches that encourage mission-related activities while minimizing/mitigating associated risks
- Respond to questions and educate staff regarding risk management processes, policies and procedures
- Act as liaison with public agencies and facilitate site visits as needed (coordinating with other relevant employees)
- Explore optional insurance funding mechanisms as appropriate to the size of the Company to assess risk transfer versus retention capabilities
- Notify carriers of specific named events as required by policies and submit claims as received
- Conduct investigations regarding loss control and/or accidents as appropriate
- Manages and maintains a roster of drivers authorized to operate Company vehicles and ensure that motor vehicle reports have been processed
- Maintain current knowledge of Company programs/practices and changes in insurance market to ensure adequate coverage protection is offered and to assess the need for new lines of coverage or enhanced endorsements
- Maintain insurance policies, attaching additions and endorsements as received
- Develop financial methods of managing risk, including application and purchase of multiple insurance programs
- Work with internal stakeholders and brokers to create budgets for upcoming operational asset renewals and provide budgets for construction and development projects.
- Review all acquisitions for loss trends, risk control issues and appropriate levels of insurance
- Review and negotiate all lender requirements for operational and development assets, tailoring language to meet internal risk management philosophy
- Work with Finance to ensure that all premiums are coded and paid timely
- Work collaboratively with department heads and General Counsel as well as external partners to explore and develop new procedures or policies designed to reduce or prevent risk
- Manage, negotiate and supervise the marketing and purchasing of insurance for the Company, including completion of insurance applications, working with brokers, and negotiating policy renewals and inceptions
- Represent the company in all pre trial activities inclusive of mediations and arbitration
- Meet with departments to create risk awareness, identify risks, evaluate and assess historical losses/loss trends, and create plans for effective risk mitigation
- Manage and oversee business continuity plans, including conducting training, monitoring changes in organizational structure for how this could impact plans
- Advise on issues pertaining to Company liability including employment practices, accident and injury history, and property damage claims
- In coordination with other departments conduct claims investigations, site visits, and interviews with appropriate parties to ensure all necessary information has been gathered for carriers and to determine appropriate follow up regarding the incident and/or preventative measures that can be taken for the future
- Work with internal partners to make sure that all loan covenants are adhered to
- Work with General Counsel and Company attorneys on efforts related to defense of and/or settlement of claims or complaints
- Actively engage in professional associations and research to monitor risk management and real estate trends to ensure the risk management program is responsive to those changes
- Oversee provision and collection of Certificate of Insurance (COI) process for vendors and other organizations which includes verifying information is accurate and complete, includes the right language and limits, and following up with departments for appropriate contacts
- Communicate effectively to the Company community regarding questions, problems, and special needs as they relate to the Company’s insurance and risk program
- Review insurance coverage for adequacy, research options and fiscal viability (cost/budget analysis), and make recommendations for additional coverage
