Compliance Specialist

At Genworth, we empower families to navigate the aging journey with confidence. We are compassionate, experienced allies for those navigating care with guidance, products, and services that meet families where they are. Further, we are the spouses, children, siblings, friends, and neighbors of those that need care—and we bring those experiences with us to work in serving our millions of policyholders each day. We apply that same compassion and empathy as we work with each other and our local communities. Genworth values all perspectives, characteristics, and experiences so that employees can bring their full, authentic selves to work to help each other and our company succeed. We celebrate our diversity and understand that being intentional about inclusion is the only way to create a sense of belonging for all associates. We also invest in the vitality of our local communities through grants from the Genworth Foundation, event sponsorships, and employee volunteerism. Our four values guide our strategy, our decisions, and our interactions: Make it human. We care about the people that make up our customers, colleagues, and communities. Make it about others. We do what's best for our customers and collaborate to drive progress. Make it happen. We work with intention toward a common purpose and forge ways forward together. Make it better. We create fulfilling purpose-driven careers by learning from the world and each other. POSITION TITLE Compliance Specialist POSITION LOCATION Richmond, VA Lynchburg, VA YOUR ROLE You will primarily be responsible for providing Compliance oversight and support for all business process Outsourcing initiatives as well as Third Party Administrator (TPA) relationships, primarily for Group Long Term Care Operations. Support includes activities such as conducting a compliance review of all outsourcing initiatives to ensure all compliance and regulatory requirements are met, building an understanding of the regulations pertaining to Third Party Administrators, and becoming familiar with the contracts with our TPA companies. In addition, oversight, and support of these TPAs includes but is not limited to market conduct exam support, reviewing processes and procedures and oversight of any related Compliance metrics. What you will be doing This position will have Compliance oversight responsibility for ensuring that all outsourced processes are reviewed and monitored from a compliance perspective. Responsibilities include but is not limited to: 1. Obtaining reasonable assurance that all compliance and regulatory requirements are identified and reviewed prior to implementation. 2. Establishing a monitoring system to routinely demonstrate compliance with the requirements identified, and 3. Maintaining documentation of the completed compliance review for each outsourcing project. Build, integrate, enhance, and maintain a comprehensive program for Compliance oversight and support of Third-Party Administrator (TPA) relationships where another company is administering business on Genworth’s behalf for Group Long Term Care Operations functions. This support includes but is not limited to: 1. Developing an understanding of the regulatory requirements for Third Party Administrators. 2. Become familiar with the nature of our contracts with these Third-Party Administrators and understanding the information contained in them. 3, Monitoring/auditing practices and other activities for compliance with state regulations and company policies, including oversight of any Compliance Management System (CMS) metrics. 4. Review and analysis of regulations including assessment of impact to Group Long Term Care Operations and presentation of solutions or options, and 5. Assisting company management in developing action plans to address any compliance or market conduct issues/exposures identified. Complete compliance reviews by performing audit routines and analytic procedures designed to identify potential compliance and market conduct issues/exposures. The reviews include tests of company processes and procedures and analysis of compliance-related trends, investigation of results to determine root causes, and working with business leaders or project teams to resolve any market conduct issues/exposures identified. Compare and evaluate possible courses of action and make recommendations regarding compliance and market conduct issues/exposures and assist in communicating them to appropriate levels of management. This will include conducting research and providing guidance and consultation to project teams on Compliance related topics that have a direct impact on the business. Assist Group Long Term Care Operations in preparing and/or updating documentation of company processes and procedures which present compliance and market conduct issues/exposures and review the documentation to assess the risk inherent in the activity. Complete periodic and ad hoc Compliance reviews of Group Long Term Care Operations SOPs, forms, training, etc., and provide timely feedback and approval. Provide Compliance support and guidance to Group Long Term Care Operations including responding to business requests and market conduct exam support. Develop and implement programs to enhance compliance and market conduct awareness, including proactive participation in cross-functional teams within the company and developing and presenting market conduct and compliance educational programs for employees. Create and maintain Compliance Department audit routines and analytic review procedures. Perform various other special examinations/projects as assigned by manager. Maintain technical proficiency with respect to reviewing company activities for compliance and market conduct issues/exposures and actively participate, as appropriate, in compliance and market conduct groups within the insurance industry. What you bring BS/BA in business related field of study or High School Diploma and significant work experience related to compliance and regulation in the insurance industry and/or insurance operations including (1) compliance auditing, (2) compliance and regulation in the life insurance industry, or (3) insurance operations. Working knowledge of Long Term Care products (including Group), and their associated regulatory requirements. Strong working knowledge and understanding of Operations processes/procedures and the compliance/market conduct/regulatory issues related to them Strong intellectual curiosity and a desire to develop an in-depth understanding of complex issues Strong compliance mindset demonstrating a commitment to compliance through actions and decisions Ability to identify issues and collaborate with business teams to resolve them Ability to manage short and long-term initiatives as well as changing priorities Excellent organizational skills, oral and written communication skills and strong analytical skills Strong background and knowledge base of Long-Term Care Admin Systems Nice to have LOMA AIRC Designation (Associate of Insurance Regulatory Compliance) FLMI Designation (or significant progress toward the designation) Basic understanding of the Genworth U.S. Life Insurance Business structure Basic understanding of Group Long-Term Care products, processes, and admin systems Employee Benefits & Well-Being Genworth employees make a difference in people’s lives every day. We’re committed to making a difference in our employees’ lives. Competitive Compensation & Total Rewards Incentives Comprehensive Healthcare Coverage Multiple 401(k) Savings Plan Options Auto Enrollment in Employer-Directed Retirement Account Feature (100% employer-funded!) Generous Paid Time Off – Including 12 Paid Holidays, Volunteer Time Off and Paid Family Leave Disability, Life, and Long Term Care Insurance Tuition Reimbursement, Student Loan Repayment and Training & Certification Support Wellness support including gym membership reimbursement and Employee Assistance Program resources (work/life support, financial & legal management) Caregiver and Mental Health Support Services ADDITIONAL At this time, Genworth will not sponsor a new applicant for employment authorization for this position No agencies please Genworth Financial, Inc (“Genworth”) (NYSE: GNW) is a Fortune 500 company focused on empowering families to navigate the aging journey with confidence, now and in the future. Headquartered in Richmond, Virginia, Genworth and its CareScout businesses provide guidance, products, and services that help people understand their caregiving options and fund their long-term care needs. Genworth is also the parent company and majority-owner of publicly traded Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. Genworth Mexico Genworth US We know we can’t deliver on our mission unless we deliver for our employees. That’s why we’re committed to creating a work environment that fosters inclusion, excellence, improvement and connection. We know each employee contributes in their own unique way and we’re dedicated to supporting every one of them to help them reach their full potential. We are proud to be an equal opportunity employer and all hiring decisions are based on merit, qualifications, and business need. We do not discriminate based upon race, religion, color, national origin, gender (including pregnancy), sexual orientation, gender identity, gender expression, age, status as a protected veteran, status as an individual with a disability, or other applicable legally protected characteristics.