The Director of Risk Management and Insurance (RMI) reports to the Chief Compliance Officer (CCO). With general oversight from the CCO, the RMI director is primarily responsible for overseeing risk management and mitigation for the Ithaca-based university insurance programs. This position also serves to purchase management liability and casualty lines of insurance for Weill Cornell Medicine, as appropriate. The RMI director has administrative responsibilities for several university risk policies, and offers risk reduction strategies across the Ithaca-based campuses. The RMI director supports the CCO on risk matters by providing assistance and guidance for a comprehensive and balanced approach for the development, implementation and monitoring of risk assessments, and risk-related policies and procedures. This includes facilitating effective and efficient identification, prevention, detection, and correction of uncontrolled risks. In addition, this position is responsible for educating, advising, and counseling faculty, staff and students regarding risks. The responsibilities of the RMI director are accomplished through the development of risk management matrices, committee infrastructures, and business processes that support timely and accurate risk mitigation and insurance strategies as they relate to compliance with laws, regulatory requirements, university policies and procedures.
The RMI director promotes the University's long-term financial health so it can achieve the university mission and values. This position is responsible for identifying, evaluating, and analyzing risks inherent in the operations of the University and then formulating, implementing, administering, and evaluating risk management strategies to efficiently and cost-effectively manage those risks. Embedded in these strategies is a program of insurance that is approved, budgeted and purchased through this position. Additionally, this position oversees and manages an internal charge back model, manages the university's retention and oversees a self-insurance program for low risk assets and assets that may not be insurable on the open market.
The RMI director will lead and educate a team of RMI professionals in risk management techniques, how to liaise with brokers and insurance carriers, transfer knowledge across the unit to purchase insurance, obtain bonds, use of enterprise risk management techniques (ERM) and ensure appropriate language in university contracts as appropriate. This position is expected to work with the university compliance department in support of risk reductions efforts, including using an ERM approach and techniques.
The RMI director will partner with the CCO in the analysis of university risks and mitigation plans. The RMI director contributes in the creation of a transparent environment for risk management. The RMI director is responsible to:
Develop a sustainable annual report for the Board of Trustees, Audit and the Executive Vice President Office
Develop and manage a risk matrix and dashboard for insurance policies
Conduct risk assessments and reviews
Provide leadership in the strategy for institutional risk management for the university
Provide guidance and support to risk partners
Monitor and oversee the university's risk and insurance programs, and financial strength of these programs,
Budget management of the insurance and risk program to ensure fiscal health, including annual forecasting
Provide guidance, and advice for risk management and mitigation
Supervise, mentor, and develop the risk management and insurance staff
Develop succession planning for RMI office
The candidate will have experience managing and overseeing risk activities, emerging risks, risk reduction, conducting risk assessments, and be fully experienced and well versed in enterprise risk management and proven experience overseeing the design and enhancement of university/corporate insurance programs including an advance degree (such as an MBA) and 5 years experience in university/ corporate insurance, brokerage or underwriting; or an undergraduate degree (such as finance, risk or related discipline) and 7 years experience. The candidate will have the following skills:
Adept at navigating through complex, fast paced organizational change; strong organizational and project planning skills; forward and agile leaning in management approach
Experience with and knowledge of risk transfer techniques, and insurance economics and the ability to use business analytics to provide in-depth modeling of insurance coverage, costs, and forecasting
Ability to oversee a charge back model for fund collections for insurance costs and management of an internal self-insurance program and retention
Experience evaluating alternative risk transfer structures
Experience with bonds
Experience with insurance language in contracts, including international and contract grants
Interpretation of complex insurance policies, bonds and contracts
Proven experience building internal and external partnerships with management, brokers, and underwriters
Strong blend of quantitative competencies and proactive communication style
Right blend of hands on and strategic experience, managing daily operations while planning for the university's future needs; ensure strategic roadmap in place for business needs and evolve as required
Proven ability to collaborate with cross-functional stakeholders across the university to drive desired outcomes
The successful candidate will also possess the following management skills:
Excellent analytical and organizational skills
Written and verbal communication skills and excellent interpersonal skills
Crisis management experience
Demonstrated use of Microsoft Suite products, at a minimum, Word, Excel and Power Point
Proven track record of completing work on time and within budget
Ability to work in a diverse culture
Ability to pass a background check as required by Cornell
Working in higher education at a R01 research institution
Certifications, such as, Associates in Risk Management (ARM) , Chartered Property Casualty Underwriter (CPCU)
Master of Business Administration (MBA)
No Visa sponsorship available for this position.
University Job Title:
Director Insurance & Risk Management
Pay Rate Type:
Number of Openings:
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