Chief Risk Officer

Posted April 29, 2024

Children's Hospital Los Angeles
Los Angeles


OVERVIEW:

The Chief Risk Officer (“CRO”) of CHLA is responsible for providing strategic and operational leadership to the hospital in the assessment and mitigation of significant and developing enterprise risks. This pivotal leadership role is directly accountable for contributing to audit functions, business continuity, claims management, insurance, physical security, integrated risk management and all other active and emergent risks facing CHLA.
The role requires a person who currently has a senior leadership role with enterprise-wide reach. The ideal candidate is currently leading or influencing (collaborative management approached) team of individuals with diverse talents and skills and has a proven record of ensuring optimal performance, collaboration and efficiency. The role also requires a person who effectively leads other senior leaders across a large organization by influence (sometimes exceeding formal authority) and has current accountabilities for directing and delivering on enterprise-wide risk strategies in collaboration with other senior leaders across a given organization. The ideal candidate should have current and extensive experience in managing large-exposure, complex claims and understand the dynamics of market and industry related to claims and overall enterprise risk. The role also requires a person with extensive background in managing a large portfolio of insurance assets to ensure that CHLA is attaining the benefits of the insurance contracts and premiums that they negotiated and paid for by CHLA. Current experience in analytical and data-driven approaches to risk management is a requirement for this role to evolve and transform CHLA’s risk management functions.
This position reports to the General Counsel and maintains key relationships with the board of directors, the executive leadership team, and all other levels of leadership across CHLA. The position collaborates closely with the Chief Compliance Officer and the compliance team to implement and operationalize strategies to address enterprise risk issues.

KEY RESPONSIBILITIES:

• Managing and/or influencing a talented, diverse and expert team of individuals with responsibilities across the identified areas, including leading recruitment, training, development, engagement and retention for all individuals on the team
• Providing support, guidance, leadership and motivation to promote maximum performance and accountability across teams
• Establishing and executing a strategic framework for evaluating and mitigating risk-related issues across CHLA
• Achieving optimal outcomes on enterprise risk issues facing CHLA
• Educating and advising stakeholders across CHLA, including the board and the executive leadership team, on risk-related issues
• Ensuring independence and oversight for Internal audit activities and high-level investigations, where appropriate
• Creating and developing analytic, and otherwise innovation-driven strategies to address risk issues
• Collaborating with the Office of the General Counsel (“OGC”) to calibrate legal engagement, including the propriety of protected/privileged approaches to specified issues to mitigate risk

CRO leads the following areas and functions:

Risk Management

• Aligning risk management strategies with organizational priorities and objectives and collaborating with compliance to ensure industry standards are met throughout CHLA
• Sustaining mechanisms for ongoing risk assessment and prioritization of enterprise risks
• Communicating risk priorities and mitigation activities to all leader levels in the organization
• Evaluating the system facility exposure to risk (legal, medical, financial, security, operational, etc.) and recommending and executing strategies for risk mitigation with business leaders
• Educating and advising executive leadership and the board on organizational risks and recommended mitigation strategies and solutions
• Coordinating and collaborating on risk strategies which includes risk partners in compliance, legal, quality, patient safety, clinical risk, claims, etc.
• Collaborating with management and risk partners to identify and recommend risk management approaches for CHLA

Claims Management

• Overseeing and optimizing claim investigation, reserving and resolution of claims at an appropriate total cost (i.e., from a strategic lens taking into account premiums, retention, costs of defense and settlement)
• Collaborating with strategic risk finance, risk, operational finance and actuaries on reserving and financial controls
• Overseeing appropriate authority matrix implementation for the handling and resolution of claims against CHLA
• Collaborating with appropriate business partners on the review of organizational policies and approaches to determine potential sources of risk generally, liability and claims
• Collaborating with risk and business partners to mitigate risk given organizational trends and claim history and external landscape, e.g., tort and antitrust environment
Insurance Management- Risk Financing

• Managing current insurance portfolio
• Managing relationships with insurance brokers and other vendors to ensure CHLA is obtaining value for the contracts that it has entered
• Ensuring that CHLA is obtaining the benefits of the insurance contracts it negotiated for through commercial resolutions and/or litigation
• Maintaining and recommending appropriate insurance products for CHLA

Audit Management – Collaboration

• Assisting with the development and enhancing CHLA’s internal and external audit functions and capabilities across the entire system relative to enterprise risk
• Preparing and executing audit framework and work plans, including the scope and timing of audits and reviews, the extent of testing required, and the content of audit/consulting reports related to enterprise risk
• Assessing and prioritizing emerging risk issues and the efficacy of audit requests to address these issues

Business Continuity, Investigations

• Identifying and mitigating with appropriate risk and business owners, potential enterprise-wide risks and threats
• Creating, implementing and executing plans proactively and in response to threats and other emergent and complex situations
• Leading the management of internal investigations to respond to active and emerging risk issues including collaborating with other leaders at CHLA to calibrate investigations involving overlapping areas of responsibility

Integrity and Compliance

• Collaborating with the chief compliance officer and the compliance team to ensure an integrated and cohesive approach to risk management and the maintenance of an ethical and compliant culture
• Ensuring that organizational policies, procedures and the CHLA Code of Conduct address risk-related issues facing CHLA
• Partnering with compliance to identify strategic opportunities for mitigating risk based on compliance-related issues and trends

QUALIFICATIONS

• Minimally a Master’s Degree in relevant area(s) of expertise or other terminal degree including Juris Doctor
• Senior leadership experience in healthcare, risk management, claims management, insurance and/or other relevant areas of expertise
• Extensive experience in insurance-related products, insurance laws and regulations, complex claim handling and litigation and insurance coverage litigation
• Strategic and operational leadership capabilities at a senior level in a given organization or company
• A collaborative spirit and willingness to partner with other executives in resolving issues with enterprise-wide impact and multiple stakeholders
• A financial, analytics and data-driven approach to leadership and management
• Excellent negotiation skills and courage and tenacity at resolving large complex issues
• Excellent written and oral communication skills
• Ideally experience in healthcare operations

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