Director of Risk Management - Colby College at Another Source in Waterville, Maine

Job Description:

Another Source’s client, Colby College, is recruiting a Director of Enterprise Risk Management and Insurance to join their team onsite in Waterville, Maine.

About Colby College and the position they are recruiting for:

Founded in 1813, Colby College is one of the oldest liberal arts colleges in the United States, offering a transformative, undergraduate-focused education. Located in Waterville, Maine, Colby provides students with a vibrant and diverse academic experience, blending rigorous coursework with a wide range of cocurricular activities. Colby is known for its forward-thinking programs, including the Davis Institute for Artificial Intelligence, the Colby College Museum of Art, and the state-of-the-art Harold Alfond Athletics and Recreation Center. With a strong commitment to scholarship, community, and global impact, Colby is a dynamic institution that prepares students for success in a rapidly evolving world.

Learn more about:

• Colby College: www.colby.edu
• Office of Risk Management: https://www.colby.edu/people/offices-directory/general-counsel/office-of-risk-management/

About the role:

Reporting to Vice President and Chief Financial Officer, the director is responsible for leading Colby College’s enterprise risk management efforts; advising campus constituents on risk-management issues; overseeing the college’s insurance program; managing the college’s enterprise risk management (ERM) process; and, as required, engaging with the Enterprise Risk / Audit Committee of the Board of Trustees on risk assessment protocols. The Risk Director is responsible for innovation, governance and management necessary to identify, evaluate, mitigate, and monitor the college’s operational and strategic risks associated with new and continuing activities. This Risk Director ensures that the college is protecting its assets and financial statements by establishing a process of identifying and assessing exposures and proposing financial options for controlling risk to those exposures.

The Risk Director is responsible for including stakeholder engagement through outreach, training, and facilitated risk discussions. The director maintains an ongoing awareness of emerging external and internal risks and opportunities. This position will not be responsible for setting the college’s risk tolerance, accepting risk on behalf of management or serving as a risk owner for any identified risk.

The Risk Director will be responsible for the daily administration, record-keeping and oversight of insurance programs and policies across a broad range of loss types. This includes maintenance of the relationships with third party service providers (brokers, insurers, TPAs, etc.) by acting as the primary liaison with those service providers; preparing recommendations regarding the purchase of insurance policies and services; administering the claims and loss control activities; preparing loss analyses and budgets; and ensuring compliance with insurance procedures; and utilizing fully loss prevention services.

What you will be doing:

• Work with the college leadership to identify existing exposures, recommend solutions and implement approved programs matched with the proper financially responsible insurance coverage for institutional losses.
• Manages the Enterprise Risk Management budget for insurance in excess of $1M.

Contracts:

• Reviews all contracts for the College.
• Upon review with the Vice President and Chief Financial Officer, signs all contracts below $250,000 in value
• Maintains and signs standard Colby templates including:
• Facility Use Agreements (Campus Events, Chase Forum)
• Nondisclosure Agreements
• Data Safeguarding Addendum
• Collaborates with ITS on data security/privacy related implications for contract review
• Maintains file of contracts for each vendor, including drafting documents and executed version (if returned)
• Ensures the organization’s risk management policies and strategies are in compliance with applicable regulations.
• Ensures the rating management policies and strategies are in compliance with applicable regulations, rating agency standards and strategic imperatives of the organization.
• And more.
• Please review full list with external application link

Insurance Responsibilities:

• Manages entire insurance program including the following:
• Manages and evaluates the college’s insurance portfolio (excluding employee health insurance and unemployment insurance) with the assistance of outside consultants.
• Works with the Procurement Department to bid and award insurance products; negotiates with the awarded vendor to assure the best price/coverage for the college for both new and existing vendors.
• Presents to the Vice President and CFO the results of the negotiations of all products; keeps upper management informed of any insurance issues and the needs for additional coverage.
• Identifies and analyzes risk exposures to procure appropriate and cost-effective insurance to protect the assets of the college.
• Manages all parts of the claims process (property, general liability, educator’s legal liability, cyber liability). Manages insured and self-insured claims and loss control activities, including general liability, property, auto and employment practices liability, coordinating with the General Counsel on minor claims and otherwise keeping the General Counsel and Vice President and Chief Financial Officer informed.
• Submits and manages insurance claims and expedites the process with the appropriate insurance carrier.
• Submits all renewal applications, including the following for the primary insurance broker with renewal date of April 1 after previous planning meetings.
• Manages the Fine Arts insurance program.
• Manages the Student Health Insurance Plan and works with Student Financial Services on the renewal and enrollment/waiver process.
• Manages Basic Sports and Catastrophic Club insurance program in consultation with Athletics.
• Ensures that coverage, costs and losses are tracked to serve as the basis for prepared recommendations for the purchase of appropriate levels of insurance policies and services to the Vice President and Chief Financial Officer.
• Presents to the Vice President and CFO the results of the negotiations of all products; keeps upper management informed of any insurance issues and the needs for additional coverage
• Prepares insurance budgets for the Vice President and Chief Financial Officer. Enters into the college budget system the expected insurance budget.
• And more.
• Please review full list with external application link

What you will bring:

• Bachelor’s Degree in relevant field required. Advanced degree preferred. Certified Public Accountant (CPA) or Certified Internal Auditor.
• Professional certification in the field of Risk Management.
• 5-8 years of professional experience in a risk management, safety and/or insurance-related position plus 8 or more years of supervisory or managerial experience.
• Work experience in higher education.
• Knowledge and experience with pertinent Federal, State and Local Regulations.
• Experience in forecasting and analyzing risk metrics.
• Demonstrated leadership and management abilities in a complex environment.
• Provide success in staff development.
• Experience working closely with Senior Staff and Project Management in planning and carrying out strategic objectives.
• Have an understanding of business continuity.
• Knowledge and experience in interpreting data and trends.

What’s in it for you:

Colby College offers a comprehensive benefits package for fulltime staff. Learn more about the benefits here: https://www.colby.edu/humanresources/benefits/

Equal Employment Opportunity and Non-Discrimination:

Colby is a private, coeducational liberal arts college that admits students and makes employment decisions on the basis of the individual's qualifications to contribute to Colby's educational objectives and institutional needs. Colby College does not discriminate in its educational programs or employment on the basis of race, color, gender, sexual orientation, gender identity, disability, religion, national origin, age, marital status, genetic information, or military or veteran’s status. Colby is an equal opportunity employer and operates in accordance with federal and state laws regarding non-discrimination. Colby complies with Title IX, which prohibits discrimination on the basis of sex in an institution’s education programs and activities. Questions regarding Title IX may be referred to Colby’s Title IX coordinator or to the federal Office of Civil Rights. We encourage inquiries from candidates who will contribute to the diversity of our College, including its cultural and ethnic diversity