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Job Description:

The Chief Financial Officer (CFO) is a member of the Senior Leadership Team and reports to the CEO of the Association. This position is responsible for managing the financial wellbeing of the NAIC.

The CFO manages cash flow and analyzes strengths and weaknesses to propose appropriate action plans when necessary and prepares accurate forecasts so that members and management can make informed decisions related to long-term health and financial wellbeing of the Association. An extensive knowledge of Generally Accepted Accounting Principles (GAAP) is required. Must possess a demonstrated competence in accounting and financial planning and regulations concerning Not-for-Profit organizations. **This is a full time position, working a hybrid schedule based out of our Kansas City, Missouri, New York or Washington D.C. office.** **Residency is required within a 100-mile radius of the office location.**

Key Responsibilities

Financial/Accounting Management

+ Coordinate the development of the NAIC’s annual budget of approximately $175 million (revenue and/or expense) and another $10-15 million in capital spending with the Chief Executive Officer (CEO) and Chief Strategy Officer in accordance with the goals and guidelines established by the NAIC membership through the Executive (EX) Committee and Internal Administration (EX1) Subcommittee. Publish a comprehensive document which includes summary financial information; details of revenues, expenses and investment income; proposed new projects (fiscals) and related supporting documentation for distribution both internally and publicly in support of the association’s annual budget.

+ Provide guidance and financial advice to the senior team and their Directors/Assistant Directors regarding the development of their departmental annual budget including the development and approval of business and financial impact statements (fiscals) for all new products, services or other expenditures of $100,000 or more.

+ In coordination with the CEO and President-Elect, present the proposed budget in various meetings and formats to NAIC Officers, Executive (EX) Committee members, Internal Administration (EX1) Subcommittee members, and NAIC members prior to release for public comment.

+ In coordination with the CEO, present the annual budget to the public on behalf of the NAIC membership by providing an Interested Party Briefing on the proposed budget; coordinate responses to any comments received on the annual budget by posting both the comments received and NAIC responses on the NAIC website; conducting a Public Budget Hearing with interested parties and the Executive (EX) Committee; and overseeing the presentation of the final budget during the Plenary session at the Fall National Meeting when the budget is formally voted upon and adopted by the membership.

+ Responsible for the development of the Executive Cost Center annual budget which includes annual revenues of approximately $90 million and operating expense of approximately $12 million. Key budgetary elements include:

+ Revenues – Membership Assessment; Database Filing Fees; IIPRC/NIPR Administrative Services; and Investment Income.

+ Expenses – Executive salaries and benefits; Executive, Commissioner, Regulator travel; Insurance; Depreciation & Amortization; and Bad Debt.

+ Monitor and review all financial activities of the Association and develop financial strategies for cost effective delivery of services, programs and initiatives to the NAIC membership in accordance with parameters outlined by the Executive (EX) Committee and Internal Administration (EX1) Subcommittee.

+ Develop and maintain accurate and timely financial reporting for the operations of the Association by reviewing and providing timely and accurate analysis of budgets, monthly/quarterly/annual financial statements and reports, and financial trends. Oversee the production, review, and analysis of monthly financial statements for the NAIC, Zones and the NAIC’s affiliates IIPRC and NIPR.

+ Keep the Chief Executive Officer (CEO) and Chief Strategy Officer informed regarding the financial status of the Association by monthly reports and other ad hoc reports as appropriate. Identify areas of potential concern and make recommendations for corrective action if necessary.

+ Oversee the development and implementation of procedures and policies over the Association’s financial systems (PeopleSoft and Workday) necessary to ensure proper safeguarding of Association assets, maintenance of proper financial records, and accurate and timely financial reporting.

+ Oversee the implementation of the Workday core financial and financial planning & budgeting modules. Continually review and enhance policies and procedures to ensure the NAIC and affiliates receive the benefits of the ERP.

