Regulatory and Financial Audit Specialist

Job ID : 7576
Category : Corporate Actuarial & Risk
Brand : Economical
Regular/Temporary : Regular
Fulltime/Parttime : Full Time
Location : Waterloo, Canada
Posting Range : $66,300 - $122,100

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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 Regulatory and Financial Audit Specialist plays a key role in executing the compliance function mandate by assessing and supporting the ongoing development of various compliance activities including the Regulatory Compliance Management, Policy Management and Internal Controls Over Financial Reporting (ICFR) programs. The Regulatory and Financial Audit Specialist also contributes to the preparation of Management and Board level risk reporting. 

The Regulatory and Financial Audit Specialist will work with the Director, ERM Compliance, other members of ERM and Business Units to provide subject matter expertise to promote a consistent and robust approach to internal controls, compliance activities and policy development. 

The Regulatory and Financial Audit Specialist will work on the design, implementation and management of Definity’s Regulatory Compliance Management, Policy Governance and ICFR programs to assess effectiveness of ICFR, and compliance with relevant laws, regulations, regulatory standards and reporting requirements applicable to Economical and its subsidiaries.

 

RESPONSIBILITIES

 

Regulatory Compliance Management program:

  • Design test plans and testing of remediation activities.
  • Conduct testing of internal controls and procedures to demonstrate legislative and regulatory compliance in support of Chef Compliance Officer certification.
  • Assess both the design and operational effectiveness of the supporting documentation and processes implemented.
  • Identify and evaluate the implications of internal control deficiencies.
  • Develop recommendations for gap closure and continuous improvement, in terms of both efficient and effective internal control performance.
  • Provide input into the findings in the Management Letter of Representation (LoR) process and assist with preparing of reports to management and board committees as required.
  • Support ad hoc special risk and compliance activities as required.

 

Policy Management and Governance Program:

  • Support the development / modification of corporate policies, standards and guidelines to manage key risks.
  • Execution of policy validation and coordinate annual policy compliance.
  • Foster the awareness of the company's risk management policies and procedures by providing on-going advisory and consultative support to all departments.
  • Build research and analysis skills to develop and implement compliance activities, issues remediation and policy recommendations.

 

The ICFR program:

  • Ensure that Risk Control Matrices (RCMs) are maintained by the Business Units in a timely manner and accurately reflect current internal controls and workflows.
  • Advise Business Units on the creation and maintenance of relevant internal control, workflow and flowchart documentation.
  • Design ICFR test plans and testing of remediation activities for manager review.
  • Conduct audit procedures over the key ICFR controls to assess both the design and operational effectiveness of the controls in support of CEO/CFO certification over the effectiveness of internal controls.
  • Identify, evaluate and escalate the implications of ICFR internal control weaknesses and deficiencies. 
  • Provide recommendations for gap closure and continuous improvement, in terms of both efficient and effective internal control performance.
  • Provide input into the findings in the Management Letter of Representation (LoR) process and assist with preparing of reports to management and board committees as required. 
  • Advise Business Units in the investigation and determination of appropriate resolution of internal control issues. 
  • Drafting Management and Board level risk reporting.
  • Provide relevant support and training to functional areas. 

 

REQUIREMENTS

  • University degree and achievement of a recognized professional designations/certifications, such as JD/LLB/CPA/CMA/CGA/CA/, Certified Information Systems Auditor, Certified Internal Auditor, etc., are preferred. 
  • 5-7 year of experience including: 
    • 3+ years of audit and/or compliance oversight experience in a Legal/Accounting firm, Management Consulting or a Public Company Internal function, ideally within the financial services industry. 
    • A understanding of auditing standards and techniques as well as general auditing principles, practices and the COSO internal control framework. 
  • P&C Insurance experience considered as an asset.
  • Knowledge of risk management activities, and policy development, 
  • Ability to build strong relationships externally and internally with people from all levels to help foster a positive risk management culture.
  • Strong organizational and analytical problem-solving skills.
  • Strong verbal and written communication skills.
  • Proficient in Microsoft office products.

 

Posting Range is $66,300 - $122,100

 

 

 

 

Interested in this role, but don't meet every requirement? We encourage you to apply! We know from experience that a candidate doesn't need 100% of the qualifications listed to bring incredible value to our team. We're actively seeking diverse backgrounds and perspectives to help us make insurance better. At Definity, inclusion, diversity, and equity aren't just "nice to have" — they're essential to our success.

What's in it for you?

  • Hybrid work schedule for most roles
  • Company share ownership program
  • Pension and savings programs, with company-matched RRSP contributions
  • Paid volunteer days and company matching on charitable donations
  • Educational resources, tuition assistance, and paid time off to study for exams
  • Focus on inclusion with employee groups, support for gender affirmation surgery, access to BIPOC counsellors, access to programs for working parents
  • Wellness and recognition programs
  • Discounts on products and services

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.  In addition to base pay, eligible employees may participate in various incentive plans which are paid out at the discretion of the company and subject to individual and company performance.

Go ahead and expect a lot — you deserve it.
It's better here — but don't take our word for it. Definity was named by Great Place to Work® as one of the Best Workplaces™ in Canada for women, for youth, and for inclusion.

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 background checks (including criminal checks and leadership references).

#LI-Hybrid

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