8901 - Corp Office West Crk - 12800 Tuckahoe Creek Parkway, Richmond, Virginia, 23238
CarMax, the way your career should be!
Team Overview
The Risk Manager plays a pivotal role in the development, strategy, and execution of CarMax’s risk and insurance program. The Risk Manager is responsible for the Company’s insurance programs which support over 250 retail locations and approximately 30,000 associates.
The Risk Manager oversees CarMax’s Workers’ Compensation (WC) program and leads the team responsible for handling WC claims. The Risk Manager ensures the WC program focuses on the safety of associates while complying with regulatory requirements and minimizing financial risk to the Company.
Why CarMax?
At CarMax, we are the nation’s largest retailer of used cars with stores from coast to coast, and we are still growing. We’re rethinking the way people buy cars – and it’s our associates that help us do just that. We believe work should feel meaningful and rewarding, with opportunities to make an impact every day. This is where innovation meets passion – be inspired and supported to take us to the future.
Role Responsibilities
With a high degree of independence, responsible for identifying, evaluating, and managing risks inherent across CarMax’s operations and to ultimately reduce Company exposure and financial risk
Leads the overall strategy of all commercial insurance programs including, Auto Liability, General Liability, Workers’ Compensation/Employers’ Liability, Property, Executive Risk, Aviation, Storage Tanks, Business Travel Accident, and Motor Cargo
Partners across diverse teams to create comprehensive underwriting submissions and drives insurance renewals and negotiations, including executive presentations to appropriately represent the Company to insurers
Proactively analyzes program effectiveness to ensure insurance structures are aligned with Company’s exposures and risk tolerance levels
Leads Workers’ Compensation strategy and overall program (including certain state-specific programs) to ensure injured associates are appropriately supported and claims are resolved effectively
Manages WC associates; actively partners with associates to drive performance and career development
Direct management and oversight of CarMax’s Bermuda-based captive insurance company; responsible for overall strategy, monthly analytics and reporting, local regulatory compliance, audits, premium determination, payments, and general administration
Cultivates and maintains relationships with CarMax’s captive service providers, including actuaries, auditors, claims administrators, brokers, insurer(s), and legal counsel; plays an advisory role on the captive Board of Directors
Proactively directs strategy and claim / settlement authority for litigated and/or complex Auto/GL/WC claims in conjunction with legal counsel and insurance carrier; matters include overall strategy, discovery requests, mediations, hearings, settlements, and trials
For all claim types, provides corporate direction to drive successful resolution (reduced costs/exposures) via partnerships with insurance providers, third party claim administrators, and legal counsel
Prepares annual budget and presents budget to Executive Leadership; provides updated forecasts throughout year
Provides insurance updates for the Board of Directors / Audit Committee on a semi-annual basis
Successfully executes relevant key SOX controls, reviews process documentation, and provides support for internal and external auditors
Supports more than 250 store locations, including certificates of insurance, auto insurance cards, compliance items, claims inquiries, and general guidance
Manages company surety bond program
Collaborates across the organization to understand risk management needs and strategic initiatives; serves as subject matter expert to educate and advise business partners on effective risk management strategies
Serves as subject matter expert in reviewing contracts across the company to…