+ Review and approve all expense reports for senior leaders (Director and above) of NAIC, NIPR, and IIPRC (Compact), as well as Commissioners and other senior regulators.

+ Oversee the Association’s equity and fixed income investments in both the NAIC Long-Term Investment Portfolio and NAIC Defined Contribution Plan Portfolio.

+ Meet with the independent financial advisor at least quarterly to review and discuss each element of the Association’s investment portfolios to ensure the investments are in line with appropriate Investment Policy – in conjunction with the independent financial advisor recommend changes to the Internal Administration (EX1) Subcommittee and Executive (EX) Committee, as appropriate, regarding the allocation of funds among different fund managers.

+ Review and update the Investment Policy for both the Long-Term Investment Portfolio and the Defined Contribution Plan Portfolio on an annual basis – present updated documents to Internal Administration (EX1) Subcommittee (Investment Committee) for their review and approval.

+ Coordinate the annual renewal of all insurance policies necessary to protect the physical and intellectual property of the NAIC and its affiliates. Ensure insurance coverage and retention limits are appropriate for the assets and potential liabilities covered and the cost of the policies are properly allocated between the NAIC, NIPR, and the IIPRC (Compact).

+ Coordinate the approval of contracts with the Legal Division to ensure that all contractual relationships the Association maintains are in the financial interests of the Association.

Audits

+ Responsible for the Association’s annual financial audit to ensure that the Association maintains effective financial systems and receives a clean audit opinion letter.

+ Oversee annual SSAE 18 audit activities with the external service provider and internal security staff. Ensure report is issued on time and accurately reflects the NAIC’s and NIPR’s controls.

+ Issue requests for proposals (RFP) as necessary to identify an external accounting or service advisory firm to conduct the annual financial audit and SSAE audit. After approval by the NAIC, NIPR, IIPRC (Compact) Audit Committees, negotiate a contract and coordinate the day-to-day relationship with the firms.

+ Coordinate the selection of financial or service advisory firm to perform analytic projects such as liquid operating reserve analysis or other financial analysis.

Purchasing

+ Coordinate the NAIC’s purchasing function to ensure NAIC is purchasing products that meet the Association’s needs in a cost effective and independent, unbiased manner.

+ Oversee the P-card program to purchase relatively low value, high volume items in a timely and cost-effective manner with effective internal controls in place.

+ Provide a transparent request for proposal (RFP) process for high value or key regulatory services that meet the needs of the Association and its members.

Affiliate Matters

+ Develop and maintain accurate and timely financial reporting for the operations of the NIPR and IIPRC (Compact) by reviewing and providing timely and accurate analysis of budgets, monthly/quarterly/annual financial statements and reports, and financial trends. Oversee the production, review, and analysis of monthly financial statements.

+ Assist in the development of the annual budget for the NIPR and IIPRC (Compact) and provide suggestions as appropriate.

+ Provide financial support to senior management of the NIPR and IIPRC (Compact) by attending Audit Committee, Finance Committee, Investment Committee and Board meetings and development talking points as appropriate.

+ Oversee the development of financial analysis highlighting the costs incurred to support the business and financial operations of the NIPR and IIPRC (Compact).

Leadership and Other Management Responsibilities

+ Provide staff support at the National Meetings and other interim meetings for Joint Meetings of the Executive (EX) Committee and the Internal Administration (EX1) Subcommittee as well as the NAIC Audit Committee.

+ Coordinate preparation of the quarterly Treasurer’s Report for the NAIC’s Secretary/Treasurer and presentation of interim financial information to the Audit Committee.

+ Coordinate preparation of the EX/EX1 agendas and ensure supporting documentation is provided to attendees at all meetings and key talking points are prepared.

+ Work with Controller and Assistant Controller in managing, developing, and coaching accounting department staff members, including approval of new hires, salary adjustments, and performance appraisals. Encourage teamwork, recognition, and foster a positive and team-oriented work environment within the Accounting department.

