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Corporate Vice President, Compliance
NYLIFE Securities, Inc.
New York, NY, United States
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New York Life Insurance Company (“New York Life” or “the company”) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life’s surplus was $23.336 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 Third Party Ratings Report as of 8/17/16).
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.
New York Life Investments is the global asset manager of New York Life Insurance Company, one of the largest and oldest mutual life insurance companies in the United States. New York Life Investments had more than $550 billion in assets under management as of November 30, 2017. New York Life Investments has 11 affiliated boutiques with specialists in equities, fixed income, real estate, private placements, SRI, alternatives and liquid alternatives and asset allocation. New York Life Investments has affiliated investment advisers in the U.S., EU, U.K., Asia and Australia.
The Compliance Officer will work with the Chief Compliance Officers of the investment boutiques and the centralized compliance team responsible for oversight of compliance at the boutiques on a wide range of issues with a focus on GDPR (European General Data Protection Regulation), privacy laws and cybersecurity. The Compliance Officer will work to identify gaps, enhance existing practices and develop and implement testing protocols. The Compliance Officer will be expected to be current on domestic and international regulatory developments and best practices and to help integrate such practices into our businesses. The Compliance Officer will serve as a resource for the investment boutiques, interface with the Corporate Compliance Department and business units and work on special projects.
Specifically, the successful candidate will:
• Enhance and maintain the Compliance efforts across the enterprise;
• Interface with the CCOs, operations, legal and business units, as appropriate, to identify and resolve issues related to GDPR, privacy and cybersecurity matters;
• Provide support to CCOs in the handling of regulatory inquiries and on-site examinations in connection with GDPR, privacy and cybersecurity;
• Prepare/conduct training on GDPR, privacy and cybersecurity;
• Be informed of and anticipate changes in regulatory regimes in each jurisdiction and develop and implement appropriate changes to compliance practices and policies;
• Identify potential areas of compliance vulnerability and risk and lead projects relating to the enhancement of compliance procedures, policies and internal controls that support the advisory business; and
• Represent Investments Compliance on Interdepartmental and Intercompany working groups.
Importantly, the Compliance Officer will be expected to be a strong collaborator who will foster relationships across the firm and coordinate regularly and constructively with all relevant functional groups. The Compliance Officer will serve as a strong steward for the firm who will interface with senior management on compliance matters.
The ideal candidate will be a highly-regarded professional with a proven record as a self-starter and team player who is able to work with the business to develop and implement Compliance solutions that are pragmatic, effective and forward-looking, spot risks and troubleshoot. The candidate will be able to work successfully with a diverse set of individuals and constituencies. In addition, the candidate should have the following:
Qualifications
& Experience
• Minimum 7-10 years of compliance experience within the financial service industry
• Knowledge of the Investment Advisers Act of 1940 and the related investment adviser regulations
• Experience with GDPR, cybersecurity and privacy laws
• Experience with the investment management industry
• Excellent business judgment
• The ability to identify and resolve business issues and to partner with business leaders as well as with other key functional areas such as Legal, Technology and Infrastructure Services, etc.
• Strong communication skills, both written and verbal
• J.D. is preferred
• BS/BA required
Characteristics
& Attributes
• High level of integrity and professionalism
• Superior judgment in assessing potential compliance matters, the application of industry developments to the business and knowing when to seek independent advice and when to act independently
• Strong project managements skills
• Decisive and mature
• Ability to tailor Compliance solutions to business conditions
SF:LI-ID1
• Highly organized and detail oriented; able to solve complex problems in a collaborative manner
• Strong interpersonal skills
General Profile:
• Recognized as an expert within the company
• Anticipates internal and external business challenges and/or regulatory issues; recommends process, product or service improvements
• Solves unique and complex problems; requires conceptual and innovative thinking to develop solutions
• Adapts function/business strategy plans and policies to address service and/or operational challenges
• May play key role in projects, processes or vendor management
• Functional Knowledge: Anticipates business and/or regulatory issues; identifies requirements for product, process or service improvements
Problem Solving: Solves unique and complex problems; requires conceptual and innovative thinking and education and/or equivalent experience to develop solutions
Decision Making/ Nature of Impact:
• Responsible for the delivery of end results focused on operational excellence
• Makes decisions guided by function/business plans and policies that impacts the operations of a sub-function or work area within a sub-function
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• Communication Requirements: Communicates complex ideas; persuades and negotiates with others, often at senior levels, to adopt a different point of view
*Based on revenue as reported by “Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company’s profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.