Compliance Analyst

at  ILLINOIS MUTUAL LIFE INSURANCE COMPANY

JOB SUMMARY

The Compliance Analyst is an active member of the Legal/Compliance team with core responsibilities centered around ensuring Illinois Mutual complies with product and regulatory requirements, as well as the ongoing testing and monitoring of conformance to such requirements, and research. This position is responsible for both regulatory and non-regulatory complaint handling with increasing independence, regularly monitoring legislative and regulatory developments, providing timely and accurate assessments and conducting regular compliance audits. This position is also responsible for drafting and filing compliant product forms and regulatory reports within established metrics with increasing independence. This role includes being a liaison to, or member of, the Special Investigative Unit and the Regulatory Oversight Committee.

Requirements:

• Bachelor’s degree required[*]
• Paralegal certificate strongly preferred
• Previous insurance industry, compliance and/or audit experience preferred
• Ability to use analytical methods in compliance matters
• Strong research skills
• Strong writing skills and ability to communicate findings and recommendations
• Strong attention to detail and analytical aptitude
• Excellent organization and time management skills
• Commitment to integrit

• Monitor, review, analyze, and communicate regulatory changes and Department of Insurance directives/bulletins to internal Illinois Mutual business units. Assist in developing programs, policies, procedures and/or training to implement and satisfy regulatory requirements
• Engage in insurance regulatory research relating to, for example, various insurance regulations and court opinions
• Support Illinois Mutual internal business units research requests, regulatory questions, and additional inquiries, especially related to product implementation
• Active participant in developing compliance-related requirements for internal systems, including developing user stories, features and user acceptance testing
• Review complaints submitted internally or to the Departments of Insurance; work with applicable business units to gather information to respond; draft responses; coordinate the filing of Illinois Mutual’s responses; and maintain complaint logs to manage/organize complaints
• File policy forms and other regulatory reports as required
• Review product advertising for both regulatory and product compliance
• Monitor compliance trends. Assist in developing methodologies to verify, validate, and document risks, gaps, controls and compliance. Work with business units to provide recommendations on opportunities for process improvements
• Provide administrative support related to the core responsibilities provided above and other duties as assigned

Requirements:

• Bachelor’s degree required[*]
• Paralegal certificate strongly preferred
• Previous insurance industry, compliance and/or audit experience preferred
• Ability to use analytical methods in compliance matters
• Strong research skills
• Strong writing skills and ability to communicate findings and recommendations
• Strong attention to detail and analytical aptitude
• Excellent organization and time management skills
• Commitment to integrity

[*] College or university must be sufficiently accredited and listed in the U.S. Department of Education Accreditation Directory