Business and Contracts Officer - Office of Risk Management
Business and Contracts Officer - Office of Risk Management
Georgetown's Office of Risk Management works to identify areas of risk and potential liability; and develop risk response strategies to mitigate loss and maximize opportunities. Our vision is to promote a culture of risk awareness by involving all University stakeholders in the day-to-day management of risks. An integral part of this vision is advancing the University's Enterprise Risk Management process and embedding risk ownership into management activities at all levels of the institution.
The Business and Contracts Officer supports the financial and organizational objectives of the Office of Risk Management. S/he oversees and manages the day-to-day financial, human resources, and administrative operations for the department, including budgets and financial transactions for the University's insurance budget, captive insurance company, Asset Protection program, claims management information database, and claims liability accounts. The Business and Contracts Officer effectively and proactively assists in the insurance underwriting process and the investigation, evaluation, and resolution of insurance related claims made against the University. Reporting directly to the Director of Insurance and Claims with a dotted line report to the Associate Vice President for Risk Management, the Business and Contracts Officer has duties that include but are not limited to:
HR and Administrative Operations
- Advises staff in all financial, HR, and other University policies and procedures.
- Initiates purchase requisitions for goods and services including: contracts, insurance, bonds and office supplies.
- Submits invoices and expense vouchers for timely processing, working closely with general ledger, accounts payable, GAO and fiscal year closing.
- Performs all journal vouchers including those for the Asset Protection Program (API).
- Obtains Letters of Credit, performs wire transfers, and pays claims and legal settlements.
- Provides financial and administrative support to the University's captive insurance company, Hoya Risk Limited.
- Oversees ProCard reconciliation process for department.
- Develops and uploads departmental budget into GMS; and analyzes, plans, manages and reconciles budget.
- Performs Budget-to-Actuals Report (BAR) Reconciliations.
- Reviews and monitors financial transactions for accuracy related to the departmental budget, Hoya Risk Limited, Asset Protection Program and the University's claims liability cost center.
- Adjusts priorities as necessary to ensure compliance with budget parameters.
Insurance Program Support
- Collects, analyzes and maintains data pertaining to insurance underwriting activities.
- Creates and manages schedules of insurance, premium allocations, inventories, spreadsheets and lists of University assets to ensure accurate underwriting information for Risk Management staff, insurance brokers, actuaries, insurance carriers, and auditors.
- Coordinates information and acts in advisory capacity with regard to risk management and insurance matters.
- Prepares correspondence, narratives and detailed reports for internal stakeholders and external service providers including insurance carriers, brokers, actuaries, auditors and the DC government.
- Collaborates with key offices and leaders across the University (for example, Office of General Counsel, Financial Affairs, GAO, Internal Audit, and Human Resources) to process insurance-related financial transactions and disseminate risk management information and guidance.
Contract Review & Analysis
- Reviews contracts/agreements to ensure the appropriate allocation of risk between parties.
- Reviews insurance requirements of contracts and provides standard insurance provisions and language to protect the University's interests.
- Requests certificates of insurance (COIs) to comply with contractual obligations.
- Review agreements, contracts and activities for potential risk and determines appropriate mitigation activities to minimize University liability and risk.
Oversight of Risk Management Information System (RMIS)
- Oversees the integrity and accuracy of financial information and data entered into the Stars system.
- Develops, implements, and maintains risk prevention programs and procedures to reduce losses to the University.
- Maintains current and establishes new information technology (IT) systems to monitor, control, and verify expenditures and carry-out financial analyses.
- Oversees and manages the collection and maintenance of claims data and records.
- Develops financial reports and internal controls responsive to recommendations from auditors, actuaries, and other third-parties.
- Develops and provides regular and adhoc reports for the analysis of loss data.
- Prepares background information and claims data to support annual actuarial analysis in order to project the University's outstanding claim liabilities.
- Prepares tables, spreadsheets, graphs and charts for visual presentation or to include in management reports.
Office of Compliance & Ethics Support
Works with the AVPs for Risk Management and Compliance & Ethics to coordinate projects and activities related to the University's enterprise risk management and compliance programs.
- Bachelor's degree or equivalent combination of formal and professional experience
- General knowledge of risk management, insurance, safety procedures, and claims management principals
- Ability to analyze complex proposals, regulations and contracts and to maintain efficient and effective risk management control systems and procedures
- Excellent timely and effective communication and strong organizational skills to manage a high volume of issues and respond appropriately to different situations
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Georgetown University is an Equal Opportunity/Affirmative Action Employer fully dedicated to achieving a diverse faculty and staff. All qualified applicants are encouraged to apply and will receive consideration for employment without regard to race, color, religion, national origin, age, sex, disability status, protected veteran status, or any other characteristic protected by law.