Global Sr. Risk ManagerReq # JR - 020212 Location Deerfield, Illinois, United States Job Category Finance Date posted 04/21/2020
Are you looking for a career that matters?
We believe every person deserves a chance for a healthy life, free from illness and full of possibility. We see a world full of healing, with viable care options available to those with limited choices today. We envision new ways of providing physicians, pharmacists and nurses with technologies that not only treat chronic diseases, but also work to prevent them. We’re looking for team members who are motivated to learn, grow and innovate, while making a meaningful difference for millions of people around the world.
Learn more about how Baxter is At the Intersection of Saving and Sustaining Lives.
The Global Sr. Risk Manager develops the risk and insurance management strategy, including implementation of risk transfer programs, retentions, analysis, and selection of alternative risk transfer programs and mitigation techniques. The position provides leadership and guidance to internal stakeholders, including all functions and business units, in risk identification and strategies to minimize potential impact to Baxter’s bottom line. This will include understanding and evaluating insurance policies, coverage enhancements, assessing risks, coverage placement, as well as the day-to-day management of the global insurance program. Position leads the reporting, management and resolution of Baxter’s complex claims.
This position routinely interfaces with Insurance Brokers and various internal stakeholders including Finance, Legal, IT, Purchasing, Security, Controllers and Global Treasury. This role will report into the Director, Risk Management within Treasury and will include international and domestic responsibility. The objective of this position is to provide risk management expertise and guidance in achieving compliant and financially justified global and local insurance programs and ensures relevant risks are adequately covered by way of insurance or other risk management techniques.
Core Job Responsibilities:
- Responsible for the management and coordination of all aspects of Baxter’s worldwide insurance programs in areas of property, casualty, and executive risks. Manage the Property, Cyber, Non US D&O, Fiduciary, Crime, Employment Practice, Aviation and local Trade Credit insurance programs. Renewal of these programs involves providing guidance on renewal strategy, approval of global underwriting data, policy and binder reviews, dashboards, premium mgmt. and relationship management.Assessment of policy terms entails detailed review of and technical knowledge of policy form terms, conditions, and endorsements. Monitor market trends and developments that affect insurance coverage and pricing.Provide metrics and analyzes information necessary to benchmark the total cost of Baxter’s programs.Demonstrate ability to present company risk exposures to external insurance vendors and negotiate favorable insurance terms and prices.
- As the subject matter expert, strategize and lead planning meetings and underwriter discussions to include Baxter’s Treasurer, finance, legal and/or other internal departments.Create and conduct insurance program educational sessions throughout the Baxter internal network to various global business units, function and countries.
- Independently lead and provide analytical support on complex and difficult insurance claims and achieve positive settlements on behalf of Baxter affiliates. Work with finance or legal stakeholders to ensure all outstanding claims are property valued and reserved to provide accurate data to Director, Risk Management.Create recovery processes to optimize recovery collections from various insurers.
- Work with Casualty Insurance Manager and Sr Property Analyst to review contractual insurance requirements. Recommend and advise strategies to transfer/finance risk through insurance or other risk financing methods so that Baxter does not unnecessarily assume the liability of others. Strong technical knowledge of contract insurance requirements as it pertains to various agreements is necessary. Provide direction and recommendations to all levels of Baxter.
- Support and/or oversight of loss prevention. Drive risk improvements in the areas of: Property Loss Prevention, Transportation, Supplier Risk Management and Cyber Governance.
- Responsible for the planning and forecasting activities of insurance programs which feed into the insurance plan/forecast process.Plan projection entails making accurate fact-based predictions of future insurance market trends, directions and developments that effect policy pricing for the upcoming year to determine and set forth the plan and determining optimal allocation methodology of insurance premiums.The plan process includes oversight for local captive and fronted programs as well as providing approval/guidance on stand-alone local country programs.
- Responsible for directing the day-to-day activities of the company's captive insurance company. Assists in developing and implementing a multi-year strategy, annual business plan, budget and operating plan for the captive. Reviews and approves the captive's financial statements and program structures. Builds efficient and effective processes for managing the captive and directs the activities of third-party service providers to manage the day-to-day captive operations. Coordinate financial, administrative and compliance reporting for Baxter’s captive insurance company. Identify compliance risks and mitigating actions. Manages the day to day in the captive audit and organizes the annual captive Board of Director's meeting. Optimizes the captive and explores innovative strategies and solutions to utilize the captive to its fullest potential.
- Supports the day-to-day evolution of the RMIS (Riskonnect) system
- Develop and propose policies and control documentation for risk management strategy and programs.
- Integrate merger and acquisitions to Baxter’s risk portfolio with optimal cost and risk benefits.
- Coach and build skills of team members on a dotted line basis to maximize performance toward successful achievement of personal and departmental goals and objectives.
- Strong analytical skills and decision-making capabilities
- Strong presentation skills with ability to lead and interact with all levels of management are necessary
- Strong interpersonal skills and an effective communicator
- Ability to contribute ideas to address business issues
- Establishes and communicates expectations, motivates individuals, and provides honest and specific feedback
- Ability to take initiative, guide and influence others toward goal accomplishment
- Proficient use of RMIS systems (Riskonnect) and Microsoft Office with heavy emphasis in Excel and PowerPoint are required
- Personal accountability for results and integrity
- Eagerness to learn and continuously improve
- Willingness to travel up to 25% of the time
Education and Experience:
- 10 years of relevant work experience in large commercial insurance lines or risk management required.International risk experience preferred.
- Bachelor's Degree in Accounting, Finance or related field required
- Master’s degree in Business, finance or related field required
- Risk management designation/certification (ARM, CPCU) desirable
- Demonstration of key finance competencies
Equal Employment Opportunity
Baxter is an equal opportunity employer. Baxter evaluates qualified applicants without regard to race, color, religion, gender, national origin, age, sexual orientation, gender identity or expression, protected veteran status, disability/handicap status or any other legally protected characteristic.
EEO is the Law
EEO is the law - Poster Supplement
Pay Transparency Policy
Baxter is committed to working with and providing reasonable accommodations to individuals with disabilities. If, because of a medical condition or disability, you need a reasonable accommodation for any part of the application or interview process, please send an e-mail to Americas_TTA@baxter.com and let us know the nature of your request along with your contact information.