Senior Manager, Financial Risk Oversight

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 Sr. Manager, Financial Risk Oversight is a role in the Enterprise Risk Management (ERM) Department reporting to the Director of Financial Risk Oversight.

The Senior Manager is responsible for ensuring the accurate and timely measurement, monitoring, reporting and control of all financial risks across the Company. These include managing the day-to-day financial risk and investment performance functions, while providing support for: Economic Capital Modelling (ECM), financed emissions (GhG-green house gas), and capital management.

 

In delivering on the relevant financial risk management program, the Sr. Manager, works closely with the Investment Team, other members of ERM, ESG Team, ECM Team and other management teams across the company.

RESPONSIBILITIES

Manage the Financial Risk Oversight Program:

• Working with the key stakeholders, provide oversight and constructive challenge for the company’s financial risks, including market, credit, liquidity, ESG / GhG, asset liability matching (ALM) and capital risks.
• Work to identify, monitor and report on all sources of financial risk, including compliance and relevant escalation policies and procedures.
• Providing oversight for ALM, stress testing and all regulatory / external reporting / information requests that relate to financial risk.
• Assists the Director with developing and monitoring changes in: risk appetites, risk tolerances and other key risk metrics. Engages stakeholders on risk concerns and any market developments affecting these risks and exposures.
• Works with the Director and other stakeholders to develop appropriate policies, procedures and risk controls to address financial risks, as well as legal, regulatory and policy compliance.
• Assists the Director and Investment Department in assessing risk considerations and controls of new business proposals, portfolio changes and regulatory changes.
• Develops an independent view of top and emerging financial risks for the organization.
•  

Financial Risk Measurement and Reporting:

• Manages the accurate and timely: limit monitoring, compliance, investment performance and information dissemination to the various stakeholders.
• Maintains and enhances the set of key risk indicators (KRIs) and reporting used for monitoring against management and Board-approved limits.
• Manages the maintenance and enhancement of the financial risk measurement and reporting framework.
• Maintains all related documentation and ensures strong validation and control over modeling and operational risks of the framework.
• Maintains and refines existing financial risk stress testing framework; assists with the development of hypothetical stress tests.
• Researches and helps with the development of modeling and reporting enhancements required by the introduction of new products and asset classes.
• Preparation of high-quality quarterly risk reporting to management and Board committees.
•  

Investment Strategy

• Supports the development and implementation of new investment products, strategies or systems which are aligned with the company's risk appetite and policy compliance limits.
• Performs bespoke/ad-hoc analyses and opines on the risk implications of new products, processes and systems.
• Assesses and monitors asset allocations and risk attributes alongside the Board-approved market risk appetite limits and tolerances.

Capital Management and Economic Capital Modelling (ECM)

• Maintains and coordinates financial risk modeling for the ECM.
• Works with stakeholders to integrate ECM measures and insights for financial risk into capital management processes and link to risk appetites.
• Ensures methodology and procedural documentation of financial risk in ECM is accurate and up to date.

ESG / GHG Emissions

• Calculate Greenhouse Gas (GHG) emissions for the investment portfolio using industry-standard methodologies.
• Track, analyze and implement policy (PCAF, TCFD) and regulatory changes related to Financed GHG emissions & disclosures.
• Ensure timely and accurate reporting of emissions data in line with internal and external reporting requirements and assist the ESG team with the third-party assurance and validation of reported emissions data.
• Monitor emissions trends and compare against targets, escalating or providing insights if deviations occur.
• Conduct in-depth analysis of year-over-year (YoY) changes in emissions, identifying key drivers and trends.

ERM Framework & Strategic Initiatives

• Collaborates with other members of the ERM Team to continuously enhance risk management practices and achieve ERM objectives.
• Maintains and enhances the reporting process around risk appetite metrics for the company.

REQUIREMENTS

• Bachelor’s degree in a relevant discipline.
• Master’s degree and/or completion / progression towards a CFA or FRM designation would be an asset.
• 5 - 7 years of experience in a financial risk capacity.
• Excellent Excel skills, VBA programing skills and experience working with Python and/or other programming languages.
• Insurance industry experience demonstrated knowledge and experience in: capital markets risk, stress testing, ALM concepts and value-at-risk metrics considered an asset.
• Strong organizational and project management skills.
• Ability to work with multiple stakeholders in a fast-paced environment.
• Ability to influence and affect change across the Company with multiple constituents and stakeholders without formal line authority.

Salary Range: $87,400 - $161,000

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