As a Director of Risk Management you will be responsible for developing Enterprise Risk Management tools, practices, and procedures to analyze and report enterprise risks according to an enterprise risk management framework. Ensure the organization's risk management practices and strategies are in compliance with applicable industry best practices and strategic goals of a Medical Center dedicated to the care of infants, children, and adolescents. Establish the Enterprise Risk Management framework for that Medical Center. Direct and manage the insurance and risk financing programs of that Medical Center. This includes responsibility for constantly evaluating alternative risk vehicles including commercial insurance and reinsurance companies and self-insurance programs.
Effective verbal, organizational, written, interpersonal, and communication skills.
Demonstrate accuracy and attention to detail.
Experience and knowledge in building and managing ERM Frameworks within healthcare industry.
Broad understanding of the inter-dependency between Operational, Technological, Strategic and Reputational Risks as well as general Compliance Standards.
Excellent collaboration and communications skills with experience influencing, communicating and driving change through cross-functional groups including the ability to diplomatically build consensus across disparate views.
Ability to prioritize deliverables efficiently and manage multiple initiatives simultaneously.
High degree of analytical ability is required to review insurance coverages, conduct risk financing analysis and assess enterprise level risks to recommend prudent courses of action.
MAJOR DUTIES AND RESPONSIBILITIES:
Direct Enterprise Risk Management Program:
Develop and implement an integrated, enterprise level risk management system incorporating healthcare risk management principles and standards, clinical patient safety techniques, and strategies to protect institutional capital.
Design Risk Framework Components - Enhance, build, or expand Risk Assessment, Risk Scoring, and Risk Reporting infrastructures, including relevant practices and processes across the Medical Center, and socialize concepts cross-functionally.
Build/Expand risk assessment programs to ensure all risks are appropriately and consistently managed. Complete biennial risk assessments with members of the Board of Trustees, Senior Management, and stakeholders in primary areas and analyze accompanying data.
Develop a common risk scoring mechanism across organizational risk assessments and reviews.
Enhance ERM risk reporting for consistency and appropriate coverage.
Develop annual institutional report, including standardized risk scoring and methods of mitigation.
Work directly with Senior Management to standardize Board of Trustees report and deliver report findings and assessment annually to Board and Senior Management.
Manage Insurance Program:
Provide day-to-day consultation regarding appropriate insurance coverage and policy interpretation, indemnification language in contracts, and satisfying insurance requirements in contracts.
Finance corporate risk through programs utilizing alternative and commercial insurance coverage for CCHMC, its providers, and subsidiaries/affiliates.
Formulate recommendations for purchase of insurance coverage, alternative risk transfer or self-funding and articulate the strategy to management and implement the selected strategy. Evaluate new exposures to ensure coverage and minimize risk.
Manage relationships with brokers, insurers, reinsurers on coverage, service and premiums.
Collect and analyze exposure data.
Address state and federal regulatory requirements related to insurance placement and self-insurance.
Oversee operational performance of Cincinnati Children's captive insurance company and its service providers and other self-insurance programs.
In coordination with captive managers, assure compliance with regulatory requirements associated with captive operations.
Support Claims Management and Litigation:
Collaborate with in-house legal counsel to appropriately manage property, casualty, and liability claims against CCHMC, its providers, and subsidiaries/affiliates.
Assist with determinations on level of liability exposure and setting of reserves.
Coordinate assigned lawsuits with outside defense counsel, under the supervision of in-house legal counsel.
Review and supervise the maintenance of select databases maintained by the department as a part of its responsibility for claims and litigation management for CCHMC.
Continually evaluate claims and litigation management effectiveness through benchmarking and analysis.
Support Patient Safety Program:
Participate in investigations, conduct interviews, gather information, review medical records and literature as requested in connection with patient safety matters, and participate in meeting preparation as requested.
Minimum 5 years experience in areas of property and casualty insurance
Minimum 5 years director-level (or comparable) experience in enterprise risk management
Advanced degrees or certifications such as CPCU, AIC, CPHRM or equivalent professional designation
8-12 years experience with claims, enterprise risk management and captive/self-insurance program management
At Cincinnati Children’s, we come to work with one goal: to make children’s health better. We believe in a team approach, both in caring for patients and their families, and in advancing science and discovery. We strive to do better, and find energy and inspiration in our shared purpose. If you want to be the best you can be, you can do it at Cincinnati Children’s.