Compliance Analyst

Join ELCO Mutual, a stable and growing Lake Bluff life insurance company with over 75 years of experience in life insurance and annuities. We have more than doubled our size since 2020 and need a motivated and experienced Compliance Analyst to serve our growing employee base. This family-oriented business understands the importance of work life balance and providing opportunities for our employees to stretch to reach their potential.

Position Summary:

ELCO places great importance on a responsible approach to risk management and compliance and reporting to the Board on compliance risk assessment and mitigation. The successful applicant will ensure that the organization is successfully meeting all compliance requirements. The successful employee will also support the Chief Compliance Officer to identify those areas of potentially higher risk within the organization, and work to develop a framework to assess them more fully. ELCO is committed to ensuring the highest standards of financial, HR, operational and program management. The successful applicant has a key role to play in ensuring that this commitment is met through the delivery of an agreed program of risk compliance work. This work will focus on ensuring that procedures identified in the risk register are being properly implemented, managed, and utilized. Additionally, the compliance business partner may be assigned to companywide projects directly related to and critical to the compliance functions success. As a member of the Compliance team, a successful employee will work together as a team to accomplish companywide compliance initiatives. This position will evolve into a hybrid situation. Our next Compliance Analyst will have regular interactions with all department leaders and will work closely with the executive leadership team.

Job Responsibilities:

• Understand ELCO's Products, History, Sales and Distribution Channels, Marketing Efforts and Operations functions.
• Understand your assigned departments compliance responsibilities, policies, and procedures.
• Develop policies and procedures for regulatory and business compliance
• Identify, develop, implement, and maintain compliance assessment processes.
• Assist in monitoring and maintaining the compliance program to ensure that applicable laws and regulations are being followed.
• Assist with periodic compliance reviews and assessments throughout operations and in support of customer firms and due diligence exercises.
• Prepare compliance reports for senior management.
• Research, evaluate and document compliance issues and work with internal partners, personnel, institutional partners, and service providers to investigate and resolve issues.
• Provide guidance and support to functional business areas and interact with personnel at all levels.
• Special projects related to business risk business opportunities
• Partner with your assigned departments.
• Effect a feedback loop for communications between areas of the company.
• Share information from across the compliance team with your departments.
• Brainstorm actionable ways to improve your departments knowledge and understanding of the business to create stronger bonds between departments.
• Be a trusted Subject Matter Expert
• Thoroughly understand compliance risk and regulations as it pertains to your specific assigned compliance subject matter.
• Have working knowledge of compliance risk and regulations tangential to your assigned department to leverage compliance resources to maximize business efficiency and minimize risks in your assigned department.
• Champion efficient process and policies.
• Champion department specific process and procedures in line with ELCO's regulatory requirements.
• Evaluate compliance policies, training and communications with an eye toward achieving better understanding of company compliance policies.
• Achieve high level of policy adaptation and compliance to ensure employees know when and where to go with questions and feel comfortable reaching out for help and guidance.
• Advocate for appropriate systems and tools.
• Advocate for technological tools to provide compliance data to managers and executive leadership.
• Use technology to pinpoint potential problems and inform the appropriate decision makers.
• Engage in continual improvement to champion compliance.
• Attend financial services compliance industry conferences.
• Join a local or regional "round table" like the National Society of Compliance Professionals (NSCP) Connect and network with other compliance professionals to better understand compliance expectations and best practices adopted by other firms.
• Review resources available on regulators' websites to Keep abreast of changes in the regulatory landscape.
• Take advantage of networking opportunities with other compliance professionals.
• Get an understanding of other firms' real-life experiences, and how your peers are staying ahead of the risks you commonly face.

Success Factors:

• Excellent communication and reporting skills (verbal and in writing)
• Planning & analytical skills
• Proactive, co-operative and supportive team player
• Ability to work to deadlines
• Life insurance regulations
• Superior problem-solver, who thinks outside of the box, not afraid to dig deeper to get the best outcome.
• Ability to work independently and exercise excellent judgment
• Strong phone and computer skills - specifically Microsoft Excel and Word -with the ability to quickly learn and master our internal software programs

Qualifications:

• An associated degree or equivalent experience in accounting, legal, compliance or risk management
• Must currently live within a 30 mile radius from Lake Bluff
• Experience in Risk and / or Compliance work.
• Design of risk-based reviews.
• Experience of risk appraisal and management techniques
• Experience in ensuring compliance with statutory requirements.
• Experience of writing procedures

Physical Demands and Work Environment:

• The physical demands and work environment characteristics described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

o *Physical demands: Constant use of both hands, arms reaching handling/ grasping/fingering while keyboarding, using phone, calculator, and other office equipment, writing instructions, filing and performing other administrative duties. Employee must occasionally lift and/or move up to 15 pounds. Specific vision abilities required by the job include close vision, distance vision, color vision, peripheral vision, depth perception and the ability to adjust focus.

o *Work Environment: The noise level in the work environment is usually minimal.

Benefits:

• Competitive Pay
• 90% company contributions towards employee health coverage and 80% company contributions towards dependent health coverage
• Dental and Life Insurance plans fully covered by ELCO
• Annual Performance Bonuses
• Paid Time Off
• 401K Contribution
• Tuition Assistance
• Remote Work Opportunities (after 60-days of employment)
• 37-hour work week-Monday thru Thursday 8:00-4:30, Friday 8:00-1:00

Job Type: Full-time

Pay: $23.00 - $26.00 per hour

Benefits:

• 401(k)
• Dental insurance
• Flexible spending account
• Health insurance
• Life insurance
• Paid time off
• Professional development assistance
• Tuition reimbursement
• Vision insurance

Schedule:

• 8 hour shift
• Day shift
• Monday to Friday

Experience:

• corporate administrative: 2 years (Required)

Ability to Commute:

• Lake Bluff, IL 60044 (Required)

Work Location: Hybrid remote in Lake Bluff, IL 60044

Salary : $23 - $26