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Investment Compliance Director

Employer
New York State Insurance Fund
Location
Albany, New York (US)
Salary
$150,000-$180,000
Closing date
Jun 26, 2022

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Job Details

Investment Compliance Director
NYSIF (Legal- Albany or NYC)
Salary: $150,000-$180,000
Please note, candidate must be a New York State resident or be willing to relocate.


Description:
The Investment Compliance Director, reporting to the NYSIF General Attorney, is responsible for the daily, weekly, and monthly monitoring of all agency investment functions. This includes, but is not limited to Best Execution Monitoring, the Personal Trading Policy, Permissible Securities, NYS Executive Order 157 Boycott, Divestment, and Sanctions (“BDS”), Portfolio Turnover, Securities Lending Compliance, and Investment Policy Statement Compliance.


This position will work with the Investment Department to refine, document, and develop processes, and review investment purchases, risk metrics, and discuss risk limit breaches. This position will also build on the foundation of various agency initiatives and integrate the following into the NYSIF’s operational matrix: lessons learned and identified benchmarks from the COVID-19 pandemic, cybersecurity, ESG (Environment, Science and Governance), and net-zero 2040.
Specific duties and responsibilities include, but are not limited to:
• Serve as an internal investment compliance advisor to the General Attorney and the Executive Director & CEO on the development of policies/procedures and a strategic roadmap related all investment activities and advise with detailed plans how the agency continues to progress forward to meet its expanding statutory mandates/obligations.
• Manage agency operational strategies, related to internal investment compliance, through the development and/or updating of criterion, and creation of operational plans including identification of resources (personal and non-personal), technologies, impacts, costs, and risks.
• Evaluate current and future agency initiatives and programs, related to internal investment compliance, to ensure high ethical standards, assess information and records, track internal and external activities that affect significant agency operations and recommend risk-mitigation measures, and identify and prioritize needed training needs for agency personnel.
• Develop mechanisms for the agency to stay relevant and competitive with its private sector peers and competitors, to ensure the agency evolves and adapts to federal/state directives and the needs/expectations of all policyholders, related to investment compliance.
• Identify and implement national and state-wide best practices, continuous improvement projects and policies/procedures, related to investment compliance.
• Develop, review, analyze, implement, monitor, and report on nation-wide legislative, budgetary and/or insurance initiatives which affect all agency investment activities.
• Maintain continued compliance with Section 87 of the New York State Workers’ Compensation Law.
• Build, establish and maintain relationships with multiple stakeholder groups, related to investment compliance best practices, including industry advocacy groups, professional organizations, and other federal/state government entities to develop and implement uniform policies and procedures where entities have the same jurisdiction.
• Conduct and perform duties/activities, as assigned, related to investment compliance which leverage the agency and the state to continue to lead the private sector insurance industry in policy areas and the provision of certain products/services.
• Perform the full range of supervisory functions/responsibilities including training and development, evaluations, hiring and discipline, mentoring, skill assessments, etc.
• Handle all other related/germane matters consistent with agency operations, including business process re-engineering.


Basic Qualifications:
• Juris Doctor and a member in good standing of the New York State Bar Association.
• Minimum of ten (10) years of extensive experience in investment advisory and/or compliance matters.
• Demonstrated knowledge of investment advisory products, advisory business operations, and legal compliance benchmarks.
• Experience in major law firm or large in-house department highly desired, a combination is a plus, working on investigations and litigation.
• Experience in supervision and management of large-scale cross-functional projects.
• Ability to collaborate with peers, managers and policymakers, and a demonstrated commitment to diversity and inclusion.
• Supervisory and management experience.


Primary Location: Albany or NYC
Travel: Minimal
Schedule: 9AM-5PM


Please note the following New York State Civil Service employment information:
•Jurisdictional classification: Exempt
•Bargaining unit: M/C
•Civil Service title: Special Investment Officer

 


The New York State Insurance Fund (NYSIF) was established in 1914 as part of the original enactment of the New York State Workers’ Compensation Law. NYSIF's mission is to guarantee the availability of workers’ compensation insurance at the lowest possible cost to New York employers and to provide timely, appropriate indemnity and medical payments to injured workers, while maintaining a solvent fund. Since inception, NYSIF has fulfilled the dual roles for which it was created: to compete with other carriers to ensure a fair marketplace and to be a guaranteed source of coverage for employers who cannot secure coverage elsewhere.


NYSIF is the largest workers’ compensation carrier in New York State and among the top 10 largest workers’ compensation carriers in the nation, insuring approximately 139,000 policyholders, with more than $1.8 billion in annual earned premium and over $22 billion in assets. A self-supporting insurance carrier, NYSIF operates without taxpayer funding.


In addition to workers’ compensation insurance, NYSIF provides disability benefits coverage for off-the-job injuries to more than 56,000 New York employers. In 2018, NYSIF added paid family leave as a component of its disability benefits product, providing New Yorkers with job-protected, paid time away from work to care for their families.

Company

The New York State Insurance Fund (NYSIF) was established in 1914 as part of the original enactment of the New York Workers' Compensation Law. The Fund's mission is to guarantee the availability of workers' compensation insurance at the lowest possible cost to employers, while maintaining a solvent fund, as well as to provide timely and appropriate indemnity and medical payments to injured workers. NYSIF is a self-supporting insurance carrier that competes with private insurers in both the workers' compensation and disability benefits markets in New York State.

Hires for a majority of positions are made according to merit as determined through competitive examinations administered by the New York State Department of Civil Service. Civil Service exams are held on a continuous basis for NYSIF positions including accountants and auditors, actuaries, information technology specialists, medical care representatives (registered nurses) and vocational rehabilitation specialists.

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