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Associate Director, Insurance & Risk Management

Merck Cherokee

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Kenilworth, NJ
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Job Description

As posted by the hiring company

Job Overview:

Job Description

Our Finance team brings together our financial perspectives into our overall strategic and tactical decision making. We use state-of-the-art techniques for financial analysis, planning, accounting, reporting and performance evaluation. This allows the organization to continue advancing medical innovation and improve lives.

Position Description:

The Insurance & Risk Management (I&RM) group oversees the design and execution of risk transfer and risk financing strategies to protect the Company against significant economic loss and enable business operations globally.

Reporting to the Director, I&RM, the Associate Director will be responsible for:

  • Working with internal and external stakeholders to assess our Company’s risk related to property/casualty exposures and developing optimal insurance and risk financing solutions to manage identified and emerging risks.

  • Supporting annual marketing and renewal activities for assigned lines of insurance, and making recommendations to Management for program structure.

  • Managing internal processes related to loss activity and facilitating Company’s claims recovery efforts for assigned lines of insurance.

  • Serving as insurance subject-matter expert to the business.

  • Monitoring financial performance of assigned lines of insurance, analyzing/reporting variances to forecasts, and maintaining models to report on departmental results.

  • Managing ad hoc assignments and projects as needed.

Financial and Risk Analysis:

  • Develop an understanding of our Company’s business and changing market environment to help shape the Company’s risk management approach.

  • Develop, prepare and/or review financial analyses in support of risk management decisions. Analyses include:

    • evaluation of optimal insurance program structures that minimize total cost of risk, including both premiums and losses,

    • development of models to assess value of insurance purchase and loss prevention investment decisions,

    • assessment of insurance recoveries under complex coverage scenarios and

    • development of models that look across the portfolio of company financial risks to help inform broader risk management decision making.

  • Continually assess the department’s strategies and tactics for managing risk and minimizing costs, including exploring and evaluating innovative approaches and solutions.

  • Analytical work may involve the use of stochastic modeling to evaluate various potential outcomes.

Marketing and Renewal of Insurance Programs:

  • Assists Director in development of presentations used to market our Company’s insurance programs annually.

  • Prepares and/or reviews annual underwriting applications for submission to insurance brokers/carriers, which involves interaction with other Company divisions/functions to collect and summarize requested information.

  • Interact with brokers and insurers to negotiate placement of insurance.

  • Analyzes quotations from insurers including a detailed review of coverage terms and conditions.

  • Makes recommendations to Director and Treasurer for placement of insurance.

  • Reviews policies for accuracy and consistency to negotiated terms.

  • Requires strong attention to detail and coordination under tight deadlines.


Claims Recovery:

  • Assists Director in managing various claim recovery efforts to maximize collection under Company policies.

  • Involves coordination between our Company's Legal, other divisions, local entities, external counsel and our Company’s insurance brokers/carriers.

  • Provides regular updates to management on status of key claims.

  • Also oversees internal processes related to loss activity in conjunction with third party administrators and brokers for certain self-insured programs/retentions.


Business Support:

  • Serves as subject-matter expert to our Company's businesses regarding insurance-related activities.

  • Supports other Company divisions/functions in negotiation of various contracts, including supply contracts, acquisition and licensing agreements, etc.

  • Supports business development and integration teams.


Planning and Reporting:

  • Monitors financial performance of assigned insurance lines versus forecast and budget.

  • Maintain models for departmental planning and reporting purposes.

  • Leads periodic reporting to management.

Position Qualifications:

Education Minimum Requirement:

  • Undergraduate degree

Required Experience and Skills:

  • 5 years of business experience

  • Strong financial analysis and Excel skills

  • Ability to plan & organize effectively and to work independently

Preferred Experience and Skills:

  • MBA, CFA, or risk management designation (e.g., ARM, CPCU)

  • Excellent interpersonal skills with ability to build collaborative internal and external relationships

  • Project management skills

  • Strong attention to detail

Our Support Functions deliver services and make recommendations about ways to enhance our workplace and the culture of our organization. Our Support Functions include HR, Finance, Information Technology, Legal, Procurement, Administration, Facilities and Security.

