Nitin Aurora
Bloomington,IL
Summary
Executive leader with sales and operations management in Banking, Insurance, and Securities, specializing in vision, design and execution of six “start-up” governance, risk management, and compliance operations at two Fortune 50 companies, including ownership and supervision of sales and marketing agencies specializing in financial services. Credible experience in 1st, 2nd, and 3rd lines of defense with in-depth industry knowledge of regulatory requirements and best practices, implementing corrective actions and transforming culture in risk management, internal & external operational vendor audit, legal, regulatory, ethics, market conduct, and contractual compliance. Excellence in designing risk framework for Complaints, Issues management and Regulatory Change Management, through robust business acumen resulting from years of diligent research, vision, and sustainable execution. Impeccable emotional intelligence, and soft skills to provide risk and solution-based guidance to executives and Board to manage change, optimize workforce, restore regulatory trust, and deliver remarkable service through judgment, integrity, love and respect for all associates and customers.
Overview
34
34
years of professional experience
Work History
Sr. Director: Regulatory, Business Risk and Controls
USAA
Bloomington, IL
02.2021 - Current
- As Program Manager, strategically designing and executing regulatory compliance programs for process improvement, risk management protocols, audit and change management resulting from non-adherence to laws and regulations, identified through risk assessments, customer complaints, and Consent Orders of the Office of the Comptroller of the Currency (OCC).
- Audit of customer complaints and oversight to identify trends and root cause, provide insight on mitigation strategies and changes in internal process inefficiencies to enhance member experience, lower member friction and increase retention.
- Design of Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) practices to identify, monitor, and manage issues and customer complaints and mitigate risk to restore regulatory and customer trust and employee morale.
- Design and execution of Policy Violation monitoring and management program, including user-friendly tools, procedures, training, and guidance on imbedding mechanisms and controls to timely identify, mitigate, and report violations, and present solution-based confidential cases to executive committees and Board to adequately mitigate operational and regulatory risk.
- Design and management of Enterprise Document Management system (policies, standards and procedures) including end-to-end process, templates, and change management, resulting in a consistent suite of governance documents that align with Laws, regulations, and internal policies, and clearly reflect roles, responsibilities, escalation and reporting protocols, and 'monitorable' requirements that reflect Financial Services 'excellence'.
Director: Compliance & Regulatory Change Management
USAA
Bloomington, IL
08.2019 - 02.2021
- Responsible for assisting and overseeing Company & Staff Agency (CoSA) First and Second Lines of Defense in managing regulatory changes in accordance with Enterprise Regulatory Change Management (RCM) Policy and Program.
- Executed, monitored, and assisted in managing the RCM program in collaboration with the Chief Legal Office and Second Line of Defense resulting in compliant, timely, and adequate management of regulatory changes impacting business areas.
- Assisted business in drafting First Line RCM Procedures to include process for escalation, monitoring, and QA/QC, resulting in improvement on scorecard ratings and lowering potential compliance risk to the operation and the Enterprise.
- Created requirements for department’s First Line of Defense and assisted in drafting Annual Compliance Plans through guidance to leadership on key deliverables and maturation and success of their individual RCM programs.
Supervisor: Audit, Complaints, Issue Management
State Farm Insurance Companies
Bloomington, IL
06.2012 - 05.2019
- Leadership of exceptional and coveted high performing senior analysts and leadership teams with design of Complaints & Issues Management Framework with mechanisms for consistent management of customer friction, escalation strategies, responses to regulatory inquiries and design of process & procedures to improve retention and provide remarkable customer experience.
- Designed, recruited, selected, coached, and led team to execute Risk Assessments and Operational Process Audits to evaluate business and financial risk to privacy, and compliant management of sensitive data including storage, movement, access, masking, provision, and analytics, which resulted in mitigating and lowering consumer and company exposure.
- Outlined information management program and assisted leadership in the compliant access, use, analytics, storage, provision, and movement of Sensitive Personal Information in alignment with Privacy laws and regulations, to have available the right data at the right time, and provide credible business intelligence, resulting in competitive and efficient practices.
- Led and coached contractual compliance to audit personnel through on-site visits, validation and control testing of domestic and overseas vendors’ managing sensitive customer and proprietary information, which ensured that third-party vendors adhered to laws and regulations impacting Bank (OCC), Medical (HIPAA), Insurance (DOI), and Payment Card (PCI) and to contractual requirements, which resulted in effectively lowering company cost, potential breaches, fines, or sanctions.
