Director or Monitoring, Testing, and Compliance Risk Assessments

Ryan Specialty; Chicago (IL); On-site; USD 152,000 - 190,000; Full time

Job summary

Ryan Specialty is seeking a Director of Monitoring, Testing, and Compliance Risk Assessments. This role involves leading compliance risk assessment programs, ensuring alignment with regulatory standards, and managing testing initiatives across the organization. The ideal candidate will have a strong background in insurance compliance, excellent interpersonal skills, and proven leadership abilities.

Benefits

Paid parental leave

Mental health services

Paid time off for company holidays

Qualifications

• Over 8 years of relevant compliance experience.
• Strong knowledge of the insurance industry.
• Ability to maintain relationships with stakeholders.

Responsibilities

• Lead compliance risk assessments and testing programs.
• Manage compliance issues arising from M&A activity.
• Collaborate with senior management on compliance initiatives.

Skills

Problem-solving

Project management

Interpersonal skills

Leadership

Education

Bachelor's Degree in Risk Management, Finance, or Compliance

Job description

Director or Monitoring, Testing, and Compliance Risk Assessments

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Position Summary

The Director of Monitoring, Testing, and Compliance Risk Assessments supports Ryan Specialty Regulatory & Compliance Framework with maintaining, growing, deploying, and enhancing an effective compliance and regulatory risk framework across the enterprise and is a key member of Ryan Specialty’s Regulatory and Compliance Function. The primary goal of Ryan Specialty’s Framework is to control the risk of legal and regulatory violations and to ensure that Ryan Specialty’s activities are conducted ethically and in compliance with relevant regulations, laws, and industry standards.

Position Summary

The Director of Monitoring, Testing, and Compliance Risk Assessments supports Ryan Specialty Regulatory & Compliance Framework with maintaining, growing, deploying, and enhancing an effective compliance and regulatory risk framework across the enterprise and is a key member of Ryan Specialty’s Regulatory and Compliance Function. The primary goal of Ryan Specialty’s Framework is to control the risk of legal and regulatory violations and to ensure that Ryan Specialty’s activities are conducted ethically and in compliance with relevant regulations, laws, and industry standards.

Ryan Specialty activities are subject to extensive regulation under the laws of the United States and its various states, the United Kingdom, the European Union and its member states and other jurisdictions in which we operate.

The Director will report directly to the Chief Compliance and Privacy Officer and is responsible for managing, assisting, and supporting the Monitoring, Testing, and Compliance Risk Assessments functions. The Director will be responsible for designing, implementing, and overseeing monitoring, testing, and risk assessment programs to ensure compliance, identify issues, and improve processes. The Director will be responsible for developing testing scripts, managing testing engagements, ensuring proper documentation, and reporting material findings to key stakeholders. In addition, the Director will be responsible for leading and developing the compliance risk assessment and regulatory inventory programs at Ryan Specialty.

The primary responsibility for the Director is to lead the Monitoring, Testing, and Compliance Risk Assessments functions, which is part of Ryan Specialty’s Regulatory & Compliance Function.

What will your job entail?

Essential Functions

• Develop and implement monitoring, testing, and compliance risk assessment programs, which include designing and implementing frameworks, plans, and procedures. This includes refining existing methodologies, frameworks, and processes for identifying, assessing, and managing compliance risks.
• Develop and implement plans to mitigate compliance risks, including setting up control measures, improving processes, and addressing identified weaknesses.
• Managing testing engagements which includes overseeing and execution of testing activities, including planning, fieldwork, and documentation.
• Identifying and addressing issues of potential compliance issues or areas for improvement through monitoring, testing, and compliance risk assessments.
• Review and update existing Monitoring, Testing, and Compliance Risk Assessment policies, procedures, and guidelines to address a changing and evolving insurance market.
• Work collaboratively with a variety of stakeholders, including Ryan Specialty’s senior management and other Ryan Specialty departments (e.g., Finance, Operations, Internal audit, and IT) to identify and minimize compliance risks and drive continuous implementation of compliance initiatives
• Assists with compliance issues arising from Ryan Specialty’s M&A activity, including due diligence and acquisition integration.
• Assists in developing, monitoring, and ensuring implementation of any corrective action plans. Identify potential compliance issues or areas for improvement through the monitoring, testing, and compliance risk assessment programs.
• Report and communicate material findings and communicate with stakeholders including senior leadership.
• Ensure that the monitoring, testing, and compliance risk assessment programs are aligned with regulatory requirements and industry standards.
• Supervise, manage, and mentor team members involved in the monitoring, testing, and compliance risk assessment programs. This involves ensure team members are adequately trained and supported.
• Periodically identify areas for improvement in monitoring, testing, and compliance risk assessment processes and implement changes to enhance effectiveness.
• Engage with relevant trade group (WSIA, CIAB, and Surplus Lines Associations, NAIC), state insurance regulators, and global regulators.
• Stays current and serves as a subject matter expert on compliance developments, industry activities and emerging trends relating to Ryan Specialty’s global business.
  
