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About the Role
The Director, Risk & Compliance will assist in implementing and maintaining the enterprise risk framework, overseeing key risk management components, and supporting key risk activities, including capital management, regulatory submissions, the organizational risk and solvency assessment process, and oversight of nonfinancial risk. The Director will provide leadership, guidance, and support to other colleagues on the team.
Responsibilities
- Assists the SVP- Risk & Compliance in implementing, monitoring and maintaining the enterprise risk framework for MROC and Temple, ensuring compliance with Munich Re Group and regulatory requirements related to risk management.
- Oversee key components of the risk management framework, including the internal risk capital model, quarterly risk report, risk strategy, annual Own Risk and Solvency Assessment (ORSA) process, and Operational Risks and Control System.
- Manage the legal retrocession/reinsurance renewal process, including reviewing structure, pricing, and monitoring, to ensure seamless coordination with other departments.
- Evaluate the effectiveness of the structure, discuss potential changes, and coordinate submissions to the Group Retro department in Munich.
- Provide required risk management support to the Actuarial team with Financial Condition Testing, Standardized Stress Testing and the annual Earthquake filing.
- Support in preparation of Board/Audit Committee material and regulatory submissions.
- Support capital management of MROC and Temple including analysis and setting of the internal minimum capital targets, evaluation of the reinsurance program, and preparation of the Key Metrics Report (Economic Capital using Group Internal Model).
- Provide impact analysis and scenario testing to inform decision-making.
- Provide support as needed on non-financial risk management topics, such as Business Continuity Management, Information Security, and Third-Party Risk Management.
- Prepare material for Management risk committee meetings held twice a year.
- Collaborate with other teams and stakeholders to collect and provide data, and coordinate information requests.
Requirements
- 8+ years of insurance/reinsurance and risk management or related experience.
Skills
- Strong communication (written and verbal), interpersonal and influencing skills across all levels of the organization.
- Ability to work cross-functionally to achieve results under tight deadlines.
- Proven business acumen and problem solving skills.
- Advanced Software/application knowledge, including MS Word, Excel and PowerPoint.
- Strong modelling skills and excellent working knowledge of FCT, Risk Explorer, Access, Power Bi or similar software desired.
- Excellent analytical, problem solving, risk evaluation and decision making skills.
- Excellent organizational, planning, and time management skills.
- High degree of drive, self-motivation, and proven ability to work independently.
- High degree of flexibility and adaptability to changing environment and situations.
- Demonstrate accuracy and an eye for attention to detail.
- Ability to work on a small team and build strong relationships with colleagues.
Location
- Toronto
Work Type
- Hybrid
Experience Level
- 8+ years
Education Level
- Bachelors’ Degree (or higher) in Actuarial Sciences, Economics, Finance, Mathematics, Statistics or related field.
- Fellow of the Canadian Institute of Actuaries is an asset.
Salary/Compensations
- $122,000 - $159,000 per year, plus an opportunity for an annual company bonus based upon a percentage of eligible pay.
Benefits
- Exposure to challenging projects and development opportunities to grow your skills and career with both local and global colleagues and partners are available.
- A comprehensive total rewards financial program which includes extensive flexible benefits and pension.
- Educational Assistance Programs that continue to recognize your on-going success.
About the Company
- Our greatest strength lies not in what we do – but how we do it. It’s the unique individual behind every piece of work who matters the most. Our people make Munich Re a global success. Working at Munich Re gives us access to the depth, breadth, and mindset we want in order to develop our full potential. That’s why a career at Munich Re is much more than just a job. It’s an invitation to be your very best and make a positive impact on the world.
- Munich Re/Temple Insurance is committed to providing a work environment that is inclusive and free of employment barriers and discrimination.
- We do not use AI in our recruitment process - applications are reviewed by our team to ensure a fair and personalized experience.
Equal Opportunity
- Accommodations will be made for qualified applicants with a disability throughout the recruitment process. If you receive a request for an interview and you have a disability which will require an accommodation to support your participation, please contact AODARequestHR@munichre.ca as soon as practical so that suitable accommodations can be arranged.