Job Information
Abbott Director, Global Risk Management in Abbott Park, Illinois
Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 114,000 colleagues serve people in more than 160 countries.
Our global headquarters in Abbott Park, Illinois is seeking a Director of Global Risk Management to join our team.
Reporting to the Senior Director, Global Risk Management, this role is responsible for protecting Abbott from unforeseen loss while enabling business growth. The Director will have oversight and drive the direction and coordination of all aspects of the worldwide property, casualty and trade credit insurance programs. The Director will develop, recommend and drive decisions on the risk and insurance management strategy, including quantifying loss potential and recommending whether to retain or transfer potential risk. The role will also implement risk transfer and self-insured programs and mitigation/loss prevention activities as well as manage certain claims brought against the company.
This position routinely interfaces with Insurance Consultants, Brokers, Insurers, TPAs, and all Abbott functional groups including, but not limited to Treasury, Finance, Tax, EHS, Security, Legal, Operations, Supply Chain and Procurement. This position drives the development and implementation of strategic initiatives and provides expertise and guidance in identifying and mitigating risk and in achieving compliant and financially justified global and local insurance programs.
What You Will Do:
Insurance – Align with management on risk tolerance and program strategy. Negotiate the worldwide property, casualty and trade credit insurance programs which consists of setting renewal strategy, negotiating coverage and implementing the insurance. Negotiation of policy terms entails detailed review and technical knowledge of policy form terms and conditions relative to Abbott requirements and exposures to ensure the most favorable coverage terms for Abbott and ensuring that the insurance is efficient, compliant and cost-effective. Assess insurance market trends, directions and developments that may impact pricing and coverage for future insurance renewals and determine optimal methodology of allocating insurance premiums.
Resilience, Loss Prevention & Safety - Identify and assess the risks to the businesses. To ensure that Abbott is well protected, life safety is maximized, and potential losses are mitigated, the Director will evaluate and challenge the businesses in managing its risks and will provide support to help prioritize any recommendations in partnership with EHS, Security and Engineering.
Business Enablement - As the subject matter expert, provide guidance on legal agreements, lead training sessions and liaise with different functional groups, business units and senior level managers as needed. Ensure all risk transfer and self-insured programs operate effectively in support of business goals.
Claims Management – Collaborate with Legal, TPAs and Insurers. Assist in the resolution of complex and difficult claims, achieve positive settlements on behalf of Abbott, work closely with other functional groups to ensure appropriate facts and documentation are provided and engage with FP&A and actuary to set accounting reserves.
Mergers, Acquisitions & Divestitures – Conduct diligence and integration as it relates to insurance and claims, ensuring that assets are protected and that newly acquired entities are appropriately onboarded or relevant assets/entities are offboarded.
Leadership – Provide coaching, training and leadership to Risk Management and Treasury colleagues to support career growth and succession planning. Collaborate with FP&A, management, insurers and actuaries in reviewing financial plans and reserves.
Education and Experience You Will Bring:
Bachelor’s degree in business, finance, accounting or related field required.
Master’s degree in business, finance, or related field desirable.
Risk management designation/certification (ARM, CPCU) desirable.
10+ years of experience in large commercial lines property insurance and risk management.
Must possess strong analytic and problem-solving skills for decision making on complex business and technical issues.
Strong presentation skills with ability to lead and interact with all levels of management.
Proficient use of Risk Management Information Systems (RMIS) and Microsoft Office with heavy emphasis on Excel and PowerPoint.
What We Offer
At Abbott, you can have a good job that can grow into a great career. We offer:
Training and career development , with onboarding programs for new employees and tuition assistance
Financial security through competitive compensation, incentives and retirement plans
Health care and well-being programs including medical, dental, vision, wellness and occupational health programs
Paid time off
401(k) retirement savings with a generous company match
The stability of a company with a record of strong financial performance and history of being actively involved in local communities
Learn more about our benefits that add real value to your life to help you live fully:
www.abbottbenefits.com (http://www.abbottbenefits.com/pages/candidate.aspx)
Follow your career aspirations to Abbott for diverse opportunities with a company that provides the growth and strength to build your future. Abbott is an Equal Opportunity Employer, committed to employee diversity.
Connect with us at www.abbott.com , on Facebook at www.facebook.com/Abbott and on Twitter @AbbottNews and @AbbottGlobal.
The base pay for this position is $143,300.00 – $286,700.00. In specific locations, the pay range may vary from the range posted.
An Equal Opportunity Employer
Abbot welcomes and encourages diversity in our workforce.
We provide reasonable accommodation to qualified individuals with disabilities.
To request accommodation, please call 224-667-4913 or email corpjat@abbott.com