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VP Risk Management
AEG
Los Angeles, CA, United States
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AEG is the world’s leading sports and live entertainment company with operations in the following business segments:
•AEG Facilities, which with its affiliates owns, manages or consults with more than 120 venues
•AEG Presents, which is one of the largest live music companies in the world dedicated to live contemporary music performances, including producing and promoting global and regional concert tours, music events and world-renowned festivals
•AEG Sports, which is the world’s largest operator of sports franchises and high-profile sporting events
•AEG Global Partnerships, which supports each of AEG’s divisions through worldwide sales and servicing of sponsorships including naming rights, premium seating and other strategic partnerships
•AEG Real Estate, which develops major sports and entertainment districts worldwide
With offices on five continents, the company uses its global network of venues, portfolio of powerful sports and music brands, ticketing and content distribution platforms and its integrated entertainment districts to deliver the most creative and innovative live sports and entertainment experiences that inspire athletes, teams, artists and fans.
Responsible for developing and implementing global risk management strategies. The incumbent will work with executive teams to establish acceptable risk tolerances for all AEG business units and subsidiaries. In addition to being a resource for clients, properties and internal leaders, the Vice President must manage the Broker and insurance market relationships to ensure best service and pricing.
Essential Functions:
•Manage Property, Casualty & Entertainment insurance program in conjunction with parent company including placement of specialty insurance.
•Maintain underwriting & certificate of insurance database, ensure compliance with policies terms & conditions, monitor & direct broker services, and manage daily insurance needs of company.
•Monitor & evaluate insurance claim reserves, allocate premium to business units, validate accuracy of insurance audits, process invoices, and settle accounting disputes within and outside of company.
•Obtain bonds as required by third parties, the court system & various government agencies to meet financial requirements or other obligations covering liability of risk of default.
•Direct claims administration for all lines of insurance by providing supporting documentation & negotiating settlements for first & third party claims. Manage Third Party Claim Administrator activity.
•Oversee litigation strategy in conjunction with insurers and outside & in-house counsel. Monitor claims to conclusion.
•Evaluate company exposure to loss through risk identification, assessment and control. Monitor contracts for insurance and indemnification contractual language related to third party vendors, tenants & event licensees. Assess construction risk & other risks associated with company operations.
•Provide due diligence analysis for acquisitions & divestures by obtaining or producing underwriting data, policy details, claims history, analysis of risk transfer, company indemnification, and continuity of insurance post-closing.
•In conjunction with insurance company engineers, conduct fire protection inspections and coordinate implementation of cost effective recommendations with company management.
•Provide risk management consulting in support of operations not owned nor insured by company. Monitor insurance placement on operations partially owned by company where partner places coverage.
•Supervise risk management staff by overseeing personnel, ensuring compliance with company policies & procedures, monitoring and approving department purchases, and managing general office administration.
•Communicate insurance program details, procedures, requirements and guidelines to business units, senior management, insurance underwriters, brokers, third party claims administrators and others.
Required Qualifications
•A minimum education level of a BA/BS Degree (4-year) (Advanced Degree Preferred) in Business Administration, Finance, Risk Management or related field
•A minimum of 10 years of related work experience, including 5 years of experience leading and developing risk management teams
•Exposure to entertainment & sports company business operations is preferred
•Experience working in complex, highly matrixed corporate organization leading global risk management initiatives
•Strong verbal and written communication skills and ability to translate technical terms to various audiences
•Demonstrated interpersonal skills to effectively build relationships within and outside the company
•Dynamic business acumen with a proven track record of utilizing skills to drive business outcomes through effective use of data analytics
•Experience with risk management concepts for all lines of insurance
•Strong negotiating skills for insurance placement and claims management
•Demonstrated ability to achieve company objectives within Risk Management framework
•Exposure to insurance accounting practices and premium allocation methodologies
•Working knowledge of Microsoft 365 (Outlook, Excel, PowerPoint, Word, etc.) or ability to learn required systems
•Familiarity with Claims Management systems with report generation capability
AEG reserves the right to change or modify the employee’s job description whether orally or in writing, at any time during the employment relationship. AEG may require an employee to perform duties outside his/her normal description.