Compliance Specialist
| Company | Genworth Financial |
|---|---|
| Location | Lynchburg, VA, USA, Richmond, VA, USA |
| Salary | $Not Provided – $Not Provided |
| Type | Full-Time |
| Degrees | Bachelor’s |
| Experience Level | Junior, Mid Level |
Requirements
- BS/BA in business related field of study or High School Diploma and significant work experience related to compliance and regulation in the insurance industry and/or insurance operations including (1) compliance auditing, (2) compliance and regulation in the life insurance industry, or (3) insurance operations.
- Working knowledge of Long Term Care products (including Group), and their associated regulatory requirements.
- Strong working knowledge and understanding of Operations processes/procedures and the compliance/market conduct/regulatory issues related to them
- Strong intellectual curiosity and a desire to develop an in-depth understanding of complex issues
- Strong compliance mindset demonstrating a commitment to compliance through actions and decisions
- Ability to identify issues and collaborate with business teams to resolve them
- Ability to manage short and long-term initiatives as well as changing priorities
- Excellent organizational skills, oral and written communication skills and strong analytical skills
- Strong background and knowledge base of Long-Term Care Admin Systems
Responsibilities
- This position will have Compliance oversight responsibility for ensuring that all outsourced processes are reviewed and monitored from a compliance perspective. Responsibilities include but is not limited to: 1. Obtaining reasonable assurance that all compliance and regulatory requirements are identified and reviewed prior to implementation.
- Establishing a monitoring system to routinely demonstrate compliance with the requirements identified, and
- Maintaining documentation of the completed compliance review for each outsourcing project.
- Build, integrate, enhance, and maintain a comprehensive program for Compliance oversight and support of Third-Party Administrator (TPA) relationships where another company is administering business on Genworth’s behalf for Group Long Term Care Operations functions. This support includes but is not limited to: 1. Developing an understanding of the regulatory requirements for Third Party Administrators.
- Become familiar with the nature of our contracts with these Third-Party Administrators and understanding the information contained in them.
- Monitoring/auditing practices and other activities for compliance with state regulations and company policies, including oversight of any Compliance Management System (CMS) metrics.
- Review and analysis of regulations including assessment of impact to Group Long Term Care Operations and presentation of solutions or options, and
- Assisting company management in developing action plans to address any compliance or market conduct issues/exposures identified.
- Complete compliance reviews by performing audit routines and analytic procedures designed to identify potential compliance and market conduct issues/exposures. The reviews include tests of company processes and procedures and analysis of compliance-related trends, investigation of results to determine root causes, and working with business leaders or project teams to resolve any market conduct issues/exposures identified.
- Compare and evaluate possible courses of action and make recommendations regarding compliance and market conduct issues/exposures and assist in communicating them to appropriate levels of management. This will include conducting research and providing guidance and consultation to project teams on Compliance related topics that have a direct impact on the business.
- Assist Group Long Term Care Operations in preparing and/or updating documentation of company processes and procedures which present compliance and market conduct issues/exposures and review the documentation to assess the risk inherent in the activity.
- Complete periodic and ad hoc Compliance reviews of Group Long Term Care Operations SOPs, forms, training, etc., and provide timely feedback and approval.
- Provide Compliance support and guidance to Group Long Term Care Operations including responding to business requests and market conduct exam support.
- Develop and implement programs to enhance compliance and market conduct awareness, including proactive participation in cross-functional teams within the company and developing and presenting market conduct and compliance educational programs for employees.
- Create and maintain Compliance Department audit routines and analytic review procedures.
- Perform various other special examinations/projects as assigned by manager.
- Maintain technical proficiency with respect to reviewing company activities for compliance and market conduct issues/exposures and actively participate, as appropriate, in compliance and market conduct groups within the insurance industry.
Preferred Qualifications
- LOMA AIRC Designation (Associate of Insurance Regulatory Compliance)
- FLMI Designation (or significant progress toward the designation)
- Basic understanding of the Genworth U.S. Life Insurance Business structure
- Basic understanding of Group Long-Term Care products, processes, and admin systems