Chief Risk Officer

Our client is a Bermuda – based insurance group that provides professional indemnity insurance, as well as other coverages, for a global network of professional services firms.

Reporting to the Chief Executive Officer, this is an executive level role that will have responsibility for the overall risk management operations of the company. The Chief Risk Officer will support the business in risk-based decision-making, in order to enhance the strategic planning process and other ad hoc strategic initiatives. The post-holder will also own the company’s Internal Economic Capital Model (IECM), developed to meet Solvency II equivalence.

Key Responsibilities will include to:

• Ensure that risk frameworks and policies are embedded and maintained throughout the company and its subsidiaries;
• Work with the management team to ensure effective operations of the risk management system;
• Report to the Board and risk committee on risk management matters;
• Oversee the European subsidiary’s Solvency II program; and lead the company ORSA process and reporting;
• Own the company’s Internal Economic Capital Model, ensuring that it appropriately addresses all material risks;
• Perform wider risk assessment and reviews, including designing and leading the stress and scenario testing program;
• Oversee the company’s outsourced actuarial function.

Required skills and experience

This an important leadership role working within a small, high -performing team, requiring strong commercial acumen, technical ability, intellect and excellent communications skills.

The role is most likely suited to a qualified actuary or senior finance professional with experience owning the IECM and capable of incisive oversight of the outsourced actuarial function, including loss reserving.

• Strong risk management experience at senior management level gained within the insurance industry, is essential;
• FCAS, FSA or equivalent, would be desirable;
• A practical, working knowledge of Solvency II;
• Proven experience designing and managing robust risk management process and operations;
• Holder of an Insurance Risk Management qualification (eg: CERA; FIRM; ACII);
• Leadership, gravitas and communications skills to interact effectively at Board level and throughout the client network.

A full job description is available from PwC.

Interested persons should apply by sending a CV and covering letter in confidence to:
Alistair McNeish
Managing Director, PwC Advisory
bm_execsearch@pwc.com