Req #: 0000175419
Category: Professional / Management
Status: Full-Time
Shift: Day
Facility: RWJBarnabas Health Corporate Services
Department: Insurance

JOB SUMMARY:

The Vice President of Insurance and Risk Management will oversee the strategic planning, development, and execution of the insurance and risk management programs across the RWJ Barnabas Health system (the System ), including the System s captive insurance company. This role is responsible for purchasing and managing the System property, casualty and liability insurance programs and identifying, assessing, and mitigating risks to ensure the safety and well-being of patients, staff, and visitors, and the financial stability and operational integrity of the organization. The Vice President of Insurance and Risk Management will report to the Executive Vice President and General Counsel and will collaborate closely with senior leadership to foster a culture of safety and compliance.
Reports To: Executive Vice President and General Counsel

QUALIFICATIONS:

• Bachelor’s degree in Risk Management, Insurance, Healthcare Administration, Business Administration, or a related field; Master’s degree preferred.
• A minimum of 7 - 10 years of experience in risk management and insurance in a major health care organization or major insurance broker or consultant.
• Proven track record of leadership in a multi-hospital system or large healthcare organization.
• Experience managing a health care captive program preferred
• Strong knowledge of regulatory requirements, risk management principles, and best practices.
• Excellent analytical, communication, and interpersonal skills.
• Professional certification in risk management (e.g., Certified Professional in Healthcare Risk Management - CPHRM) is highly desirable.

KEY RESPONSIBILITIES:

• Insurance and Claims Management:
• Provide property and casualty insurance and claims management leadership of a comprehensive, integrated healthcare system insurance program including executive liability (directors and officers, employer s practices liability, crime, fiduciary, and employer s liability); professional liability/general liability; cyber liability, workers compensation, property, auto, and other miscellaneous lines.
• Support the EVP in the administration and supervision of the System’s self-insurance programs and managers, including Commercial Professional Insurance Company (PL/GL, D&O/EPL), auto, and workers compensation.
• Oversee the management of the captive insurance company, including policy development, claims administration, and risk financing.
• Collaborate with insurance brokers, underwriters, and legal counsel to optimize insurance coverage and manage claims effectively.
• Implement a comprehensive internal claims management program and coordinate with the System s third party administrators with respect to its various self -insurance programs.
• Leadership and Strategy:
• Develop and implement a comprehensive risk management strategy that aligns with the organization’s mission, vision, and goals.
• Provide leadership and direction to the risk management team, fostering a proactive and innovative approach to risk identification and mitigation.
• Maintain a high level of knowledge and authority to serve as an enterprise and insurance subject matter expert and resource for the organization and senior management team and partner with senior leadership, including the CEO, COO, CFO, and other executives to define risk management and insurance goals, priorities, and budgets.
• Risk Assessment and Mitigation:
• Conduct regular risk assessments across all facilities to identify potential hazards and vulnerabilities.
• Develop and oversee the implementation of risk mitigation plans to address identified risks, including policies, procedures, and training programs.
• Collaborate with the legal and business development team to provide insurance and risk finance due diligence reviews for mergers and acquisitions.
• Utilize data analytics to monitor and evaluate risk management performance, identify trends, and inform decision-making.
• Prepare and present regular reports to the EVP and senior leadership on risk management activities and outcomes.
• Regulatory Compliance:
• Ensure compliance with all applicable federal, state, and local regulations, as well as industry standards and best practices.
• Serve as the primary point of contact for regulatory agencies and external auditors regarding risk management matters.
• Incident Reporting and Investigation:
• Establish and maintain robust incident reporting and investigation systems to promptly address and resolve issues.
• Lead investigations of significant incidents, root cause analysis, and the development of corrective action plans.
• Education and Training:
• Develop and deliver risk management education and training programs for staff at all levels to promote a culture of safety and risk awareness.
• Stay current with industry trends and advancements in risk management to continuously improve the organization’s practices.

OTHER DUTIES:

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.