  

Education/Experience/Skills

• Bachelor’s Degree, Law Degree (not required), or a master’s degree in a risk management, finance, or compliance discipline.
• Strong knowledge of the insurance industry and experience working at an insurance retail or wholesale brokerage operations.
• Minimum of 8 years of relevant insurance regulatory, compliance, and or risk management experience.
• Ability to establish and maintain strong relationships across business units, insurance trading partners, trade groups, and insurance regulators.
• Ability to apply independently in a cohesive team.
• Problem-solving skills that demonstrate ability to critically evaluate and analyze issues and recommend well thought-out and/or creative solutions.
• Demonstrated ability to work in a fast-paced environment and to find creative solutions on diverse matters requiring complex legal and strategic analysis.
• Strong project management capability, with a bias for well-informed action.
• Demonstrated leadership talent, with the ability to motivate and interface with employees at all levels by virtue of keen business acumen, excellent judgment, professional competence, emotional intelligence, credibility, flexibility, and personal integrity.
• Proven capability leading and influencing global cross-functional teams.
• Exceptional interpersonal skills, with an ability to inspire trust and confidence with internal and external stakeholders with different cultural backgrounds.
• Strong written and verbal communication skills, including the ability to clearly and concisely articulate complex legal concepts to a lay audience.
• Ability to issue spot and provide incisive, practical, and business-focused compliance advice and counsel.
• Creativity and resourcefulness.
• Strong program-solving skills and a pragmatic orientation.
• Demonstrated experience in cost-effectively and proactively engaging services providers on a global basis.
• An ability and desire to travel internationally to support global compliance.
  
  

Ryan Specialty is an Equal Opportunity Employer. We are committed to building and sustaining a diverse workforce throughout the organization. Our vision is an inclusive and equitable workplace where all employees are valued for and evaluated on their performance and contributions. Differences in race, creed, color, religious beliefs, physical or mental capabilities, gender identity or expression, sexual orientation, and many other characteristics bring together varied perspectives and add value to the service we provide our clients, trading partners, and communities. This policy extends to all aspects of our employment practices, including but not limited to, recruiting, hiring, discipline, firing, promoting, transferring, compensation, benefits, training, leaves of absence, and other terms, conditions, and benefits of employment.

How We Support Our Teammates

Ryan Specialty seeks to offer our employees a comprehensive and best-in-class benefits package that helps them — and their family members — achieve their physical, financial, and emotional well-being goals. In addition to paid time off for company holidays, vacation, sick and personal days, Ryan offers paid parental leave, mental health services and more.

The target salary range for this position is $152,000.00 - $190,000.00 annually.

The wage range for this role considers many factors, such as training, transferable skills, work experience, licensure and certification, business needs, and market demands. The pay range is subject to change and may be modified in the future. Full-time roles are eligible for bonuses and benefits. For additional information on Ryan Specialty Total Rewards, visit our website https://benefits.ryansg.com/.

We provide individuals with disabilities reasonable accommodations to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment in accordance with applicable law. Please contact us to request an accommodation at [e-mail]

The above is intended to describe this job's general requirements. It is not to be construed as an exhaustive statement of duties, responsibilities, or physical requirements. Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time. Reasonable accommodations may be made to enable individuals with disabilities to perform essential functions.

Seniority level

• Seniority level

  Director

Employment type

• Employment type

  Full-time

Job function

• Job function

  Engineering and Information Technology

• Industries

  Insurance

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