Corporate Vice President, Finance Operations
- Walnut Creek, CA, USA Walnut Creek CA US
- Permanent, Full time
- New York Life Insurance Company
- 17 Jul 18 2018-07-17
Corporate Vice President, Finance Operations
New York Life Insurance Company is the largest mutual life insurance company in the United States. Founded in 1845 and headquartered in New York City, New York Life reported 2017 operating earnings of $2.06 billion. Total assets under management at year end 2017, with affiliates, totaled $586 billion.
New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+ (Source: Individual independent rating agency commentary as of 8/1/17).
Financial strength, integrity and humanity-the values upon which New York Life was founded-have guided the company's decisions and actions for over 170 years.
Role Overview :
• Tracking and management of vacant agent space. - Management of Vacant Space in the General Office is critical to managing the overall rent budget in each Zone. The CVP must discuss space needs with Field Management, conduct General Office meetings with Agents and balance Field Management and Agent needs with the Company's long-range objectives regarding rent expense.
• Scheduling the financial reviews and setting up systems for follow-up on items of concern from the review. The CVP must assure reviews are conducted annually in all General Offices in their respective Zones. Once completed review issues must be monitored to ensure the Field Management enacts all corrective actions. A written reply of corrective actions must be on file in the Zone for review annually by Home Office Executive Management. Additionally, the CVP will conduct financial reviews independently in all offices, notwithstanding their size.
• Ledger debit administration - CVP must ensure all types of agent's debits (Active, Terminated and Special) are monitored, collected and reviewed on a monthly basis.
• General Office and Zone budget variances. - Monthly budget review and budget variance explanations are the responsibility of the CVP. The CVP, working with the Home Office, must provide all variance explanations on a monthly and quarterly basis on an account level within set parameters. Procurement card expenses must also be reviewed to ensure legitimacy of charges.
• Work with Field Management on the relationship of expenses charged to their budget versus their Profit & Loss Statement. Explain differences so that Field Management can maximize Profit & Loss Development Fund. Develop analysis of Profit & Loss results to ensure ultimate General Office profitability.
• Furniture and equipment purchases. - All office furniture and equipment purchases required for the General Offices are approved and coordinated by the CVP.
• Discuss and review compensation formulas with Partners, Senior Partners and Managing Partners. - The CVP must be conversant in all aspects of Field Managers Compensation and be able to review compensation plans at a high level, and on an individual basis. Explain and project compensation under various production scenarios; field questions on impact of agent transfers/terminations and any other unusual circumstance on compensation. Review "Proformas" of projected production with the Home Office and then present to the Field Manager for concurrence and signature.
• Coordinate Zone sponsored meetings.
• Administer all aspects of the Discretionary Expense Program, including fielding questions, making decisions as to expenses that can be charged to these programs and monitoring the Managing Partners to ensure that they do not overspend their accounts. Prepares projections and explains programs so the Managing Partner can make informed and most economically beneficial decisions.
• Basic lease negotiations and lease process. Works closely with National Real Estate Company to make recommendations on selection of locations for General Offices. Review business terms (for ultimate approval by the H.O.) and work with local agency management to explain business terms and gain acceptance of business plan. Work closely with Home Office to ensure timely and accurate execution of lease documents. Handle all space issues on an ongoing basis and mediate issues between local management and landlords.
• Bachelor's Degree
• Agency Home Office and Field Operations
• Excellent oral and written communications
• Decision making skills, reflecting sound judgment
• Ability to interact with Managing Partners, including communicating with them on "unpopular" decisions
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