Antone A. Balbo, PMP
Executive Consultant - BCCP
Faculty Member & Instructor - BCI
US Tristate Division
PROFESSIONAL HIGHLIGHTS
INDEPENDENT CONSULTANT
Bekker Compliance Consulting Partners, LLC
2009 – Present
Antone is an independent Executive Consultant under contract with Bekker Compliance Consulting Partners, LLC (BCCP). He provides specialized consulting and education/training services, in his areas of expertise described below, to BCCP’s financial services clientele.
Compliance Quest, LLC and LIMRA International
Consultant
8/2007 – present
Reviewed and rewrote Licensing and Registration “Desktop Procedures” for major bank broker dealer program, focusing on eliminating control gaps and ensuring process continuity during staff change.
Developed and implemented procedures for sales practice remediation project and directed staff in executing necessary agent and customer outreach for major bank broker dealer.
Member of team that completed “Know Your Customer” KYC and Suitability analysis for 11,000+ transactions in preparation for customer remediation effort by major bank broker dealer program.
Analyzed current transactions in preparation for manual suitability review for major insurance-affiliated broker dealer while processing activity was transitioned from one vendor firm to another.
National Financial Partners, New York, NY
Vice President, NY Compliance
4/2007 - 7/2007
Led compliance efforts for 30 subsidiary insurance and employee benefits brokerage firms in the NY tri-state area focusing on compliance with federal and state regulations governing insurance activities.
Conducted risk assessments and implemented internal controls for subsidiary firms governing sales of life insurance contracts into the secondary market (Life Settlements).
Analyzed business practices and developed recommendations for firm principals to implement best practices, and provided guidance on how best to comply with company policies and procedures.
Prudential Financial, Newark, NJ
Vice President, Regulatory Support Compliance - Insurance Division
1/2001 - 1/2006
Led multi-year, multi-million dollar SEC Books & Records and Enterprise Suitability (Sungard Synapse) initiatives, coordinating extensive process and systems changes across Brokerage, Annuity, Insurance and Mutual Fund product lines. Strategically linked compliance systems resulting in significant operational savings and the retirement of redundant systems.
Directed multiple compliance business functions, including Regulatory Inquiries, Regulatory Alerts, FINRA / NASD Rule 3070 complaint filings, and NY State Reg 60 Replacement filings.
Chief of Staff for Chief Compliance Officer of Insurance Division, managing all organizational budget and administrative issues. Led compliance restructuring that reduced annual budget from $21 million to $14 million over 3 years. Negotiated annual compliance charges with business group leaders.
Member of Suitability Executive Steering Committee and Business Quality Executive Committee.
Prudential Financial, Newark, NJ
Management Internal Control Director - Individual Financial Services
4/1997 - 12/2000
Directed staff of internal risk management consultants in defining management best practices, performing operational risk assessments, identifying control weaknesses and creating and monitoring action plans to address control issues in information technology and operations organizations.
Worked closely with the CIOs of the Life Insurance, Mutual Fund, Annuity, Property & Casualty and Savings Bank organizations in addressing the resolution of control deficiencies and implemented risk management strategies in their organizations.
Developed and implemented a cascading risk management strategy that included an annual State of Control Attestation that implemented best practices into systems areas numbering over 1,000 total staff.
Managed internal audit and external audit engagements, consulting with business partners to develop and implement action plans to resolve deficiencies highlighted in audits. Successfully closed over 350 deficiencies with an annual rate of 98% of action plans completed by original target date.
Prudential Financial, Roseland, NJ
Functional Process Leader - Individual Insurance Tax Compliance Program
1/1996 - 3/1997
Led four project teams in building a new policyholder tax administration system for Prudential’s Individual Insurance and Annuity products.
Coordinated the integration of over 300 individual projects managed under four major project teams into a single program plan. Provided all tracking, monitoring, and reporting to senior management.
Managed 25 Business/Systems Analysts and 30 Quality Assurance Analysts, including all hiring/firing decisions, billing and compensation negotiations with 10+ vendors that provided technical consultants.
Facilitated joint application development sessions, bringing together staff from business, tax and technology areas to develop business requirements for various projects in an accelerated time-frame.
Prudential Financial, Roseland, NJ
Tax Business Systems Analyst & Project Leader - Individual Insurance Systems
1/1988 - 12/1995
Researched technical tax requirements and business product needs to provide business and systems requirements to development staff, and managed projects through full systems development life cycle.
Completed over twenty major systems modifications to accommodate tax law changes, and led project team that successfully resolved data integrity problem items identified by multi-state insurance department task force review.
Performed operations reviews of life insurance operations areas and trained operations and technology staff on life and annuity product taxation.
Coordinated release of yearend tax reporting programs that produced IRS tax forms for policyholders. Prepared and delivered numerous presentations at internal conferences, seminars, and training sessions.
EDUCATION/PROFESSIONAL DESIGNATION/PRESENTATIONS
Franklin & Marshall College - BA, History - 1987
Fellow, Life Management Institute (FLMI) - 1995
Leadership Development Program, Center For Creative Leadership - 1997
Life Insurance Operational Risk Management presentation at “Three M’s of Operational Risk” Conference, Federal Reserve Bank of Richmond - September 2000
Project Management Professional (PMP) Certification - June 2009