Investment Risk Manager

Generali Real Estate; Lombardia; Hybrid; EUR 50,000 - 61,000; Full time

Benefits offered by this job

Health insurance coverage

Supplementary pension scheme

Hybrid working arrangements (Smart‑the

Group products and services access

Training programs and Learning pla

Job summary

Generali Real Estate seeks aSenior Risk Manager to strengthen its Risk Management function in Italy. You will support investment risk assessment, monitoring, and reporting across funds and real estate transactions, ensuring alignment with policies and limits.

The role requires strong analytical and communication skills and experience in real estate risk management. The position offers hybrid working arrangements and a starting gross annual salary of €50,000, with potential for additional

Qualifications

• Master’s degree in Finance with a focus on Asset Management or Risk Management.
• 7+ years of relevant professional experience in risk management within real estate or asset management.
• Exposure to Italian, French and EU Fund Management regulations, particularly AIFMD.
• Fluent in English; French would be considered an asset.
• Strong analytical, quantitative, investigative and reporting skills.

Responsibilities

• Contribute to investment risk processes, including risk and control identification, measurement, management, monitoring, and reporting.
• Assess the consistency of Funds’ business plans with the real estate investment strategy and the system of limits, providing an opinion on the risk profile and potential impacts on the Fund.
• Monitor Funds’ Key Risk Indicators, direct and indirect investment exposures, and limits; elevate risk issues and coordinate remediation actions.
• Assess real estate transactions by verifying consistency with the business plan and the system of limits, providing an opinion on the related risk profile and portfolio impacts.
• Evaluate risks related to new Funds to be launched.
• Perform risk reviews, maintain watchlists, contribute to transaction reviews, and present findings with remediation plans to governance bodies.
• Perform second-level controls on real estate valuations and promote sound risk management practices across the Company.

Skills

Risk management

Portfolio management

Asset management

Capital markets

Analytical skills

Financial modelling

Real estate investments

Communication skills

MS Office

Excel

Power BI

Power Automate

Copilot Studio

Python

Fluent English

Education

Master’s degree in Finance

Tools

Power BI

Power Automate

Copilot Studio

Python

Job description

The Risk Management function acts as a guarantor for the correct implementation of the risk management system within Generali Real Estate. It supports the Board of Directors and Top Management in the definition of risk management strategies and tools for risk identification, monitoring, management, and measurement. Through an adequate reporting system, Risk Management also provides the elements needed to assess risk exposures and the effectiveness of the end-to-end risk management system.

The Risk Management Function has overall responsibility for all risk management activities within its perimeter and applies Generali Investments policies and guidelines, ensuring risks are managed accordingly.

The function is structured to embed risk management into day-to-day business practices and support the business in growing safely. It provides oversight and guidance at Company level on all risk management matters, including:

• Coordinating the adoption of Generali Investments policies and guidelines and proposing risk policies and guidelines to the BoD;
• Proposing and applying risk assessment methodologies agreed with the Generali Investments Chief Risk Officer;
• Ensuring that investment activities are conducted consistently with relevant policies, limits, and mandates;
• Bringing risk perspectives into business processes in accordance with relevant guidelines;
• Supporting branches in measuring and mitigating operational risks.

Reporting to the Chief Risk Officer (CRO), the main responsibilities include:

• Supporting the CRO in the management of all investment risk matters;
• Providing an independent and consolidated view of the key financial risks affecting the Funds under management;
• Reviewing portfolio risk factors (including limits) and specific property risks;
• Contributing to the definition and implementation of the risk framework (e.g., risk policies, guidelines, models, investment processes, etc.);
• Providing risk assessments on Funds throughout their entire life cycle, from inception to liquidation;
• Assessing risks at both asset and Fund level for proposed transactions;
• Monitoring risks and mitigation plans, and providing management reporting on key financial risks (e.g., KRIs, special situations, etc.);
• Participating in Risk Management Committees.

Main Tasks

1. Investment Risk

• Contribute to investment risk processes, including risk and control identification, measurement, management, monitoring, and reporting;
• Assess the consistency of Funds’ business plans with the real estate investment strategy and the system of limits, providing an opinion on the risk profile and potential impacts on the Fund;
• Monitor Funds’ Key Risk Indicators, direct and indirect investment exposures, and limits; elevate risk issues and coordinate, when necessary, the implementation of remediation and mitigation action plans;
• Assess real estate transactions by verifying consistency with the business plan and the system of limits, providing an opinion on the related risk profile and portfolio impacts;
• Evaluate risks related to new Funds to be launched;
• Perform risk reviews, maintain watchlists, contribute to transaction reviews, and present findings together with remediation and mitigation action plans to the relevant governance bodies;
• Perform second-level controls on real estate valuations;
• Promote sound investment risk management practices and strengthen risk and control culture across the Company, liaising with branch heads to identify missing procedures or controls.

