Role Overview for Chief Risk Officer with a National Insurer – Chicago, IL
JRG Partners is proud to announce an exclusive executive search for a transformative Chief Risk Officer (CRO) on behalf of a premier, nationally recognized insurance carrier headquartered in the vibrant city of Chicago, IL. This is a rare opportunity to join the C-suite of a financially robust and innovative organization, shaping its strategic direction and safeguarding its future. Our client is a market leader, renowned for its commitment to customer-centricity, operational excellence, and a culture of integrity and collaboration. They are seeking a forward-thinking and experienced risk leader to elevate their Enterprise Risk Management (ERM) function to new heights.
As the Chief Risk Officer, you will be a cornerstone of the executive leadership team, reporting directly to the Chief Executive Officer and presenting regularly to the Board of Directors and its Risk Committee. This is not merely a compliance or control function; it is a highly strategic role that serves as a critical advisor to the business. You will be responsible for the vision, leadership, and execution of the company’s comprehensive ERM framework. Your mandate will be to navigate the complex and ever-evolving landscape of financial, operational, strategic, and emerging risks, ensuring the company can confidently pursue its growth objectives while maintaining its financial strength and sterling reputation.
The ideal candidate is a seasoned executive who can balance strategic thinking with hands-on execution. You will be tasked with embedding a sophisticated risk-aware culture throughout the organization, transforming risk management from a necessary oversight function into a competitive advantage. This role requires a leader who can build strong partnerships across all business units—from underwriting and claims to investments and technology—to ensure that risk considerations are integrated into every major decision. This position offers the chance to make a profound impact on a leading institution within the dynamic U.S. insurance market, all while being based in Chicago, a global hub for finance and insurance.
Key Responsibilities of Chief Risk Officer with a National Insurer – Chicago, IL
The Chief Risk Officer will have a broad and impactful set of responsibilities, central to the company’s long-term success. Key duties include:
ERM Framework Leadership
Spearhead the continuous evolution and implementation of the company’s Enterprise Risk Management (ERM) framework. This includes maturing risk governance structures, refining risk assessment methodologies, and ensuring the framework is aligned with leading practices (e.g., COSO) and regulatory expectations.
Risk Appetite and Strategy
Collaborate with the Board of Directors and executive leadership to define, articulate, and monitor the company’s risk appetite and tolerance levels. Ensure that the risk appetite statement is a dynamic tool used to guide strategic planning, capital allocation, underwriting decisions, and investment strategies.
Comprehensive Risk Identification and Assessment
Oversee a robust process for identifying, assessing, measuring, and monitoring all material risks across the enterprise. This includes underwriting, reserving, market, credit, liquidity, operational, technological, compliance, strategic, and reputational risks. Implement and manage tools such as risk and control self-assessments (RCSAs), scenario analyses, and key risk indicators (KRIs).
Regulatory and Compliance Oversight
Serve as the primary point of contact for regulators on all risk management matters. Ensure the company is in full compliance with all state and federal regulations, including the standards set by the National Association of Insurance Commissioners (NAIC). Oversee the preparation and submission of critical regulatory filings, such as the Own Risk and Solvency Assessment (ORSA) report.
Capital Management and Stress Testing
Partner closely with the Chief Financial Officer (CFO) and Chief Actuary to manage capital adequacy. Oversee the development and use of economic capital models, and lead enterprise-wide stress and scenario testing programs to assess the company’s resilience under adverse conditions.
Board and Executive Reporting
Develop and deliver clear, concise, and insightful risk reports to the executive management team, the Risk Committee, and the full Board of Directors. Translate complex quantitative risk data into actionable strategic insights that facilitate informed decision-making.
Team Leadership and Development
Lead, mentor, and develop a high-performing team of risk management professionals. Foster a collaborative and intellectually curious environment, and champion a strong, proactive risk management culture that permeates every level of the organization.
Strategic Business Partnership
Act as a trusted advisor and strategic partner to business unit leaders. Provide risk-based analysis and guidance to support key initiatives, including new product development, market expansion, digital transformation projects, and potential mergers and acquisitions.
