Sr Specialist, Risk Management - Contract

Definity is the parent company to some of Canada’s most long-standing and innovative insurance brands, including Economical Insurance, Sonnet Insurance, Family Insurance Solutions, and Petline Insurance. Our ambition is to be one of Canada’s leading and most innovative property and casualty insurers. We can’t do that without our people, so we embrace and encourage a culture that’s collaborative, ambitious, rewarding, and empowering.

We offer a flexible, hybrid work experience where employees work from the office and virtually depending on the type of work they are doing and who they are working with. Bring your true self and be a part of our journey. It’s better here.

The Governance department is a Line 1B function supporting the Personal Insurance (PI) and Claims business units’ Three Lines of Defense. Reporting to the Director, Control Validation & Compliance, the Sr. Specialist, Risk Management will support both the Regulatory Compliance and Risk Management teams. 

On the Regulatory Compliance team, the Sr. Specialist will assist our PI and Claims functions and leaders in:

• Understanding, complying with, and reporting on regulatory requirements 
• Researching and monitoring regulatory developments
• Conducting compliance gap analyses by mapping current processes and controls
• Building awareness of compliance requirements via creation of guidelines, templates, training, etc.

On the Risk Management team, the Sr. Specialist will support the completion of risk reporting (e.g., risk registers, operational risk events, etc.) for PI and Claims as well as assisting with the continued development and implementation of elements of the Risk Management Framework. 

What can you expect in this role?

Regulatory Compliance

• Deliver on the annual regulatory compliance attestation program, including assessment of regulatory objectives, procedures, controls, and supporting artifacts. 
• Research, interpret, and execute reviews against regulatory requirements for current and proposed business practices. Through these reviews, identify and advise on compliance gaps and opportunities to implement new (or improve existing) processes and controls. 
• Develop and prepare regulatory compliance risk metrics and reporting to Leaders and/or Committees as required. 
• Collaborate with Corporate Legal and Enterprise Risk Management to identify, analyze, and assess the impact of applicable laws and regulations, whether existing, newly enacted, or proposed to support the annual regulatory compliance program.
• Liaise with and support external/internal auditors and regulators on audits of the business. 

Risk Management

• Work with various levels of management to identify and assess their top and emerging risks, and operational risk incidents
• Formulate, evaluate, and advise management on the corresponding risk mitigating action plans and provide ongoing monitoring over their completion
• Utilize risk management tools (risk appetite scorecards, risk registers, operational risk events logs, attestations, etc.) to complete the quarterly risk reporting requirements
• Assist with facilitating and minuting formal meetings with the senior and executive leadership teams
• Assist with preparing materials for use at quarterly Integrated Risk & Control Forums, and present relevant slides
• Contribute to the ongoing maintenance of risk management processes, policy, including the underlying workflows and procedural documentation
• Assist or lead training sessions to facilitate the implementation of new or existing risk management processes
• Collaborate with Line 2 Enterprise Risk Management to align on workflows, risk tools, and reporting
• Research, evaluate and adopt leading and emerging industry best practices into risk management tools and workflows
• Contribute to the development of management dashboards to enhance the monitoring and trending capabilities of key operating metrics, key risk indicators, etc.

What do you bring to the role?

• University degree with a background in risk management, compliance, and/or law
• 4+ years of experience with risk management, audit, and/or compliance work, ideally within the insurance or financial services industries
• General understanding of the Property & Casualty Insurance business operations, controls, and related legislative and regulatory requirements would be an asset
• Excellent written and verbal communication skills with the ability to build strong relationships and influence people at all levels of the organization
• Strong organizational and analytical problem-solving skills with the ability to resourcefully gather information, analyze critically, and communicate complex ideas clearly
• Proficient in MS Office, including Excel, PowerPoint, and Word
• Ability and willingness to travel between offices as needed

 

This is a contract role that will go until at least the end of 2024.

Salary range: $66,300 - $122,100

Actual salary for the role may vary depending on work location of the successful candidate and other factors including but not limited to, skills, education, experience, working conditions and the local labour market.

We also take potential into consideration. If you don't have this exact experience, but you know you have what it takes, be sure to give us more insight through your application and cover letter.

Our inclusive work environment welcomes diversity and supports accessibility. If you require accommodation at any time during the recruitment process, please let us know by contacting: [email protected].

Background checks
This role requires successful clearance of a background check (including criminal checks and leadership references).

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