Compliance Analyst

Summary:

This position will have Compliance responsibility for ensuring that in-house and outsourced processes, policies and procedures are compliant. You will be responsible for Life and Annuity Compliance support Operations functions such as Producer Licensing, New Business and Customer Service Operations, including Third Party Administrator (TPA) compliance. Support includes activities such as regulatory research for new product implementation, New Business and Customer Service Operations administration of policies and contracts, reviewing processes, procedures, and forms for compliance with regulatory requirements, and conducting compliance testing, monitoring and remediation efforts. 

Major Duties and Responsibilities include the following:

• Identify, monitor, review and analyze compliance requirements and regulations to assess the impact to Life and Annuity Operations functions noted above
• Assist the business with identifying compliant solutions for meeting or exceeding regulatory requirements and business objectives
• Ensure Operations has documented, effective policies and procedures in place to comply with all applicable regulatory requirements and work with various teams to identify and mitigate any gaps in policies and procedures
• Respond timely to compliance and regulatory inquiries from various business partners and maintain documentation of any compliance guidance provided and/or approvals
• Gain and/or maintain a deep understanding of the company and TPA administrative systems and how they are used or can be optimized to ensure processes and/or regulatory reporting meets compliance requirements
• Establish a monitoring system to routinely demonstrate compliance with applicable regulatory requirements and/or identified market conduct exposures
• Conduct routine compliance reviews and/or testing of processes and procedures, forms, training, etc. for compliance with state regulations and company policies. Identify compliance related defects through testing. Work with business partners to conduct root cause analysis and develop recommendations to resolve any regulatory exposures identified. Maintain documentation of completed compliance reviews, testing results and corrective actions plans.
• Maintain compliance issues log and schedule and manage meetings with various teams to ensure continuous progress towards compliant resolution of open issues
• Review and analyze Operational issues to identify compliance or market conduct exposures and present solutions to assist company management with development of corrective actions plans
• Become familiar with the nature of our contracts with TPA’s, understand the information contained in them and ensure policies and procedures adhere to compliance requirements stated in the contracts
• Analyze compliance related data, identify anomalies, and collaborate with data owners to develop compliant solutions
• Assist with annual compliance risk assessments and other risk reporting as needed
• Proactively participate in various projects and meetings to ensure adequate compliance representation and support for the business
• Other duties may be assigned as appropriate

Supervisory Responsibilities: This job currently has no supervisory responsibilities. 

Job Qualifications:

To perform this job successfully, an individual must be able to satisfactorily perform each essential duty with a high level of independence.  The requirements listed below are representative of the knowledge, skill, and/or ability required.  Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Education and/or Experience:

• Bachelor’s degree preferred
• Significant insurance operations and/or insurance compliance experience
• Strong working knowledge of Life and Annuity products, how they are administered throughout their lifecycle and their associated regulatory requirements

Communication and Language Skills:

Work requires the ability to read and interpret complex documents, write routine reports and correspondence. Effective organizational and communication skills, both orally and in writing, are required.

Mathematical Skills: Basic math skills are required

Reasoning Ability: Strong analytical skills required

Certificates, Licenses, Registrations: None required

Other Skills and Abilities: 

• A strong intellectual curiosity and compliance mindset demonstrated through decisions and actions
• Strong analytical and reading comprehension skills
• Attention to detail and excellent time management skills
• Ability to build positive internal customer relationships, identify issues and collaborate with business teams to resolve them
• Excellent organizational and oral and written communication skills
• Ability to take initiative and to work both independently and as a team player
• Ability to manage short- and long-term initiatives and shifting priorities
• Working knowledge of Microsoft Office products