New York Life Insurance Company (“New York Life” or “the company”) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life’s surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.
IT Risk Remediation Senior Associate
The IT Risk Remediation Senior Associate is responsible and dedicated to helping NYL subsidiaries with remediation efforts based on assessments (i.e., internal audit, external audit, maturity assessments, etc.). This includes providing IT risk and control guidance, conducting independent assessments where needed, and validation of the work being performed by technology to address control gaps.
• Assist in helping NYL subsidiaries with their remediation efforts and enhancing areas that require control improvements
• Assist in aligning NYL Subsidiaries to the IT Risk and Control capabilities of the parent organization, NYL Corporate
• Continuously identify, assess, measure and monitor information technology risk by performing independent hands-on risk assessments
• Validation of asset and control risk remediation actions for completeness and sustainability
• Liaise with Technology Audit Coordination and other Technology and business areas, as needed
• Maintain deep understanding of organization wide objectives, interactions, issues and risks
• Serve as a contact to management on risk advisory initiatives
• Establish/manage a communication/reporting process for risk assessments and advisory work
• Work with other 2nd Line of Defense Risk Assessment staff, as needed
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*Based on revenue as reported by “Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company’s profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.