UNIVERSITY PARK, Pa. — William Raab has started as Penn State’s new director of risk management and chief risk officer. Raab, an alumnus of the University, previously served as assistant vice president and director of risk management for Utica National Insurance Group, based in New Hartford, New York.
Raab replaces Jennifer Santiago, who departed Penn State in July 2021, and began on April 4.
“We are gratified to be able to benefit from Bill’s wide range of experience and leadership in the insurance and risk management field, and we look forward to his efforts to advance Penn State’s risk management programs,” said Sara Thorndike, senior vice president for Finance and Business/treasurer.
“I am honored to be Penn State’s chief risk officer, and I am humbled by the opportunity to return to my alma mater and lead the risk management function. I look forward to serving the Penn State community and working with my colleagues to advance the mission and vision of the University,” Raab said.
At Penn State, Raab is responsible for the University’s and Penn State Health’s insurance claims management programs and the institutional Enterprise Risk Management program. He maintains and cultivates a culture of awareness across the University to identify exposures that exceed the scope of traditional insurable risks. In addition, Raab aligns and prioritizes strategies for collective risks that expose Penn State to negative financial, strategic, operational and reputational consequences.
In his role as director of risk management and chief risk officer, Raab is president of the Nittany Insurance Company, a captive insurance program and subsidiary of the University, and leads the Enterprise Risk Management Council.
During his tenure at Utica National Insurance Group, Raab led the effort to implement a new risk management software solution that created departmental efficiency and expense savings and reduced the firm’s technological risk. He collaborated with other executives to recommend risk management strategy, planning and technology innovations to senior management and the company’s board. Raab also developed a process to capture risk management data; developed new learning strategies for the risk management team; oversaw corporate compliance for Utica’s risk management function; and monitored emerging risks.
His other professional experience includes serving as director of risk management and insurance at the University of Baltimore; director of client risk solutions at Glatfelter Insurance Group in York; director of risk management services for Berkley Mid-Atlantic Group in Harrisburg; and loss control manager at Merchants Insurance Group in Buffalo, New York.
Raab holds memberships in the CPCU society and the Risk and Insurance Management Society, and is vice president of research and innovation in the Society of Insurance Trainers and Educators. He is also an advisory board member of the University of Baltimore Risk Management and Insurance Program and served as a visiting professor at Florida State University.
Raab holds a doctoral degree in organizational leadership from Abilene Christian University; a master’s degree in risk management and insurance as well as a graduate certificate in ethical leadership from Florida State University; and bachelor’s degree in industrial health and safety from Penn State.