Supervisor & Lead – Vendor Relations: Counsel, Bank, and Collection Agencies
State Farm Insurance Companies
Bloomington, IL
04.2006 - 02.2012
- Supervised and led team to Audit Bank Vendors, Retained Counsel, and Collection Agencies to evaluate contractual compliance and business practices as outlined in contracts, collection practices, and applicable laws and regulations.
- Led high performing Audit team to evaluate and examine Bank vendors, law firms, and collection agencies’ business practices, assignment handling, threat & vulnerability assessments, and financial records to evaluate contractual compliance.
- Coached and trained associates to test data using Key Risk Indicators (KRI) for billing practices, fees, and remittance of funds collected from tortfeasors resulting in the recovery of large sums of money owed by vendors due to their tardy internal controls.
- Designed and prescribed Self-Audit tools for monitoring and enhancing internal controls, segregation of duties, leadership oversight, breach response, and shoring-up business practices that lowered financial shrinkage and improved relationships.
- Planned and presented seminars to vendors on industry collection practices, contractual provision interpretation and mutual responsibilities through collaboration with company’s legal department and industry subject matter experts.
Supervisor – Sales Practices and Market Conduct Compliance
State Farm Insurance Companies
San Diego, CA
04.2000 - 02.2006
- As licensed Securities Principal (Series 6, 63, & 26) assisted in creating a new enterprise compliance function, and supervised and oversaw Market Area Sales Agents’ Marketing and Sales conduct and practices of Bank, Securities, and Insurance products and services, management of company and consumer funds, vendor relations, and Broker-Dealer compliance.
- As Securities and Insurance Compliance Principal investigated and managed highly sensitive cases involving evaluation of sales and marketing material and practices including suitability and disclosure by Sales Associates and leadership.
- Conducted periodic office operational reviews and detailed interviews to research and evaluate market conduct and accurately documented, remediated, summarized, and presented integrity cases to Senior Executives, Chief Information & Privacy Officers, and Chief Compliance Officers, and reported to law enforcement and regulatory bodies.
- Audited use of Agent Draft Authority, Premium Fund and Business Accounts to investigate inappropriate practices such as floating, rebating, or co-mingling of funds, and conducted client file reviews for non-compliant practices such as churning, replacement, gaming, or use of non-approved vendors, to restore customer trust and protect company assets.
Supervisor & Specialist, Claims
State Farm Insurance Companies
Seattle, WA
12.1991 - 04.2000
- Claims Supervisor and Specialist responsible for managing property and casualty claims, Departments of Insurance complaints, and training and overseeing of employees and independent adjusters’ managing of homeowner and commercial claims. Responsible for change management execution of employee selection, training, and attrition in centralized claim operation.
- Assisted in restoring catastrophe-stricken communities through superior leadership, re-inspection, training, and handling of large operations across the USA for perils including flood, earthquake, wind/hail, hurricanes, and fire damage.
- Evaluated and interpreted negligence standards based on contract, statutes, and case law to manage and settle 3rd party liability, property damage, and personal injury with claimants and opposing counsel.
- Created and supervised Complaint Tracking System used to document and respond of customer and employee complaints and inquiries from Departments of Insurance, Public Adjusters, and third or first-party legal appointees.
Education
Bachelor of Arts - Business Administration – Marketing
University of Washington
Seattle, WASkills
- Risk Management
- Audit and Compliance
- Data Privacy & Information Management
- Policy, Procedure, Program Management
- Risk Assessment & Mitigation
- Program Design & Development
- Vendor Contract Design & Management
Affiliations
- Chartered Life Underwriters (CLU)
- Fellow – Life Mgmt. Institute (LOMA)
- Chartered Property & Casualty Underwriters (CPCU)
- International Assoc. of Privacy Prof. (IAPP)
- Institute of Internal Auditors (IIA)
- Asso. In Risk Mgmt. (ARM)
Timeline
Sr. Director: Regulatory, Business Risk and Controls
USAA
02.2021 - Current
Director: Compliance & Regulatory Change Management
USAA
08.2019 - 02.2021
Supervisor: Audit, Complaints, Issue Management
State Farm Insurance Companies
06.2012 - 05.2019
Supervisor & Lead – Vendor Relations: Counsel, Bank, and Collection Agencies
State Farm Insurance Companies
04.2006 - 02.2012
Supervisor – Sales Practices and Market Conduct Compliance
State Farm Insurance Companies
04.2000 - 02.2006
Supervisor & Specialist, Claims
State Farm Insurance Companies
12.1991 - 04.2000
Bachelor of Arts - Business Administration – Marketing
University of Washington