Corporate Vice President, Service Resiliency - Audits & Exams

  • Competitive
  • New York, NY, USA New York NY US
  • Permanent, Full time
  • New York Life Insurance Company
  • 25 Sep 18 2018-09-25

Corporate Vice President, Service Resiliency - Audits & Exams

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.

Position Summary:

The Audits and Exams team is responsible for ensuring that the Service Organization's policies and procedures are aligned with applicable regulatory and compliance requirements and oversight of the Breakage process. In addition to assisting with the implementation of new regulatory requirements the team is also responsible for monitoring the Service Organization's continued adherence to established regulatory requirements. Working under the direction of the the senior leader, the Audits and Exams CVP is responsible for the day-to-day management, development, and implementation of the various internal control and compliance reporting processes used throughout the Service Organization. The CVP is responsible for managing a team within the Professional track whose primary responsibilities include: preparation of information requested in conjunction with internal and external audits, coordinating the quarterly 38a-1 and 3012/3013 reporting processes, facilitation of the annual Office of Supervisory Jurisdiction review and ongoing monitoring and tracking of remediation plans identified during audits, and breakage analysis and trades This individual is expected to stay abreast of new regulatory developments and price breaks, identify the specific information needed to satisfy an examiner's request, assist end business users with the collection of information, and validate planned submissions to confirm there accuracy and completeness along with ongoing coaching and training of team members.

Responsibilities :

• Responsible for the supervision and continued development of the individuals within the Audits and Exam team. Ensures staff remains abreast of new products, procedures and regulatory requirements impacting the teams work. Provides individualized coaching, feedback and motivation to further employee development.
• Define data requirements and perform validation and aggregation of data, documents, and information for accurate and timely delivery to auditors and regulatory entities - including the SEC, FINRA, state insurance and securities regulators, etc.
• Assists Senior Management in the annual planning process to ensure team objectives are met and aligned with the Service Organization and company objectives.
• Assist with the coordination of both the internal and external annual audit cycle assigning team resources as needed to assist business areas with timely completion of information requested during ongoing audits. • Oversee the preparation of the quarterly 38a-1 and 3012/3013 reports provided to CCD. Serve as the Service Organization liaison to Corporate Compliance on matters related to the SEC 38a-1 and 3012/3013 reporting requirements. Responsibilities include completion and oversight of the quarterly reports, facilitating the collection and review of information requested during the annual review process along with identifying and recommending opportunities to strengthen the existing processes related to these initiatives.
• Coordinate the collection and review of all information and data requests for internal and external audit inquires including those performed by: Corporate Audit, FINRA, PWC and State Departments of Insurance. Provide guidance to staff members on proper protocol and evaluation of items requiring managements attention.
• Oversee the daily review and timely completion of breakage work requests and coordinate price break recovery efforts with Customer Service, CCD, and Product areas to ensure that corrective actions meet regulatory requirements.
• Assist in the identification and development of key reporting metrics used throughout the Service Organization to measure and strengthen the overall compliance environment.
• Provide guidance to representatives and managers throughout the department on established regulatory and compliance guidelines.
• Track the status of outstanding information requests and distribute weekly and monthly communications to senior Service Organization management on current audit watch list items and tracking of post audit commitments to ensure timely implementation.
• Serving in a project management capacity coordinate the completion of audit and/regulatory recovery efforts as required. Depending on the scope of the recovery effort utilize resources both within the Compliance and Controls team as well as others throughout the organization.


• Bachelors Degree or equivalent work experience preferred

• 5+ years of managment experience

• Series 6 or 7, knowledge of insurance and securities regulation, preferred. Excellent inter personal and business writing skills; strong data analysis aptitude

General Profile:

The CVP must possess advanced knowledge of procedures and practices pertaining to compliance and controls in order to develop business plans, implement process improvements and communicate with internal (Service management, Corporate Compliance, Office of Governmental Affairs, Office of the General Council, Technology teams, Corporate Audit) and external auditors, consultants or vendors . This includes an advanced understanding of administrative systems to drive process improvements and maintain strong compliance results and to define business requirements to support data requests. The CVP must maintain knowledge of federal and state regulatory compliance requirements to insure processes meet these standards. Must possess strong knowledge of procedures and processes in the Service organization to assist in modifications to processes to insure compliance. The CVP must possess the ability to analyze data , identify trends and recommend solutions.

Participates in projects pertaining to product or fund introductions/modifications, regulatory requirements and technology enhancements. Maintains awareness of how compliance or regulatory requirements impact such projects to advise Service and Technology teams accordingly. Maintains knowledge of key Service and Technology strategies and the compliance and regulatory requirements that may impact those strategies.

Coaches, develops and leads direct reports. Represents Service on both strategic and tactical projects. Insures that policies and practices within Service meet compliance standards, and that our staff is trained to understand all requirements of their roles. Oversees consistent monitoring of staff performance metrics, as well as regular coaching of staff. Creates plans and sets priorities within own teams to drive service delivery, improve controls and efficiencies, insure compliance, and maximize enhancements in technology. Is a resource to and provides guidance to Service and Technology teams in a liaison role for matters pertaining to audits, regulatory exams, regulatory or compliance changes. Supports Service management by monitoring and reporting on controls, compliance trends and recommending action plans for improved compliance or control.

The CVP collaborates with the Office of Governmental Affairs, the Office of the General Council, Corporate Compliance, Service management, and Technology teams to design and implement processes and systems to support compliance, regulatory requirements, and controls. The CVP is an advisor on projects designed to enhance service delivery, controls and compliance, such as customer/agent correspondence, e-delivery, tax withholding, privacy, enhancements to the internet site and system security. The CVP assesses data pertaining to trends in compliance, controls or transaction activity and advises Service management on same to insure annual certifications completed by senior management are supported with robust information. The CVP must act in accordance with our values of integrity and trust and must possess confident abilities to address opposition. Failure to meet these expectations can result in significant risk (reputational, financial) to the Company.

The CVP communicates regularly with the Office of Governmental Affairs, the Office of the General Council, Corporate Compliance, Service management, and Technology teams to support implementation of compliance, controls, and regulatory requirements. This occurs through a variety of working group meetings and regularly scheduled monthly meetings. The CVP communicates direction and objectives to the team through staff meetings and coaching sessions to ensure delivery of best in class service and compliance with all standards and regulation. The CVP is responsible for a signficant amount of reporting to management and Corporate Compliance through documented summaries and typically quarterly presentations. This includesg quarterly regulatory updates, quarterly compliance summaries and monthly updates on current audit, market conduct and regulatory exams. The CVP meets regularly with senior management to obtain certifications on a variety of controls.


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