Risk Management Analyst

Ulta Beauty, Inc.•Bolingbrook, IL

3d•Hybrid

About The Position

The Risk Management Analyst supports the organization’s workers’ compensation, general liability, and Captive Insurance programs by analyzing loss data, monitoring claim performance, and collaborating with internal teams and third-party administrators to reduce the total cost of risk. This role is crucial in translating complex claims and actuarial data into actionable insights for leadership, ensuring alignment with retail and distribution operations, legal strategy, and financial goals. Additionally, the Risk Management Analyst will assist with insurance procurement and administration, as well as risk management financial budgeting, tracking, and reporting to support effective decision-making across the organization.

Requirements

5 - 7+ years in risk analysis
Experience with retail corporation(s) preferred
Demonstrated ability to think critically and make decisions under uncertainty
Strong communication and presentation skills
Ability to work collaboratively and cross-functionally in a fast-paced environment

Responsibilities

Analyze workers’ compensation and general liability claims data to identify loss drivers, trends, and emerging risks across retail and distribution locations.
Monitor claim severity, frequency, litigated claim ratios, and reserve adequacy; escalate concerns and recommend corrective actions as necessary.
Prepare loss summaries, dashboards, and executive-level reports for risk, finance, legal, and operations leadership.
Support the management of the casualty insurance program, including deductible, self-insured retention, and captive structures.
Support the procurement and administration of insurance policies by coordinating with brokers, underwriters, and internal stakeholders to gather necessary data, complete applications, and maintain accurate policy records.
Lead risk management financial budgeting, tracking, and reporting, ensuring costs are accurately projected, monitored, and communicated to leadership for effective decision-making.
Track total cost of risk metrics, pure loss rates, and key performance indicators in comparison to retail peers and industry benchmarks.
Partner with actuarial, finance, and brokerage teams during renewals, forecasts, and budget planning processes.
Collaborate with in-house claims team, third-party administrators (TPAs), insurance carriers, and defense counsel to ensure timely reporting, effective claim handling, and adherence to best practices.
Review TPA performance metrics, including three-point contact, early investigation, litigation management, and closure rates.
Support initiatives aimed at reducing attorney involvement through early intervention, mediation, and employee engagement strategies.
Work closely with Legal, People Success, Safety/EH&S, and Store Operations teams to improve incident timely reporting, claim outcomes, and return-to-work results.
Assist in developing training materials and guidance for field leadership on incident reporting and claims awareness.
Provide data-driven insights to inform policy decisions, safety initiatives, and risk mitigation strategies.
Ensure accurate documentation and data integrity across claims systems, insurance platforms, and internal reporting tools.
Assist with audits, carrier data calls, and regulatory reporting as needed.
Identify the likelihood and impact of events that could cause financial or operational setbacks.
Help define calculated risks that align with business objectives.
Assist with adherence to regulatory and industry standards.
Identify risk-related inefficiencies and areas for improvement.
Promote awareness and accountability across the organization.
Create and modify procedures and documents related to risk processes.
Develop partnerships with the claims management team.
Track and report on target budgets.
Provide direct information to claimants as needed.
Manage insurance data for reporting purposes.
Generate statistical data and construct probability tables to forecast risk and liability for payment of future claims.