Senior Risk Analyst

Allianz Insurance • Chicago, IL

4d • $77,364 - $116,909 • Hybrid

About The Position

We are looking for a Senior Risk Analyst, who will be based in the O’Fallon or Chicago office. This will be a hybrid role.
Your Team
Our team is committed to invest in our people through training and professional development while supporting you along the way—all so you can meet your career goals. To us, the most important measure of our success is yours.
The Impact You Will Have
Support ERM functions for Allianz Global Risk US through quantitative and qualitative risk analysis across underwriting, claims, reserving, operational, financial, and strategic risk areas. Conduct RCAs, ORSA drafting, Top Risk Assessments, incident management, stop-loss analysis, and RBC oversight. Leverage data analytics, coding, and GenAI tools to automate analysis, develop Power BI dashboards, and enhance risk insights for management reporting. Requires entrepreneurial spirit to identify opportunities, drive innovation, and deliver creative risk management solutions, while being collaborative and comfortable working in a team environment.

Requirements

• 3–5 years in enterprise, operational, insurance, or financial risk within P&C insurance.
• Experience in qualitative and quantitative risk disciplines.
• Hands-on experience with RCSAs, Top Risk Assessments, ORSA, and incident management.
• Strong analytical, problem-solving, and documentation skills.
• Excellent written and verbal communication.
• Experience with NAIC RBC, capital adequacy, stress testing, stop-loss, and reinsurance structures.
• Proficiency in Power BI, advanced Excel, Python, SQL, R and GenAI tools in professional environments.
• Bachelor’s degree.
• External applicants must be legally authorized to work in the United States without the need for current or future employment-based sponsorship. We are unable to sponsor or take over sponsorship of employment visas at this time, nor can we guarantee future sponsorship.
• Be advised that the position you are applying for involves responsibilities related to cash handling. As part of our commitment to ensuring the safety and security of our operations, all candidates ( internal and external) selected for this role will be required to undergo a background check. This process includes, but is not limited to, verification of criminal history and financial history. By applying for this position, you acknowledge and consent to the background check as a condition of employment.

Nice To Haves

• Experience in applying artificial intelligence (AI) and machine learning (ML) to improve business processes and decision-making is preferred.

Responsibilities

• Lead RCAs across underwriting, claims, finance, IT, and operations.
• Identify, assess, and document inherent, residual, and emerging risks with control effectiveness evaluation.
• Support annual Top Risk Assessment and maintain enterprise risk registers.
• Prepare ORSA documentation per NAIC, OSFI, and state regulatory requirements.
• Support scenario design, stress testing, and capital impact analysis.
• Assist with regulatory exams, audits, and ERM governance responses.
• Work closely with the Capital Management team to understand the RBC analysis including capital ratios and drivers of change.
• Conduct stop-loss, retention, and reinsurance analysis.
• Perform stress testing and sensitivity analysis for loss experience, catastrophes, and operational risks.
• Manage risk incidents and loss events with root cause analysis and remediation tracking.
• Identify trends and emerging risk signals.
• Maintain loss event databases and incident reporting processes.
• Automate risk analysis and reporting using Python, SQL, R.
• Develop Power BI dashboards for KRIs, loss trends, capital metrics, and risk appetite.
• Apply GenAI to draft assessments, identify patterns, improve documentation efficiency, and pilot innovative analytics.
• Prepare risk reports and presentations for ERM committees, executives, and Board.
• Translate complex analyses into actionable insights for non-technical stakeholders.
• Partner across underwriting, claims, actuarial, finance, compliance, audit, and IT to embed risk practices.
• Drive continuous improvement and stay current on P&C risk trends and emerging technologies.

Benefits

• We offer a hybrid working model, which recognizes the value of striking a balance between in-person collaboration and remote working. Please feel free to discuss flexible working arrangements with us.
• We believe in rewarding performance with a great compensation and benefits package (details vary by location), including a generous bonus scheme and pension.
• From career development and digital learning programs to international career mobility, we offer lifelong learning for our employees worldwide and an environment where innovation, delivery and empowerment are fostered.
• From our support for flexible working, health and wellbeing (including private healthcare and generous parental leave benefits), to helping people return from career breaks with experience that nothing else can teach. We've got your back.
• With opportunities to be engaged in shaping a future that is safe, inclusive and sustainable, we care for the tomorrows of our people, our industry and our clients.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 5,001-10,000 employees