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Dir, Risk Management, FES - Akron, OH

Location: 

Akron, OH, US, 44320

Job Function:  Risk Management
Employee Type:  Reg Full Time (FT)
Requisition ID:  19289

FirstEnergy at a Glance

FirstEnergy (NYSE: FE) is dedicated to safety, reliability and operational excellence. Headquartered in Akron, Ohio, FirstEnergy includes one of the nation's largest investor-owned electric systems, more than 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions, and a generating fleet with a total capacity of more than 5,000 megawatts.

About the Opportunity

This is an open position with FIrstEnergy Solutions (FES), a subsidiary of FirstEnergy Corp.  [FES]

 

Position Summary:

The Director of Risk Management (Director) is responsible for the development and oversight of the company’s Enterprise Risk Management (ERM) strategy, including appropriate processes, procedures and tools, designed to reduce the Total Cost of Risk. Key to the role is to establish connections with leaders across the organization and facilitate and coordinate the implementation of the ERM strategy in a value-adding manner. The Director partners with Business Units, enterprise-wide functions and subsidiaries to ensure an integrated approach to implementation is taken – encouraging collaboration and establishing governance structures to support knowledge sharing and continuous improvement of the ERM Program.

 

The Director provides active support of daily risk management activities internally and sets requirements for those to be implemented by key third parties. The Director influences processes at both the business unit and enterprise level and sets requirements for risk management deliverables. Responsibilities also cover partnering with the enterprise and business units to identify, analyze, quantify, aggregate, and mitigate risk exposures in alignment with the ERM strategy and within Newco Risk Appetite. Furthermore, the position holder shall establish a risk escalation criteria and risk reporting process to ensure leadership is informed of material and emerging risk exposures on a timely manner.

 

The Director is responsible for monitoring the risk and control environment throughout the organization and consults on risk mitigation plans and risk transfer choices to ensure that exposures are kept at acceptable levels. Leads and coaches cross-functional teams to achieve objectives across multiple business units and functions. Participates in and supports internal and external audits, regulatory reviews, and rating agency requests.

 

The position is located at the West Akron Campus (WAC) in Akron, Ohio.

 

Principal Accountabilities:

The following represent the principal accountabilities outside of the role's trading responsibilities.

  • Coordinates the review and update of ERM strategy and Corporate Risk Management Policy
  • Prepares annual ERM plan for the CRO’s review and approval
  • Manages and develops the ERM team to ensure skillsets and responsibilities remain relevant as the business and the business environment evolve
  • Owns and continuously improves the ERM program design to ensure the policy framework, processes, roles, responsibilities, tools, methods and templates align with leadership expectations and industry requirements and good practice
  • Owns the corporate risk assessment process covering identification, analysis, quantification, aggregation and prioritization of key and emerging risks
  • Coordinates the development of risk management policies and procedures in partnership with senior leaders with an aim to embed ERM into key management processes and ensuring appropriateness of approaches in light of regulatory requirements and industry good practice
  • Trains risk owners on ERM program requirements as well as ERM good practice
  • Directs staff in ERM implementation initiatives, ensuring appropriate governance and oversight structures are implemented
  • Facilitates growing understanding of the causes and effects underlying key risk exposures and driving awareness of risk interconnections and their implications to strategy and operations
  • Advises senior management in risk-based decision making and removing decision making bias through an objective and systematic approach to decision analysis
  • Partners with key stakeholders in and oversees the identification, analysis, quantification and documentation of risks, including those associated with strategic planning, business case assumptions, new or modified projects, services, distribution channels, safety, security, regulations and/or third-party operations
  • Provides counsel to business unit managers on the evaluation of risk treatment options
  • Work with all lines of defense in the development and implementation of risk controls
  • Coordinates and guides the early identification of risk trends by establishing and monitoring risk indicators and ensuring these linked closely with business performance indicators
  • Works with senior leadership to refine risk profiles, risk appetite and risk tolerance, and key risk metrics such as Key Risk Indicators (KRI)
  • Directs the development of risk dashboards and reporting formats in alignment with leadership expectations
  • Designs, coordinates and oversees the preparation of risk reports to the Board and the Executive, and take part in presenting these reports
  • Directs the formulation of scenarios and stress test plans at all levels of the organization, evaluates their results, and further support framing of mitigation strategies and business continuity plans in partnership with key business stakeholders
  • Coordinates the work of risk management committees and Communities of Practice (CoP) to ensure their active engagement in policy setting and driving an integrated approach to risk management across the organization
  • Oversees insurance policy renewal functions, including:
    • Exposure data consolidation
    • Renewal campaign strategy
    • Balance premium against risk reduction
    • Policy binding and issuance
  • Manages all insurance claims in real time, and depending on severity, work on-site with the plant manager to manage the claim 
  • Reduces the Total Cost of Risk through loss control processes including:
    • Define annual risk assessment schedule
    • Establish an updated view of corporate objectives, KPIs and strategic assumptions
    • Review aggregated risk exposures

