Head of Risk, TIDAC (PCF-14)

The Travelers

  • Dublin
  • Permanent
  • Full-time
  • 22 days ago
Who Are We?Taking care of our customers, our communities and each other. That’s the Travelers Promise. By honoring this commitment, we have maintained our reputation as one of the best property casualty insurers in the industry for over 160 years. Join us to discover a culture that is rooted in innovation and thrives on collaboration. Imagine loving what you do and where you do it.Job Category Risk ControlTarget Openings 1What Is the Opportunity? The Head of Risk for Travelers Insurance Designated Activity Company (TIDAC) manages oversight of risk management, throughout TIDAC (including its UK Branch) to meet business objectives and regulatory requirements. This role works with the TIDAC Board, TIDAC Risk and Remuneration Committee, TIDAC Management Committee and Travelers Europe (TRVE) CRO and Executive Risk Committee (ERC) and Risk / Control Owners to raise awareness and mitigate priority risks aligned with the Travelers risk appetite.Under general supervision, this role monitors all risk types to ensure sound and responsible business practices, high ethical standards and the integrity of products and services delivered to customers. The role is required to provide assertive challenge and ensure that significant, or potentially significant risk issues are promptly and appropriately reported to senior management and relevant governance forums.This role is a Pre-Approval Controlled Function (PCF-14) within the Senior Executive Accountability Regime (SEAR) as set out in the Individual Accountability Framework (IAF) Act 2023 and in accordance with the rules and regulations of the regulators.In this regulated position, we will assess and certify that you have met the applicable standards of Fitness and Probity (F&P) on appointment and annually thereafter. Under SEAR you are required to abide by the Conduct Standards. Our leaders in regulated roles champion Travelers' culture and are committed to fostering a diverse and inclusive work environment. In addition to this job description, you will have a Statement of Responsibilities (SoR) outlining your accountabilities. We will also provide you with a set of mandatory prescribed responsibilities, where relevant.This position will be based at our offices in Dublin 2, Ireland. Travelers Europe currently offers flexibility to employees who wish to work on a hybrid basis in accordance with our Hybrid Work Arrangements Policy. This entails full time employees working three days a week in the office and two days at home (or pro rata for part-time employees). This policy may be changed at the Company’s discretion.What Will You Do?
  • Holds overall responsibility for the Enterprise Risk Management Function (PCF-14) to meet the needs of the business, regulators, rating agencies and policyholders.
  • Membership of the TIDAC Board Risk Committee, TIDAC Management Committee, Deputy Chair of the ERC and other forums as instructed to lead development of the risk management framework.
  • Own and maintain the TIDAC ORSA, TIDAC Recovery Plan, TIDAC Risk Book and other important risk documentation ensuring it meets requirements. Facilitate completion of thematic risk reviews as required in response to regulators and supervisors.
  • Proactively identify, manage and mitigate principal risks and ensure risk events are escalated and reported in line with requirements in the Risk Management Framework.
  • Gain support for risk management, through collaboration, sponsorship and challenge to ensure that risk tolerance/appetite is consistent with the Board’s risk strategy and that this is cascaded to and business unit level. Monitor and report performance of the business against risk appetite.
  • Maintain current knowledge of regulatory requirements on all risk issues (financial and non-financial), advise the business on the effects of implementation and offer recommendations on optimising the business response.
  • Lead / participate in external committees, representing Travelers at external forums in Ireland.
  • Facilitate the TRVE Risk and Control Self-Assessment (RCSA) process in TIDAC including maintenance of the risk appetite dashboard and maintenance of Solvency II documentation
  • Manage the TIDAC Own Risk Solvency Assessment (ORSA) process
  • Manage capital analysis of Operational risk in conjunction with the Capital Management Team. Assist in development of risk modelling, validation techniques and inputs
  • Ensure that regulatory expectations and requirements are satisfied with detailed knowledge of the Central Bank of Ireland’s (CBI) requirements.
  • Deploy risk management expertise to work with key and senior stakeholders from 1st, 2nd and 3rd lines of risk management to ensure robust plans are created and implemented to support current and future TIDAC business objectives
  • Advise and report in collaboration with line management information on any potential risks to the profitability or existence of the company (TIDAC). Identify and assess threats/drivers of risk, put plans in place to enhance resilience and decide how to avoid, reduce or transfer risks. Oversee and monitor risks that are, or could be, potentially significant whilst ensuring high ethical standards (in view of regulation and best practice) and fair customer outcomes
  • Review and Challenge root cause analysis of risk events to ensure remedial action is appropriate, implemented in a timely manner, and prevents recurrence where possible
  • Work with other assurance functions to develop effective and efficient oversight activities across the 3 lines of risk management model, whilst maintaining independence
  • Drive continued improvement of change capability within Risk aligned to organisational values, culture and competency frameworks
  • Maintain high standards of stakeholder management and communication, to ensure an effective working environment, employee commitment and consistent high performance
  • Deliver risk management training to the business
  • Perform other duties as assigned.
What Will Our Ideal Candidate Have?
  • Thorough knowledge of risk management methods (financial and non-financial) and best practices in Ireland.
  • Advanced knowledge of general regulatory requirements as they relate to business lines supported.
  • Intermediate knowledge of corporate structure, as well as a particular business units products and procedures.
  • Advanced ability to concisely present complex regulatory issues. Advanced ability to understand, synthesize and convey complex data. Advanced verbal and written communication skills.
  • Advanced ability to negotiate skillfully and successfully.
  • Advanced ability to prioritise and multi-task duties and projects on a timely basis. Has an advanced level of credibility, reliability and availability both within and outside the organization.
  • Intermediate ability to lead and motivate others.
  • Thorough experience gained in the Insurance industry preferred
  • General knowledge of risk management software preferred
  • Comprehensive knowledge of Microsoft Office suite and written reporting preferred
What is a Must Have?
  • Detailed knowledge of risk requirements and risk experience is required (Financial Services Insurance)
  • Bachelor’s degree in a finance/business/economics related program or professional risk bodies or equivalent work experience is preferred
What Is in It for You?
  • Private Medical Insurance: On commencement of employment, you are eligible for single cover provided by Travelers, with the option to add cover for your dependents, at your expense through payroll deduction.
  • Retirement: Travelers will make a core contribution of a percentage of salary to your Pension Plan. Additionally, if you decide to contribute to the plan, you will receive an increased company contribution.
  • Holiday Entitlement: Start your career at Travelers with a minimum of 25 days holiday entitlement annually, plus the opportunity to purchase additional days to allow for up to a total of 35 holidays per year.
  • Wellness Programme: The Travelers wellness programme is comprised of tools, discounts and resources that empower you to achieve your wellness goals and caregiving needs. In addition, our mental health programme provides access to free professional counseling services and other resources that support your daily life needs.
  • Volunteer Encouragement: We have a deep commitment to the communities we serve and encourage our employees to get involved. Travelers has a Matching Gift and Volunteer Rewards programme that enables you to give back to the charity of your choice.
Employment PracticesTravelers is an equal opportunity employer. We value the unique abilities and talents each individual brings to our organization and recognize that we benefit in numerous ways from our differences.If you are a candidate and have specific questions regarding the physical requirements of this role, please send us an so we may assist you.Travelers reserves the right to fill this position at a level above or below the level included in this posting.To learn more about our comprehensive benefit programs please visit .

The Travelers