Sr Manager, Risk Management (Risk Manager)

CarMax Business Services; Richmond (VA); On-site; USD 112,000 - 179,000; Full time

Job summary

CarMax is seeking a Risk Manager in Richmond, VA to shape the risk and insurance program that supports over 250 retail locations and about 30,000 associates. You will oversee Workers’ Compensation, Auto and General Liability, Property, and related programs, partnering with actuaries and insurers to protect the Company’s financial security.

The role requires strategic leadership, budget stewardship, and the ability to drive underwriting submissions and complex claims decisions with senior

Qualifications

• 8+ years of risk management experience in a large company with multiple lines of insurance.
• Fluency in insurance markets, products, and terminology.
• Proficient in Microsoft Office (Excel, Word, PowerPoint, Outlook).
• Ability to motivate and influence across multiple levels of the organization.
• Strong relationship-building and negotiation skills.
• Ability to manage multiple projects and prioritize effectively.
• Analytical mindset to drive informed risk decisions.

Responsibilities

• Identify, evaluate, and manage risks across CarMax’s operations to reduce exposure.
• Lead strategy for commercial insurance programs including Auto Liability, General Liability, WC, Property, and more.
• Develop underwriting submissions and drive renewals and insurer negotiations.
• Analyze program effectiveness to align with exposures and risk tolerance.
• Lead Workers’ Compensation strategy and oversee WC associates and claims.
• Oversee Bermuda-based captive insurance company and related compliance.
• Cultivate relationships with actuaries, auditors, brokers, insurers, and counsel.
• Direct strategy and authority for litigated or complex claims with legal counsel.
• Prepare annual budget and present forecasts to Executive Leadership.
• Provide insurance updates to the Board/Audit Committee and support SOX controls.
• Support 250+ store locations with certificates, cards, inquiries, and guidance.

Skills

Risk management experience

Insurance knowledge

MS Office

Stakeholder influence

Relationship building

Negotiation

Project management

Analytical thinking

Education

Bachelor's degree

Job description

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 evaluate liability exposure and advise on insurance provisions to protect the Company

Required Qualifications

• 8+ years experience in risk management or related discipline for a large company with multiple lines of insurance
• Four-year college degree
• Strong fluency in insurance markets, products, and terminology
• Strong operational knowledge Microsoft Office (Excel, Word, PowerPoint, Outlook)
• Ability to motivate and influence across multiple levels of the organization, and willing to challenge upwards appropriately in the best interest of CarMax
• Ability to build and maintain strong relationships throughout the organization, and collaborate with other departments and teams
• Ability to influence and negotiate successfully with advisors & outside providers
• Ability to manage multiple projects; prioritize and lead team to achieve long-term and short-term results
• Ability to drive informed decisions via strong analytical and strategic mindset

This role will be based out of the CarMax Home Office (Richmond, VA) and associates will work onsite 4 days per week.

About CarMax

At CarMax, we revolutionized the used car buying experience over 30 years ago by introducing transparency and integrity into the process. Our commitment to customer experience, innovation, and community has made us the nation’s largest used car retailer. With over 250 store locations and over 30,000 associates, we are proud to have been recognized as one of the Fortune 100 Best Companies to Work For and are committed to helping our communities thrive.

As an associate, you are part of an innovative movement to empower the modern customer and drive progress. Your work fuels change - sparking ideas, overcoming challenges, and shaping what’s next. Join us in creating a better future - for our company, our customers, and the communities we call home.

CarMax is an equal opportunity employer, and all qualified candidates will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, genetic information, national origin, protected veteran status, disability status, or any other characteristic protected by law.

The annual salary for this position is:

$111,700.00 - $178,700.00

May be eligible for bonus and equity.

Benefits:

Except as otherwise required by state law, CarMax Associates are entitled to the following paid sick, vacation, and holiday time.

Associates considered full-time salaried are entitled to paid time away with no specified limit as needed for sick, vacation, bereavement, jury duty, holidays, floating holiday, etc. subject to manager approval.

For more details about benefits, please visit our CarMax Benefits website.

Upon an applicant's request, CarMax will consider reasonable accommodation to complete the CarMax Job Application.

The annual salary for this position is:

$111,700.00 - $178,700.00

May be eligible for bonus and equity.

Benefits:

Except as otherwise required by state law, CarMax Associates are entitled to the following paid sick, vacation, and holiday time.

Associates that are considered full-time hourly or commission/incentive eligible:

• To earn up to 48 hours of sick time per year accrued on a per pay period basis and between 80 hours and 200 hours per year of vacation time after a 90 day waiting period depending on years of continuous service with the Company.
• For 8 hours of pay for each of a total of 6 paid scheduled holidays per year plus 1 floating holiday. If such an Associate does work on a scheduled holiday due to business need, they are eligible for Holiday Premium Pay.

Associates considered full-time salaried are entitled to paid time away with no specified limit as needed for sick, vacation, bereavement, jury duty, holidays, floating holiday, etc. subject to manager approval.

For more details about benefits, please visit our CarMax Benefits website.

Upon an applicant's request, CarMax will consider reasonable accommodation to complete the CarMax Job Application