Director, Risk Management and Insurance Procurement

Description: The Opportunity Hyatt seeks an enthusiastic Director to join our Risk Management Department where you’ll join a team of over 30 field professionals who love what they do. In this role, you will be collaborating closely with the broader Finance, Legal, Human Resources, and Operations teams where you’ll be instrumental in continuing to make Hyatt a leading hospitality company. You will be part of a team passionate about diversity, equity, and inclusion, committed to nurturing curiosity and new skills and building connections with stakeholders, colleagues, and guests across the organization. Who We Are At Hyatt, we believe in the power of belonging and creating a culture of care, where our colleagues become family. Since 1957, our colleagues and guests have been at the heart of our business and helped Hyatt become one of the world's best and fastest-growing hospitality brands. Our transformative growth and the addition of new hotels, brands, and business lines can open the door for exciting career and growth opportunities for our colleagues. As we continue to grow, we never lose sight of what’s most important: People. We turn trips into journeys, encounters into experiences, and jobs into careers. Why Now? This is an exciting time to be at Hyatt. We are growing rapidly and are looking for passionate changemakers to be a part of our journey. The hospitality industry is resilient and continues to offer dynamic opportunities for upward mobility, and Hyatt is no exception. How We Care for Our People Our purpose sets us apart—to care for people so they can be their best. Every business decision is made through the lens of our purpose, and it informs how we have and will continue to support each other as members of the Hyatt family. Our care for our colleagues is the key to our success. We’re proud to have earned a place on Fortune’s prestigious 100 Best Companies to Work For® list for the last ten years. This recognition is a testament to how our Hyatt family continues to come together to care for one another, our commitment to a culture of inclusivity, empathy, and respect, and making sure everyone feels like they belong. We’re proud to offer exceptional corporate benefits which include: •Annual allotment of free hotel stays at Hyatt hotels globally •Flexible work schedules •Work-life benefits including well-being initiatives such as a complimentary Headspace subscription, and a discount at the on-site fitness center •A global family assistance policy with paid time off following the birth or adoption of a child as well as financial assistance for adoption •Paid Time Off, Medical, Dental, Vision, 401K with company match Our Commitment to Diversity, Equity, and Inclusion Our success is underpinned by our diverse, equitable, and inclusive culture and we are committed to diversity across the board—from whom we hire and develop, the organizations we support, and whom we buy from and work with. Being part of Hyatt means always having space to be you. Our global teams are a mosaic of cultures, ethnicities, genders, ages, abilities, and identities. We constantly strive to reflect the world we care for with teams that achieve and grow together. To learn more about our commitments to DE&I, please visit the Why Hyatt section of the Hyatt career page. Who You Are As our ideal candidate, you understand the power and purpose of our Culture of Care and embody our core values of Empathy, Inclusion, Integrity, Experimentation, Respect, and Well-being. You enjoy working with others, are results-driven, and seek various opportunities to develop personally and professionally. The Role This position is responsible for the implementation and management of risk analysis, retained risk, and risk transfer programs This includes negotiating insurance placements and coverage terms and conditions, risk transfer, contract reviews, insurance contract compliance program, and first-party claims management. This position cultivates and manages relationships with third-party service providers including brokers, insurers, and risk management consultants. This role regularly interfaces with personnel at all levels at the corporate and regional offices, hotels, and hotel ownership groups. This person interacts with and provides risk management expertise and guidance as needed by corporate departments, regional offices, hotels, and hotel owners. Risk Identification and Mitigation •Identify, develop, recommend, and implement appropriate strategies, policies, procedures, and systems to control and minimize risk Company-wide. •Partner with management (financial, operational, legal, enterprise risk management, human resources, and field leadership) to evaluate existing risk management practices and develop creative and cost-effective new risk reduction and management approaches (including the effective cost of risk allocation system and procedures) to reduce the overall cost of risk. •Provide formal training to corporate, regional, hotel, and hotel ownership teams on relevant risk management issues, and insurance costs, and proactively ensure an ongoing understanding of the cost of risk and application of appropriate risk management practices. •Provide leadership to the Insurable Risk Management team. •Accountable for preparing Board, and Executive level presentations for internal and external use with key stakeholders and insurers. •Builds alliances with many areas within the organization and provides insurance and risk guidance as needed. • Responds to crises that have risk management implications and assist with problem-solving. • Gain a thorough knowledge of all functions within the department to effectively identify opportunities for process improvement and implement strategies that drive efficiency and operational excellence. Insurance Procurement •Along with the VP, of Risk Management, review and select insurance brokers and insurance carriers. •Oversee and manage the administration of all non-benefit related insurance programs inclusive of, but not limited to, property, casualty, cyber, and management liability. •Organize and evaluate overall corporate exposures, approve broker submissions, and review and recommend proposals presented for insurance programs. •Prepare insurance specifications to market insurance programs and consult with insurance brokers to negotiate optimal insurance coverage and the various risk transfer options for the Company. •Monitor and optimize the Company’s insurance coverage through comprehensive analyses of historical claim data to determine the appropriate risk financing techniques. •Oversee the gathering of underwriting information, complete applications, and work with brokers to negotiate terms, conditions, and pricing. •Negotiate the terms and conditions of insurance coverage ensuring that the Company has proper, adequate, and reasonably priced coverage for its assets and insurable exposures. •Review policy wording to ensure that it appropriately and accurately meets Company expectations and negotiate new wording as required. •Oversee the onboarding process for all new hotels to the global insurance program. M&A Activities •Research target companies and review risk profiles; identify risks / red flags for the due diligence team. •Analyze loss and exposure data for target companies. •Integrate the target company into Hyatt’s insurance and risk management programs. Contractual Risk Transfer and Compliance •Establish appropriate Company standards for contractual risk transfer. •Review terms and conditions in contracts and leases to identify risk exposures, recommend risk mitigation steps, and modify insurance terms and conditions consistent with the Company’s risk transfer philosophy and insurance programs. •Evaluate and negotiate insurance language in contracts, leases, and/or operating agreements and, if necessary develop and recommend insurance language. •Develop internal guidelines, toolkits, and packaged knowledge on various insurance and risk management issues. •Provide formal training to various individuals and groups on risk management and insurance issues. •Overall responsibility for contract and insurance compliance, including contract review and certificate of insurance review and issuance via an outsourced vendor. Identify non-compliance trends and risks to the organization then develop insurance solutions to mitigate risks to present to management. Qualifications: Experience Required: •10 years of progressively responsible corporate risk management, insurance company, or insurance brokerage experience in a complex organization. Experience Preferred: •Bachelor’s degree in Insurance / Risk Management, Law, Accounting, Finance, Business Administration, or a related field required. •ARM, CRM, or CPCU designation preferred The position responsibilities outlined above are in no way to be construed as all-encompassing. Other duties, responsibilities, and qualifications may be required and/or assigned as necessary. We welcome you: Research shows that women, people of color, and other historically excluded groups, tend to apply to jobs, only if they meet all the listed job qualifications. Unsure if you check every box, but feeling inspired to enhance your career? Apply. We’d love to consider your unique experiences and how you could make Hyatt even better. Primary Location: US-IL-Chicago Organization: Hyatt Corporate Office, Chicago Pay Basis: Yearly Job Level: Full-time Job: Risk Req ID: CHI014250 Hyatt is an equal employment opportunity and affirmative action employer. We do not discriminate on the basis of race, color, gender, gender identity, sexual orientation, marital status, pregnancy, national origin, ancestry, age, religion, disability, veteran status, genetic information, citizenship status or any other group protected by law.