The Director, Compliance (“Director”) is responsible for ensuring an effective compliance function is in place and provides a framework and team structure that supports regulatory compliance in the US across underwriting, claims and corporate disciplines as Coverys grows in size and complexity. The Director leads on, and coordinates, all US compliance functions under the supervision of the Senior Vice-President & General Counsel, and leadership of the Medical Professional Mutual Insurance Company (“MPMIC”) Audit Committee and promotes an awareness and understanding of positive ethical and conduct principles consistent with the mission of Coverys. The Director works collaboratively with all departments and senior leadership to achieve company-wide objectives in areas of planning, implementing and evaluating the US Compliance Program, along with building and maintaining positive and productive relationships with the Business and other lines of defense functions.
Essential Duties & Responsibilities
- Develops, directs and maintains responsibility for the Coverys US compliance function and business ethics related to standards of conduct.
- Reviews the content and performance of the US Compliance Program, including compliance policies and procedures, and the US Code of Conduct and Ethics on a routine basis and takes appropriate steps to ensure its effectiveness to prevent, detect and correct illegal, unethical, or improper conduct within the company along with ensuring all business units are in compliance with federal, state, and local insurance regulatory requirements, including those of applicable regulatory authorities.
- Prepares an annual Compliance Plan carefully charting the course of the function for the next year based on past internal “breaches”, current high-risk areas and emerging regulatory issues affecting the Business and Operations.
- Oversees the development and operation of compliance monitoring and auditing (i.e., compliance assurance program) in the US.
- Manages investigations of alleged violations of the Code of Conduct as pertain to insurance regulatory issues in consultation with the Senior Vice President & General Counsel and/or designated outside legal counsel and takes appropriate corrective action.
- Oversees operation of the organization's US compliance hotline/website and the response to compliance inquiries and reports; coordinates and prioritizes reports of compliance violations or issues and leads and/or participates in the investigation and resolution of suspected compliance violations utilizing department personnel, Human Resources and/or internal or outside legal counsel as appropriate.
- Oversees the development, implementation and maintenance of an effective compliance communication and training program for the US enterprise, subsidiaries and certain affiliate entities.
- Provides real-time guidance to business units and subsidiaries related to potential compliance issues.
- Advises management and affected company business areas on new and forthcoming regulatory and compliance legislation.
- Effectively translates regulatory guidance into operational processes to ensure compliance, with appropriate urgency.
- Serves as Chair of the US Compliance Committee and keeps senior management informed on the operation and progress of the organization's US compliance efforts.
- Prepares compliance reports for presentation to the Compliance Committee, executive leadership and the Audit Committee.
- Provides day to day management of the Compliance Department (directly and through subordinate managers) including developing and managing the Department's budget.
- Recruits, manages, develops and retains the necessary resources to successfully perform the US Compliance function.
- Liaises with Coverys' UK and Ireland Compliance Functions to remain abreast of contagion risk in the global regulatory space and to share compliance and regulatory best practices.
- Provides consultative services, evaluates compliance needs and makes compliance and regulatory recommendations for new entities resulting from M&A activity.
- In collaboration with the Senior Vice President & General Counsel and the ERM Committee, monitors and coordinates the US Compliance Program in relation to company-wide ERM policy and initiatives.
- Ensures Coverys defines and acts within defined regulatory risk appetite.
- Maintains a strong awareness of laws and regulations while keeping abreast of emerging regulatory issues and trends that may affect the US Compliance Program. Informs management and employees regarding compliance matters through personal initiatives, seminars, training programs, and peer contact.
- Coordinates and facilitates the cyclical and special regulatory examinations for Coverys' US companies.
- Leads on US insurance department market conduct examinations.
- Liaises regularly with the Enterprise Risk Management and Internal Audit Functions.
- Performs special projects and other duties as assigned.
Education, Requirements & Competencies
- Bachelor's degree from four-year college or university required; juris doctor degree preferred.
- Minimum seven (7) years' Compliance experience, with at least five (5) years in an insurance (highly preferred) or other financial services setting.
- Strong organizational skills with a demonstrated track record of concurrently managing multiple key projects with competing deadlines.
- Excellent verbal and written communication skills, including the ability to deliver effective presentations to all audiences, including executive leadership and the Board and its Committees.
- Strong leadership skills with the ability to build relationships across organizational levels and cultures, and to influence others without direct authority.
- Ability to make decisions with significant, broad implications for the management and operations of a major department or multiple departments.
Annual base salary range is $177,500 - $208,900. Individual compensation packages are based on a variety of factors that are unique to each candidate including location, skill set, experience, qualifications and education.
If you're a caring and customer focused individual who enjoys working with passionate team members, Coverys is the right company for you!
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