Review Vacancy
TitleDeputy Chief Financial Officer
Occupational CategoryFinancial, Accounting, Auditing
Bargaining UnitM/C - Management / Confidential (Unrepresented)
Salary RangeFrom $140000 to $160000 Annually
Minimum Qualifications Must possess a Bachelors’ Degree and relevant work experience. Preference will be given to candidates with a Master’s Degree in Business Administration (MBA), Finance, or Accounting, and candidates who are Certified Public Accountants (CPAs). The ideal candidate would have experience in the financial sector, evaluating insurance companies or other financial companies, in areas such as profitability, expenses, returns, and other financial metrics, and experience with reporting and analyzing such metrics.
Duties Description Under the direction of NYSIF’s Chief Financial Officer, the Deputy Chief Financial Officer (DCFO) will manage the Financial Planning and Analysis function to reflect insurance industry best practices, including measuring, analyzing and forecasting financial results and making recommendations about product pricing, cost allocations and profitability targets. The DCFO will also assist the CFO in managing and controlling the organization’s financial processes, making the necessary changes to upgrade and improve process, policies and procedures.
Duties will include, but are not limited to the following:
• Assume primary responsibility for the creation of NYSIF’s financial statements and financial reports and submission of those statements and reports to the executive leadership of the Fund, to the Board of Commissioners, to regulators, to external auditors and to other constituents;
• Develop analytical tools and reports to evaluate the profitability of the Fund and its different segments of business. Advise on allocations of expenses and measure expenses as part of profitability analysis. Project revenues, expenses, and other factors in order to forecast business results. Recommend changes in pricing or operations to optimize the Fund’s financial results;
• Compare the Fund’s performance and results to competitors and peers and develop recommendations based on those comparisons.
• Supervise various teams of employees, including the following finance departments: Actuarial, Accounts Receivable/Receivables Management, Accounting Operations and Financial Planning Analysis-Budget.
Additional Comments The New York State Insurance Fund (NYSIF) was established in 1914 as part of the original enactment of the New York Workers’ Compensation Law. The Fund’s mission is to guarantee the availability of workers' compensation insurance at the lowest possible cost to employers, while maintaining a solvent fund, as well as to provide timely and appropriate indemnity and medical payments to injured workers. NYSIF is a self-supporting insurance carrier that competes with private insurers in both the workers’ compensation and disability benefits markets in New York State. With 160,000 policyholders, over $2 billion in annual premium and $17 billion of assets, NYSIF is the largest workers’ compensation carrier in the state and among the top ten largest workers’ compensation carriers in the nation. NYSIF provides disability benefits coverage for off-the-job injuries to more than 61,000 New York employers.
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