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Business Risk Officer, Group Membership and Worksite
NYLIFE Securities, Inc.
White Plains, 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.
The Group Membership Association Division (GMAD) and Worksite Business Risk Officer will be responsible for the GMAD and Worksite risk management function. This officer will be an integral member of the GMAD Leadership Team, and will be relied on to understand the key risks facing the GMAD and Worksite business units, including financial, operational, regulatory, and strategic risks. The GMAD and Worksite Risk Officer will need to work collaboratively with GMAD and Worksite leadership and the Insurance and Agency Group’s (I&AG) Risk Management office to deliver innovative solutions to complex risk issues. Decisions made by the GMAD and Worksite Risk Officer will have an impact within GMAD and Worksite, and across the broader Company.
The Risk Officer is a key part of New York Life’s Second Line of Defense, and adds value in two primary ways:
• Vertical Insights: conduct deep dive analyses, end-to-end process mapping, and risk assessments within GMAD and Worksite.
• Horizontal Insights: leverage insights collected from work outside of their area, and across the company, so that horizontal insights can be provided to GMAD and Worksite.
Together, these two viewpoints help connect the dots between what is happening locally, and what is happening at the corporate level. This ensures that GMAD and Worksite have the relevant information needed to make the right decision for the business, and for policyholders not only for today but for the long term.
Role Responsibilities of the Risk Officer include:
• Overall coordination and oversight of risk management activities across GMAD and Worksite, including coordination with IT Risk, Technology and Third-Party Risk Management teams
• Perform detailed risk assessments of the organization, driving ongoing risk self-assessment for insurance, financial, operational and business risks
• Produce quarterly risk dashboards and report risk profile to GMAD and Worksite leadership.
• Develop appropriate tools and methods for quantifying and managing risk exposures
• Represents GMAD and Worksite in corporate-wide initiatives and working groups to address specific risks, e.g. cyber and fraud risk
• Evaluate emerging risks and stays abreast of industry developments, current events and industry best practices that might impact the organization
• Evaluate risk, organizational, process and control taxonomies, ensuring completeness and accuracy as it relates to GMAD and Worksite
• Oversee the development and maintenance of business continuity and record retention plans.
• Implement Governance, Risk and Compliance (GRC) tool within GMAD and Worksite
• Coordination the management of incidents as they arise and facilitate reporting of such incidents through the Incident Management Program
• Provide overall support and expertise to GMAD and Worksite, providing management an additional perspective on strategic and tactical activities
Role Requirements of the Risk Officer include:
• Minimum of 6 years relevant experience
• College Degree Required
• Relevant certifications a plus (CFA, FRM, PRM or CERA)
• Superior communication skills, both written and verbal, with the ability to influence others
• Able to stay abreast of multiple issues, knowing when appropriate to perform a deeper analysis
• Strong technical, analytical and problem solving skills
• Understanding of the group insurance market and the products sold within
• Able to work both independently and as part of a broader team
• Willingness to take on new challenges
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.