Risk Analyst

This position offers a comprehensive benefits package which can be viewed at: Faculty & Staff Benefits.

Reporting to the Director, Insurance and Risk Assessment, the Risk Analyst supports the mission and goals of the University of Alberta and Risk Management Services by providing exceptional client service while remaining current with insurance industry developments and standards, new insurance products and current risk management practices. By working with a diverse range of stakeholders, the Risk Analyst is responsible for pro-actively identifying and communicating best practices in risk management to reduce the likelihood of an adverse event. The incumbent assesses the university’s insurance program to ensure that the appropriate insurance programs and coverages are in place that will minimize the adverse effects of losses to the university, completes the annual statement of values, interprets and advises on various contracts and documents, maintains and assists stakeholders with questions and provision of waivers including assessment of risk associated with the activity, and assists in preparing various risk reports.

As an essential member of a small team, the Risk Analyst is responsible for staying informed of activities and initiatives within the unit and assuming critical tasks of the other Risk Analyst when that Analyst is absent from the office.

Duties

Insurance Program Renewals and Reporting

Scope: Administer a comprehensive and integrated insurance program used to transfer risk and protect the financial and fiscal assets of the university. The incumbent:

• evaluates institution properties and assembles and submits annually, underwriting information and renewal data to CURIE and the insurance broker for policy renewals associated with over $9 billion of insurable values;
• works closely with the Project Management Office, Libraries, Museums and Collection Services, and Facilities and Operations to ensure the required documentation is being maintained to support the calculation of insurable values;
• prepares the annual compilation and reporting of the University’s property values to CURIE;
• reviews annually, each renewed insurance policy for completeness and assess any changes, errors or omissions to determine the impact and request explanation, clarification or correction by the broker;
• identify if any insurance coverage change impacts a university policy or procedure and recommend changes where needed and, if appropriate, implement and communicate the changes to stakeholders;
• develop and maintain an extensive and comprehensive understanding of the university’s existing insurance policies, and self-insured and deductible programs;
• initiate and review future insurance initiatives as they develop and recommend when to change existing programs; when to purchase, and if to purchase new insurance policies;
• maintains a comprehensive electronic file system of policies and documentation in support of the insurance program;
• responds to requests regarding the university’s insurance policies and provides information on the coverages provided and interrupts the policy language as required; and
• provides certificates of insurance as required.

Contract Review

Scope: Working with key university partners, assist in the review of contracts or agreements regarding indemnification and insurance provisions and make available waiver documents used for a variety of purposes. The incumbent:

• reviews legal documents including leases, construction contracts, agreements, and research contracts and agreements, clinical, and purchasing contracts for insurance and risk clauses to determine if the wording of these documents is acceptable and to ensure that the university’s contractual liability is minimized;
• where required recommends modified wording, additional clauses or alternative approaches, sections and clauses within legal documents including leases, construction contracts, agreements, and research contracts and agreements, clinical, and purchasing contracts that will manage risk to the university; and
• remains current with the requirements for insurance and risk management issues for contracts, agreements, obligations and covenants and specific wordings and workings of these documents.

Student Groups Support

Scope: Act as primary contact for student groups for insurance and risk management issues as well as the development of waivers for use by student groups. The incumbent:

• works closely with the Office of the Dean of Students and the University’s Student Group Services and acts as a key resource to mitigate risks associated with student group activities and to assist in the preparation of or review of risk mitigation plans and waiver documents;
• attends meetings with student groups and in conjunction with the Dean of Students, reviews documents, insurance policies, and risk mitigation plans associated with events being planned by a student group;
• provides waivers as required to the student groups; and
• advises the Director if there are concerns whether the event or activity should proceed due to the associated risks.

Waivers

Scope: Working with key university stakeholders assist in the provision of waiver documents used for a variety of purposes. The incumbent:

• maintains a set of electronic waivers that can be used by university stakeholders for a variety of purposes;
• when contacted regarding waivers, assesses the nature of the event or activity and provides advice and direction regarding the required risk mitigation strategies for the event or activity;
• provides advice to university stakeholders on the purpose and use of waivers and confirms which waiver should be used;
• where necessary, develops special waivers due to the nature of the event or activity; and
• advises the Director if there are concerns whether the event or activity should proceed due to the associated risks.

Certificates of Insurance

Scope: Provision of certificates of insurance associated with the university’s Wrap-Around Coverages.  The incumbent:

• on an annual basis, confirm all related certificates of insurance for Wrap-Around Coverages marked for renewal are current and re-issue as required; and
• issues Wrap-Around and or CURIE related certificates of insurance upon request.

Other Related Duties

Scope: Undertake other assignments and provide cover off for the other Risk Analyst as required. The incumbent:

• undertakes ad hoc assignments as required; and
• works closely with the other Risk Analyst to stay current with his/her work activities and can provide the necessary cover-off for the Risk Analyst during any absence.

Qualifications

• An undergraduate degree in commerce or business, or technical education in Insurance and/or Risk Management with education in accounting (or relevant related experience);
• Strong conceptual and analytical skills;
• 7-10 years of experience in the insurance industry;
• Completion of a program in the following professional industry designation will be a definite asset: CRM, FRM, CIP and FCIP.

Working Conditions

Requires visual concentration for using computers in a number of different disciplines which include database understanding, accounting functions, spreadsheet work, letters and memorandums, writing reports and interpreting reports, and minutes, etc.