Position Summary
The Director of Market Security 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 of Market Security will report directly to the Chief Compliance and Privacy Officer and is responsible for managing, assisting, and supporting Ryan Specialty Market Security Committee. The Director will also be responsible with properly executing on established Market Security guidelines related to the financial condition of carriers and Managing General Underwriters/Agents with whom Ryan Specialty is permitted to trade or place insurance policies.
The primary responsibility for the Director is to lead the Market Security Function and work collaboratively with the Steering committee and Working Group to properly execute on the function’s mandate. The core objective of Ryan Specialty Market security function is to ensure the stability and integrity of our insurance markets and to protect policyholders/insureds from risks associated with insolvency of capital providers.
What will your job entail?
Essential Functions:
- Understand and address insurance carrier’s solvency security risk with insurance carriers (capital providers) by analyzing market trends, identifying potential threats to insurance companies and policyholders, and developing strategies, with the Steering Committee to mitigate those risks.
- Lead the Market Security Function and facilitate monthly and quarterly meetings of the Steering Committee and Working Groups.
- Periodically assess potential impact of market events (economic downturns, new regulations, change in leadership) of insurance companies and capital providers.
- Monitor market conditions, regulatory changes, and emerging technologies related to insurance and financial security.
- Review and update existing Market Security policies, procedures, and guidelines to address a changing and evolving security environment.
- 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
- 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 (business, finance, or actuarial science); a master’s degree in a risk management, finance, actuarial science, or compliance discipline a plus.
- Direct Market Security experience strong knowledge of an insurance company operations.
- 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 Market Security 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 and regulatory 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 $160,000.00 - $200,000.00 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 HR@Ryansg.com
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.
