Job Summary
The Deputy Chief Compliance Officer (DCCO) role will play a critical leadership role in ensuring regulatory compliance and fostering a culture of ethical conduct within the organization. Reporting directly to the Chief Compliance Officer (CCO), the DCCO will oversee compliance activities related to Fidelity & Guaranty Life Insurance Compnay’s (“F&G”) annuity and life insurance products, ensuring alignment with state regulations and internal policies, as well as support the compliance function of the F&G’s broker-dealer. The DCCO will also act as a key advisor on interpretation and implementation of regulation for insurance and annuity products. This position will work closely with other members of the Legal, Compliance and Risk groups, as well as the Operations, Marketing and Sales teams.
Duties and Responsibilities
- Subject matter expert in regulatory requirements as applicable to the distribution of annuity and life insurance business. Ensure the company's sales practices, documentation, and policies/procedures align with these standards.
- Provide guidance and recommendations to the Sales, Marketing, and Product Development teams to address compliance with insurance regulations including Best Interest obligations, including compliance on the principles of care, disclosure, conflict of interest management, and documentation.
- Monitor changes in regulatory requirements and ensure timely updates to policies, procedures, and practices, particularly concerning NAIC and state-level insurance regulatory standards.
- Collaborate with product development teams to assess compliance risks associated with new annuity and life insurance offerings.
- In collaboration with CCO, develop, communicate and implement the department vision, mission and strategic direction in alignment with company and department business objectives
- Act as a strategic partner to the CCO, providing insights and recommendations on compliance matters affecting the organization
- Manage reporting and recommend continuous improvement to Compliance KRI’s.
- Support the CCO in managing the compliance function of the F&G broker-dealer with subject matter expertise in FINRA rules and SEC broker-dealer regulation.
- Serve as a key liaison between the compliance function and other departments, fostering a collaborative approach to risk management and regulatory adherence.
- Support the CCO in further evolving the company’s Three-Lines-of-Defense enterprise risk management program.
- Develop and oversee compliance monitoring programs to identify and mitigate risks proactively.
- Prepare and deliver regular reports to the CCO and executive leadership on compliance performance, emerging risks, and corrective actions taken.
- Coordinate internal and external audits and examinations, ensuring timely resolution of findings.
- Communicate compliance expectations effectively across the organization, promoting a culture of transparency and accountability.
- Lead the drafting, updating, and dissemination of compliance policies and procedures, ensuring clarity and consistency.
- Provide input on company policies to mitigate regulatory and operational risks.
- Serve on Compliance leadership team and other internal leadership teams as applicable
Management Responsibilities
- Manage several direct reports and a team of compliance professionals responsible for a wide scope of compliance duties.
- Areas of management responsibility include: agent monitoring, anti-fraud, NAIC best interest, AML, marketing review, privacy and other Compliance areas applicable to annuity and life insurance business.
- Use a professional management style to regularly assess the capabilities and performance of the Compliance staff reporting to the DCCO objectively and accurately, focusing primarily on business issues while also maintaining positive working relationships.
- Encourage the Compliance Department staff to perform their work as a team, using a cross-functional, shared approach regarding their respective positions.
Experience and Education Requirements
- Bachelor’s degree in law, finance, business, or a related field.
- A JD or advanced degree in a relevant discipline is preferred.
- Minimum of 15 years of experience in the insurance industry with a concentration on life insurance and annuity products.
Knowledge, Skills & Abilities
- Demonstrated advanced knowledge of applicable federal and state insurance laws, FINRA rules, SEC regulations, and other applicable compliance standards.
- Leadership experience, including team management and strategic planning.
- Excellent verbal and written communication skills.
- Excellent organizational skills
- Strong analytical skills and aptitude for detailed work.
- Strong Aptitude to perform in a fast-paced production environment while addressing multiple projects. and responsibilities.
Other Requirements
- Perform other functions, duties and projects as assigned
- Regular and punctual attendance
- Some travel required (less than 10%)
