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Corporate Vice President, Financial Controls Unit
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.
Ensure organizational standards, governance and practices for the company’s internal control over financial reporting complies with the NAIC Model Audit Rule (MAR) and Sarbanes-Oxley Act (SOX).
Responsibilities include:
• Support the on-going development and maintenance of the NYL MAR/SOX Program governance, policies, standards and procedures.
• Aid the FCU Business Process Manager to monitor and assess impact of regulatory changes impacting MAR/SOX.
• Support the FCU Business Process Manager to execute the day-to-day activities of the MAR/SOX program, which includes onshore and offshore resources.
• Assist with the maintenance and creation of the co-source partner resources plan.
• Responsible for the execution of the testing program for all business controls that impact financial reporting.
• Support the FCU Business Process Manager with materiality and scoping of all business controls that impact financial reporting.
• Work with business process and control owners to develop remediation strategies to address deficiencies in internal control over financial reporting.
• Collaborate with business units to assess consistency of the application of MAR/SOX Program requirements.
• Manage, develop and contribute to the tools that support the MAR/SOX Program (SharePoint, Wdesk, BWise GRC, etc.).
• Manage the development and compilation of executive level presentations on the state of internal control over financial reporting for the MAR/SOX Program.
• Manage the development, maintenance and delivery of MAR/SOX Program training curriculum.
• Coordinate with internal/external risk and control functions (e.g., Risk Management, IT Risk and Security, Corporate Audit, external auditor) to improve integration of governance, risk and compliance functions.
• Act as liaison with Corporate Audit, external auditor and state regulators for internal control over financial reporting issues.
• Proactively collaborate with the first, second and third lines of defense to drive awareness, accountability and additional oversight in the implementation and ongoing effectiveness of internal control over financial reporting.
• Pro-actively participate in various risks and controls committees and/or working groups of NYL as assigned.
Qualifications:
• Bachelor's Degree with emphasis or concentration in Accounting, Finance
• Minimum of seven to ten years of experience in roles with major responsibilities for oversight of and/or testing internal control over financial reporting is required
• Strong knowledge of Service Organization Control reports (e.g., SOC1s) is required
• Strong knowledge of Insurance and Asset Management businesses is preferred
• Big four experience is strongly preferred
• CPA or CIA is required
• Demonstrated leadership and ability to manage and supervise staff/consultants in a highly productive environment
• Strong oral and written communication skills. Must be able to effectively communicate with various levels of management, internal customers and auditors
• Strong management/supervisory, interpersonal and analytical skills
• Team oriented. Ability to work in a fast-paced environment and shift priorities as necessary
• Proficient in Microsoft Excel, Word, Access, Visio and Power Point is required
• Proficient in SharePoint
SF:LI-MD1
SF:EF-MD1
EOE M/F/D/V
*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.