Senior Auditor/Financial Analyst-Traditional

State of South Carolina•Columbia, SC

46d

About The Position

The mission of the State of South Carolina Department of Insurance is to protect the insurance consumers, the public interest, and the insurance marketplace by ensuring the solvency of insurers; by enforcing and implementing the insurance laws of the State; and by regulating the insurance industry in an efficient, courteous, responsive, fair, and equitable manner. For more information about working at the SC Department of Insurance, please visit Department of Insurance, SC - Official Website | Official Website This position is located in the Office of Financial Regulation & Solvency. Are you a curious, detail-oriented financial professional who enjoys digging into data, identifying risks, and helping strengthen the insurance marketplace? If so, this role offers an opportunity to perform meaningful regulatory work that directly protects South Carolina consumers. Reporting to the Supervising Financial Analyst, the Senior Auditor/Financial Analyst conducts in-depth financial analyses of insurance companies, evaluates solvency risks, and works closely with regulators and company leadership to ensure compliance and corrective actions.

Requirements

A Bachelor's degree in accounting, finance, insurance, risk management, or related field, with appropriate coursework in accounting/auditing preferred.
Proficient with MS Word, Excel, and other related tools.
Strong communication skills (both written and oral) and analytical skills with the ability to aggregate and summarize information from a wide-range of available sources.
Objective, fair, reasonable, and courteous with the ability to apply professional judgment and draw sound conclusions.
Ability to research and consistently apply state laws, insurance department regulations, and NAIC statutory and/or GAAP accounting practices.
Ability to think critically and make decisions based on reasonable and timely analysis.
Ability to identify solutions to complex problems, evaluate and challenge information provided by assigned companies, gain holistic understanding of insurer and/or group, and understand and evaluate the enterprise risk management functions of insurers.
Must be able to receive and effectively respond to coaching and feedback, multi-task and manage time effectively, and adapt to changing expectations and environments.
Proficient with MS Word, Excel, and other related tools.

Nice To Haves

1-3 years of financial analysis related experience preferred.
Insurance designation(s) or progress towards their attainment preferred.

Responsibilities

Obtain, review, and analyze annual and quarterly insurer financial statements and all related supplemental regulatory filings (including, but not limited to, audited financial reports, actuarial opinions, management's discussion and analysis, holding company filings, enterprise risk reports, ORSA summary reports, etc.). Obtain, review, and analyze information and results presented in NAIC FAST tools, including IRIS ratios, Scoring System, Analyst Team System, Financial Profile, etc. Obtain, review, and analyze information from other sources relevant to the current and prospective financial solvency of insurers and/or groups (including but not limited to public news reports, rating agency reports, SEC filings, earning calls and releases, etc.).
The Senior Auditor/Financial Analyst will complete detailed financial analysis checklists on a timely basis for insurance companies in accordance with Department procedures. Obtain, review, and analyze annual insurer financial statements and all related supplemental regulatory filings (including, but not limited to, audited financial reports and actuarial opinions). Obtain, review, and analyze information from other sources relevant to the current and prospective financial solvency of insurers and/or groups (including but not limited to public news reports, SEC filings, earning calls and releases, etc.).
Customize the nature and extent of analysis procedures performed to ensure effectiveness and efficiency in accordance with the size, risk, and complexity of the insurer. Summarize and document results of analysis and assessment of risks based upon information reviewed as well as communications with the insurer and other regulators. Correspond with company executives, department staff, and other state, federal, or international regulators to investigate issues identified, evaluate company responses, and propose additional regulatory actions if warranted. Follow up on issues identified by other regulators, evaluate responses received, and ensure issues are properly addressed. Utilize analysis performed to conclude on the insurer's priority level and provide supporting rationale. Prepare and update the Insurer Profile Summary (IPS) and/or Group Profile Summary (GPS) on a timely basis to ensure that significant risks identified and ongoing monitoring plans are effectively communicated to other regulators.
Meet with prospective insurance company license applicants that have an interest in expanding operations into South Carolina. Assist with the licensing application process for domestic/foreign entities. Research complex issues including state law, state regulations, accounting standards, etc. Investigate and determine if company is in compliance with state laws, rules, regulations and NAIC standards and guidelines. Coordinate work performed with other regulatory functions and States to avoid duplication of efforts and/or requests. Distribute and present results of analysis to other regulators and coordinate update calls with both regulators and company personnel, as appropriate.
Assist with special projects and perform other duties as assigned by supervisors. Must attend examination meetings and present overview of assigned companies, provide summary of risks identified, etc. Must organize and maintain analysis files in a logical and efficient manner.

Benefits

Health, Dental, Vision, Long Term Disability, and Life Insurance for Employee, Spouse, and Children
15 days annual (vacation) leave per year
15 days sick leave per year
13 paid holidays
State Retirement Plan and Deferred Compensation Programs
Employee Assistance Program
Free counseling sessions for employees and household members
Free legal counseling
Free financial counseling
Flexible Work Schedules
Compressed work weeks
Part-time telecommuting
Flex-time
Contingent on completing required probationary period
Free Gym Access
Growth Opportunities
Certifications/designation program allowing for salary increases and bonuses
Infants at Work Program
Employees eligible to bring their newborn/infant to the workplace
Free Parking