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R20035631 - Intermediate Compliance Analyst-Insurance Fraud

Company: TransAmerica Life Insurance Company
Location: Duluth
Posted on: June 12, 2021

Job Description:

Description :

Job Description Summary

Transamerica has been helping people feel better about the future for more than 100 years, and we're proud of the trust we've earned. But we believe our responsibility goes beyond insurance, investments, and retirement accounts. We're also in the business of helping people improve their financial and personal well-being, so they can add more years to their lives, and more life to their years.

Job Description

What You Will Do: As part of Transamerica's team you will help to mitigate legal exposure/risk to the organization by enforcing company policies, procedures and regulatory requirements. Possesses and applies broad knowledge of concepts and principles; works with some instruction or guidance with applicable latitude for un-reviewed action or decisions; performs more complex assignments with direction and guidance from management.

What You Will Learn: In this role, you will gain exposure to Transamerica's rich history and culture. You will be working with a team of ambitious and engaged professionals who bring fresh ideas and diverse perspectives to help us continually shake up the status quo and stay on the forefront of reinventing how we meet our business partner's needs.

What Success Looks Like:

  • Review current policies and procedures; identify and help to implement new and/or enhanced practices.
  • Contribute to the development of new and/or enhanced compliance programs and enterprise-wide initiatives.
  • Research current, new, and proposed regulatory requirements (e.g., statutes, regulations, bulletins) to determine impact to organization.
  • Provide guidance and/or develop summaries related to regulatory requirements; identify possible courses of action for various departments.
  • Analyze processes, services and products and provide ongoing guidance to ensure compliance with regulatory and statutory requirements.
  • Compile information for completion of reporting, including reports for management and state/federal regulators. Depending on complexity of the request, perform analysis, identify trends and follow up on opportunities for enhancement.
  • Manage, oversee and analyze reports from third-parties (e.g., sub advisors, audit firms)
  • Provide guidance and support to business partners (e.g., Sales and Marketing) in creation of mandated product training.
  • Update and maintaining complete and accurate policies, procedures, compliance logs or files.
  • Assist team members with research and assigned tasks, and provide training to supported teams.

What You Need:

  • Bachelor's degree in business, marketing, pre-law or other relevant field, or equivalent education and experience.
  • Two years of regulatory, Insurance, or advertising compliance experience.
  • Areas of experience desired may vary based upon assigned compliance functions and may include contract development, claims, underwriting, legal research, fraud or anti-money laundering investigations and/or communications.
  • Securities and some advertising industry positions require a general knowledge of the securities laws, regulations, rules, and applicable FINRA licensing (Series 7 & 24 or Series 6 & 26, as applicable).
  • Written and verbal communication skills.
  • Analytical and research skills.
  • Proficiency using MS Office tools.

Additional Responsibilities:

In addition to or in lieu of some of the general responsibilities, additional function specific responsibilities may include:

Management of Regulatory and Internal Examinations/Investigations

  • Gather information for regulatory (e.g., state insurance department, FINRA, SEC) and internal examinations.
  • Review provided information for completeness and accuracy.
  • Assist in drafting responses to examiner inquiries.
  • Assist in identifying root causes of adverse findings and suggest opportunities for enhancements.

Advertising Review

  • Review and approve company, product, and producer advertising in accordance with company guidelines and applicable state and federal rules and regulations.
  • Determine whether regulatory filings of advertising is required and coordinate as needed.
  • Maintain final copies of advertising and other related documentation.
  • Perform special projects as assigned.
  • Participate in regulatory and corporate audits for advertising compliance.

Financial Crimes

  • Research and analyze reports, referrals and alerts for potential AML or fraud and determine whether to open or close a case. Conduct simple and more involved external and intermediary fraud and financial crimes investigations with direction from senior level staff.
  • Work with Operations to provide guidance on Sanctions program.
  • Provide AML, Sanctions and fraud compliance oversight as needed to ensure activities/transactions are consistently handled and/or referred.
  • Provide input on department processes and procedures; work with senior levels to implement changes.
  • Assist in more complex fraud and financial crimes investigations with other senior levels.
  • Coordinate annual reports and/or training for filing.
  • Assist in responding to regulatory inquiries with direction from senior levels.
  • Foster a culture of compliance to help prevent, detect and reduce company risk with respect to financial crime.

