Senior Risk Manager

Together with the Hubs in Munich and London, Madrid Life & Health Hub aims to become an increasingly relevant player in the generation of new business for Munich Re through its initiatives in Southern Europe and Latin America, while maintaining its stable and profitable portfolio in the region.

To achieve its ambition, Madrid has focused its growth strategy on scaling the traditional Protection business in Life and Health, shaping it via Business Transformation (Automated UW, B2B2C Cooperation Models, and Product Development), and expanding its Financial Reinsurance solutions across the region.

The Risk and Pricing department based in Madrid is responsible for providing best-in-class actuarial and risk management services, ensuring the Hub’s rapid growth occurs sustainably and in line with the Group’s underwriting guidelines.

About the role :

The Senior Risk Manager works closely alongside colleagues in Madrid, the Regional Risk Management team, and within Munich central functions in strengthening Madrid’s Actuarial and Enterprise Risk Management capabilities.

In addition to this, they will support the ongoing production of internal reports required, such as the Annual Risk Report and the MOCCA and ICS analysis.

Madrid has a regional responsibility along Southern Europe (Spain, Portugal, Italy, and Malta) and Latin America, with close contact with the offices of Munich Re in Milán, Malta, Sao Paulo, Bogota and Mexico City. This responsibility encompasses all Life and Health Protection and Financial Reinsurance contracts. The collaboration with Non-Life is relevant as all Munich Re offices operate under the one-roof concept, especially with the local compliance officers, but Risk Management is not responsible for the compliance processes.

The position will be based in Madrid.

Key Responsibilities :

• Review of large and complex transactions, especially with respect to financial, operational, legal and reputational risk, in line with the defined risk appetite.
• Review changes to pricing bases, product designs and pricing tools.
• Work collaboratively with other Regional Risk Management units on projects and reviews.
• Risk reporting to Regional CRO, Life & Health Madrid Hub management and central functions.
• Internal business governance activity within Life & Health Madrid Hub.
• Delivery of the operational risk management framework.
• Review and assessment of other risk types e.g. market, credit, reputation, concentration, liquidity etc.
• Second line treaty wording review.
• Support the Life & Health Madrid Hub to write and maintain profitable commercial business and innovation initiatives, in line with the business strategy and risk appetite, acting as a Business / Risk Partner.
• Promote Risk Management principles, develop the Life & Health Madrid Hub risk strategy, and communicate and raise awareness of Risk Management within the region.
• Maintain and improve the Life & Health Madrid Hub risk management framework, policies and processes.
• Develop the Life & Health Madrid Hub risk strategy and appetite including product limits, striking the balance between risk guidelines and commercial demands.
• Periodically represent Risk Management in special initiatives (e.g. product developments and business improvements).
• Be a point of reference for the business for guidelines and control processes.
• Commercial awareness and pragmatism.
• Diplomacy and tact.
• Self-awareness, ability to act on constructive feedback.
• Very good English proficiency, Spanish would be a plus.

Key Skills & Experience :

At least basic knowledge and experience of the following areas :

Qualifications and Educational Requirements :

Unlock your potential :

Rewards & Recognition :

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!

J-18808-Ljbffr