VP, Enterprise Risk Management

The Vice President of Enterprise Risk Management (ERM) is responsible for driving and enhancing the enterprise risk management framework of Fortitude Re. The role focuses on identifying, assessing, mitigating, and monitoring risks that may affect the organization’s ability to achieve its strategic objectives.  Reporting directly to the SVP, Enterprise Risk Management, the VP will work closely with senior leadership to embed risk awareness into decision-making processes, supporting and monitoring the management of strategic risks. This role will support the Company’s relationship with and deliverables to the Bermuda Monetary Authority (BMA) as well as supporting the Company’s understanding and adoption of changes to the regulatory framework. This position will play a critical role in fostering a risk-aware culture and requires an individual with strategic thinking and strong collaboration skills.  This role will be aligned to our Jersey City, NJ office on a hybrid basis. 

What You Will Do:

Bermuda Regulatory Relations and Governance

• Support the coordination and facilitation of regulatory reviews, examinations, audits, and inspections conducted by the BMA, and regulatory applications and responses by Fortitude, providing guidance and directions internally and ensuring high-quality and effective engagement with regulators and a seamless and cooperative process.
• Support the development and filing of the Company’s CISSA and GSSA reports, ensuring compliance with regulatory expectations and industry best practices.
• Participate in the industry group initiatives and represent Fortitude Re.
• Monitor, assess, and manage, across various functions, regulatory changes and industry developments to ensure timely notification, understanding and adoption by relevant stakeholders.
• Coordinate various workstreams involving multiple functions (e.g. investments, actuarial, legal, deals, risk) and taking ownership as project manager to ensure successful and timely review and completion.
• Provide regular summaries to our leadership team of ongoing workstreams and proactively proposing solutions to any foreseen issues.

Enterprise Risk Strategy & Governance:

• Support the enhancement and execution of the company’s enterprise risk management strategy, ensuring alignment with the organization’s strategic goals and objectives.
• Support the enhancement and implementation of an enterprise risk governance structure.
• Maintain enterprise-wide risk policies, frameworks, and processes, ensuring they are up to date with best practices and regulatory requirements.

Risk Framework

• Collaborate with business units and departments to identify potential risks and conduct enterprise-wide risk assessments, supporting the development of risk mitigation strategies.
• Oversee, support, and evaluate the implementation of risk controls and mitigation strategies.
• Leverage data and analytics to monitor and assess risk metrics, KPIs, and thresholds.
• Prepare risk reports for management and board risk committees, ensuring consistent, informative and actionable risk information sharing and highlighting key trends, potential impacts, and mitigation actions and strategies.
• Monitor emerging risks and industry trends that could impact the organization.
• Stay informed on industry trends and evolving regulatory requirements to ensure Fortitude remains aligned with best practices in risk reporting and disclosures.

Leadership & Collaboration:

• Facilitate the implementation of a comprehensive enterprise risk management framework across the organization.
• Act as a trusted advisor and collaborate with senior management on risk-related issues and decisions.

• Promote collaboration between risk management, internal audit, finance, legal, and operations teams.
• Foster a risk-aware culture across the organization through training, awareness programs, and cross-functional collaboration.

What You Will Have:

• Bachelor’s degree in Finance, Business Administration, Risk Management, or a related field. Master’s degree or MBA is highly desirable.
• Professional certification in risk management (e.g., FRM, PRM, CERA, or equivalent) is a plus.
• 12+ years of experience of progressive experience in risk management, audit or compliance function with at least 6 years in (re)insurance industry required.
• Life or Annuity experience required.
• Knowledge of Bermuda regulatory regions, US GAAP, and US Stat relating to life and/or annuities preferred, but not required.
• In-depth knowledge of risk management principles, methodologies, and best practices.
• Strong analytical and problem-solving skills, with the ability to make sound decisions in complex situations.
• Exceptionally skilled in cultivating and fostering strong relationships.
• Excellent communication and presentation skills, with the ability to convey complex risk concepts to diverse audiences.
• Strong project management skills.
• Demonstrated ability to lead and influence teams without formal authority, fostering collaboration, and motivating cross-functional team members to achieve project objectives.

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