Risk Manager

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

At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.  

Please see our website for more information.

Risk Manager

We are looking for a Risk Manager to join our team in the London City or Manchester Office on a full time basis with hybrid working of 2-3 days per week.

You will support the development, implementation and embedding of a comprehensive and proportionate risk management framework and risk culture, ensuring compliance with Munich Re, PRA, FCA and Lloyd’s risk management requirements. 

Responsibilities:

You will support the Head of Risk Management in the overall delivery of the risk management strategy and implementation of the risk management framework across the business and fully embed an appropriate risk culture. This includes:

• Support development of the risk management framework, adopting Group policies and guidelines.
• Provide timely 2nd line risk review, challenge, and advice to the 1st line across risk processes.
• Assist in managing and escalating risk events/issues to relevant senior stakeholders and governance bodies.
• Oversee the risk event process and maintain the MRSG Risk Event Log and related reporting.
• Monitor risks and controls, identifying top/emerging risks and assessing control effectiveness, including:
• Maintain entity risk registers and facilitate regular assessments.
• Support design/monitoring of risk appetite measures and RAG thresholds.
• Collaborate with business to ensure key controls are in place and effective.
• Recommend actions to reduce exposures and meet risk appetite.
• Support risk reporting to governance bodies (ExCo, Boards), including regular/ad-hoc reporting.
• Conduct thematic reviews, lessons learned, and 2nd line risk reviews on projects, emerging risks, or third-party arrangements. Examples include:
• Review MRSL against Lloyd’s Fundamental Principles.
• Contribute to ORCS and internal model validation (e.g. operational risk parameterisation).
• Support outsourcing risk reporting.
• Help deliver the annual risk plan and flag deviations where needed.
• Deliver risk training and awareness sessions.
• Provide ad hoc support across risk department activities.
• Promote a strong risk culture across the business.
• Continuously review and improve the risk management framework.
• Support positive conduct and outcomes for customers/policyholders.

Knowledge and Skills

• Must have proven risk management or audit experience with relevant qualification.
• Strong understanding of general and Lloyd’s insurance markets
• Excellent report writing and presentation skills for senior audiences.
• Confident in challenging all levels of the business with well-reasoned risk opinions.
• Knowledge of Solvency II and Lloyd’s regulations is an advantage.
• Deadline-driven, pragmatic, and collaborative.
• Strong resilience and ability to navigate through change and an dynamic operating environment
• Should have broad understanding of the current risk management environment and awareness of key developments in risk management best practice including providing thought leadership in specific areas

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

Diversity, Equity & Inclusion

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

Learning and innovating today, striving for sustainable societies and business tomorrow

At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.

Learn more about sustainability at Munich Re – choose your impact! 

#BePresent #BeBold #BeCurious