Baxter Sr Risk Management Analyst in Deerfield, Illinois
Sr Risk Management Analyst
Req # JR - 037552
Location Deerfield, Illinois, United States
Job Category Finance
Date posted 04/05/2021
This is where you save and sustain lives
At Baxter, we are deeply connected by our mission. No matter your role at Baxter, your work makes a positive impact on people around the world. You’ll feel a sense of purpose throughout the organization, as we know our work improves outcomes for millions of patients.
Baxter’s products and therapies are found in almost every hospital worldwide, in clinics and in the home. For over 85 years, we have pioneered significant medical innovations that transform healthcare.
Together, we create a place where we are happy, successful and inspire each other. This is where you can do your best work.
Join us at the intersection of saving and sustaining lives— where your purpose accelerates our mission.
Responsibilities include supporting the Risk Management & Insurance function within Treasury. Primary focus includes assisting in the day-to-day operations supporting Baxter’s worldwide corporate insurance programs, managing processes necessary for the department to function, managing department technology and assisting with special projects. This position requires collaboration with various local finance stakeholders globally, legal, EHS, manufacturing and various other cross functional stake holders.
This position reports to the Director, Global Risk Management but works closely with all team members on various projects as needed.
What You'll Be Doing:
Insurance renewal program maintenance, reporting and analytics (50%)
RMIS system maintenance (20%)
This position is responsible for all Risk Managements accounting activities including preparation of invoices, accruals, monthly expense reconciliations, forecasts, operating plan, and financial reviews with senior leaders in Treasury, Tax and Controllers Group. Prepare variance analysis of actuals vs budget. Position ensures proper accounting treatment and internal controls are in place for business processes for Risk Management.
Provide support on insurance renewal programs. Position is responsible for consolidation and analysis of all worldwide insurance exposure and claims/financial loss data for management review and underwriting presentations. Imports policies and maintains the policy compliance program. Maintenance of insurance policy matrix. Maintain and create insurance asset maps and schedules which detail the insurance coverage for all policy years.
Independently lead Certificate of Insurance program. This process entails assisting internal Baxter stakeholders on the process, reviewing contracts and providing exceptions to contract language as needed. Position will need to understand basic P&C insurance industry knowledge.
Support the design, implementation and administration of all required systems including the Risk Management Information System (RMIS - Riskonnect) and Risk Management website. Collaborate with Sr Data Analyst to transform various collection processes into systematic processes. Creation of reports and system enhancements utilizing RMIS Insights or Tableau to create dynamic reporting.
Support Primary Casualty lines of business. Place subpoena and legal hold on claims. Accountable for the Reserve process by analyzing and presenting exposure and historical loss information to the Actuaries and participating in reserve adequacy testing, loss forecasting and risk modeling processes to ensure organization’s financial statements accurately reflect risk exposure. Responsible for all statutory reporting and notifications, Sarbanes-Oxley requirements, internal and external audits and ad-hoc reporting as required. Support Casualty Insurance manager on annual claim audits.
Direct responsibility to manage Workers Compensation Self Insured and Monopolistic State insurance renewals from end to end. Process all statutory reporting, analyze risk data for submission, process manual checks, file all documentation per records retention framework.
Collaborate with other functional areas and business units to develop and distribute pertinent internal training materials to support the communication of global risk management philosophy and programs and interface with Finance Directors, commercial organizations, division financial and operations and other functional areas such as Treasury, EHS, Engineering, HR and external consultants.
Various admn duties which include manage department mail, coordinate underwriting meetings which includes meeting management, guest registrations, travel coordination and itinerary creation, electronic scanning and filing of archived insurance policies. Create process to transfer all physical policies into electronic policies.
What You Have:
Self-starter with strong analytical skills and decision-making capabilities
Excellent organization and attention to detail
Excellent communication and strong interpersonal skills
Experience in owning and improving processes
Heavy working knowledge of PC applications (i.e. Excel and PowerPoint) and capable of learning new applications (ie. Riskonnect/RMIS, JDE, DAS, Tableau)
Ability and desire to work in a team environment, cross functionally with all levels of Leadership
Ability to manage tasks concurrently, owns career and accountable for managing own development
Key Finance Competencies
Financial Analysis and Decision Support
Education and Experience
Bachelor's Degree in Accounting, Finance or related field (or country equivalent).
3-7 years of progressive finance experience with demonstrated strong leadership, analytical skills and critical thinking abilities.
Relevant experience supporting large commercial lines of Insurance preferred
What's In It For You:
Generous Paid Time Off & Paid Holidays
Flexible WFH opportunities
Dress for your day policy
Monthly Work/Life Balance Seminars
Medical, Dental, Disability and Life Insurance coverage immediately upon hire
Vision and other voluntary benefits and discounts
Retirement Savings – Choose from pre-tax and/or Roth after-tax savings; Baxter matches 3.5 percent on your first 4 percent of contributions and provides a non-matching contribution of 3 percent of eligible pay each year
Employee Stock Purchase Program – Purchase Baxter common stock each month at a 15 percent discount through payroll deductions with no brokerage fees
Paid Parental Leave
Family Supports – Daycare Priority Access, Discounts, Premium Access to Caregiving Database (SitterCity.com), Tutoring and Online learning support
Pre-Tax Commuter Benefits
Flexible Spending Accounts (FSAs) for Health and Dependent Care
Health Savings Accounts (HSAs)
Educational Assistance Program
[email protected]– Global health and wellness program with access to resources and benefits to help focus on staying well through education and prevention
Premium Access to Headspace, meditation and mindfulness app
Employee Assistance Program for mental health, family, financial and legal supports
Business Resource Groups – Employee-run affinity groups that drive multi-cultural awareness and engagement at Baxter; provides a forum for employees to share knowledge, ideas, and personal experiences
Adoption Assistance Program
Additional benefits include discounts on: Motorcycle Insurance, wedding insurance, Identity theft protection, pet care plans, childcare, travel, Blackhawk tickets & more
Equal Employment Opportunity
Baxter is an equal opportunity employer. Baxter evaluates qualified applicants without regard to race, color, religion, gender, national origin, age, sexual orientation, gender identity or expression, protected veteran status, disability/handicap status or any other legally protected characteristic.
EEO is the Law
EEO is the law - Poster Supplement
Pay Transparency Policy
Baxter is committed to working with and providing reasonable accommodations to individuals with disabilities globally. If, because of a medical condition or disability, you need a reasonable accommodation for any part of the application or interview process, please click on thelinkhere and let us know the nature of your request along with your contact information.
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