+ Must comply with all Association policies and rules, including those contained in the NAIC/NIPR Employee Handbook. Must become familiar with the Association's anti-harassment policy, immediately report harassing conduct, and take reasonable steps to minimize or prevent harassment to self and others. Must comply with the NAIC/NIPR Computer and Electronic Information Security Policy. Must maintain regular and acceptable attendance at such level as is determined in the Association's sole discretion.

+ This position is responsible for demonstrating a **_serving leadership_** mindset whereby the priorities of our members and organization come before achieving personal motivations or objectives. Additional attributes of a successful Chief Officer include demonstrating executive presence and exceptional communication skill, both written and verbal, when interacting with and presenting to all audiences; actively nurtures strong and effective partnerships with fellow senior leaders; exercising appropriate judgment and decision-making ability; maintaining confidentiality and discretion, and protecting the security of all confidential data acquired while performing the responsibilities of the job; and staying current on industry trends, continuously learning and growing leadership skill and ability, and inspiring a growth mindset and learning culture.

+ Strong verbal and written communication skills and the ability to simplify complex concepts and issues is required. Also, must be proactive and able to navigate challenging situations with limited oversight.

Management Responsibilities

This position manages the Finance Division including a team of approximately 25 Finance and Accounting professionals. Management responsibilities include:

Attract, hire, and onboard talent Set goals for individuals and team Prioritize and align work to company and team operating plan Measure and improve performance results Coach and develop talent Build and lead effective team(s) Manage budgets and expenses Prepare and deliver effective presentations and communication skills

Education, Certifications, Licenses, & Experience

+ Bachelor’s degree in business with emphasis in accounting and/or Finance required.

+ Master’s in business administration (M.B.A.) degree preferred, or a combination of education and experience.

+ Minimum twelve to fifteen years of accounting and/or financial management and leadership experience required.

+ Certified Public Accountant (CPA) and/or Certified Management Accountant (CMA) designations preferred.

Systems & Technology Requirements

This position requires quick adaptation with technology and leverages a variety of systems to perform the job such as People Soft, Workday, Microsoft Office Suite/365, SharePoint, Slack, Jira, etc.

Travel Requirements

This position requires regular, out-of-state, overnight travel in support of member meetings and events throughout the year. An ideal candidate must be able and willing to travel to locations throughout the United States and with such frequency as necessary to meet the needs of this position and the Association.

Compensation

Starting at $300,000 up to $400,000, to be commensurate with experience and location.

Interested in learning more about the amazing benefits the NAIC offers? Visit our Benefits (http://content.naic.org/about/benefits) page for more information.

The NAIC is proud to be an Equal Opportunity Employer

_Applicants for all positions are considered without regard to age, race, creed, color, religion, sex, sexual orientation, gender identity or expression, national origin or ancestry, marital status, pregnancy, genetic information, military or veteran status, disability, or any other basis protected by applicable law._

LEARN MORE ABOUT THE NAIC

Company Overview

The National Association of Insurance Commissioners (NAIC) is a member-focused, non-profit Association supporting state insurance commissioners, and their departments, to effectively regulate the insurance industry and protect consumers. Headquartered in Kansas City, New York, and Washington DC, our 150-year-old Association offers the coordination of expertise in policy and regulation among state departments, data and technology, financial regulatory support, training and education, and resources for ongoing collaboration among the states and jurisdictions.

Diversity Statement

Our member-driven Association supports the dynamic and diverse needs of state regulatory agencies and the consumers of insurance products and services. Through our ongoing commitment to Diversity, Equity, and Inclusion, we believe our employees provide a wide range of experience and expertise to generate better ideas and solve complex problems consumers and our members face as insurance products and regulations evolve over time.

Guiding Principles

• We put customers first

• We are committed to continuous improvement

• We succeed by working together

• We do what it takes to get the job done

• We communicate often

• We treat colleagues with respect and honesty