Abbott Global Risk Manager in Abbott Park, Illinois
At Abbott, we're committed to helping people live their best possible life through the power of health. For more than 125 years, we've brought new products and technologies to the world -- in nutrition, diagnostics, medical devices and branded generic pharmaceuticals -- that create more possibilities for more people at all stages of life. Today, 99,000 of us are working to help people live not just longer, but better, in the more than 150 countries we serve.
Primary Job Function:
The Global Risk Manager is primarily responsible for the oversight, direction and coordination of all aspects of the worldwide property, casualty and trade credit insurance programs. Through the overall management, leadership, development, and direction of Abbott's global property, casualty and trade credit insurance programs, the Global 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.
This position routinely interfaces with Insurance Consultants/Brokers, Abbott Finance Directors, Area Finance Directors, Controllers and Global Treasury management. This position contributes to the development and implementation of strategic initiatives.
The ultimate objective of this position is to provide risk management expertise and guidance in achieving compliant and financially justified global and local insurance programs.
Core Job Responsibilities:
Negotiate and annually renew the worldwide property, casualty and trade credit insurance policies. Renewal consists of contributing to setting renewal strategy and oversight/approval of global underwriting data. Negotiation of policy terms entails detailed review and technical knowledge of policy form terms, conditions, and endorsements relative to Abbott requirements to insure the most favorable coverage terms for Abbott.
As the subject matter expert, strategize and lead planning meetings and underwriter discussions to include Abbott finance management and/or Abbott commercial management, conduct training sessions and meet with senior level managers and Divisional Vice Presidents. To ensure that Abbott facilities are well protected, life safety is maximized, and potential losses are mitigated, the Global Risk Manager evaluates and prioritizes the insurer’s engineering recommendations and manages them through completion. Completion of this ongoing task requires leading and participating in global loss prevention and engineering planning meetings, facility inspections, conducting training sessions for facility managers, and meeting with senior level managers and Divisional Vice Presidents. The Global Risk Manager must also help lead and resolve complex and difficult claims and achieve positive settlements on behalf of Abbott affiliates. Building entity and interdivisional relationships, good lines of communication, and leadership skills are essential for successful achievement of this task.
Responsible and accountable for the annual insurance budget projections and allocation of insurance premiums to all entities and divisions. Insurance budget 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 budget plan and determining optimal allocation methodology of insurance premiums to divisions and affiliates. The insurance budget process also includes the review of loss history and projected future loss potential in relation to the balance sheet of the deductible fund. The budget projections and allocation must follow corporate accounting guidelines and principles.
In addition, the Global Risk Manager must provide accurate, fact-based response to Finance Director, Area Finance Director, Division Controller and Vice President inquiries regarding changes in insurance premium and loss fund allocations. In these instances, diplomacy and tactful communication is essential to employ trust and mutual understanding.
The Global Risk Manager must provide meticulous attention to detail when analyzing deductible fund losses and fund balances working closely with Operations personnel to ensure appropriate facts and documentation are provided to set accounting reserves in the appropriate accounting periods. The Global Risk Manager must review the cost/benefit of different trade insurance options and provide guidance on an optimal structure based on the operational model of the entity. Additionally, the position leads the global check-up of local insurance programs for statutory compliance and conformance to Abbott policies and procedures.
Strong knowledge of entity structure and operations, distribution methods, sovereign and political risk market conditions, trade financing options and technical knowledge of contract insurance requirements are necessary for the Global Risk Manager to provide direction and recommendations to all levels of finance management.
Direct, coach and develop risk analysts and technicians on a dotted line basis to maximize performance toward successful achievement of personal and departmental goals and objectives.
Global Risk Manager is also responsible for providing the Risk Management organization with appropriate direction and for retaining, assigning, and directing the activities of the global insurance brokers/advisors, outside counsel and consultants to meet Global Risk Management goals and objectives.
This position reports to the Director, Risk Management and interfaces directly with the International Treasurer and VP/Treasurer. This position is integral to balance sheet protection of Trade Receivables by providing expertise in determining the most efficient and effective mitigation of trade credit and political risk. Insurance budget, excluding fees, loss funds and potential settlements, is based on renewal premiums each year. The insurance budget is more than $15MM, excluding local programs or claim settlements.
Allocation of insurance premiums and claims settlement will involve interaction with Finance Directors, Area Finance Directors and Controllers.
Internal and external relationships include:
a. Finance Directors, Area Finance Directors
b. Commercial organizations
c. Corporate and Worldwide Division Legal Counsel
d. All Division Financial and Operations Managers and Directors, as applicable
e. Global and local Treasury management, Engineering Services, EHS, Loss Prevention
f. Insurance Broker Account Executives and Consultants including worldwide network
g. Insurance Carrier Underwriters, Managing Director, and Engineers.
h. Global Risk Management Outside Counsel
Bachelor’s degree in business, finance, accounting or related field required.
Master degree in business, finance, or related field desirable.
Risk management designation/certification (ARM, CPCU) desirable.
7 to 10 years of experience in large commercial lines property insurance and risk management required.
Must possess strong analytic and problem solving skills to deal with complex business and technical issues.
Strong presentation skills with ability to lead and interact with all levels of management are necessary.
Proficient use of RMIS systems and Microsoft Office with heavy emphasis on Excel and PowerPoint are required.
An Equal Opportunity Employer
Abbot welcomes and encourages diversity in our workforce.
We provide reasonable accommodation to qualified individuals with disabilities.
To request accommodation, please call 224-667-4913 or email email@example.com