Business Review

  • Coordinate and conduct meetings and interviews with business process owners and staff; gather data, procedures, and other documentation necessary for performing assigned compliance testing.
  • Review internal controls and compare records, operating practices, and documentation with test attributes applicable to assigned audits.
  • Document audit tests and findings; appraise adequacy of internal compliance controls, propose recommendations and coordinate/document corrective action.
  • Assist in drafting internal reports on audit findings to senior management.
  • Participate in and contribute to periodic compliance risk assessment process and assist in development of annual audit plans.
  • Participate in determination of audit scope; update audit programs as assigned under the supervisor's direction.

Securities Compliance

  • Work closely with CCO in management and coordination of applicable securities industry compliance program.
  • Foster a culture of compliance to help prevent, detect, and correct violations of securities rules and regulations.
  • Provide assistance to support and educate business partners, representatives and supervisors.
  • Assist in compiling information for Regulatory filings such as the Form BD and Form ADV.
  • Assist in managing internal and regulatory inquiries and investigations involving representatives.
  • Assist in reviewing and responding to customer complaints and regulatory inquiries (e.g. FINRA, SEC) with direction from senior levels.
  • Assist in periodic testing to ensure compliance with applicable regulations.

Complaint Management

  • Review and respond to complaints from consumers or regulators (e.g., state insurance department, FINRA, SEC, consumer)
  • Identify root causes; suggest opportunities for enhancements.
  • Compile complaint procedures and records in support of regulatory examination requests.

Contract Development:

  • Review and analyze new laws, regulations and DOI bulletins and identify the company specific filed and non-filed product forms that are impacted, if any.
  • Draft new, corrected or amended documents in order to comply with new legislation and regulations as necessary.
  • Update the company product repository (TransPar) with the updated forms and identify the forms that are no longer in compliance as being no longer available for marketing.
  • Research and communicate the requirements necessary to remedy Corrective Action situations.
  • Attend upfront product discussions to provide feedback that aids in the development of a compliant, customer friendly product design.
  • Determine contract design strategy (e.g. line of authority, how to break up the forms by line of business, type of form, create new form or tweak existing, group approach/requirements, determine if we file in a few states first or full state filing, etc.)
  • Create and maintain a product chassis of reusable provision language.
  • Establish a process for review and updates of provision language on a reoccurring basis (e.g. 5 year standards review)
  • Foster a culture of compliance to help prevent, detect, and reduce company risk with respect to maintaining a compliant product portfolio and outlining the parameters in which the products are approved for use.

What You Receive:

A Comprehensive Wealth + Health package. It's our passion to empower people, and especially our employees, to add years to their lives and more life to their years. That means a healthy account balance and a healthy body to match. As you'll come to discover, Wealth + Health is a central part of everything we do!

Wealth Benefits; Competitive Pay, Bonus, and Benefits Package; Pension Plan, 401k Match, Employee Stock Purchase Plan, Tuition Reimbursement, Disability Insurance, Employee Discounts, Career Training & Development Opportunities, Certification Sponsorship

Health and Work/Life Balance Benefits; Be Well Company sponsored holistic wellness program which includes Wellness Coaching and reward dollars, Parental Leave, Adoption Assistance, Employee Assistance Program, College Coach Program, Back-up Care Program, Paid Time Off to Volunteer, Employee Matching Gifts Program, Employee Resource Groups, Inclusion and Diversity Programs, Employee Recognition Program

Our commitment to inclusion & diversity means that we value differences. We encourage the unique perspectives of individuals and are dedicated to creating a respectful and inclusive work environment.

Keywords: TransAmerica Life Insurance Company, Roswell , R20035631 - Intermediate Compliance Analyst-Insurance Fraud, Other , Duluth, Georgia

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