Risk Manager

About us

At Munich Re Specialty - Global Markets (MRS-GM), our ambition is to become the leading Primary Specialty Insurance provider. We aim to achieve this through an effective and adaptable strategy, superior products, and industry leaders working in a supportive environment.

Our success is driven by a strong culture where people are encouraged to be present, bold, and curious, enabling them to achieve their individual goals.

We are seeking a Risk Manager to support the development, implementation, and embedding of a comprehensive risk management framework and culture across MRSG/GSI4, ensuring compliance with Munich Re, PRA, FCA, and Lloyd's requirements. The role will support all MRSG legal entities and GSI4 businesses, including MRSL (the Lloyd's regulated entity).

Responsibilities:

• Support the Head of Risk Management in delivering the MRSG risk management strategy and implementing the risk management framework across the business, including entities within MRSG/GSI4, International Distribution Centres (IDCs), and Syndicates.
• Implement and embed the risk management framework across MRSG and other non-Lloyd's regulated entities on a risk-based, proportionate, and consistent basis, including activities like risk assessments, risk event management, emerging risk analysis, and risk reporting.
• Provide effective and timely risk management review, challenge, and advice to the business (1st line of defence) from the 2nd line of defence perspective, representing risk identification, measurement, mitigation, and reporting.
• Assist in delivering the annual risk plan and communicate any deviations promptly.
• Address and escalate risk issues as they arise to relevant stakeholders and governance bodies.
• Monitor risks and controls, maintain risk registers, and facilitate assessments to identify top and emerging risks.
• Collaborate with stakeholders to ensure key controls are effectively designed and operated, and recommend actions to reduce exposures exceeding risk appetite.
• Manage risk event processes and ensure timely updates and governance reporting.
• Conduct thematic risk assessments, reviews, or investigations, including second-line reviews on projects and new initiatives.
• Support the development and production of risk reports for governance bodies such as ExCo and the Board.
• Lead or contribute to projects and activities related to risk management.
• Deliver risk training and awareness initiatives.
• Undertake additional departmental activities as required, including review and challenge of Lloyd's Fundamental Principles Oversight Framework, operational risk reporting, internal model activities, and outsourcing reports.

General responsibilities:

• Promote risk management and embed a strong risk culture within the business.
• Continuously review and develop the risk management framework to meet evolving needs.
• Support good conduct and outcomes for customers and policyholders.
• Participate in relevant working groups.

Knowledge and Skills:

• Proven risk management experience, with internal or external audit background and relevant qualifications.
• Deep understanding of the general insurance industry, preferably Lloyd's or general insurance market.
• Excellent report writing skills and experience preparing reports for senior management and boards.
• Ability to challenge and question at all levels, including senior management, and present balanced risk opinions.
• Knowledge of Solvency II and Lloyd's market is advantageous.
• Focused on meeting deadlines, pragmatic, collaborative, and aware of risk management best practices.
• University degree and/or relevant professional qualification.

If your experience does not perfectly match every requirement, we encourage you to apply. You might be the candidate we are looking for!

Diversity, Equity & Inclusion

At Munich Re, we foster innovation and resilience through diversity, equity, and inclusion, building a workforce that reflects a wide range of backgrounds and perspectives. We are committed to creating an equitable and inclusive environment where everyone has opportunities to succeed.

Candidates can request reasonable adjustments at any stage of the recruitment process by contacting Talent Acquisition.

Our ESG Approach

Our strategy emphasizes sustainability across environmental, social, and governance topics, supporting community initiatives and volunteering opportunities for colleagues.