Job details

Risk Associate

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About the company:

Steamship Mutual is a P&I insurance company, with 240 employees worldwide. The main office is based near Liverpool Street station, London. We have offices in Bermuda, Brazil, Cyprus, Greece, Hong Kong, Japan, Singapore, and New York.

Overall Job Purpose:

The Risk Associate is an ambassador for risk management working in close collaboration with all Steamship departments to identify, measure, monitor, manage and report risk throughout Steamship’s corporate structure. Operating on an enterprise-wide basis, the Risk Associate will partner with the business to facilitate:

Maintenance of the risk management framework, engaging directly with risk and control owners, identifying control gaps, designing remedial actions, and appropriately managing risk communications.

Oversight of or risk management support for projects whilst building trust and key business relationships.

Key Responsibilities:

Macro-level risks

Help the business to focus its risk management proposition by maintaining an overview of and reporting on leading geostrategic and macroeconomic risks.

Risk Management Framework

Comprehensive oversight of Steamship’s risk management framework including the following systems and tools:

Steamship’s Enterprise Risk system
Risk Appetite Statement
Risk Register
Risk Management Strategy & Charter
Risk policies, etc.
Collaborating with business stakeholders to embed operational risk management and oversight of Steamship’s operations.

Establishing and running periodic meetings with:

Risk owners to ensure that understanding of risks is up to date, having been adequately assessed, controlled, and rated; and control owners to provide 2LoD perspective of the design and operational effectiveness of their controls.
Report on risk issues and events at Steamship Manager’s committees; draft risk management updates to the Manager’s Board, Steamship Club/Trust committees and Club/Trust Boards as necessary.
Support the Group Solvency Self-Assessment (ie ORSA) drafting and editorial process.
Stress testing: develop scenarios for selection, discussion, and eventual Board submission.
Receive control testing data from internal audit and compliance monitoring reports, updating risk systems accordingly.

Advisory

Risk management input and advice regarding Steamship Operational Resilience arrangements including Important Business Services; Impact Tolerances and their equivalents in regulatory jurisdictions outside the UK.

Assist in company-wide project risk assessments and departmental project implementation.
Reviewing/advising on risk management arrangements for Steamship's key outsourcers.
Provide risk management training to business users and senior management, as necessary.

Control

Manage the half-yearly review of Steamship’s internal controls.
Monitor, manage and enforce controls, limits, and policy adherence.
Systematically enforce risk controls and ensure risk is embedded in the decision-making process.
Identify business situations falling outside risk limits and escalate in accordance with the Steamship risk governance escalation matrix.

Advise, engage, and challenge the business on control processes and failures.
Build risk mitigation plans and monitor plan delivery against pre-determined criteria on a regular basis.
Manage the emerging risk identification process.

Attendance:

Other Steamship management committees as from time to time required, including the Executive, Human Resources and Marketing Committees.

Person Specification:

Candidates should be of graduate calibre or possess suitable industry qualifications or experience.
Substantional relevant experience in operational risk management within the financial services industry.

Technical Skills:

Proficiency at an intermediate to advanced level in database management, including experience with MS database software packages.
Sound knowledge of UK and European regulatory structures including Prudential Regulation Authority and EIOPA Solvency 2 regulations
Comprehensive understanding of UK and European risk regulatory frameworks, including PRA and EIOPA regulations.

Core Competencies and Values:

A flexible and proactive working style, combining a commitment to enhancing the existing risk management toolkit with the ability to build and develop internal business relationships to further embed ERM at Steamship.
Strong planning and organisational skills, including the ability to create personal work schedules, manage priorities effectively, prepare ahead and set realistic deadlines.
Proven track record of seeing projects through to completion, even under tight and pressurised deadlines.
Exceptional communication skills, with the ability to deliver clear, articulate presentations to both internal and external audiences.

Additional Skills and Experience:

Strong analytical, questioning, listening and problem-solving skills.
Proven ability to identify and analyse problems, evaluate importance, and make sound decisions.
Skilled in accurately interpreting data with the ability to extract and articulate key conclusions.
Effective report writing and presentation skills, with the ability to deliver clear and concise arguments to diverse audiences.
Meticulous attention to detail, ensuring accuracy in data entry and data outputs.
Proficient in Microsoft Office programmes, including Excel, Word, Outlook, Teams, and PowerPoint

Join Us at Steamship Mutual

Become part of our collaborative, supportive, and friendly working environment, where you can enjoy a rewarding career with opportunities to enhance your existing skills and knowledge. We prioritise a healthy work-life balance and offer a competitive hybrid working policy.

Our clear and transparent career pathways provide continuous support for skill enhancement and create opportunities for professional development. Additionally, we offer access to the Protection & Indemnity Qualification, created by the International Group of P&I Clubs.

Our attractive benefits package includes private healthcare and a competitive wellbeing subsidy.

Company Values

Mutuality ensuring fairness amongst Club Members

Integrity upholding high ethical, legal, and regulatory standards

Safety and Sustainability contributing to safety of life at sea and the preservation of the environment

Transparency building strong relationships based on trust and open communication

Excellence enabling our people to realise their full potential as team members, industry experts, leaders, and managers

Collaborative embracing flexibility, diversity, and inclusivity

**Steamship Insurance Management Services Ltd is committed to providing a great service to all our members. We pride ourselves on offering a people-centred culture that provides mutual respect and support for all our staff and we welcome and encourage you to apply**

Average salary estimate

$90000 / YEARLY (est.)

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$80000K

$100000K

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What You Should Know About Risk Associate, Steamship Insurance Management Services Ltd

At Steamship Mutual, we are excited to announce that we are looking for a Risk Associate to join our dynamic team. As a Risk Associate, you will be the driving force behind our risk management initiatives, working closely with various departments to ensure that we effectively identify, measure, and manage risks across our organization. Your role will involve maintaining our risk management framework and collaborating with risk and control owners to pinpoint gaps, develop solutions, and facilitate open communication about risk management. You’ll also play a vital role in overseeing project risk management while fostering strong relationships throughout the business. We are passionate about proactive risk identification, and your ability to monitor macro-level risks will be invaluable in guiding our strategic decisions. You will engage in regular discussions with risk owners to keep updated on their controls and ensure adherence to risk appetites. Additionally, your support in drafting risk management updates and reports for our management committees will be crucial. A graduate of relevant disciplines or with suitable experience, you’re familiar with UK and European regulatory frameworks and have a knack for database management. Here at Steamship, we pride ourselves on fostering a friendly and supportive work environment that emphasizes a healthy work-life balance and provides opportunities for continuous learning and professional development. If you're looking to take your career to the next level in a company that values integrity, transparency, and excellence, we invite you to apply and be a part of our mission to provide exceptional service to our members!

Frequently Asked Questions (FAQs) for Risk Associate Role at Steamship Insurance Management Services Ltd

What are the primary responsibilities of a Risk Associate at Steamship Mutual?

The Risk Associate at Steamship Mutual plays a key role in overseeing the company’s risk management framework. They are responsible for identifying, measuring, and reporting risks while collaborating with different departments. Key duties include maintaining risk management systems, conducting risk assessments, and ensuring operational resilience, which involves advising on risk management arrangements and providing training to staff.