Junior Risk Compliance Analyst Jobs in Minnesota

About the Role:
SFM writes Workers' Compensation Insurance Policies in 34 states, meaning multi-state regulations, filing calendars and laws moving at different speeds, an enterprise risk program spanning every business unit, and a vendor ecosystem that touches claims data and policyholder information. The Risk & Compliance Technical Specialist reports to the Chief Legal Officer and ensures compliance, enterprise risk and vendor risk programs are running smoothly, while building the metrics and analysis leadership uses to make decisions. You will develop the materials executive management takes to the Board and maintain workflows, systems, and governance records that keep our Risk programs operating consistently and effectively. Collaborating with the compliance and business teams accountable for each area is a big part of this job. This position will allow you to develop a unique enterprise-wide perspective on regulatory compliance, risk management, vendor oversight, and governance activities while playing a key role in keeping SFM operations running efficiently.  This role offers a combination of program administration, technology platform management, and analytics while providing meaningful exposure to executive leadership, enterprise-wide initiatives, and Board governance activities.

This position reports to the corporate headquarters in MN, and hybrid work is offered. 

Salary Range: $90,100.00 to $126,000.00 per year

What You’ll Do:

Risk Management Programs:

• Maintain the workflows, calendars, systems of record and reporting processes that keep each program on schedule, and give the teams responsible for compliance, risk plans and vendor relationships a consistent experience.
• Administer the technology platforms behind each program, research and recommend process and platform improvements, and partner with providers and internal stakeholders to implement approved changes.
• Support executive management in its Board reporting on regulatory compliance, enterprise risk and vendor risk, identifying the matters that warrant Board attention and building the underlying materials.

Regulatory compliance

• Tracks compliance status against agency deadlines across all states in which SFM does business in, including tracking existing, new and pending laws and regulations, while partnering with the Chief Legal Officer on the impact, timing and jurisdictional differences of model law and legislative changes.
• Assist with the development and maintenance of compliance policies, procedures, guidance and supports training as regulations change. Conducts periodic gap analyses and guide teams through assessment, tracking, and remediation of control exceptions.

Enterprise risk management

• Support business leaders in building and maintaining their risk plans, and help identify controls that manage, limit or reduce risk, and facilitate risk assessments and monitor completion of mitigation activities and action plans.
• Monitor emerging risks including AI governance, cybersecurity and data security, and privacy; identify the drivers and trends, assess what they mean for SFM's programs, and recommend adjustments to the affected business functions.

Vendor risk management

• Coordinate the vendor risk process, including timely review of SOC audit reports, and maintain the vendor database, contracts, review schedules and vendor status.
• Work with vendor owners to remediate security exceptions, partner with Information Services and vendor owners on repeat or serious findings, and evaluate whether a vendor relationship should continue.
• Provide guidance and training to platform users on the Vendor Management Policy.

What We’ll Like About You:

• Four or more years of experience supporting risk management, or insurance regulatory compliance processes and or  experience working with enterprise and vendor risk strategies, or something similar
• Bachelor's degree in business or an analytical field preferred; equivalent work experience considered in lieu of a degree
• Workers' compensation or general insurance experience preferred
• Experience administering a GRC (governance, risk, and compliance), enterprise risk or vendor risk platform preferred
• Strong analytical skills: you can build meaningful metrics, dashboards and trend analyses from complex data
• Advanced technology skills, including Microsoft 365, governance and risk platforms, and data visualization tools
• Excellent problem-solving skills and strong decision making abilities.
• Communication skills with a customer-service mindset, with the ability to prepare polished Board-level materials and communicate comfortably in informal, everyday conversations.
• The aptitude to run multiple projects to completion with timely completion and the discretion to handle confidential information 

Why You’ll Love Working Here
We want your work life to feel balanced, rewarding, and supported. Here are just a few of the benefits SFM offers:

• Comprehensive medical, dental, and vision coverage (plus HSA/FSA options).
• Significant Cash Benefit if You Opt Out of Our Health Plan
• Flexible hybrid work environment.
• 401(k) with both Traditional and Roth options + company match.
• Contributions toward student loan repayment.
• Generous PTO, 9 paid holidays, and paid parental leave.
• Monthly home internet allowance.
• Free life insurance, short-term & long-term disability coverage.
• Incentive bonus opportunities.
• Adoption financial assistance.
• Pet insurance.
• Annual company-wide volunteer day.
• Discounts on gyms, fitness apps, and wellness programs.