Vendor Risk Analyst at Chubb in Chicago, Illinois

Job Description:

Combined Insurance, a Chubb Company, is seeking a Vendor Management Risk Analyst, Global Risk Management to join our fast-paced, high energy, growing company. We are proud of our tradition of success in the insurance industry of over 100 years. Come join our team of hard-working, talented professionals!

JOB Summary 

• The Vendor Management Risk Analyst of Global Risk Management (VMRA-GRM) is an intermediate staff position that supports the execution of the vendor risk management process for Combined Insurance Company. They will report to the Director of Vendor Risk Management within Global Risk Management.

• Based in Chicago, the VMRA-GRM interacts with vendors, vendor relationship owners, internal auditing, insurance, fraud, corporate investigations, and information security. The appointee manages and develops a comprehensive process for assessing, identifying, monitoring, and reducing pertinent vendor business risks that could interfere with the company's objectives and goals.

• The VMRA-GRM is responsible for supporting the effective implementation of the risk control governance framework within Combined Insurance Company to meet the requirements of the Chubb Company Board of Directors (Board); the Combined Company Chief Executive Officer (CEO); the applicable policies, standards, practices, and authorities established by the Chubb Group Risk organization; applicable legal and regulatory requirements; and applicable Insurance organization guidelines, handbooks and similar publications.

Responsibilities 

• Vendor Management
  
  
  • Supports the development and maintenance of a master vendor list by data scrubbing, de-duplication, and validation.
  
  
  • Performs evaluation of TPA and Vendor engagements to identify and manage vendor risk via risk assessments and initiating due diligence efforts.
  
  
  • Proactive monitoring of risk exposures in conformity with the risk principles, profile, appetite, and limits approved by the Board of Combined Insurance while aggregating and reporting material risks.
  
  
  • Completes audits of vendors to ensure that controls work as expected and procedures are followed correctly.
  
  
  • Providing regular reports to Management in a manner and format that allows them to clearly understand the risks being assumed.
  
  
  
  


• Risk Mitigation
  
  
  
  • Exercising Risk Control practices in accordance with the Risk Authorities, including decisions on exceptions to Group policy, and ensuring appropriate evaluation of risk (including reputation risk) and reward in risk decisions
  
  
  • Partnering closely with the other control functions, supporting the Combined Insurance Company, to ensure that operational controls meet management's need for vendor risk oversight.
  
  
  
  


• Enterprise View
  
  
  
  • Supporting the Global Risk Management team in educating the business on risk policies, processes and applications as needed and promoting a strong fiduciary risk management culture
  
  
  • Attending Risk Management Committee meetings, including overseeing the status of any remediation programs necessary to address control issues and providing regular reports to Management
  
  
  • Reviewing new business opportunities and outsourcing Initiatives while creating an awareness of relevant risks.
  
  
  
  

Skills

• Understanding of Company activities and the risks inherent in those activities including potential conflicts of interest in transactions with or involving affiliates


• Hands on individual, capable of identifying and escalating gaps in controls, and working with management to close any gaps


• Effective verbal and written communication skills


• Knowledge of the traditional risk management framework and third-party risk frameworks


• Demonstrated experience in a Vendor Management, Risk, Audit or Compliance role relating to an Insurance business

Education and Experience 

• Four-year degree


• Certification in risk management, audit and/or control practices (e.g., Certified Risk Professional, Certified Internal Auditor, Certified Management) is a plus


• Up to 3 years of experience in Operational or Enterprise Risk, Internal Audit, Corporate Procurement or Contracts, Vendor Management, risk management or control monitoring function


• Up to 3 years of experience in the A&H Insurance industry

OUR BENEFITS

As a Chubb corporate employee, you have access to one of the most comprehensive benefit plans in the business, designed to meet your needs and help you reach your financial goals. Chubb is committed to supporting its employees with a comprehensive compensation package that is appropriate in the market where they work. Below are several of the many benefits we offer our employees: 

• Health insurance


• Dental insurance


• Tuition reimbursement


• A company-match 401(k) plan


• Disability insurance


• Life insurance


• Employee referral bonuses

ABOUT COMBINED INSURANCE

Combined Insurance Company of America is a Chubb company and a leading provider of supplemental accident, health, disability, and life insurance products in North America. Headquartered in Chicago, and celebrating 100 years in business, we are committed to making the world of supplemental insurance easy to access and understand. The company has an A+ rating by the Better Business Bureau and an A + (Superior) financial strength rating by A.M. Best. We are ranked by VIQTORY as the number one Military Friendly® Employer in 2022 (over $1 billion revenue category), marking Combined's eleventh consecutive year on the Top 10 list.

ABOUT CHUBB

Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 31,000 people worldwide.

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