Job Title: Five College Director of Risk Management
Status: Exempt Full-time
Supervisor: Director of Operations, Five Colleges, Incorporated
General Statement of Duties
Oversee and provide strategic direction to the Five College Risk Management Office. Supervise the management of the insurance and risk management programs of Amherst, Hampshire, Mount Holyoke, and Smith Colleges (“participating colleges”) and Five Colleges, Incorporated (FCI), including the record keeping associated with these policies or programs. Management duties for the Collegiate Catalyst Fund (LLC) captive insurance program are included in this position. Develop and implement the Enterprise Risk Management (ERM) programs for the participating colleges as may be requested. The position reports to the Director of Operations of Five Colleges, Incorporated (FCI), and has select reporting duties directly to the participating colleges.
Five Colleges, Incorporated (also known as the Five College Consortium) is a non-profit organization operating in Western Massachusetts. Our mission is to maintain and enhance the value of our member institutions through an array of collaborative programs that help nurture a thriving academic community across the Connecticut River Valley. This position is intended to be an in-person, on-site role; we anticipate it beginning as a remote position due to pandemic-related restrictions on campus access.
Importance of Diversity to our Educational Mission
Five Colleges, Incorporated and its five member institutions (Amherst, Hampshire, Mount Holyoke and Smith Colleges and the University of Massachusetts Amherst) are committed to supporting and sustaining a diversity of people, backgrounds, experiences, ideas and points of view for the essential contribution this diversity makes to educational missions of our organizations. In support of this commitment Five Colleges requires all of its employees to work cooperatively and effectively with the diversity of people at the colleges (students, faculty members, other employees) and within the organization itself.
Traditional Risk Management
- Support and supervise the Insurance and Claims Specialist in all duties, particularly the development and implementation of the insurance and risk management program and the claims management duties.
- Write specifications for insurance quotations, negotiate with insurance brokers to purchase adequate coverage, and record the awarding of insurance contracts.
- Serve as Chief Operating Officer for the Five Colleges captive insurance company, Collegiate Catalyst Fund. Duties include:
○ Supervise other officers and Captive operations.
○ Review the financial reports for the Captive and ensure that all reports are filed in a timely and accurate manner.
○ Develop and manage Captive insurance policies
○ Manage all third party support contractors for the Captive.
○ Coordinate annual meeting of Captive Board.
○ Supervise program development for all new Captive uses, including feasibility studies, regulatory oversight, legal requirements, and audit issues.
○ Assess and make recommendations concerning self-insurance for the participating members.
- Maintain awareness of legal, regulatory, and competitive environment affecting the insurance industry and higher education and inform the participating colleges and Five Colleges, Incorporated of changes as necessary.
Enterprise Risk Management (ERM)
- As may be requested, collaborate with the participating college to develop, implement, and maintain an ERM framework, to include an institutional risk appetite statement and facilitation and implementation of an ERM program.
- Support, as applicable, the institution’s ERM committee by chairing or serving on the committee and by providing administrative support including maintaining ERM governance documentation for the college.
- Develop and maintain a comprehensive risk register for each institution.
- Collaborate with the institution to develop strategies to operationalize the ERM framework throughout the institution. Strategies can include, but are not limited to, developing and administering workshop sessions, coordinating and chairing an operational risk committee, and developing and implementing multimodal communication strategies.
- Supervise the Administrative Assistant and Insurance and Claims Specialist.
- Report on the activities, accomplishments, and financial impact of compliance, ERM and risk management, to encompass: an annual report/work plan, a business plan and budget, updates for the business officers and institutions’ trustees, and other reports as requested.
- Participate in a college’s individual committees or task forces for compliance or risk management as requested.
- Respond in person to very occasional emergencies on campus, including but not limited to, international political or health crises involving students, faculty or staff members, and very significant property losses.
- Perform other related duties as needed or assigned.
- Bachelor’s Degree plus special training and experience in the technical aspects of risk management and claims (CPCU, ARM, etc.).
- Good working knowledge of the laws, rules and regulations pertaining to all lines of property and liability insurance, workers compensation, business law, and third party liability as well as those general laws, rules and regulations, and contract review and negotiation.
- Experience with property and casualty insurance products, insurance program design, and alternative risk transfer techniques, as well as property and liability loss prevention and safety practices.
- Proven ability to manage complex business activities, relationships, and projects.
- Basic knowledge of statistical and budgeting techniques and general accounting principles.
- Accounting training or experience and familiarization with actuarial concepts.
- Proven strong organizational, management, and both written and oral communications skills.
- Ability to communicate effectively in person, by telephone, by videoconference, and via email
- Demonstrated judgment and discretion.
- Strong computer skills in Microsoft Office and experience in developing and maintaining a database.
- Experience working successfully across organizations at many levels and with outside vendors such as insurance brokers, attorneys and actuaries.
- Ability to work successfully within different campus cultures.
- Ability to work nights and weekends as needed.
- Ability to travel among campuses daily.
- Access to a reliable vehicle and valid driver’s license with a good driving record. [Applicants will be subject to a motor vehicle registration check as part of the driver credentialing process.]
- Ability to sit/stand at a work station including desktop computer.
- Ability to pass a post-offer background check
- General understanding of higher education compliance and regulatory environment.
- Presentation skills.
- Experience purchasing/managing commercial property and casualty insurance.
- ARM, CRM, CPCU or related professional designation.
- Experience in higher education, consortium programs or insurance pools.
- Specialized training or certification in compliance and ethics.
Position requires regular travel between campuses; to annual regional and/or national conferences; and to occasional out-of-state meetings with underwriters. Employee is expected to provide own vehicle for inter-campus travel. (As noted above, this position is intended to be an in-person, on-site role; we anticipate it beginning as a remote position due to pandemic-related restrictions on campus access.)