ELIZABETH A. CALAMITO, CFSA, CRMA
Stockton, N.J. 08559
Summary of Qualifications
Financial Manager with experience in the financial services area. Expertise in financial analysis, budgeting, auditing, planning, and forecasting. Outstanding leadership and management abilities. Creative analytical person who positively impacts business results. MBA.
oAudit o Financial Analysis
oPlanning/Forecasting o Coaching/Managing
oBudgeting o Process Improvement
Global Benefits Group, Princeton, NJ 2019 - Present
Vice President – Head of Internal Audit
Responsible for all global Internal Audit activities and for the development and implementation of the multi-year audit plan; developed the Internal Audit Charter, Internal Audit testing and work paper protocol; and implemented Internal Audit Reporting standards and reports. Work strategically with the business and on leading key enterprise IA initiatives through firsthand engagement or working with strategic partners selected to conduct these reviews. Interaction with GBG's Executive Leadership team, Board of Directors, and regulatory partners, as required. Transition Manager for a recent broker acquisition. Implementation manager for the Concur Travel, Expense, Invoice and new corporate credit card project. Responsibilities and duties include, but have not been limited to:
Audit and test internal controls and develop recommendations to improve controls. Track and report on all reported audit issues.
Monitor the completion of all audits, external and internal. Report results and issues to Executive Management and Board of Directors
Develop and implement an IA sourcing panel to conduct targeted reviews
Present audit results to executive management and the Audit Committees of both the GIL (Regulator) and Elm BidCo (Private Equity Owner) Boards
Utilizing external resources, provide the company appropriate data on sector rules, regulations, best practices, tools, techniques, and performance standards
Participate in and facilitated the ISO 27001/27002 Readiness Assessment process alongside external resources
Detailed research and analysis regarding past and current financial and business processes
Assist the CFO in driving and implementing operational and financial improvements across the enterprise
Munich Reinsurance America, Princeton, NJ 2005 – 2019
Assistant Vice President/Senior Internal Auditor – Internal Audit
Responsible for evaluating, assessing, and conducting the annual risk assessment for five insurance, reinsurance, and life reinsurance companies/branches in North America, as well as assisting in the preparation of key areas at Munich Re America. Conduct, process map, identify and evaluate controls for financial, operational and Information Technology audits. Document findings and present them to the Head of the North American Audit Hub.
Execute and manage integrated financial and operational audits for the five companies/branches, as well as work on financial/operational audits at Munich Re America; American Modern Insurance Group; and Hartford Steam Boiler.
Responsible for the review, testing, and reporting of Model Audit Rule (MARSOX) testing for several underwriting, investment, and accounting areas.
Elizabeth A. Calamito Page 2 of 3
Create the annual audit plan for five distinct subsidiaries and adjust it to fit the timing and needs of the divisions.
Coordinate and work with both external audit team, and regulators on an as needed basis.
Train North American Audit Hub associates on the processes at the five companies/branches we have responsibility for auditing.
Highlands Insurance Company, Ewing, NJ 2003 – 2005
Director, Internal Audit
Responsible for evaluating, assessing, and conducting the annual risk assessment for the entire company. Conduct, process map, identify and evaluate controls for financial, operational and Information Technology audits. Document findings and present them to the CEO and President of the Company.
Execute and manage integrated financial and operational audits for the entire enterprise.
Create the annual audit plan for the enterprise and adjust it to fit the timing and needs of the divisions.
Process mapped and documented several operational functions which outline how a dollar came in the door to where it ended up on the financial statement to evaluate and identify control gaps.
Created and delivered transitional organizational changes for several divisions in the enterprise which helped enhance the Reinsurance Collections and Accounting efforts at the Company.
Work with State Insurance Regulators during the Receivership and Rehabilitation stage of the enterprise by providing them with continued oversight of current processes, procedures and financial integrity, detailed process maps and written documentation, as well as detailed audit work papers.
Prudential Financial, Newark, NJ 1984 - 2002
Manager, Project Management 2000 - 2002
Managed a financial support division for the Insurance business line. Managed a staff of up to seven employees. Provided ledger support and financial analysis to the investment, life, annuity, and mutual fund business unit during the creation of monthly, quarterly, and annual financial results. Prepared, coordinated, tested and implemented a Business Continuation plan and Records Retention schedule for fifty associates. Interfaced with both external and internal auditors several times each year during their annual audit sign-off of the Net Cash Available Process. Prepared, coordinated and analyzed the annual divisional budget process for fifty associates.
Reduced and automated the creation and collection time of Subsidiary Bills from 60 to 120 days after the quarter closed to 11 to 20 days monthly. Settled $2.3 billion of automated sub-bill payments within the first year of implementation.
Coordinated the monthly billing, collection, monitoring, and dispute resolution of Subsidiary Bills for the Enterprise.
Integrated, trained, and tested twenty-five additional subsidiaries into the newly Automated Subsidiary Billing Process which reduced the settlement time and manual intervention of employees saving the company approximately $10 million.
Led business units through the reengineering and consolidation of the Net Cash Available process into one common division, which improved quality and efficiency.
Manager, Internal Audit 1996-2000
Coordinated and managed the annual financial audit plans for the life insurance business unit. Led, planned, scheduled, documented, monitored, and reported all audit findings to Senior Management on all
financial audits. Managed a direct staff of three associates, while leading, reviewing, and providing
performance feedback on audit teams of up to five associates. Worked with External Audit teams to facilitate their annual statement sign-off process.
Executed and managed integrated financial and operational audits for the Life insurance business unit.
Elizabeth A. Calamito Page 3 of 3
Created the annual financial audit plan for the Life insurance business unit and adjusted it to fit the timing and needs of the client.
Process mapped and documented operational functions from how a dollar came in the door to where it ended up on the financial statement.
Increased employee morale by representing, listening, designing, and implementing workable solutions for the Life Insurance audit staff on an Employee Opinion Survey team.
Associate Manager, Accounting 1990-1996
Supervisor, Accounting 1987-1990
Staff Accountant 1984-1987
Education and Training
Master of Business Administration – Finance, Seton Hall University, South Orange, NJ
Bachelor of Science – Management, College of Saint Elizabeth, Convent Station, NJ
Certified Financial Services Auditor (CFSA)
Certified in Risk Management Assurance (CRMA)
Associate, Life Management Institute (ALMI) – have completed coursework towards the Fellow, Life Management Institute (FLMI) designation.
Passed portions of the Chartered Property & Casualty Underwriter (CPCU) exams.
Proficient in ACL (Audit Command Language).
Numerous financial management and analytical courses, programs, conferences, and seminars, i.e., Strengthening Analytical Thinking; Advanced Financial Management and Management Practices Workshop.
Institute of Internal Auditors (IIA) – Active member of the Central Jersey Chapter of the IIA: President (2012-current); Vice President Programs (Current); Vice President of Membership (Current); Certification Chair (Current); Advocacy Chair (Current)
Central Jersey ACL User Group – Vice President – Responsible for the training of interested peers on the ACL software product.
Insurance Accounting and Systems Association (IASA) – NY/NJ Chapter – Active member. Developed, planned, and executed two life insurance seminars for the 2001 IASA Annual Conference in San Antonio, Texas.
National Association of Female Executives (NAFE) – Active member.
Insurance Internal Auditors Group (IIAG) – Active member.
Information Systems Audit and Control Association (ISACA) – New Jersey – Active Member