Analyst Sr. - Risk Management

Westlake offers you the potential to enrich your work life and career experience in an entrepreneurial environment. We work together to enhance peoples' lives through our products and presence in the communities in which we operate.

SUMMARY

The Senior Risk Analyst handles a broad range of responsibilities including (1) insurance renewals and audit, (2) Contract review and certificates of insurance, (3) claims management.

1. Insurance Renewals & Audit:

• Coordinate and analyze information for periodic renewals of RM insurance contracts. Prepare summary and comparative schedules. Instruct brokers on renewal terms and conditions. Review binders and policies for accuracy once renewals are completed.
• Assist in the audit of premium invoices for accuracy and coordinate allocation for G/L purposes with Accounting.
• Assist in reviewing and recommending the extent of coverages and adequacy of sums insured taking into account new or increased risks for the petrochemical industry and all other new reasonably foreseeable risks.
• Assist in reviewing and recommending appropriate risk retentions.
• Assist in the development of insurance marketing strategies for the placement of the insurance programs in local and international markets.
• Assist in the review and recommendations of terms and conditions in the policy documents that best meet WLK's business requirements and exposures.
• Prepare underwriting presentations for insurance placements.
• Assist in evaluating the insurance responses obtained from the insurance markets and preparing presentation materials to convey the recommendations to the CFO and CEO.
• Coordinate annual physical surveys and facilitate regular and timely discussions to update the risk changes that may occur from time to time and recommend adjustments to the programs as and when necessary. These risk and asset value changes include not only business, market and regulatory impacts within which WLK operates, but may include any changes in the credit-rating or worthiness of the insurer/re-insurers, as well as pending or actual events that may likely have an effect on such credit-rating or worthiness.

2. Contract Review & Certificates of Insurance:

• Negotiate indemnity and insurance terms in commercial contracts with construction contractors, equipment manufacturers, engineers, and other specialty vendors.
• Train and develop Purchasing Department, Law Department, and other involved plant personnel regarding insurance requirements for contractors.
• Coordinate the issuances of all Insurance Certificates with external brokers for Property, Casualty, and Environmental coverages requests.

3. Claims Management:

• Manage open claims to ensure that the reserves are adequately set and that the third party administrator is handling the claim properly to aid in timely resolution and closure.
• Manage accident emergencies to minimize loss and also to protect WLK's coverage rights under insurance policies and commercial contracts.
• Coordinate settlement approvals for all claims.
• Manage and coordinate external quarterly reserve audits with third party administrator.
• Act as primary liaison between the field Health Safety and Environmental and Human Resources personnel and the third party administrators (Gallagher Bassett, ESIS, and CSS).
• Distribute monthly summary reports to senior management and field locations.
• Prepare monthly for Corporate Accounting and Financial Reporting the unpaid loss report stating by year open claim values within WLK's policies retentions.

4. Other Duties as Assigned

SUPERVISORY RESPONSIBILITIES

None

QUALIFICATIONS

Strong understanding of claim management techniques is essential to successfully manage Property, Workers' Compensation, Automobile, Environmental, and General Liability risks. Ability to negotiate with underwriters, brokers, adjusters, and attorneys. Requires strong written and verbal communication skills, proficiency in handling multiple tasks efficiently, ability to assume responsibility and work independently. Capacity to work effectively with internal management, external risk and other professionals, and all levels of corporate personnel is required. Requires strong computer skills in formatting Microsoft Excel spreadsheets, typing Microsoft Word documents, use of Track Changes, and Microsoft PowerPoint.

EDUCATION AND/OR EXPERIENCE

BS or BA in Business, Risk Management, Finance or related field with a minimum of ten to fifteen (10-15) years' experience in Risk Management and / or commercial insurance underwriting and claims management. Professional designations such as ARM, CRM, or CPCU preferred. Professional licenses, including Adjuster (all coverage lines) and Risk Manager, are required.

PHYSICAL DEMANDS

While performing the duties of this job, the employee is frequently required to sit; stand; walk; use hands to touch, handle, or feel; reach with hands and arms; and talk or hear. The employee is occasionally required to stoop, kneel, or crouch. The employee must regularly lift and/or move up to 10 pounds, frequently lift and/or move up to 25 pounds, and occasionally lift and/or move up to 50 pounds. Specific vision abilities required by this job include close vision, distance vision, color vision, peripheral vision, depth perception, and ability to adjust focus.

WORK ENVIRONMENT

The noise level in the work environment is usually moderate as normally based in an office. Some of the work may be required in the operating units which can require usage of required PPE including safety glasses, hearing protection, etc. May also result in exposure to outside elements and may require usage of stairs and elevators. Travel up to 10% including air travel or auto travel.

Westlake is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to any characteristics protected by applicable legislation.

If you are an active Westlake employee (or an employee of any Westlake affiliates), please do not apply here. Please go to your Workday homepage and click on the "Careers" worklet and view "Westlake Career Opportunities".