Risk Consultant

• Competitive salary: appropriate compensation for your high level of commitment.
• Retirement provision: state of the art in-house pension solutions.
• Work-life balance: promoting the compatibility of family and work in addition to overall work-life balance.
• Health management: focus on your physical and mental health far beyond legal requirements.
• Hybrid working: we offer you a very flexible approach.

Together with the Hubs in Munich and London, LH1 MAD forms the Life and Health 1 division of Munich Re, LH1 MAD aims to become an increasingly relevant player in the generation of new business for Munich Re through its initiatives in Southern Europe and Latin America, while maintaining its stable and profitable portfolio in the region.

To achieve its ambition, LH1 MAD has focused its growth strategy on scaling the traditional Protection business in Life and Health, shaping it via Business Transformation (Automated UW, B2B2C Cooperation Models, and Product Development), and expanding its Financial Reinsurance solutions across the region.

The Risk and Pricing department based in Madrid is responsible for providing LH1 MAD with best-in-class actuarial and risk management services, ensuring the Hub's rapid growth occurs sustainably and in line with the Group's underwriting guidelines

The Risk Consultant works closely alongside colleagues in LH1 MAD, the LH1 Risk Management team, and within Munich central functions in strengthening the LH1 Madrid's Actuarial and Enterprise Risk Management capabilities.

In addition to this, they will support the ongoing production of internal reports required, such as the Annual Risk Report, The Market/Deal Assessment processes and Operational risks analysis.

LH1 MAD has a regional responsibility along the Southern Europe (Spain, Portugal, Italy, and Malta) and Latin America, with close contact with the offices of MR in Milán, Malta, Sao Paulo, Bogota and Mexico City. This responsibility encompasses all Life and Health Protection and Financial Reinsurance contracts. The collaboration with Non-Life is relevant as all MR offices operate under the one-roof concept, especially with the local compliance officers, but RM is not responsible for the compliance processes.

The position will be based in Madrid.

Actuarial Risk Management

• Review of large and complex transactions, especially with respect to financial, operational, legal and reputational risk, in line with the defined risk appetite.
• Review changes to pricing bases, product designs and pricing tools
• Working collaboratively with other LH1 Risk Management units on projects and reviews

Enterprise Risk Management

• Risk reporting to LH1 CRO, LH1 MAD management and central functions
• Internal business governance activity within LH1 MAD
• Delivery of the operational risk management framework
• Review and assessment of other risk types e.g. market, credit, reputation, concentration, liquidity etc.
• Second line treaty wording review

General Risk Management

• Support the LH1 MAD to write and maintain profitable commercial business and innovation initiatives, in line with the business strategy and risk appetite, acting as a Business/Risk Partner
• Promote Risk Management principles, develop the LH1 MAD risk strategy, and communicate and raise awareness of Risk Management within the region
• Maintain and improve the LH1 MAD risk management framework, policies and processes
• Develop the LH1 MAD risk strategy and appetite including product limits, striking the balance between risk guidelines and commercial demands
• Periodically represent Risk Management in special initiatives (e.g. product developments and business improvements)
• Be a point of reference for the business for guidelines and control processes