Operational Risk & Compliance Analyst

WE OFFER

Overview: The Operational Risk & Compliance Department is responsible to coordinate compliance, risk management, and quality initiatives. These initiatives include, but are not limited to, training, consulting, remediation, assessment, monitoring, and other activities related to business unit(s) adherence to laws, rules, regulations, and corporate policies, as well as activities related to quality and risk management, the latter of which to include risk awareness, assessment, and remediation, if applicable.

Compliance and Risk Management Responsiblities:

• Assist assigned business unit(s) in:
  • Monitoring and assessing material risks and evaluating annual RCSA results;
  • Evaluating the design and performance of associated controls using the ORCS and Risk & Control Self-Assessment (“RCSA”) framework such that business unit controls are of sound design and performing as intended, and risk-related action steps (“Measures”) are reasonable and open measures proceed to committed timelines;
  • Proposing changes to improve design, compliance, effectiveness, and/or efficiency of controls;
  • Monitoring, addressing, researching, and resolving risk and compliance-related issues, such as the impact of new or revised regulatory requirements and/or other risks that may have an impact on business unit processes;
  • Completing and/or reviewing, as appropriate, process documentation.
• Communicate:
  • Control deficiencies and propose recommendations for remediation to control and process owners within assigned business unit;
  • Identified controls issues and findings and ensure findings are based on relevant facts and are accurately characterized based on degree of risk.
• Participate, as applicable, in:
  • The evaluation of new or changing processes, systems, or business, considering risks and the associated impact to the control environment;
  • The management of corrective actions for assigned business unit, including root cause analysis, error recoveries, and/or other control issues.
• Coordinate, oversee, conduct, and/or contribute to the management of:
  • Internal or external examinations (e.g., Internal Audits, Risk Reviews, Compliance Reviews, Market Conduct Exams, Regulatory Interrogatories, and other regulatory investigations);
  • Supplemental compliance and risk training across assigned business unit.
• Collaborate and engage with American Modern’s centralized control testing team on business unit controls testing scope and development of testing strategies considering degree of risk, significance, and compliance requirements. Evaluate testing outcomes to ensure alignment on control ratings;
• Partner with Third Party Risk Management (“TPRM”) and assigned business unit to manage third party operational and/or cyber security risk;
• Work to achieve a high-level awareness of control environment in other business units such that best practices can be shared between RCL teams, Compliance, and Integrated Risk Management (“IRM”);
• Evaluate, and support implementation of, Munich Re Group, regional, or local policies/guidelines.

Quality Responsibilities:

• Oversee and report on remediation of gaps identified during a root cause investigation or other proactive reviews
• Assess the effectiveness of corrective/preventative actions implemented by the business unit, elevating concerns to the RCFO;
• Obtain and maintain Sensei Green Belt certificate, or equivalent, applying best practices when addressing quality remediation gaps;
• Educate, support, and direct the business unit, as needed, on quality best ppractice when addressing quality issues; and
• Perform or oversee the execution of root cause investigations on matters that fall below the threshold for the centralized team in accordance with Company standards.

WE EXPECT

Qualifications:
Preferred Skills:

• Strong communications skills
• Demonstrated deduction & critial thinking skills
• Extensive knowledge of insurance industry, reglatory requirements, risk management
• ability to execute process improvement methologies to aid or develop quality processes
• Technical data skills

Education, certifications & desigations

• Required: bachelors degree

Preferred:

• CPCU, ARC, ARM CCEP, MCM, CPA

At American Modern, a subsidiary of Munich Re, we see Diversity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve and the communities in which we live and work. We strive to provide a workplace where all of our colleagues feel respected, valued and empowered to achieve their very best every day. We recruit and develop talent with a focus on providing our customers the most innovative products and services.

We are an equal opportunity employer. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

American Modern is a widely recognized, national leader in the specialty insurance business. With close to 50 years of experience in the manufactured housing insurance sector, the company delivers specialized products and services for residential property and the recreational market. One of our newest lines is pet health insurance. The company is headquartered in suburban Cincinnati, Ohio.

American Modern is licensed in all 50 states and offers insurance products through a number of property and casualty companies which serve more than 1.7 million policyholders. As part of its parent company, American Modern’s companies are rated A+ (Superior) by the A.M. Best Company an independent analyst of the insurance industry, and is also a Ward’s 50® Top Performer another well-regarded industry standard of stability and excellence.

American Modern joined Munich Re as a key part of the world reinsurance leader’s North American insurance operations in April 2008. Munich Re has approximately 47,000 employees in over 50 locations throughout the world and operates in all lines of insurance. It is among the top 100 companies on the Forbes Global 500 list.