What are the responsibilities and job description for the VP, Compliance position at James River Insurance Company?
Falls Lake Insurance is the specialty admitted segment of James River Group Holdings, Ltd. James River Group received national recognition as a Top Workplaces USA winner in 2021, 2022, and 2023.
We are committed to providing a stable and rewarding work envirotnment supported by our Core Values and Guiding Principals: Integrity, Accountability, Innovation, Customer Service, Communication, and Teamwork.
James River Group Holdings, Ltd. is a Bermuda-based insurance holding company which owns and operates a group of specialty insurance and reinsurance companies. The Company operates in two specialty property and casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. The Company ends to focus on accounts associated with small or medium-sized businesses in each of its segments. Each of the Company’s regulated insurance subsidiaries are rated “A-“ (Excellent) by A.M. Best Company.
Job Summary
The VP, Compliance will lead the Shared Service function and serve as a strategic partner who understands how the compliance functions support business objectives.
Duties And Responsibilities
We are committed to providing a stable and rewarding work envirotnment supported by our Core Values and Guiding Principals: Integrity, Accountability, Innovation, Customer Service, Communication, and Teamwork.
James River Group Holdings, Ltd. is a Bermuda-based insurance holding company which owns and operates a group of specialty insurance and reinsurance companies. The Company operates in two specialty property and casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. The Company ends to focus on accounts associated with small or medium-sized businesses in each of its segments. Each of the Company’s regulated insurance subsidiaries are rated “A-“ (Excellent) by A.M. Best Company.
Job Summary
The VP, Compliance will lead the Shared Service function and serve as a strategic partner who understands how the compliance functions support business objectives.
Duties And Responsibilities
- Continuously exhibit and uphold Core Values of Integrity, Accountability, Communication and Teamwork, Innovation and Customer Service
- Identify and mitigate compliance risks to the insurance companies (admitted and excess & surplus lines) through the development, implementation, documentation, updating, maintenance, establishment of controls, and monitoring, of the compliance program
- Provide compliance advice to internal stakeholders (underwriting, claims, marketing, and actuarial) on product matters
- Keep well informed of changes to statutes, regulations, governmental interpretations, industry trends, and lessons learned within the organization
- Ensure compliance and any changes impacting segment operations are addressed through appropriate strategic response and planning, including appropriate best practices
- Determine compliance priorities to help execute upon enterprise-wide initiatives
- Develop goals and objectives for the department and lead the compliance team in effective execution
- Hire, develop, evaluate, and retain a highly qualified team of Compliance professionals; and implement the most appropriate organizational structure to support and engage with the enterprise
- Build strong relationships with departments across the enterprise, and develop a detailed understanding of their challenges and opportunities
- Oversee all compliance requirements, including the creation, review, maintenance and filing of all materials and requests with the applicable regulators
- Work with in-house legal team on matters involving Federal, State and regulatory authorities or other relevant parties in issues of compliance, including company licensing, reporting and corporate policies
- Collaborate with leadership teams to develop and implement strategic plans for the penetration of markets and the development of insurance products
- Ensure, in partnership with Legal, that product proposals comply with the laws and regulations of each state
- Oversee project management teams for assigned product initiatives
- Comprehensive knowledge and understanding of commercial business and personal insurance products including E&S and specialty admitted lines
- Extensive knowledge of the line-of-business license filing process in multiple state jurisdictions
- Experience leading complex, major change initiatives; demonstrated skills in change management
- Experience with corporate compliance programs a plus
- Comprehensive knowledge of business insurance workflows
- Knowledge of ISO
- Excellent verbal and written communication skills
- Ability to work collaboratively across business divisions
- Ability to lead, motivate, influence and mentor staff
- Ability to set clear expectations, effectively monitor progress, provide constructive feedback and guidance, and hold staff accountable
- Ability to use advanced analysis, planning, collaboration and leadership skills to develop solutions
- Excellent organizational and project management skills
- Excellent influencing, facilitation and partnership skills
- Ability to demonstrate effective decision making
- Ability to demonstrate critical thinking and problem-solving
- Ability to demonstrate ownership and accountability
- Ability to implement process improvements
- Bachelor’s degree required
- Minimum of 10 years of compliance experience in the commercial insurance industry, inclusive of both E&S and admitted lines of business, required
- Minimum of five years of people management experience required
