Legal and Vendor Risk Management Specialist at AIG

Quezon City, Metro Manila, Philippines

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Not SpecifiedCompensation

Mid-level (3 to 4 years)Experience Level

Full TimeJob Type

UnknownVisa

InsuranceIndustries

Requirements

Minimum Education: Law degree (JD or LL.B), Legal Management, or a related field. Paralegal certification or equivalent training is acceptable. Passing the Bar is not required
Skilled in contract review and ensuring contractual accuracy, with a solid foundation in contract law principles
Strong analytical and risk assessment skills
Computer-literate and proficient user of MS Office Suite and other applications
Basic knowledge of using the Internet, Web Browser, Search Engine, etc
Good interpersonal and excellent communication skills (both written and verbal)
Tenacity to follow-through on open items to complete assignments and meet deadlines
Strong analytical, problem-solving, and organizational skills with the ability to prioritize and multitask in a fast-paced/time-sensitive environment
Any experience in the BPO, financial services, and/or insurance industry is a plus
Must be willing to work on mid-shift / flexible schedules
High attention to detail
Ability to work independently and with minimum supervision
Self-motivated and ability to take initiative
Works effectively within a team to accomplish goals, take action that respects the needs of others and those of the organization
Plans, prioritizes, and schedules your own work to ensure timely completion
Adhere to established attendance schedules

Responsibilities

Evaluate third-party vendors to identify and mitigate potential risks that could impact the organization’s operations or reputation
Monitor vendor compliance with regulatory and contractual obligations
Collaborate with internal teams to ensure vendor controls are effective
Ensure that vendor contracts are properly drafted, reviewed, executed, and monitored throughout their lifecycle
Draft contract templates and customize clauses based on project needs
Review bills submitted by law firms for reasonableness and compliance with Litigation Management Guidelines, ensuring that AIG pays only for charges that are reasonable and appropriate
Audit vendor invoices for errors, overcharges, or non-compliance with contract terms
Process approved invoices for payment in the system
Maintain a daily spreadsheet reflecting the amounts submitted by the law firm, adjustments made, payment details, and any exceptions noted
Contribute data used to generate key performance metric reports identifying trends to be communicated to law firms, vendors, and legal audit teams or claim professionals
Review internal claim systems for claim details, communicate with claim professionals to determine prior authorization or exception approval, and research terminology on the internet
Perform tasks with sound judgment and discretion and make critical decisions independently and judiciously
Ensure completion of tasks and assignments in a high-volume work environment
Ensure that assigned targets are met in accordance with SLA
Ensure that the quality of work complies with predefined parameters

Skills

Key technologies and capabilities for this role

Vendor Risk ManagementRisk MitigationContract DraftingContract ReviewCompliance MonitoringInvoice AuditingExcelLitigation ManagementRegulatory ComplianceData Analysis

Questions & Answers

Common questions about this position

What education is required for the Legal and Vendor Risk Management Specialist role?

A law degree (JD or LL.B), Legal Management, or a related field is required. Paralegal certification or equivalent training is also acceptable, and passing the Bar is not required.

What key skills are needed for this position?

Skills in contract review and ensuring contractual accuracy with a solid foundation in contract law principles are required, along with strong analytical and risk assessment skills. Proficiency in MS Office Suite and other applications is also necessary.

Is this a remote position, or is there a location requirement?

This information is not specified in the job description.

What is the salary or compensation for this role?

This information is not specified in the job description.

What does the team environment look like at AIG for this role?

The role is part of the Claims Global Operation – Third Party Management team, which provides advice across the organization, manages third-party vendors, and oversees relationships with external entities in a high-volume work environment.

AIG

Global insurance provider for individuals and businesses

About AIG

AIG provides a variety of insurance products and services aimed at individuals, families, and businesses. Their offerings include life insurance, retirement planning, and commercial insurance, which help clients manage risk and protect their assets. AIG operates by underwriting insurance policies and managing risk, while also investing the premiums collected to generate income. This company stands out from competitors by not only focusing on traditional insurance but also emphasizing cybersecurity and data protection to keep clients' information safe. AIG's goal is to help clients achieve financial security and peace of mind through comprehensive insurance solutions.

New York City, New YorkHeadquarters

1919Year Founded

IPOCompany Stage

Cybersecurity, Financial ServicesIndustries

10,001+Employees

Benefits

Health, dental, & vision coverage

Flexible Spending Accounts (FSA)

401(k)

PTO

Commuter Expense Reimbursement Account

Risks

Sale of personal travel business may reduce AIG's market presence in travel insurance.

Expansion in Atlanta could pose financial risks if expected growth does not materialize.

Deconsolidation of Corebridge Financial might lead to loss of synergies and increased costs.

Differentiation

AIG offers a wide range of insurance products globally, serving diverse client needs.

Corebridge Financial, a subsidiary, enhances AIG's offerings in retirement planning and financial futures.

AIG emphasizes cybersecurity and data protection, ensuring clients' information remains secure.

Upsides

AI adoption in underwriting and claims processing enhances efficiency and reduces costs for AIG.

InsurTech partnerships offer AIG opportunities to enhance digital capabilities and drive innovation.

Telematics and usage-based insurance allow AIG to offer personalized and flexible products.

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