2. Reporting

• Provide accurate managerial and regulatory reporting on significant investment risk issues to the relevant governance bodies.

3. Policies, Methodologies and Procedures

• Contribute to the definition and implementation of investment risk policies, methodologies, and procedures, in line with Generali Investments CRO policies and applicable regulations.

Requirements

Experience

• Experience in a similar role within an SGR or in the asset / Fund management risk management field, preferably in an international environment;
• Experience in the real estate / property sector is a prerequisite;
• Exposure to Italian, French and EU Fund Management regulations, particularly AIFMD;
• 7+ years of relevant professional experience are required.

Education

• Master’s degree (or equivalent) in Finance, with a focus on Asset Management, Risk Management, or a related discipline.

Skills and Expected Behaviors

• Strong knowledge and understanding of institutional real estate investments;
• Experience in portfolio management, asset management, capital markets, or acquisitions;
• Strong analytical, quantitative, investigative and reporting skills;
• Advanced financial modelling and analytical capabilities;
• Solid understanding of real estate industry risk management practices;
• Excellent written and verbal communication skills;
• Fluent in English; French would be considered an asset;
• Strong diplomatic skills and ability to gain broad stakeholder acceptance;
• Proficiency in MS Office applications, particularly Excel, PowerPoint and Word; knowledge of Power BI, Power Automate, Copilot Studio and Python would be a plus;
• Ability to interact effectively with demanding stakeholders at all levels of the organization;
• Well-organized, detail-oriented, rigorous and disciplined in the execution of work;
• Confident, enthusiastic and self-motivated, with sound judgment and integrity;
• Team-oriented, with the ability to work effectively in an international and multicultural environment;
• Hands‑on, curious, flexible, thorough and results‑oriented, with a strong client focus;
• Strong commitment to ethics and integrity;
• Willingness to travel when required.

What we offer

The role is offered within the Quadro category, under the National Collective Labour Agreement for the Banking Sector (CCNL Credito) and the applicable Company Collective Agreement (Contratto Integrativo Aziendale). The starting gross annual salary is €50.000. The final offer will reflect the candidate’s professional experience and the technical and interpersonal competences required for the position and may include an individual variable compensation component.

Additional benefits include:

• Health insurance coverage
• Supplementary pension scheme
• Hybrid working arrangements (Smart‑working)
• Preferential access to Group products and services
• Training programs and Learning platforms
• Opportunities for internal and international mobility.

Why work with us

Joining Generali means becoming part of an international Group with a strong heritage and a forward‑looking vision, where people are at the center of our sustainable growth strategy.

We foster a responsible, inclusive, and innovation‑driven work environment, where everyone can contribute to creating value for customers, society, and the communities in which we operate.

We believe that diversity, equity and inclusion are essential to building a stronger culture and driving sustainable growth.

At Generali, you will find opportunities to grow through continuous learning, career development paths, and internal mobility across the Group.

We recognize talent and merit, and support flexibility as a key enabler of well‑being and a sustainable work‑life balance.

Working with us means sharing strong values and taking on meaningful challenges together to build a safer and more sustainable future every day.

As an Equal Opportunity Employer, Generali evaluates all applications based exclusively on objective and gender‑neutral criteria, including skills, experience and potential, ensuring fairness and transparency throughout the selection process.

Company Profile

Generali Real Estate is one of the world's leading real estate managers, with approximately €37.1 billion in assets under management in Q3 2025 and operating units in the main European cities. Its integrated business model covers the entire real estate value chain. A series of cross‑border investment vehicles, established by Generali Investments Luxembourg S.A. and managed by Generali Real Estate S.p.A. Società di gestione del risparmio as investment manager, aims to create long‑term value by investing in assets characterised by good location, high liquidity and excellent underlying leasing fundamentals.

Generali Real Estate, Generali Real Estate SGR S.p.A. and Generali Investments Luxembourg S.A. are part of Generali Investments, a platform of asset management firms delivering a portfolio of specialist capabilities with €632.2 billion under management and more than 2,200 employees (source: Generali Investments Holding S.p.A., data as at end of Q2 2025, net of double counting).

Generali is proud to be an inclusive employer that considers applicants regardless of gender, gender identity, sexual orientation, ethnicity, disability, religion, political views, marital status or philosophy of life.

If you have a disability or special need that requires accommodation or assistance we will support you during the selection process.