What are the responsibilities and job description for the Regional Compliance Specialist, Insurance Regulatory position at Factory Mutual Insurance Company?
Overview
FM is a leading property insurer of the world's largest businesses, providing more than one-third of FORTUNE 1000-size companies with engineering-based risk management and property insurance solutions. FM helps clients maintain continuity in their business operations by drawing upon state-of-the-art loss-prevention engineering and research; risk management skills and support services; tailored risk transfer capabilities; and superior financial strength. To do so, we rely on a dynamic, culturally diverse group of employees, working in more than 100 countries, in a variety of challenging roles.
Summary:Reporting to the regional Legal Manager, this role supports regional monitoring, interpretation and understanding of relevant financial services sector rules and regulations by undertaking research and supporting the drafting of appropriate policies designed to ensure compliance with those rules and regulations for the locally regulated entities.
The role holder will be responsible for reporting to the business on compliance matters, investigation irregularities, responding to regulatory requests. This role will be accountable to local insurance regulators and will provide a primary point of contact for regional regulatory supervisors.
This role is also responsible for ensuring compliance with local privacy regulations and reporting as necessary to local data protection authorities.
Schedule & Location:This is a full-time exempt position based on-site in Johnston, RI. Flexibility for one remote workday per week, based on business needs. Domestic travel may be required up to 10% annually.
Responsibilities
• Act as the primary point of contact for the insurance regulators in the region and coordinate and respond to regulatory requests for information• Research and implement relevant financial services sector, compliance and privacy rules and regulations as well as draft compliance policies• Develop and implement compliance training • Provide advice and support in compliance matters, including developing compliance reports
Qualifications
Required Education:• Bachelors Degree
Required Work Experience:• 5 years of experience in financial services compliance, ideally gained within a non-life insurance company• Experience in leading the assessment of insurance company conduct and behavior against applicable rules and regulations• Experience dealing directly with insurance company regulators
Highly Preferred Work Experience:• Multi-jurisdictional experience
Required Skills:• Detailed knowledge of insurance company regulation, with specific understanding of conduct of business regulation• Excellent written and spoken English• Excellent communication skills and level of professionalism • Strong IT software skills• Effective presentation skills• The ability to influence decision makers and regulators
The hiring range for this position is $103,040 - $148,100 annually. The final salary offer will vary based on individual education, skills, and experience. The position is eligible to participate in FM’s comprehensive Total Rewards program that includes an incentive plan, generous health and well-being programs, a 401(k) and pension plan, career development opportunities, tuition reimbursement, flexible work, time off allowances and much more.
Salary : $103,040 - $148,100
