Position Summary: This position is responsible for the coordination and management of compliance matters related to the departments of Administration procedures and processes. A thorough understanding of federal and state regulations is required, or the ability to obtain. This position is also responsible for departmental business risk assessments, staff quality audits and other internal or external audit requirements
Essential Duties and Responsibilities
- Monitor and manage all processes performed in Administration related to regulations as determined by state and federal agencies as well as internal and external auditors’ recommendations. Maintain a thorough knowledge of procedures and processes related to compliance matters ensuring appropriate controls are in place and reporting is conducted. This includes, but is not limited to, NY Regulation 60, Federal Privacy rules, the Patriot Act and Anti-Money Laundering Regulations.
- Conduct the annual review of Business Risk Assessments with Administration staff and Internal Auditor and complete or monitor completion of related follow up activity and action items within agreed upon time frames.
- Participate in internal and external audits of Administration processes. Monitor and ensure internal audit recommendations are implemented in time frames established by internal and/or external auditors.
- Work with Administration management to assist in review and update of procedures as needed. Maintain files of procedures in electronic and hard copy format as needed.
- Assist the Corporate Compliance Officer with any department related matters.
- Assist with special projects as assigned by Administration Management.
- Bachelor’s degree in Business, or relevant fields preferre
- Minimum 5 years insurance administration experience
- Strong understanding of life insurance principles and concepts
- Excellent verbal and written communication skills
- Thorough knowledge of CFG life insurance products, distribution, and agency structures
- Sound understanding of compliance and regulatory matters, or knowledge of resources
Drug Free Workplace