Meet our experts: Roland Themm // Risk Management

Roland, can you give us a brief overview of your role in Risk Management at Delvag?

My responsibility as Head of Risk Management at Delvag is to identify, assess and minimise potential risks in order to secure the financial stability and long-term success of the company. This includes developing and implementing risk management strategies, monitoring our actuarial and investment risks and assessing our risk-bearing capacity. As a risk manager, I work closely with other departments to ensure that the company is adequately protected against potential losses and fulfils legal requirements.

You said that you work closely with other departments - can you give us an example to illustrate this?

A great example of our cross-team collaboration is the preparation of the annual SFCR report (Delvag Solvency and Financial Condition Report), which is also published on our website. My department is responsible for coordinating the report. However, many colleagues from different departments are involved in the text sections. For example, our experts from the legal department are responsible for passages relating to the governance system. Our balance sheet experts look at the solvency overview and our investment and insurance experts deal with issues relating to market and underwriting risks. We regularly liaise with each other so that we can agree on issues at an early stage and monitor the progress of reporting.

What does your team contribute to the company's overall strategy?

Every year, we derive our risk strategy from the corporate strategy in order to determine Delvag's risk willingness and tolerance. Our aim is to ensure Delvag's financial stability and long-term success. By regularly calculating and planning capital requirements, we help to maintain adequate financial reserves in order to be able to absorb potential losses. In addition, risk management helps to strengthen the confidence of customers and investors in Delvag, as they know that the company has taken effective measures to deal with potential risks.

You've been with us since 2018. How did you end up at Delvag?

It was actually by chance. My predecessor, who went into well-earned semi-retirement at the end of 2018, was my seatmate in a class on operational risks. That's how I first heard about Delvag. We connected on XING and as we liked each other straight away, I contacted him when I read about a vacancy in risk management at Delvag on the Internet. Looking back, I can say that this was one of the best decisions of my life. 

Roland, what does an ‘ordinary’ working day look like for you?

As the tasks of a risk manager are very varied, I find it difficult to describe a typical working day. There is no standardised pattern for a day. There are many different tasks throughout the year. At the beginning of the year, for example, we always calculate the solvency II coverage ratio, followed by updating the guidelines, the risk strategy and preparing the own risk and solvency assessment (ORSA). Over the course of the year, there are different topics that are relevant to us. What remains constant is that a large part of the day is spent liaising with colleagues. This is always enriching and varied. To summarise, a typical working day for me consists of a good mix of analytical tasks and open exchange with colleagues. Nevertheless, every day is different from the day before and that's what makes it so appealing to me.

What were the special highlights for you during your time at Delvag?

There are quite a few. My first highlight was even before I started my first day at work. Before I was hired, I was allowed to complete various tests and interviews at the Lufthansa Aviation Center in Frankfurt. There I was able to get a taste of Lufthansa for the first time and talk to colleagues who had applied for other jobs in the Lufthansa Group. That was very informative and gave me important impulses. Another highlight was my first Solvency II report with us in 2018, which was submitted at 11 p.m. on the last possible day - my longest working day to date. Afterwards, all colleagues who were still present toasted the achievement together. In the following years, of course, the deadline for submitting the report was no longer so tight (laughs). In addition, I particularly remember the projects that have been successfully realised so far as well as our joint summer parties. The big highlight was our 100th anniversary celebration.

Let’s talk about about challenges. Were there any circumstances or situations that were difficult to deal with?

We all face challenges every day at Delvag. For us in Risk Management, these can be changes in strategy, major losses, projects, the introduction of new products - which leads to changes in calculation methods - as well as changes in regulation. After six years at Delvag, I can look back and say that no year was like the year before. It's challenging, but also exciting. Thanks to the high level of collegiality and helpfulness at Delvag, which I have never experienced in any other company, we have been able to overcome every challenge together.

Your role requires a great deal of foresight and a sober and realistic assessment of many factors. How do you generally go about analysing and identifying risks?

In order to identify new risks at an early stage, it is important to continuously exchange information and keep up to date. A broad screening of the available information gives us a good overview of the current risk situation. Tried and tested sources for us include the German Insurance Association, risk reports, trade journals, key company figures from Delvag and, of course, dialogue with our colleagues. To name just a few examples: The risks we deal with include the impact of sustainability requirements, risks due to head monopolies and compliance and legal risks. The risks are then systematically identified and evaluated as part of risk assessments with the affected divisions so that measures can be introduced if necessary.

How do you see the future in your sector? Are there any developments and risks that could have a major impact on the industry?

Sustainability is and will remain a major topic. Current developments in this context have a major impact on both the insurance industry and the aviation industry. Climate change in particular poses risks such as the risk of increased natural disasters. Then there is the threat situation due to cyber risks which is also different compared to 20 years ago. It is important for Delvag to be aware of the risks in order to be able to manage and minimise them so that long-term business success can continue to be ensured. My team and I are doing everything we can to ensure this.

Thank you very much for the interview!

About Roland Themm
Roland Themm completed his studies in Cologne and began his career in Risk Management during this time. Since 2008, he has gained valuable experience in various companies in the financial sector and has developed into an expert in his field. In 2018, he took over the position of Head of Risk Management at Delvag. Together with an experienced colleague, he monitors the risk situation and ensures the risk-bearing capacity of the Delvag Group.

From Nicholas Gorny
Corporate Communications Delvag
kommunikation@delvag.de