Sr Manager, Risk Management (Risk Manager)

CarMax • Richmond, VA

3d • $111,700 - $178,700 • Hybrid

About The Position

The Risk Manager plays a pivotal role in the development, strategy, and execution of CarMax’s risk and insurance program. The Risk Manager is responsible for the Company’s insurance programs which support over 250 retail locations and approximately 30,000 associates. The Risk Manager oversees CarMax’s Workers’ Compensation (WC) program and leads the team responsible for handling WC claims. The Risk Manager ensures the WC program focuses on the safety of associates while complying with regulatory requirements and minimizing financial risk to the Company.

Requirements

• 8+ years experience in risk management or related discipline for a large company with multiple lines of insurance
• Four-year college degree
• Strong fluency in insurance markets, products, and terminology
• Strong operational knowledge Microsoft Office (Excel, Word, PowerPoint, Outlook)
• Ability to motivate and influence across multiple levels of the organization, and willing to challenge upwards appropriately in the best interest of CarMax
• Ability to build and maintain strong relationships throughout the organization, and collaborate with other departments and teams
• Ability to influence and negotiate successfully with advisors & outside providers
• Ability to manage multiple projects; prioritize and lead team to achieve long-term and short-term results
• Ability to drive informed decisions via strong analytical and strategic mindset

Responsibilities

• Identifying, evaluating, and managing risks inherent across CarMax’s operations and to ultimately reduce Company exposure and financial risk
• Leading the overall strategy of all commercial insurance programs including, Auto Liability, General Liability, Workers’ Compensation/Employers’ Liability, Property, Executive Risk, Aviation, Storage Tanks, Business Travel Accident, and Motor Cargo
• Partnering across diverse teams to create comprehensive underwriting submissions and drives insurance renewals and negotiations, including executive presentations to appropriately represent the Company to insurers
• Proactively analyzing program effectiveness to ensure insurance structures are aligned with Company’s exposures and risk tolerance levels
• Leading Workers’ Compensation strategy and overall program (including certain state-specific programs) to ensure injured associates are appropriately supported and claims are resolved effectively
• Managing WC associates; actively partnering with associates to drive performance and career development
• Direct management and oversight of CarMax’s Bermuda-based captive insurance company; responsible for overall strategy, monthly analytics and reporting, local regulatory compliance, audits, premium determination, payments, and general administration
• Cultivating and maintaining relationships with CarMax’s captive service providers, including actuaries, auditors, claims administrators, brokers, insurer(s), and legal counsel; plays an advisory role on the captive Board of Directors
• Proactively directing strategy and claim / settlement authority for litigated and/or complex Auto/GL/WC claims in conjunction with legal counsel and insurance carrier; matters include overall strategy, discovery requests, mediations, hearings, settlements, and trials
• Providing corporate direction to drive successful resolution (reduced costs/exposures) via partnerships with insurance providers, third party claim administrators, and legal counsel for all claim types
• Preparing annual budget and presenting budget to Executive Leadership; provides updated forecasts throughout year
• Providing insurance updates for the Board of Directors / Audit Committee on a semi-annual basis
• Successfully executing relevant key SOX controls, reviewing process documentation, and providing support for internal and external auditors
• Supporting more than 250 store locations, including certificates of insurance, auto insurance cards, compliance items, claims inquiries, and general guidance
• Managing company surety bond program
• Collaborating across the organization to understand risk management needs and strategic initiatives; serving as subject matter expert to educate and advise business partners on effective risk management strategies
• Serving as subject matter expert in reviewing contracts across the company to evaluate liability exposure and advise on insurance provisions to protect the Company

Benefits

• Paid sick time
• Paid vacation time
• Paid holiday time
• Unlimited PTO (for full-time salaried associates)
• Bereavement leave
• Jury duty leave
• Floating holiday

What This Job Offers

• Job Type: Full-time
• Career Level: Manager
• Education Level: Associate degree