Who we are …

We are known as Merck & Co., Inc., Rahway, New Jersey, USA in the United States and Canada and MSD everywhere else. For more than a century, we have been inventing for life, bringing forward medicines and vaccines for many of the world's most challenging diseases. Today, our company continues to be at the forefront of research to deliver innovative health solutions and advance the prevention and treatment of diseases that threaten people and animals around the world.

What we look for …

Imagine getting up in the morning for a job as important as helping to save and improve lives around the world. Here, you have that opportunity. You can put your empathy, creativity, digital mastery, or scientific genius to work in collaboration with a diverse group of colleagues who pursue and bring hope to countless people who are battling some of the most challenging diseases of our time. Our team is constantly evolving, so if you are among the intellectually curious, join us—and start making your impact today.

NOTICE FOR INTERNAL APPLICANTS

In accordance with Managers' Policy - Job Posting and Employee Placement, all employees subject to this policy are required to have a minimum of twelve (12) months of service in current position prior to applying for open positions.

If you have been offered a separation benefits package, but have not yet reached your separation date and are offered a position within the salary and geographical parameters as set forth in the Summary Plan Description (SPD) of your separation package, then you are no longer eligible for your separation benefits package. To discuss in more detail, please contact your HRBP or Talent Acquisition Advisor.

We are proud to be a company that embraces the value of bringing diverse, talented, and committed people together. The fastest way to breakthrough innovation is when diverse ideas come together in an inclusive environment. We encourage our colleagues to respectfully challenge one another’s thinking and approach problems collectively. We are an equal opportunity employer, committed to fostering an inclusive and diverse workplace.

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Residents of Colorado

Click here to request this role’s pay range.

New hires in office-based roles in the US & Puerto Rico will be required, subject to applicable law, to demonstrate that they have been fully vaccinated for COVID-19 or qualify for a medical or religious exemption to this vaccination requirement that can be accommodated without an undue burden to the operation. However, subject to applicable law, employees working in roles that the Company determines require routine collaboration with external stakeholders, such as employees in health services, customer facing commercial, or research based roles, will be required to be fully vaccinated as a condition of employment.

Current Employees apply HERE

Current Contingent Workers apply HERE

US and Puerto Rico Residents Only:

Our company is committed to inclusion, ensuring that candidates can engage in a hiring process that exhibits their true capabilities. Please click here if you need an accommodation during the application or hiring process.

For more information about personal rights under Equal Employment Opportunity, visit:

EEOC Poster

EEOC GINA Supplement​

OFCCP EEO Supplement

Pay Transparency Nondiscrimination

We are proud to be a company that embraces the value of bringing diverse, talented, and committed people together. The fastest way to breakthrough innovation is when diverse ideas come together in an inclusive environment. We encourage our colleagues to respectfully challenge one another’s thinking and approach problems collectively. We are an equal opportunity employer, committed to fostering an inclusive and diverse workplace.

Residents of Colorado:

Click here to request this role’s pay range.

Search Firm Representatives Please Read Carefully
Merck & Co., Inc., Rahway, NJ, USA, also known as Merck Sharp & Dohme LLC, Rahway, NJ, USA, does not accept unsolicited assistance from search firms for employment opportunities. All CVs / resumes submitted by search firms to any employee at our company without a valid written search agreement in place for this position will be deemed the sole property of our company. No fee will be paid in the event a candidate is hired by our company as a result of an agency referral where no pre-existing agreement is in place. Where agency agreements are in place, introductions are position specific. Please, no phone calls or emails.

Employee Status:

Regular

Relocation:

No relocation

VISA Sponsorship:

No

Travel Requirements:

Flexible Work Arrangements:

Shift:

Valid Driving License:

Hazardous Material(s):

Number of Openings:

1