"Director of Risk Strategy - Division of Finance"

Director of Risk Strategy - Division of Finance

Job Profile Title
Executive Director B, Business and Finance

Job Description Summary
The Office of Risk Management and Insurance is responsible for coordinating the risk management activities of the University and the Health System in the areas of property insurance, general and automobile liability insurance, workers' compensation, international travel, and medical, dental, and veterinary professional liability. The Office identifies and evaluates areas of potential exposure to risk and implements measures to reduce the risk of loss University and Health System-wide.

The Director of Risk Strategy will develop and implement comprehensive risk management and financing strategies for the University of Pennsylvania (Penn). This role will oversee all aspects of risk management and insurance matters, with a focus on optimizing cost-effectiveness and enhancing protection against traditional, emerging, and evolving risks.

The role provides strategic leadership for the Risk Management and Insurance team and partners closely with the AVP and senior leaders to develop long-term plans, oversee regulatory compliance, and lead cross-functional teams to implement integrated strategies.

Key Responsibilities:

• Evaluate and redesign Penn's current risk financing program, including commercial insurance, self-insurance, and alternative risk transfer methods.
• Develop and implement innovative risk financing solutions, such as captive insurance programs, accessing reinsurance markets, and exploring capital market options.
• Analyze and address Penn's complex risk profile, including property losses, liability issues, health system exposures, and emerging risks in areas like research, IT, regulatory compliance, and climate change.
• Create and manage a robust risk management plan integrated with risk financing strategies to reduce the likelihood and severity of potential disruptions.
• Negotiate with insurance companies, structure reinsurance programs, and manage self-insurance or captive insurance initiatives.
• Collaborate with various departments to identify, assess, and mitigate risks across the university and health system.
• Provide expert advice on risk management practices and financial implications to senior leadership.
• Continuously monitor and adapt risk financing strategies to align with Penn's evolving needs and market conditions.
• Conduct financial and operational analysis to support planning efforts that span a wide range of initiatives.
• Analyze consolidated budgets, capital plans, multi-year financial plans, etc.; monitor current year budget to actual results.
• Analyze data from various systems to produce regular and ad hoc financial reports.
• Participate in review of operational processes and policies to ensure sound and consistent financial analysis protocol.
• Other duties and responsibilities as assigned

Qualifications:

• Master of Science, Master of Arts and Over 10 years of experience or equivalent combination of education and experience is required.
• Extensive experience in finance, risk management, and insurance, with a focus on strategic decision making.
• In-depth knowledge of various risk financing methods, including self-insurance, captives, and reinsurance
• Proven analytical and problem-solving skills and demonstrated experience working with senior leadership and developing long-term strategy.
• Excellent communication and negotiation abilities. Experience working under tight deadlines and utilizing various systems/reports/data to develop long-term strategy and solutions.
• Proven track record in developing and implementing successful risk financing strategies.
• Proven experience, strategic mindset and skills in leading innovative approaches to optimize Penn's risk financing, ensuring long-term financial protection and operational resilience.

Job Location - City, State
Philadelphia, Pennsylvania

Department / School
Division of Finance

Pay Range
$129,695.00 - $200,000.00 Annual Rate
Salary offers are made based on the candidate's qualifications, experience, skills, and education as they directly relate to the requirements of the position, and in alignment with salary ranges based on external market data for the job's level. Internal organization and peer data at Penn are also considered.

To apply, visit https://wd1.myworkdaysite.com/en-US/recruiting/upenn/careers-at-penn/job/FMC-Tower/Director-of-Risk-Strategy---Division-of-Finance_JR00114664