Penn State Job Catalog

Additional levels that exist for this job profile can be seen below.
Missing levels within the leveling matrix can be added based on business need.

The defined natural career progression within or between job profiles.

Risk Management

The Risk Management Specialist supports the University's enterprise risk management, commercial insurance, captive insurance, claims administration, and litigation management functions; identifies and evaluates institutional risk exposures; administers insurance, claims, and litigation activities; collaborates with internal and external stakeholders to develop risk financing, transfer, mitigation, and compliance strategies that reduce operational, financial, strategic, and reputational risk; works in partnership with the Office of General Counsel, insurers, brokers, and third-party administrators (TPAs); provides expertise in commercial insurance, contractual risk transfer, captive insurance operations, incident response, claims oversight, and litigation management; serves as a key resource across academic, research, healthcare, operational, and administrative units to support proactive risk management and institutional compliance.

• Implement and administer the University's commercial insurance and self-insurance programs in collaboration with risk management leadership
• Identify and evaluate institutional exposures and insurance coverage needs across academic, research, healthcare, and operational activities
• Collaborate with brokers, insurers, and underwriters regarding insurance renewals, underwriting submissions, policy placement, and program design
• Assist in the administration and operation of the University's captive insurance company, including underwriting support, claims coordination, reserving, and reporting activities
• Review and evaluate insurance and indemnification provisions in contractual agreements and develop standard insurance requirements for University contracts
• Provide guidance regarding contractual risk transfer, certificates of insurance, additional insured requirements, waivers of subrogation, and related liability exposures
• Coordinate claims investigations, incident reporting, liability determinations, and claims reporting to insurers and TPAs
• Assist in the management of litigation matters, including coordination with outside counsel, insurers, TPAs, and the Office of General Counsel
• Review legal documents, support defense strategy discussions, and participate in mediations, arbitrations, settlement conferences, and related proceedings, as appropriate
• Develop and maintain claims handling workflows, policies, procedures, and best practices
• Analyze incident, claims, litigation, and insurance data to identify trends and support risk mitigation and loss prevention efforts
• Respond to significant incidents or claims and coordinate communication among risk management, legal, compliance, and operational stakeholders
• Participate in risk assessments, committees, and strategic initiatives to provide risk management guidance related to risk avoidance, mitigation, transfer, and acceptance
• Support risk and insurance due diligence activities related to acquisitions, affiliations, partnerships, and other institutional initiatives
• Prepare financial reports, loss analyses, presentations, and other management reporting materials
• Ensure compliance with applicable insurance, claims, litigation, and regulatory requirements
• Conduct outreach and training related to risk management, incident reporting, insurance coverages, and contractual risk transfer practices
• Serve as a risk management and commercial insurance resource for University stakeholders
• Maintain awareness of industry trends, emerging risks, and regulatory developments affecting higher education, healthcare, and research enterprises
• May supervise staff members, including hiring, development, and performance management

Level:

– Principal Professional

Base Description:

– Completes activities, tasks, and/or projects of a functional nature.

Level Summary:

– Displays mastery of defined skill areas/applications, principles, theories and practices. Evaluates and enhances existing practices. Recognizes emerging trends in area of expertise. Works independently on complex or strategic assignments. Directs and delegates appropriate tasks to others. Implements strategies to ensure achievement of initiatives. Prepares written and/or verbal presentations or proposals on complex issues and deliver to broad audiences. Identifies and implements innovative solutions to important, highly complex strategic and/or operational issues.

Supervisory Responsibilities:

– Indirect supervisor for other full–time employees
– May serve as direct supervisor for part–time, student, and/or temporary workers, volunteers, or a full–time employee

Fiscal Responsibilities:

– Validates and pays invoices
– Monitors and tracks budgets and funding
– May plan and forecast budgets

Problem Solving:

– Encounters complex and novel problems
– Applies policies, practices, specialized knowledge, and skills to resolve problems
– Understands benefits, limitations, and impact of potential solutions
– Anticipates potential problems and recommends possible solutions within general guidelines

Independence of Action:

– Works independently on complex or strategic assignments
– Uses existing practices as guidelines as well as working knowledge to determine specific work methods
– Carries out work activities independently, with supervisor available to resolve problems
– Reviews work of others to verify technical soundness

Communication and Collaboration:

– Communicates with both internal and external audiences
– Collaborates closely with team members and area leads across the University
– Prepares written and/or verbal presentations or proposals on complex issues and delivers to a broad variety of audiences
– Establishes and maintains networks to facilitate successful communication among units

• Comp Grade – 15
• Minimum – $115,860.00
• MidPoint – $144,804.00
• Maximum – $173,844.00

• Benchmarking
• Contract management
• Critical Thinking
• Data Analysis
• Document management
• Facilitation
• Legal research
• Program management
• Regulatory compliance
• Risk Management
• Underwriting
• Vendor management