Risk Manager, ERM

This senior role sits within the Travelers Europe (‘TRVE’) Enterprise Risk Management (‘ERM’) team supporting the Chief Risk Officer (‘CRO’) to develop and embed the Travelers Europe Risk Management Framework (‘RMF’) and Risk Appetite Framework (‘RAF’) in view of business plans.

• Leads preparation of the Validation Report to PRA and Lloyd’s requirements and other documents that may be required, including the Validation Policy and Validation Standards and supporting documentation.
• Assists with monitoring compliance of validation processes in line with regulatory requirements reporting to the Model Oversight Committee, Business Risk Committee and Board Committees.
• Is a relationship manager for the business units (‘BU’), through ad hoc and regular Risk and Control Self-Assessment (‘RCSA’) meetings, to ensure full and consistent understanding of risk assessments, and to communicate the expectations Risk and Control Owners need to meet.
• Works with business owners to identify and assess the internal control environment leading the reporting of risk events and challenging business actions to remediate deficiencies; and reports findings, recommendations and updates to the Boards and Committees.
• Reviews and challenges quarterly risk assessments and risk exposure reports, using experience and external benchmarking. Escalates priority items, unresolved or unexplainable issues to the CRO and Risk Owners.
• Collaborates with BU to identify and mitigate emerging risks often through working on transformation / strategic projects as the ERM subject matter expert.
• Collates and aggregates financial and non-financial risk exposure data, preparing risk reports for Boards and Committees e.g., risk appetite performance and risk register summaries. Assists with the oversight of remediation activities as they progress and/or complete.
• Develops and maintains ERM documentation (frameworks, policies and process definitions) and updates/produces risk reports owned by the Boards e.g., ORSA, Risk Book (aka ORSA Record), climate MI and others.
• Assists with the design and implementation of stress tests to be carried out on risk types modelled in the TRVE Capital Models in order to provide sufficient objective review and challenge on the functioning of the model and accuracy and appropriateness of its outputs for all model uses.
• In partnership with model parameter owners, assist with the design and implementation of appropriate tests to provide. objective review and challenge of model inputs and the expert judgement involved in preparing those inputs.
• Assists with carrying out any specific validation tests, deep dives and thematic reviews required by regulations and guidance from the CBI, PRA and Lloyd’s.
• Assists with communicating the outcomes of all tests carried out to Model Oversight Committee, the ERC and the Boards; assists with communicating the impact and consequences of any failed tests and working with stakeholders to develop timescales and priorities for resolution.

• Knowledge and application of Prudential Regulatory Authority (‘PRA’), Financial Conduct Authority (‘FCA’), Lloyd’s, Central Bank of Ireland (‘CBI’) and Bermuda Monetary Authority requirements.
• Quantitative (or financial) and non-quantitative (or non-financial) risk management methods and tools in the UK/EU insurance industry.

• Private Medical Insurance
• Retirement
• Holiday Entitlement
• Wellness Programme
• Volunteer Encouragement

Taking care of our customers, our communities and each other. That’s the Travelers Promise. By honoring this commitment, we have maintained our reputation as one of the best property casualty insurers in the industry for over 160 years.