Job Description:
Position Overview
Verification Control Specialist is a critical role, helping to identify and protect from any financial risk. In this role, the successful candidate will be part of a team responsible for monitoring the operational risks at Penn Mutual and its affiliates. They will ensure that internal controls are being adhered to and protection protocols are being followed in accordance with guidelines put forth by Ethics and Compliance, Risk, and Quality assurance. The person in this role will possess a deep understanding of control measures, internal audit, administrative processes, and workflow systems. The Verification Control Specialist will participate in the discovery of fraud and trend identification.
Responsibilities
- Serve as a subject matter expert for transaction processing and documentation, handling the most critical requests for financial and non-financial transactions, using our workflow, imaging, and processing systems
- Analyze inbound requests and determine if requests fall in accordance with financial and non-financial control guidelines
- Review phone and/or form requests, applying judgement and expertise, and further decision based on established procedures and regulatory rules
- Identify processes required to adapt to a changing external factors, including security, evolving customer expectations and the regulatory environment
- Build case collateral and present status on Verification Controls to senior operations leaders, compliance and internal business partners, providing accurate and detailed case status and maintain all appropriate supporting documents
- Handle the most complex and/or critical in-bound verification calls from our internal partners
- Partners with Contact Center and Special Investigations Unit regarding fraudulent events, assessing current risks and controls and recommending mitigation strategies towards future control environment
- Work directly with FPs and Distribution partners to gather detail and build case and transaction history
- Ability to leverage critical thinking skills in order to recommend potential solutions
- Learning agility and adoption of AI tools and solutions to enhance operations and productivity
- Adhere to the company’s framework of internal controls
- Identify, recommend and facilitate ongoing process and training improvements
- Complies with all company and site policies and procedures
- Remains current in profession and industry trends
Skills and Abilities
- Risk management mindset; proactively anticipate issues and developing potential effective solutions
- Demonstrates a strong ability to work within a team, values diverse perspectives, open communication and an environment of shared success
- Proactive; self-starter, capable of managing multiple tasks efficiently and producing high-quality work independently
- Strong communication skills, with the ability to articulate complex insurance and risk management concepts clearly to diverse audiences
- Ability to complete a full analysis of correspondence, such as statements to identify any inconsistencies or impacts to the policy/contract
- Ability to work cross-functionally as the business dictates
- Execute with urgency and professionalism
- Ability to navigate multiple systems and resources
- Excellent analytical and organizational skills with attention to details
- Proven ability to share knowledge and mentor others
- Ability to make a positive contribution as demonstrated by learning new skills and making suggestions for process/procedure improvement
- Champion the adoption and implementation of innovative tools and technologies, with particular emphasis on AI capabilities such as Microsoft Copilot
Education
- H.S. Diploma or Equivalent Required
- Bachelor's Degree in Finance, Accounting, Business, Economics or a related field Preferred
Experience
- 3-5 Years operational risk management background (including current state/future-state assessments, business process redesign, and target operating models)
- Experience with projects involving the design or operation of elements of the risk management life cycle (including risk identification and profiling, risk assessment and measurement, risk metrics and monitoring or control testing) in the Insurance, or wealth and asset management industries.
- Deep understanding of life insurance/annuity and security products in order to conduct in depth and extensive research on accounts
- Experience working with or familiarity with data, analytics and risk technology solutions (e.g. LexisNexis)
Licenses
- LOMA Designation (ALMI, FLMI) Preferred
- FINRA Series 6 Preferred
- FINRA 26 Preferred
Base Salary Range - $60,000 - $75,000
For over 175 years, Penn Mutual has empowered individuals, families and businesses on the journey to achieve their financial goals. Through our partnership with Financial Professionals across the U.S., we help instill the confidence and reliability that comes from a stronger financial future. Penn Mutual and its affiliates offer a comprehensive suite of competitive products and services to meet the unique needs of Financial Professionals and their clients, including life insurance, annuities, wealth management and institutional asset management. To learn more, including current financial strength ratings, visit www.pennmutual.com.
Penn Mutual is committed to Equal Employment Opportunity (EEO). We provide employment and advancement opportunities to all qualified applicants and associates, according to applicable laws. This is reflected in our practices for hiring, placement, promotion, transfer, demotion, layoff, termination, recruitment, compensation, selection or training, and all other terms and conditions of employment. All employment-related decisions and practices are free from unlawful discrimination. This includes: race, creed, color, national origin, ancestry, citizenship age, gender (including pregnancy), sexual orientation, gender identity or expression, domestic partnership or civil union status, marital status, genetic information, disability, religious observance or practice, liability, veteran status or any other classification protected under applicable law.