Chief Risk Officer - P&C Insurance

Job Description

  • Job Title Finance & Insurance
  • Salary 375,000 USD (per year)

Description

Purpose of Job

This leader will optimally sit in our home office in San Antonio or one of our regional hubs. However, consideration may be given to highly qualified candidates who live remotely and can travel frequently to San Antonio.

The SVP, Chief Risk Officer – P&C is responsible for setting the vision and strategy for USAA’s Property and Casualty (P&C) Risk Management function and its integration within P&C and the enterprise. Provides oversight, guidance, and insight across the full range of risk exposures – insurance risk, financial risk, operational risk, compliance risk, strategic risk, underwriting, capital markets, and regulatory. Manages a team of direct and indirect resources dedicated to managing risk exposure and assures compliance with enterprise policies, procedures and external regulatory requirements to include appropriate policies, procedures and control processes are in place across all P&C risk activities. Provides effective challenge and oversight across all areas, such as claims, pricing, reserving, segmentation, underwriting, and state requirements. The Chief Risk Officer is responsible for advising the P&C President, USAA CRO, senior Executives, Board members, and regulatory bodies on risk management-related matters, focusing on proactive leadership using broad, strategic planning.

Job Requirements

Managerial Responsibilities

Provides executive level leadership and management to the P&C and USAA organization and effectively challenges the business and leadership team on tradeoffs of growth and risk. Ensures the timely and accurate identification, assessment, measurement, and management of all significant or material risks to P&C.

Fosters an open, trusting environment to create a Risk culture focused on effectiveness, analysis, innovation, effective challenge, and engagement within their direct/indirect team and throughout the Enterprise.

Accountable for ensuring policies, procedures, limits, measurements and reporting are in place for effective risk management.

Acts as a trusted advisor to the Chief Risk Officer (CRO) and operates as a key member of CRO’s leadership team. Creates strong collaborative working relationship with other Risk and Compliance Officers and provides leadership in running the Chief Risk Office.

Develops a strong collaborative partnership with compliance, security and audit to effectively and efficiently manage risk within the P&C company and the Enterprise.

Builds and oversees a team of employees for assigned functional area through ongoing execution of recruiting, development, retention, coaching and support, performance management, and managerial activities.

Technical and Risk Responsibilities

Responsible for leading the annual process for setting risk appetite and limits as part of the operating planning process and ensures adherence to the Enterprise risk management framework.

Utilizes Enterprise Risk Governance frameworks to execute based on P&C business needs and requirements.

Serves as key contact for P&C regulators on all risk related matters.

Responsible for the management of P&C’s risk appetite framework, including risk governance structure, risk quantification, risk aggregation and risk reporting.

Oversees and directs the management of insurance risk, financial risk, operational risk, compliance risk, strategic risk, underwriting, capital markets, and regulatory forecasting, stress testing and modeling, and P&C enterprise risk management.

Sets controls, provides structure, and ensures accurate risk reporting for risk management aligned with enterprise risk framework.

Identifies and monitors top and emerging risks within the corporation including risk to P&C’s business model and balance sheet. Links the strategic and operating plans to P&C’s risk appetite.

Actively engages P&C Product Line Leaders and staff management to ensure risks are addressed in a timely manner and in alignment with risk appetite/profile.

Accountable for the development and management of a comprehensive set of forward-looking reports that tracks all major risk categories at the P&C level and link it to the risk appetite framework.

Keeps abreast of industry developments, changes in the regulatory requirements and leading-edge risk management techniques. Keeps senior management apprised of changes and developments. Performs insurance due diligence in mergers & acquisitions.

Assists USAA Boards in fulfilling their governance responsibilities for risk oversight. Actively engages in Board meetings and acts as a trusted advisor to the P&C President and operates as a key member of P&C leadership team.

Creates strong alliances across USAA to effectively manage risk on behalf of P&C including International landscape, and the Enterprise and creates strong collaborative working relationships with P&C Product Line Leaders, Operational leaders, and Board Members and assists them in successfully running the business.

Governance Committees:

Interacts with or participates in enterprise governance committees, such as:

USAA Board

Vice Chair of the EICIC Board

Enterprise Compliance and Operational Risk Committee

New Activities Approval Committee

All P&C Boards and Committees

Minimum Requirements:

Bachelor’s degree is required OR 4 years of related experience (in addition to the minimum years of experience required) may be substituted in lieu of degree.

15+ years of experience in a senior insurance role with demonstrated expertise within the property and casualty industry to include commercial understanding of P&C P&L dynamics and key levers, understanding of the actuarial process, experience developing and deploying risk strategies within a complex matrix environment.

In-depth knowledge of specific property and casualty product(s) including auto and property insurance, in addition to a solid understanding of property and casualty product pricing, capital management, marketing, liquidity risk, interest risk and operational risk management.

10+ years of people leadership experience in building, managing and/or developing high-performing teams is required.

10+ years of relevant experience in an insurance company in a senior staff role within Second Line of Defense (2LOD) Risk, Risk Management, Risk Operations, or Enterprise Risk is preferred.

Proven experience effectively presenting and articulating risk process and performance to high level executives and boards. Excellent written and verbal communication skills.

Demonstrated ability identifying, interpreting, and proactively responding to emerging risk trends affecting the general market and USAA’s portfolio.

Regulatory Understanding* of the following: Solvency II (International Insurance Regulatory Regime), NAIC Model Law Process, Texas Insurance Code Laws, Rules, and Regulations related to insurance companies, New York Insurance Law, and Dodd-Frank Act, Certain Federal Reserve SR Letters

Preferred Experience:

Advanced degree such as MBA.

Extensive experience leading at the executive level in a top 10 personal lines Property & Casualty insurance carrier.

Integral experience in mergers and acquisitions in a top 10 insurance carrier.

Demonstrated accomplishments contributing to technology transformation and/or modernization initiatives.

Exposure to life insurance and health insurance industries and products.

Industry certifications such as Fellow of the Casualty Actuary Society (FCAS), Certified Risk Management Professional (CRMP) or Chartered Property Casualty Underwriter (CPCU).

*Regulatory understanding is for illustrative purposes. Roles would need an understanding of all federal and state laws and regulatory guidance applicable to the organization and responsibilities of the role.

Note: The above statements are intended to describe the general nature and level of work being performed by employees in this position. They are not intended to be an exhaustive list of all duties, responsibilities and qualifications of employees assigned this job.

Compensation:

USAA has an effective process for assessing market data and establishing ranges to ensure we remain competitive. You are paid within the salary range based on your experience and market position. The salary range for this position is: $312,600 – $562,900.

Employees may be eligible for pay incentives based on overall corporate and individual performance or at the discretion of the USAA Board of Directors.

Long Term Incentive Plan: Cash payment for Executive level roles only, representing a cash payment which is both time and performance based.

Benefits:

At USAA our employees enjoy best-in-class benefits to support their physical, financial, and emotional wellness. These benefits include comprehensive medical, dental and vision plans, 401(k), pension, life insurance, parental benefits, adoption assistance, paid time off program with paid holidays plus 16 paid volunteer hours, and various wellness programs. Additionally, our career path planning and continuing education assists employees with their professional goals.

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