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    Outsourcing and Third Party Risk Manager - London, United Kingdom - The Travelers Companies, Inc.

    The Travelers Companies, Inc.
    The Travelers Companies, Inc. London, United Kingdom

    1 week ago

    Default job background
    Full time Upper Management / Consulting
    Description
    Who Are We?

    Taking care of our customers, our communities and each other. That's the Travelers Promise.

    By honoring this commitment, we have maintained our reputation as one of the best property casualty insurers in the industry for over 160 years.

    Join us to discover a culture that is rooted in innovation and thrives on collaboration. Imagine loving what you do and where you do it.

    Target Openings

    1

    What Is the Opportunity?

    Travelers are looking to hire an Outsourcing and Third Party Risk Manager on a 12 month fixed term contract.


    You will be responsible for the development and implementation of policies and procedures to ensure Travelers Europe's compliance with regulatory requirements and expectations relating to outsourcing and third party risk management.


    You will enhance existing, and develop new, third party risk management controls to enable Travelers Europe to effectively manage risks associated with external and intragroup arrangements, including outsourcing and delegated authority.


    You will guide and support the relevant business owners and key stakeholders throughout the life cycle of an arrangement, oversee and manage the entire third party risk management program, produce Board/ Committee reports, maintain registers and prepare regulatory returns.


    Travelers Europe currently offers flexibility to employees who wish to work on a hybrid basis in accordance with our Hybrid Work Arrangements Policy.

    This entails full time employees working three days a week in the office and two days at home (or pro rata for part-time employees).

    This policy may be changed at the Company's discretion.

    What Will You Do?


    Design and implement processes for the identification of all material third party arrangements throughout the organisations, including intragroup, third party suppliers and delegated authority.


    Enhance existing, and develop new, third-party risk management controls to ensure that Travelers Europe meets regulatory requirements and expectations of applicable regulators, including the PRA and CBI.

    This will involve working closely with procurement, supplier risk management, cyber security and delegated authority colleagues to ensure that requirements are integrated into their processes.


    Work closely with business owners and key stakeholders to ensure all risks are considered, and controls implemented, throughout the life cycle of an arrangement.

    Ensure each arrangement has a documented risk assessment and materiality assessment, which is reviewed at appropriate intervals.


    Ensure each material arrangement has a documented business continuity plan and exit strategy in place, which is tested (as appropriate) and updated on a regular basis.

    Ensure all relevant internal approvals are obtained prior to the commencement, and during the lifecycle, of an arrangement.

    Produce Board and Committee reports.

    Support the preparation of regulatory notifications.

    Maintain registers of all outsourcing arrangements and other material arrangements, including all data required for regulatory submissions.

    Provide information for inclusion in regulatory reports such as ORSA, SFCR and RSR.

    Ensure documentation and records are maintained in appropriate systems.

    What is a Must Have?

    Experience of third party risk and control management in relation to third parties in a financial services regulated environment.

    Strong working knowledge of regulatory requirements relating to outsourcing and material third-party risk management, for example PRA SS2/21 and CBI Cross Industry Guidance on Outsourcing.

    Ability to interpret regulatory requirements and apply them into day to day working practices.

    Experience in the insurance industry and an understanding of delegated underwriting arrangements and delegated claims handling arrangements would be preferable, but not essential.

    A proactive and enthusiastic approach to driving change.
    Ability to work independently and take ownership of a project.
    Good communication skills and ability to build relationships within the business.

    Employment Practices

    Travelers is an equal opportunity employer.

    We value the unique abilities and talents each individual brings to our organization and recognize that we benefit in numerous ways from our differences.


    If you are a candidate and have specific questions regarding the physical requirements of this role, please send us an email so we may assist you.


    Travelers reserves the right to fill this position at a level above or below the level included in this posting.

    To learn more about our comprehensive benefit programs please visit

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