Position Overview
WEX Inc. (NYSE:WEX) is a leading provider of business-to-business physical, digital, and virtual card payment solutions. WEX’s fleet, corporate, and benefits payment solutions provide its customers – comprising small businesses, large fleets, and corporations – with unparalleled security and control across a wide spectrum of business sectors. We are executing against a multi-pronged growth strategy that enables us to maintain our leadership position and we hire people who share our passion for continuous innovation, client service, and process improvement.
Reporting to the Sr. Legal Director, Benefits, the Senior Managing Counsel, Benefits Regulatory & Product provides leadership, direction, and guidance regarding all relevant requirements of applicable federal and state laws and regulations that govern WEX Health & Benefits products and services. The successful candidate who assumes this role will be responsible for advising on the laws governing WEX Health & Benefits products and services, including relevant industry standards and applicable laws, regulations, and guidance; provide deep regulatory expertise to product, commercial, and other internal stakeholder teams regarding regulatory requirements and other policies/standards; and engage with senior leadership and cross-functional stakeholders in the representation and development of various strategic programs, products, policies, and initiatives.
Ideally this role will be located in Portland, Maine at our Corporate Headquarters. However, this role may be located at one of the WEX hubs within the United States.
Essential Duties and Responsibilities
The Regulatory & Product Counsel, Benefits will have the opportunity to:
Serve as a senior legal advisor for regulatory and product legal matters, advising on best practices and compliance with laws affecting WEX Health & Benefits products and services, including COBRA, notional accounts, health savings accounts (HSAs), nonbank custodians, the Affordable Care Act (ACA), Medicare Advantage/Medicaid flexible benefits, and benefit administration.
Provide advice to Product teams on bringing new products and services to market and designing compliant solutions.
Provide support to the commercial and broader legal teams and Product in reviewing and drafting contract terms related to products and regulatory considerations.
Assess and advise on the regulatory aspects of targeted issues, investigations, and potential problems for WEX Health, including providing support for the Compliance team in responding to state and federal agency requests and handling other regulatory concerns.
Provide support to the Compliance and Risk teams in relation to the development and delivery of policies, procedures, systems, frameworks, incident response frameworks, and related approaches to support WEX Health & Benefits products and services and compliance with applicable laws.
Horizon scan, monitor, and advise on changes or developments in laws, regulations, and industry standards that may affect WEX Health, ensuring that WEX is well prepared for regulatory changes.
Identify, evaluate, and advise executive leadership on key areas of opportunity and potential risks within legislative and regulatory updates, changes, and potential changes.
Maintain an understanding of laws, regulations, industry standards, and policy trends relevant to WEX Health products and technology and keeping abreast of recent and upcoming changes.
Counsel WEX legal team members on matters pertaining to WEX Health in various agreements, including software (and cloud/SaaS), data, professional service, and other commercial contracts.
Coordinate cross-functionally and with outside counsel on issues related to WEX Health.
Assist with projects that may include information security, compliance, contract management, internal investigations, mergers and acquisitions, and other legal and regulatory issues.
Providing WEX Health-specific support for legal, product, operational, technology, and information and data security initiatives, including compliance with applicable laws.
General Duties
All other duties as assigned.
Basic and Preferred Qualifications
Education: J.D. required
Experience: 8-10+ years of relevant legal experience, or equivalent relevant experience demonstrated through one or a combination of the following: work experience or military experience.
Expert knowledge level in industry laws and regulations affecting and governing all products and services offered through WEX Health, including health and welfare benefit plans, nonbank custodians, the Internal Revenue Code, ERISA, COBRA, state continuation of coverage laws, transit programs, post-tax and voluntary benefits, HSAs, the ACA, HIPAA, and Medicare Advantage and Medicaid flexible benefits, preferably with experience in both law firm and in-house environments.
Experience with employee benefit administration software and services, health, life, and casualty insurance broker licensing, U.S. privacy law, nonbank custodians and related activities, federal acquisition regulations (FARs), antitrust laws, and contracting and negotiation, including health sector or technology agreements, preferred.
Strong leadership skills, including demonstrated strength in building cross-functional relationships, strong organizational skills and attention to detail, experience working on process improvement, and ability to manage multiple, conflicting priorities.
Ability to resolve issues/conflicts and negotiate and facilitate with project groups with experience driving groups to successful completion.
Excellent communication (oral and written) and interpersonal skills, including the ability to write clear, concise communications for employees at all levels.
Ability to work independently, yet still be team-oriented.
Ability to apply strong problem solving skills and excellent judgment to make reasoned recommendations and develop creative, practical, and business-oriented solutions.
Ability to build strong internal relationships that foster open communications and to act as a resource on Health regulatory and product legal issues.
Ability to write reports, business presentations, policies, and legal risk analyses.
High ethical standards.
Intellectual curiosity and ability to maintain a high level of technical expertise and keep abreast of key legal, industry, product, and company developments.
WEX Values and Leadership Behaviors
As an employee at WEX, this position is expected to:
Consistently demonstrate the WEX Leadership Expectations
Build Bridges to Win - seek to understand, challenge the status quo, collaborate across teams, and seek multiple perspectives.
Be a Talent Multiplier - seek out opportunities to coach and empower others to achieve excellence and celebrate success.
Inspire High Standards While Showing We Care - be clear, empathetic, accountable, and deliver on commitments.
Shape Our Markets and Adapt to Rapid Change - seek out opportunities to lead the industry by prioritizing curiosity, creativity, and taking thoughtful risks.
Consistently demonstrate WEX Values of: Putting Ingenuity to Work, Sticking to It, Teaming Up, Acting with Integrity, Being a Positive Force, Staying Open.