Occ. Code 0272110
FINANCIAL ANALYST 1 (WORKERS COMPENSATION), GRADE 18
FINANCIAL ANALYST 2 (WORKERS COMPENSATION), GRADE 23
FINANCIAL ANALYST 3 (WORKERS COMPENSATION), GRADE 25
FINANCIAL ANALYST 4 (WORKERS COMPENSATION), GRADE 27
New York State Department of Civil Service
BRIEF DESCRIPTION OF CLASS SERIES
Financial Analysts Workers Compensation (WC) analyze financial information related to group self-insurers, including those that have defaulted. They evaluate all aspects of the self-insurers financial situation, including financial issues in the self-insurers occupation or industry, and their payment capacity to determine collection referrals.
Financial Analysts (WC) are classified only at the NYS Workers Compensation Board.
FINANCIAL ANALYST 1 (WC): full performance level; analyzes all aspects of a self-insurers financial and industry situation and analyzes financial information for defaulted group self-insurers.
FINANCIAL ANALYST 2 (WC): first supervisory level; analyzes the more complex group self-insurers issues; provides assistance to under-funded groups to regain financial feasibility within the group.
FINANCIAL ANALYST 3 (WC): provides daily oversight and guidance to staff; assists in developing policy advice and reports for executive management.
FINANCIAL ANALYST 4 (WC): functions as the program manager; coordinates the work of staff; works with a great deal of independence in making policy recommendations to management regarding budget implications and forecasting of cash flow shortfalls.
Financial Analyst 1 (WC)
Compile data from the various inactive and insolvent group trusts; analyze the data to determine if there is sufficient cash flow to ensure uninterrupted benefit payments to claimants and other providers within the workers compensation system by reviewing bank and financial statements, actuarial projections, and cash flow reports; and serve as liaison with the Boards contracted Third Party Administrator (TPA) to discuss payment plans and billing issues for the inactive and insolvent group trusts.
Financial Analyst 2 (WC)
Mentor and supervise Financial Analysts 1 (WC); review the more complex inactive and insolvent group trusts, especially those groups that have billing policies that require complex annual reconciliations; forecast quarterly inactive groups that may become insolvent based on members expected payment patterns and projected cash flows; monitor with the TPA and Attorney Generals Office the performance of the members of the inactive trusts to ensure they continue to make necessary payments; follow up with members that have violated their payment contracts to determine the next course of action; monitor the security deposits held by the Board on behalf of the inactive trusts to ensure they are not expiring and/or need to be increased.
Financial Analyst 3 (WC)
Supervise lower level Financial Analysts (WC) and other staff; provide guidance on complex billing issues; work with the Litigation Unit to determine the financial viability of various members within the inactive and insolvent trusts to determine the credit worthiness of the former members; package all necessary information, cash inflows from credit worthy members, Assumption of WC Liability Policies projected costs, residual assessment charges, and other fiscal information and present it to the Financial Analyst 4 (WC); prepare schedules and recommendations on the forecasted amounts needed to cover the cost of insolvent trusts; work with the Litigation Unit to flag potential and actual bankruptcy filings by members of the insolvent trusts to ensure compliance with applicable statutes.
Financial Analyst 4 (WC)
Supervise unit; review staff recommendations and financial analysis to ensure accurate calculations and appropriate assumptions; make recommendations to senior management on which trusts are good candidates for Assumption of WC Liability Policies; work with various attorneys, excess insurance carriers, and other parties involved in the resolution of the group trust insolvencies including but not limited to third party payers or successor companies that may be partially responsible for the unfunded costs of the insolvent trusts; make recommendations to senior management on the amounts to be billed to the self-insurance industry for the expected unfunded cost of the benefit payments; work with the Office of General Counsel and the Attorney Generals Office to develop collection strategies for insolvent group trusts; develop long-term funding plans to ensure spikes in assessment levels are mitigated to the extent possible; review any legislation related to the group program and make recommendations to senior management on the potential impact; and draft the semi-annual report to the Legislature and Governor for the senior managements review and submission.
FINANCIAL ANALYST 1 (WC)
Open Competitive: Bachelor's degree and two years of experience in performing financial statement analysis, collateral analysis, reserve analysis, cash flow analysis such as revenue and expenditure forecasting, budget variance analysis and industry analysis to determine repayment ability.
FINANCIAL ANALYST 2 (WC)
Promotion: one year of permanent service as a Financial Analyst 1 (WC).
Open Competitive: Bachelors degree and three years of experience in performing financial statement analysis, collateral analysis, reserve analysis, cash flow analysis such as revenue and expenditure forecasting, budget variance analysis and industry analysis to determine repayment ability. One year of the required experience must have been in a supervisory capacity. An MBA or CPA may substitute for one year of the non-supervisory experience.
FINANCIAL ANALYST 3 (WC)
Promotion: one year of permanent service as a Financial Analyst 2 (WC).
FINANCIAL ANALYST 4 (WC)
Promotion: one year of permanent service as a Financial Analyst 3 (WC) or two years of service as a Financial Analyst 2 (WC).
NOTE: Classification Standards illustrate the nature, extent and scope of duties and responsibilities of the classes they describe. Standards cannot and do not include all of the work that might be appropriately performed by a class. The minimum qualifications above are those which were required for appointment at the time the Classification Standard was written. Please contact the Division of Staffing Services for current information on minimum qualification requirements for appointment or examination.