Senior Data Associate (Audits & Exams)

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Date: Sep 6, 2018

Location: New York, NY, US

Company: New York Life Insurance Co

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.

 

 

The Audits & Exams team within Service Resiliency is responsible for coordinating audits, regulatory inquiries, examinations, surveys, and data requests received from internal and external parties. Additionally, the team is responsible for ensuring that the Service organization’s operations, policies and procedures are aligned with applicable regulatory and compliance requirements.

 

The Senior Data Associate Audits & Exams) is responsible for independently preparing a wide variety of information that is requested as part of internal and external audits, ad-hoc inquiries, and regulatory exams – including those received from FINRA, state insurance and securities regulators, Corporate Audit, Corporate Compliance, PricewaterhouseCoopers, the Financial Controls Unit, etc. This individual is expected to independently manage basic and intermediate data requests involving multiple data sources, product lines, and aggregation methods. The Senior Associate is also expected to partner closely with department leads, Corporate Compliance and Technology partners to stay abreast of new internal and external regulatory developments and enhance the team’s ability to provide accurate and timely data responses.

 

RESPONSIBILITIES

 

• 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.
• Act as the Service compliance liaison for regulatory inquiries and examinations of the firm’s life insurance, annuities and securities businesses.
• Gather applicable documents and draft responses to audit and regulatory inquiries regarding the firm’s business, policies and/or procedures within stated deadlines, with support from business area leads.
• Work with other departments, including senior managers and legal counsel, to escalate and pursue resolution of issues noted in regulatory examinations. Perform follow-up to ensure deficiencies are corrected.
• Remain current on industry rules and firm policies; coordinate with business leads, Corporate Compliance, and Change Management to effectively implement regulatory-related changes across the Service organization’s business lines.
• Participate in special projects and strategic inititatives. Lead meetings, facilitate action items, and distribute meeting minutes.

 

REQUIREMENTS

 

  • College degree is preferred 
  • 2-4 years of experience in financial services; insurance/broker-dealer experience strongly preferred
  • Strong knowledge of Excel (pivot tables, conditional statements, vlookups, etc.) and intermediate knowledge of Access & SQL (joins, unions, table relationships, etc.)
  • FINRA Series 6 or 7 preferred; or ability to obtain within 12 months
  • Knowledge of life insurance, annuities, mutual funds, and brokerage products; familiarity with NYL systems (CyberLife, rPay, Suitability, eBoss, CTP/CAS/CASTL, etc.) preferred
  • Ability to synthesize complex information and communicate clearly to a non-technical audience

 

  • Series 6 and Series 7 registrations are required – the Security Industry Essentials Exam is a registration pre-requisite as of October 1, 2018

 

General Profile:

  • Requires in-depth knowledge and experience
  • Uses best practices and knowledge of internal or external business issues to improve products or services
  • Solves a broad range of problems; takes a new perspective using existing solutions
  • Works independently, receives minimal guidance
  • Acts as a resource for colleagues with less experience

 

Functional Knowledge: Understands key business drivers; uses knowledge of best practices and the competition to improve processes and procedures

 

• The Senior Associate is also expected to partner closely with department leads, Corporate Compliance and Technology partners to stay abreast of new internal and external regulatory developments and enhance the team’s ability to provide accurate and timely data responses by leveraging the Enterprise Data Hub and data wrangling/visualization tools.

• Work with other departments, including senior managers and legal counsel, to escalate and pursue resolution of issues noted in regulatory examinations. Perform follow-up to ensure deficiencies are corrected.


Problem Solving: Solves a broad range of problems; takes a new perspective on existing solutions; exercises judgment based on the analysis of multiple sources of information and education and/or equivalent experience

 

The Senior Associate will play a key role on projects such as service process initiatives and regulatory requirement changes involving stakeholders across Technology, Product, Service, and Legal to develop solutions.

Decision Making/ Nature of Impact: Makes decisions within broad guidelines and policies that impact own team and other related teams

 

The Senior Associate will be expected to be a key lead in the area where they will be able to strategically review regulatory or compliance related  processes across Service to identify potential issues or opportunities.  They will be expected to openly communicate ideas, challenges and opportunities in a constructive and professional manner so that goals are collectively met.

Communication Requirements: Explains difficult or sensitive information; collaborates with others to build consensus

  • Communicate upward, downward, and laterally across the organization to build effective relationships and build consensus over sensitive regulatory matters. The Audits & Exams team often drives and coordinates process and technology improvements involving key stakeholders across the company - the Senior Associate will require strong communication skills to influence and hold others accountable to meet deadlines and foster a culture of continuous improvement and unassailability.

 

 

 

EOE M/F/D/V

 

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