 

Requirements:

  • Bachelor’s Degree in Risk Management, Business, Finance, Accounting, Engineering, or related field required
  • Minimum 12+ years work experience in risk management required or 12 years operations experience in a relevant functional area to include enterprise risk management, insurance, financial planning, audit, public accounting or related area required
  • Minimum 5+ years work experience in Director or Risk or Head of Risk experience with team leadership responsibilities
  • Experience of implementing ERM Programs in alignment with ISO31000 and/or COSO ERM
  • Experience of facilitating risk-based strategic planning and decision analysis at Board and Executive levels
  • Working knowledge of corporate insurance program and management of broker relationships
  • Demonstrated critical thinking and problem-solving skills and decision-making abilities
  • Knowledge of good practice associated with Business Continuity Management
  • Strong written and verbal communication skills - with a demonstrated ability to communicate tough messages to senior leaders and drive action based on messaging
  • Ability to direct and perform detailed analysis of complex data sets
  • Strong command of quantitative risk analysis methods and tools such as running Monte Carlo simulations using @Risk (or similar)
  • Proficiency in Microsoft Excel, Word, and PowerPoint
  • Experience with ERP platforms, Reporting tools, as well as ERM and GRC tools and platforms
  • Preferred:
    • Master’s degree in Risk Management, Business, Finance, Accounting, Engineering, or related field
    • Risk Management or Enterprise Risk Management professional accreditations 
    • Previous exposure and knowledge of power trading, generation and transmission industries
    • Experience defining strategy at a business or enterprise level

 

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Benefits, Compensation & Workforce Diversity

At FirstEnergy, employees are key to our success. We depend on their talents to meet the challenges of our changing business environment. We are committed to rewarding individual and team efforts through our total rewards philosophy which includes competitive pay plus incentive compensation, a company-sponsored pension plan, 401(k) savings plan with matching employer contribution, a choice of medical, prescription drug, dental, vision, and life insurance programs, as well as skills development training with tuition reimbursement. Please visit our website at www.firstenergycorp.com to learn more about all of our employee rewards programs. FirstEnergy proudly supports workforce diversity. All qualified applicants will receive consideration for employment without regard to race, religion, color, national origin, sex, sexual orientation, gender identity, age, status as a protected veteran, or status as a qualified individual with a disability. No recruiters or agencies without a previously signed contract. Unable to sponsor or transfer H-1B visas at this time.

Safety

Safety is a core value for FirstEnergy and is essential to all of our business activities. We ensure employees have the tools, information, and processes to perform their duties in a manner that assures safety for themselves, their co-workers, our customers and the public. Our goals are to provide a safe work environment, to maintain an accident-free, injury-free workplace, and to promote and maintain public safety. To meet these goals, we dedicate ourselves to achieving world-class safety standards.

Position Classification

Exempt 

 

FirstEnergy Human Resources Team


Nearest Major Market: Akron
Nearest Secondary Market: Cleveland

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