What are the responsibilities and job description for the Compliance Analyst position at The Hanover Insurance Group?
Our Compliance team is currently seeking a Compliance Analyst in our Worcester, MA location in a hybrid work arrangement. This is a full time, exempt role.
POSITION OVERVIEW:
This position will be responsible for designing, implementing and enforcing compliance strategy and programs that are effective in preventing and identifying misconduct or violations of government regulations or company policy. In addition, the role will involve compliance and ethics consulting, implementation, training, monitoring, investigation, remediation, and/or reporting. This role will routinely interact with internal management as well as external state regulators and examiners.
IN THIS ROLE, YOU WILL:
Interpret regulations and compliance related requirements by reviewing regulatory bulletins and utilizing a variety of research tools.
Communicate regulatory changes with business partners and aid in designing solutions to mitigate risk in support of compliant practices.
Assess risks and identify potential areas of compliance vulnerability throughout the enterprise. Provide oversight of corrective action plans developed through business unit self-audits and Compliance audits. Test and validate corrective actions to confirm mitigation plans have been properly implemented.
Participate in preparing materials and information required in response to internal and external regulatory audits and assist in preparing communication of responses for regulatory compliance audits.
Manage state issued data calls and surveys relevant to business (or company) and industry practices.
Independently review, prepare and submit accurate and timely filings of rates, rules and forms to state insurance departments. Serve on business projects as needed including new product development.
Communicate and follow-up on a regular basis with state insurance departments to negotiate and secure approvals of filings within established timeframes. Provide timely and frequent communication to affected business areas on status of filings in progress.
Prepare accurate and timely responses to insurance consumer complaints received from State Department of Insurance, social media and direct from consumers.
Interact professionally and communicate clearly with a diverse group of individuals including executives, managers, leaders, business partners, and external regulatory personnel
Manages workload, prioritizes, and elevates issues where appropriate with little direction.
WHAT YOU NEED TO APPLY:
5 years property and casualty insurance industry experience with specialty, commercial lines and/or personal lines expertise preferred; minimum of three years of proven claims, product, operations, underwriting and/or regulatory experience.
Insurance related compliance experience in risk assessment, testing and monitoring including knowledge of business processes and technologies desired.
Four-year undergraduate degree or equivalent work experience preferred.
Solid background in cross functional team work; experience working in a fast-paced, deadline driven environment.
Proven interpersonal, communication, analytical and project management skills.
Demonstrated problem-solving and decision-making skills. Solutions oriented approach.
Self-directed and able to prioritize competing deadlines while remaining focused and organized.
P&C industry and/or Compliance professional designation, certification or membership desired. Demonstrated adoption of a growth mindset with a passion for continuous improvement.
Proficient in Office 365 tools, SharePoint.
