Business Analyst (Insurance Regulatory & Compliance)

Position: Business Analyst (Insurance Regulatory & Compliance

Location - Downtown Chicago (On-site, 3 days a week)

Job Type- 12 months contracts

We are seeking a skilled Business Analyst with experience in the insurance industry, specifically in regulatory and compliance functions. The ideal candidate will play a critical role in analyzing business needs, documenting processes, and ensuring that compliance regulations are met. This role requires an in-depth understanding of insurance regulations, compliance protocols, and the ability to work cross-functionally with various departments to support compliance objectives.

Key Responsibilities

• Regulatory Analysis: Review and interpret regulatory requirements to ensure insurance operations align with state, federal, and industry-specific compliance standards.
• Business Process Documentation: Document existing business processes and identify gaps or opportunities for improvement to support compliance.
• Requirements Gathering: Collaborate with stakeholders to gather, analyze, and define business requirements related to compliance and regulatory projects.
• Data Analysis & Reporting: Analyze data related to compliance efforts, creating reports and dashboards to monitor adherence to regulatory standards.
• Risk Management Support: Identify potential compliance risks and work with risk management teams to develop mitigation strategies.
• Cross-Departmental Collaboration: Partner with legal, finance, IT, and operations teams to ensure consistent compliance practices.
• Regulatory Updates: Stay updated on relevant regulatory changes and communicate implications and necessary adjustments to key stakeholders.
  
  

Qualifications

• Experience: Minimum 3 years as a Business Analyst with experience in the insurance industry; strong focus on regulatory and compliance projects.
• Knowledge: In-depth knowledge of insurance regulations, compliance frameworks, and industry standards.
• Technical Skills: Proficient in MS Office (Excel, Word, PowerPoint); experience with data visualization tools or compliance management software is a plus.
• Communication: Excellent verbal and written communication skills, with the ability to convey complex regulatory information clearly to non-technical stakeholders.
• Analytical Skills: Strong problem-solving and analytical skills to support data-driven compliance solutions.
• Time Management: Ability to manage multiple priorities and work independently on-site, three days per week in downtown Chicago.