Operational Risk Associate

Company Name: New York Life Insurance Co

Location: New York, NY, US

Job Duration: 2021-04-08 to 2021-05-08

Overview

 

When you join New York Life, you’re joining a company that values development, career growth, collaboration, innovation, and diversity & inclusion. We want employees to feel proud about being part of a company that is committed to doing the right thing. Through various resources and programs, you can grow your career while developing personally and professionally.

 

 

Position Summary

Working under the direction of the Quality Assurance Manager, the Risk Associate is responsible for performing functional Quality Assurance reviews and analysis of various service center operational processes and controls.  The position is expected to conduct focused reviews and risk assessments as scheduled. They will be able to effectively identify risk and controls, propose scope, develop and execute analytics/test plan, and cross train on products and administrative systems to support the Quality Assurance process.  They will also communicate findings and risk rationales clearly and propose solutions to address issues identified to business area management as appropriate.

 

Key Responsibilities:

  • Working independently, conduct thorough in-depth QA reviews of complex processes to identify control deficiencies, and to ensure the process is operating effectively and efficiently.  In addition, ensure the process is complying with regulatory, statuary and procedural requirements.  Including evaluating system access and management control reports. 
  • Create and execute appropriate analytics/test plans by performing risk assessments.
  • On large scale quality assurance reviews, may act as the lead on the review and direct other team members.
  • Based on information gathered during QA reviews, propose process improvements and recommendations to management.
  • Complete QA reviews and projects timely by meeting established target dates.
  • Update and maintain the action plan tracking database. Follow up with business areas regarding open issues and observations to ensure action plans are in place and issues are being addressed timely.
  • Provide weekly update to management on QA activities and maintain the QA project plan which is used to report a summary of the Quality Control Functions Reviewed.    
  • Maintain strong working knowledge of the administrative systems, products and services for all service operations in the Insurance Group.
  • Continuously look for ways to improve the internal QA process.  Build relationships with the business areas management  to ensure that meaningful and value added reviews and recommendations are being made.
  • Participate in special projects as assigned by the QA Manager, such as creating and maintaining a quality hub for our business partners, market conduct testing, identifying personal identifiable information in our admin systems, etc.
  • Mentor and train new/junior Quality Assurance team members on the Quality Assurance process and Insurance Group products and administrative systems.
  • Provide ongoing coaching and feedback to junior employees when assigned to the same QA review.

 

Qualifications:

  • Bachelor’s degree required
  • 3+ years of experience in risk management, control functions and/or internal audit; some form of operational service/risk experience is a plus
  • Strong risk assessment and data analytics skills
  • Strong verbal and written communication skills
  • Demonstrated ability to operate at a strategic level
  • Comfort and confidence in interaction with all levels of management
  • Ability to solve problems, multi-task and manage changing priorities
  • Proficiency in Microsoft Office, Excel and PowerPoint

 

 

Please note: This role requires FINRA licensed and/or FINRA Associated Person pre-hire fingerprinting.

 

Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by our Foundation. We invite you to bring your talents to New York Life, so we can continue to help families and businesses “Be Good At Life.” To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.J

Job Requisition ID: 83108