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Allied World Insurance
,
London, Greater London
Chief Risk Officer, Europe
Overview
Job Description
Role: The Chief Risk Officer (the "CRO") is responsible for the design and execution of enterprise risk management ("ERM") strategies of the Company, with distinct responsibility for the risk management function and for maintaining and monitoring the effectiveness of the Company's risk management system. The CRO is responsible for creating policies and practices that consistently and reliably identify, measure, monitor, manage and report risks faced by the Company and ensuring that risks are within approved tolerances, including insurance risk, credit risk, market risk (including liquidity risk), operational risk and group risk. The CRO will assist management in optimizing risk-adjusted returns, and in embedding risk awareness into the Company's decision-making. Duties and Responsibilities: * Establish, maintain and oversee processes and controls for the identification, monitoring, measurement, mitigation and management of risks. * Implement and coordinate the own risk and solvency assessment ("ORSA") process, including production of annual ORSA reports. * Establish and oversee the process for the identification, assessment and monitoring of risk exposures, including stress testing and scenario analysis. * Coordinate the process for the identification, assessing and reporting of emerging risks. * Establish, monitor and report risk appetites and tolerances. * Utilize risk model output to monitor, control and manage exposures within stated risk measures and ensure solvency capital levels remain in line with regulatory requirements and guidance. * Anticipate challenges and opportunities in growing and modifying product lines, including recommending actions to sustain and enhance the Company's competitive position. * Promote risk-based decision making through the use of the economic capital model. * Assist management in setting targets for the return on economic capital and the allocation of available capital to optimize expected returns. * Assess the adequacy and effectiveness of, and revise as necessary, the Company's risk management policies, procedures, processes and controls. * Establish and maintain processes for strategic risk management, including capital budgeting and monitoring of asset risk at the entity level. * Take into account and consider relevance and application of group-wide risks. * With other key function holders, promote an appropriate risk culture at all levels of the Company. * Ensure the adequacy of risk information, risk analysis and ...