Enterprise Risk Management Specialist

The Enterprise Risk Management (ERM) Specialist supports the risk management function regarding all aspects of the enterprise-wide risk management program. The ERM Specialist is responsible for providing timely and actionable information to Senior Management relating to business risks (identification, assessment, response, monitoring), strategy development, and Own Risk Solvency Assessments (ORSA). Areas of focus across the company with be shared between ERM Specialists, these include but are not limited to Cybersecurity/Technology, Third Party, Operations, and Support. Position engages, consults, and supports across corporate divisions to generate meaningful analysis and strategic action, produce business recommendations, and identify and act on risk and strategy opportunities. This position will not own operational risks of the company but will coordinate with risk owners as a team to ensure effective risk management activities are incorporated across the organizational business units.

"This position is eligible to work remotely, hybrid or onsite in accordance with our Telecommuting Policy. Applicants must reside in Kansas or Missouri or be willing to relocate as a condition of employment."

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Essential Functions

• Execute the enterprise risk management program to support effective identification, assessment, measurement, response, monitoring, and communication of corporate risks that have the potential to exceed corporate tolerances and disrupt the achievement of strategic initiatives.
• Advance the corporate risk culture in alignment with the ERM program through discussion, promotion, education, and communication of enterprise risk management strategy and best practices.
• Facilitate the inter-divisional identification and assessment of corporate risk exposures and their potential interdependencies, especially risks having the potential to exceed our risk limits or disrupt the successful execution of strategic initiatives. Manage the maintenance and regular updating of the corporate risk registry matrix.
• Partner with the necessary stakeholders to support a comprehensive risk response to significant business risks. This will include initial process implementation efforts as well as continuous ongoing review and modification work.
• Build and maintain a variety of analytic, financial, and behavioral models to estimate the likelihood and severity of risk outcomes for all major corporate risk exposures and the effect of aggregation of significant risks.
• Act as a resource in the development of process improvements, with a particular focus on helping to identify areas where automation can reduce the potential for errors and mitigate risks.
• Develop and maintain strong relationships to promote ongoing education and further risk strategy.
• Proactively monitor portfolio characteristics to identify potential risks to BCBSKS and coordinate with CRO and full ERM team to ensure they are appropriately captured.
• Work with key stakeholders to strengthen governance, risk and control environments by anticipating issues, providing feedback and sharing knowledge and best practices.
• Act as a resource to leadership to assist in the monitoring and analysis of identified risks, Key Risk Indicators (KRIs) and performance metrics.
• Assist full ERM team in the creation and distribution of regular risk dashboard reports to communicate key risk information such as status, trends, significant exposures and events, and other high-level information for corporate leadership and management to track the enterprise risk position.
• Oversee and finalize the company ORSA on an annual basis or as frequently as required by the Kansas Insurance Department.
• Participates in special projects and assessments related to key risks.

Education

• Bachelor's degree from an accredited university, in Business, Finance, Accounting, Risk Management, Mathematics, Statistics, Economics, Supply Chain, or Technology/Cybersecurity related field, minor in statistics preferred.

Experience

• Three years of related experience is required. May substitute year of experience for Master of Business Administration.
• Experience with and an understanding of industry best practices for Enterprise Risk Management, strategy, and effective business decisions is required.
• Knowledge of how to approach business problems and recommendations is required.
• Experience and knowledge in finance and research is critical.
• Experience with health insurance administration concepts and principles, supply chain, and/or cybersecurity risk management practices is highly preferred.
• Experience with and an understanding of data warehouse, data extraction tools, and analytics software and methods is highly preferred.

Skills

• Must be proficient in Microsoft products including Word, Excel, and PowerPoint.
• Ability to understand and implement best practices in ERM and strategy analysis, including gap identification and misalignment with risk tolerance/appetite.
• Ability to quickly understand unfamiliar processes and systems.
• Effective use of interpersonal, negotiation and communications skills including tact and diplomacy to foster trust and respect. This position maintains frequent interaction with senior leadership throughout the company, facilitates deliberation between sometimes conflicting parties, and will need to exert influence without direct authority.
• Must have superior communication and presentation skills.
• Maintain strong commitment to ongoing professional development.
• Good problem-solving skills with demonstrated ability to make decisions using independent judgment and creativity to resolve risk, strategy, and business issues.
• Proficient at managing multiple projects simultaneously with experience in prioritizing activities based on immediate business needs.
• Must be self-motivated with the ability to work independently or within a group under minimal daily direction.
• Strong leadership skills to include knowledge of team concepts while promoting employee engagement.
• Strong analytical skills including statically modeling risk scenarios.

Compensation

BCBSKS Grade: Exempt 17

Minimum salary starting at $93,760

Salary based on education, skills and experience

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