Senior Risk Manager

Company
Munich Re
Location
Madrid , Spain

About the LH1 Madrid Hub (LH1 MAD):

Together with the Hubs in Munich and London, LH1 MAD forms the Life and Health 1 division of Munich Re, LH1 MAD aims to become an increasingly relevant player in the generation of new business for Munich Re through its initiatives in Southern Europe and Latin America, while maintaining its stable and profitable portfolio in the region.

To achieve its ambition, LH1 Madrid has focused its growth strategy on scaling the traditional Protection business in Life and Health, shaping it via Business Transformation (Automated UW, B2B2C Cooperation Models, and Product Development), and expanding its Financial Reinsurance solutions across the region.

The Risk and Pricing department based in Madrid is responsible for providing LH1 MAD with best-in-class actuarial and risk management services, ensuring the Hub’s rapid growth occurs sustainably and in line with the Group’s underwriting guidelines

 

About the role: The Senior Risk Manager works closely alongside colleagues in LH1 MAD, the LH1 Risk Management team, and within Munich central functions in strengthening the LH1 Madrid’s Actuarial and Enterprise Risk Management capabilities.

In addition to this, they will support the ongoing production of internal reports required, such as the Annual Risk Report, Risk Assessment Cycle and ICS analysis.

LH1 MAD has a regional responsibility along the Southern Europe (Spain, Portugal, Italy, and Malta) and Latin America, with close contact with the offices of MR in Milán, Malta, Sao Paulo, Bogota and Mexico City. This responsibility encompasses all Life and Health Protection and Financial Reinsurance contracts. The collaboration with Non-Life is relevant as all MR offices operate under the one-roof concept, especially with the local compliance officers, but RM is not responsible for the compliance processes. 

The position will be based in Madrid.

 

Key Responsibilities:

 Actuarial Risk Management

• Review of large and complex transactions, especially with respect to financial, operational, legal and reputational risk, in line with the defined risk appetite.
• Review changes to pricing bases, product designs and pricing tools
• Working collaboratively with other LH1 Risk Management units on projects and reviews

Enterprise Risk Management

• Risk reporting to LH1 CRO, LH1 MAD management and central functions
• Internal business governance activity within LH1 MAD
• Delivery of the operational risk management framework
• Review and assessment of other risk types e.g. market, credit, reputation, concentration, liquidity etc.
• Second line treaty wording review 

General Risk Management

• Support the LH1 Madrid to write and maintain profitable commercial business and innovation initiatives, in line with the business strategy and risk appetite, acting as a Business/Risk Partner
• Promote Risk Management principles, develop the LH1 Madrid risk strategy, and communicate and raise awareness of Risk Management within the region
• Maintain and improve the LH1 Madrid risk management framework, policies and processes
• Develop the LH1 Madrid risk strategy and appetite including product limits, striking the balance between risk guidelines and commercial demands
• Periodically represent Risk Management in special initiatives (e.g. product developments and business improvements)
• Be a point of reference for the business for guidelines and control processes

 

Competencies:

• Commercial awareness and pragmatism
• Perseverance, focus, ambition
• Questioning nature / intellectual curiosity
• Diplomacy and tact
• Self-awareness, ability to act on constructive feedback
• Flexible working style
• Very good English proficiency, Spanish would be a plus.

 

Key Skills & Experience:

Essential

At least basic knowledge and experience of the following areas:

• Experience in Actuarial Risk Management
• Life pricing experience, in particular areas of Life Protection, Health and Reinsurance Structuring
• Confidence and diplomacy to challenge peers and manage upwards
• Effectively dealing with senior stakeholders
• Ability to build an understanding of internal and external client strategy and needs
• At least basic knowledge and experience of Enterprise Risk Management methodologies and frameworks
• Experience delivering projects

Desirable

• Significant experience in the LH insurance market, preferably in reinsurance, risk management, pricing or consulting
• Understanding of key features of a reinsurance contract
• Good knowledge of the protection market’s key products and features
• Understanding and familiarity with a range of Reinsurance Structuring solutions

 

Qualifications and Educational Requirements:

• Essential: University graduate or equivalent; qualified actuary

• Desirable: A postgraduate qualification in insurance or risk management (e.g. CERA)