Director, Insurance Risk Management (Cambridge, MA)

Job Title

Director, Insurance Risk Management (Cambridge, MA)

Job Description

The Director, Insurance Risk Management is responsible for overseeing risks through comprehensive management strategies, analyzing market movements, managing team performance, negotiating insurance contracts, fostering a risk-aware culture and leading risk assessments to ensure organizational stability and compliance. The role manages financial risks by developing and implementing policies aligned with the company's risk appetite and providing strategic advice, in addition to analyzing financial market movements relative to the company’s risk profile to refine hedging strategies and enhance risk awareness.

 

Your role:

• Oversees risks and implements comprehensive risk management strategies, including hedging, policy adjustments, and proactive controls, to effectively mitigate financial uncertainties and ensure organizational stability. Manages financial risks by developing and implementing policies aligned with the company’s risk appetite, providing strategic advice on financial risk, and ensuring overall alignment with the organization's risk appetite and objectives. Analyzes financial market movements relative to the company’s risk profile to inform and refine hedging strategies, enhance risk awareness, and effectively mitigate overall financial risk.
• Manages team members, leverages individual strengths to achieve collective goals, supports the team's professional growth and development through mentorship and guidance and maintains high standards of performance. Leads the negotiation of insurance contracts to cover operational risks, ensures comprehensive coverage aligns with strategic objectives and manages financial costs effectively. Fosters a risk-aware culture by implementing comprehensive training and awareness programs, encourages proactive identification and mitigation of potential risks to enhance overall organizational resilience and compliance.
• Oversees risk mitigation and business continuity efforts to ensure resilience and continuity in operations, aligning strategies with insurance and risk management goals. Leads thorough risk assessments and audits to ensure adherence to regulations and company policies and provides strategic advice to senior management on matters pertaining to risk exposure and insurance strategies. Nurtures strong relationships with internal stakeholders and external parties, leverages these networks for industry insights, and securing optimal risk mitigation solutions for effective risk management.

You are the right fit if:

• You’ve acquired 8+ years of experience with Bachelor's OR Minimum 6 years of experience with Master's in areas such as Risk Analysis and Assessment, Financial Modeling and Analytics, Insurance, Enterprise Risk Management (ERM) or equivalent.
• Your skills include insurance risk oversight and mitigation, implementing comprehensive risk management strategies, including hedging, policy adjustments, and proactive controls; negotiation of insurance contracts to cover operational risks; and experienced in fostering a risk-awareness culture to enhance compliance.
• You have a Bachelor's/ Master's Degree in Finance, Econometrics, Legal, Economics, Business Administration, Financial Risk Management or equivalent.
• You must be able to successfully perform the following minimum Physical, Cognitive and Environmental job requirements with or without accommodation for this position.  

How we work together 

We believe that we are better together than apart. For our office-based teams, this means working in-person at least 3 days per week. Onsite roles require full-time presence in the company’s facilities. Field roles are most effectively done outside of the company’s main facilities, generally at the customers’ or suppliers’ locations. 

This is an office role.

About Philips:

We are a health technology company. We built our entire company around the belief that every human matters, and we won't stop until everybody, everywhere, has access to the quality of healthcare that we all deserve. Do the work of your life to help improve the lives of others.

• Learn more about our business.
• Discover our rich and exciting history.
• Learn more about our purpose.
• Learn more about our culture.

 

Philips Transparency Details  

The pay range for this position in Cambridge, MA is $173,000 to $275,000. 

The actual base pay offered may vary within the posted ranges depending on multiple factors including job-related knowledge/skills, experience, business needs, geographical location, and internal equity.     

In addition, other compensation, such as an annual incentive bonus, sales commission or long-term incentives, may be offered. Employees are eligible to participate in our comprehensive Philips Total Rewards benefits program, which includes a generous PTO, 401k (up to 7% match), HSA (with company contribution), stock purchase plan, education reimbursement and much more. Details about our benefits can be found here.

At Philips, it is not typical for an individual to be hired at or near the top end of the range for their role and compensation decisions are dependent upon the facts and circumstances of each case.   

Additional information:

US work authorization is a precondition of employment. The company will not consider candidates who require sponsorship for a work-authorized visa. 

Company relocation benefits will not be provided for this position.  For this position, you must reside in or within commuting distance to Cambridge, MA.

This requisition is expected to stay active for 45 days but may close earlier if a successful candidate is selected or business necessity dictates.  Interested candidates are encouraged to apply as soon as possible to ensure consideration.

Philips is an Equal Employment and Opportunity Employer including Disability/Vets and maintains a drug-free workplace.