Emerging Risk Analysis
Establish and lead a process for identifying, analyzing, and developing response strategies for emerging risks. This includes monitoring trends in cybersecurity, climate change, geopolitical instability, technological disruption (AI/ML), and shifting regulatory landscapes.
Model Risk Management
Own and enhance the company’s model risk management framework. Ensure that all critical models used for pricing, reserving, underwriting, and capital assessment are properly validated, documented, and governed throughout their lifecycle.
Requirements for the Chief Risk Officer with a National Insurer – Chicago, IL
The successful candidate will be a distinguished leader with a deep understanding of the insurance industry and a proven track record in sophisticated risk management. Specific qualifications include:
Executive Experience
A minimum of 15 years of progressive experience in risk management, actuarial science, or a related field within the insurance industry (P&C, Life, or Health). At least 7-10 years in a senior leadership role with demonstrable experience interacting with and presenting to C-suite executives and a Board of Directors.
Educational Background
A Bachelor’s degree in Finance, Economics, Actuarial Science, Mathematics, or a related quantitative field is required. An MBA or other advanced degree is strongly preferred.
Professional Credentials
Relevant professional designations are highly desirable and will be a significant differentiator. These include Fellow of the Society of Actuaries (FSA), Fellow of the Casualty Actuarial Society (FCAS), Chartered Financial Analyst (CFA), Financial Risk Manager (FRM), or Chartered Enterprise Risk Analyst (CERA).
Technical Acumen
Deep expertise in ERM frameworks, risk quantification techniques, financial modeling, and capital management. A strong understanding of insurance operations, including underwriting, claims, reserving, and investment management. Familiarity with GRC (Governance, Risk, and Compliance) platforms and data analytics tools is expected.
Regulatory Knowledge
An in-depth, practical understanding of the U.S. insurance regulatory environment, including state-based regulations, NAIC guidelines, and solvency requirements.
Leadership and Influence
Exceptional leadership skills with a proven ability to build and lead high-performing teams. Must be a strategic influencer who can build consensus, navigate complex organizational dynamics, and drive change effectively. A track record of developing talent is essential.
Communication Prowess
Superior verbal, written, and presentation skills. The ability to distill highly complex and technical risk concepts into clear, compelling, and persuasive communications for diverse audiences, from board members to business line managers.
Strategic Mindset
A strong strategic and commercial orientation, with the ability to connect risk management to business objectives and act as a proactive force for value creation.
Benefits & Perks Offered
Our client offers a comprehensive and highly competitive executive compensation and benefits package designed to attract and retain a leader of this caliber. The package includes:
Executive Compensation
A highly competitive base salary, a substantial annual performance-based bonus, and a meaningful long-term equity incentive plan that aligns rewards with the company’s success.
Health & Wellness
Premier, comprehensive health, dental, vision, and life insurance plans for you and your eligible dependents. A robust corporate wellness program promoting physical and mental well-being through various initiatives.
Retirement & Financial Planning
A generous 401(k) retirement savings plan featuring a strong company match. Access to executive financial planning and advisory services to help you achieve your personal financial goals.
Work-Life Integration
A strong commitment to work-life balance, supported by a generous paid time off (PTO) policy, numerous company-paid holidays, and comprehensive parental leave policies.
Professional Growth
A significant budget and corporate support for ongoing professional development, including attendance at top industry conferences, executive education programs, and the pursuit of further certifications.
Relocation
A comprehensive, executive-level relocation package is available for the successful candidate and their family to move to the Chicago metropolitan area.
How to Apply
This is a retained, confidential search being conducted exclusively by JRG Partners. If you are a visionary risk leader ready to make a significant impact at a leading national insurer, we encourage you to apply. To express your interest, please submit your resume and a cover letter detailing your qualifications for this critical role.
JRG Partners is a leader in connecting top-tier talent with exceptional opportunities in the insurance and financial services sectors. To learn more about our expertise in this area, please visit the JRG Partners Insurance Executive Search Practice page.
Our client is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status.
