What are the responsibilities and job description for the Compliance Analyst position at Brown & Brown Insurance?
Built on meritocracy, our unique company culture rewards self-starters and those who are committed to doing what is best for our customers.
Orchid is seeking a Compliance Analyst to join our growing team.
The Compliance Analyst is responsible for supporting the company’s compliance with legislative, regulatory, and internal company regulations. This includes monitoring OFAC regulations, state policy form and rate requirements and working with our Director of Compliance to recommend and implement procedural changes across the organization. The Compliance Analyst will handle complaints and correspondence with Departments of Insurance (DOI), agents, Better Business Bureaus, insureds, and carriers. In addition, the Compliance Analyst will prepare and conduct internal audits of underwriting and policy service business units to verify contractual standards, service standards, business output, corporate policy and legal compliance.
How You Will Contribute:
Compliance Monitoring and Reporting:
- Ensure that all company procedures comply with corporate policy, statutes, regulations, and/or contractual standards.
- Closely monitor, review, understand and implement regulatory requirements surrounding new and existing products, programs and lines of business.
- Ensure that the company’s activities comply with state and federal regulations.
- Monitor and report on compliance issues, including potential violations of OFAC regulations.
- Assist with regulatory filings and reporting.
- Investigate potential OFAC violations and report findings to management.
- Assist with the preparation of sanctions-related reports and filings.
- Provide guidance to internal stakeholders on OFAC compliance requirements.
Complaint Handling and Correspondence:
- Handle complaints and correspondence with DOI’s, agents, insureds, and carriers, drafting responses as needed.
- React to published legislative, regulatory, and or DOI directives concerning changes to rules and regulations.
- Support the business with handling consumer complaints.
Internal Audits and Operational Controls:
- Conduct operational audits of various business unit to verify standard operating procedures are followed, statutory requirements are complied with, and contractual/service standards are being met.
- Conduct ad-hoc internal audits in an as-needed basis, or as requested by business unit manager.
- Complete audits in accordance with audit schedule.
- Prepare an audit report that effectively communicates the audit results including recommendations and suggestions for corrective action.
- Assist with market conduct exams, carrier audits, and other similar audit activities.
- Assist in creating and updating internal audit plan.
- Test the operation and design of existing controls for underwriting and policy services.
- Assist in developing department procedures and maintaining inventory of business policies, practices and processes.
- Improve customer care by initiating improvements to underwriting and other operational controls.
Competencies:
- Accountability - Demonstrates a sense of ownership and responsibility in successfully delivering results.
- Analytical Thinking – Able to understand complex / diverse information; uses intuition and experience to complement data.
- Business Acumen – Understands business implications of decisions; align work with strategic goals.
- Communication– Write clearly and informatively; edits work for spelling and grammar; varies writing style to meet needs; presents numerical data.
- Teamwork Orientation – Balances team and individual responsibilities.
- Detail Oriented - Demonstrates accuracy and thoroughness.
Physical Requirements Necessary on a Regular Basis:
- Manual dexterity, arm and upper body range of motion sufficient for use of a keyboard, mouse and telephone 7-8 hours per day.
- Speech and hearing sufficient for in-person and telephone communication 7-8 hours per day.
- Vision sufficient for use of a computer monitor.
- Ability to sit at a desk 7-8 hours per day.
Teammate Benefits & Total Well-Being
We go beyond standard benefits, focusing on the total well-being of our teammates, including:
- Health Benefits: Medical/Rx, Dental, Vision, Life Insurance, Disability Insurance
- Financial Benefits: ESPP; 401k; Student Loan Assistance; Tuition Reimbursement
- Mental Health & Wellness: Free Mental Health & Enhanced Advocacy Services
- Beyond Benefits: Paid Time Off, Holidays, Preferred Partner Discounts and more.
Not reflective of all benefits. Enrollment waiting periods or eligibility criteria may apply to certain benefits. Benefit details and offerings may vary for subsidiary entities or in specific geographic locations.
The Power To Be Yourself
As an Equal Opportunity Employer, we are committed to fostering an inclusive environment comprised of people from all backgrounds, with a variety of experiences and perspectives, guided by our Diversity, Inclusion & Belonging (DIB) motto, “The Power to Be Yourself”.
