Compliance Specialist, New Laws and Regulations

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, New Laws and Regulations

POSITION LOCATION

Lynchburg, VA

YOUR ROLE

As a Compliance Specialist, you’ll play a crucial role in managing the intake and distribution of new laws and regulations for USLI (US Life Insurance) and assisting with various AML (Anti Money Laundering) transaction/payment/alert reviews. Primary responsibilities include the intake and distribution process for new laws and regulations, reviewing new laws and regulations and identifying their impact on the various organizational areas of USLI,  maintaining the new laws and regulations topic and distribution lists to ensure key stakeholders receive communications of new/updated regulations. This role will also assist the AML Program Manager in the review of various payment/transaction reports or alerts to monitor for any potential suspicious activity.

What you will be doing

• Handle intake and distribution of new laws and regulations and maintenance of laws and regulations topic and distribution lists
• Act as liaison for law/regulation/bulletin questions from our business areas and the American Council of Life    Insurers (ACLI) representatives
• Conduct CMS Metrics for New Laws & Regs, and RA/NRA (Resident Alien/Non Resident Alien) reviews
• Participate as needed in the periodic AML audit conducted by the Genworth Corporate Audit Staff (GCAS)
• Complete monthly AML reviews of Early Termination of Cash Value policies, Loans & Partial Withdrawals and outgoing cash reviews for Life Insurance products.
• Complete weekly AML reviews for Outgoing Funds and Ownership Changes for Annuity products
• Perform lockbox payment reviews as well as other ad hoc payment reviews
• Review alerts daily in our OFAC scanning program to determine if there are reportable matches
• Mock Market Conduct Reviews and 50-state Reviews
• 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 Life, Annuity and Long Term Care products, 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

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

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.