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Model Risk Oversight Manager, Enterprise Risk Management (ERM)

Job ID : 5776
Category : Corporate Actuarial & Risk
Brand : Definity
Regular/Temporary : Regular
Fulltime/Parttime : Full Time
Location : Waterloo, Canada

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Economical is part of Definity, which includes some of Canada’s most long-standing and innovative insurance brands, including Economical Insurance, Sonnet Insurance, Family Insurance Solutions, and Petline Insurance. With strong roots that date back to 1871, Definity has grown to become a digital leader in the insurance industry. We’re proud to help our clients and communities adapt and thrive in a world of constant change.

Our promise to you: It’s better here. Why? Because we CARE, and we provide an employee experience that’s collaborative, ambitious, rewarding, and empowering.

Our ambition is to be one of Canada’s leading and most innovative P&C insurers. Come be a part of our journey, and love what you do.

Starting in September, Definity employees move to a hybrid work model so we can collaborate, build mentoring relationships, and solve complex or cross-functional business opportunities together. Our teams work in whichever environment best supports what they're working on and who they're working with. We're actively reinventing our offices as welcoming workspaces that optimize collaboration and empower leaders to use our space to strengthen team dynamics. Our tools and processes seamlessly connect employees from multiple locations, and our culture encourages respectful engagement and flexibility. Leaders work with their teams to determine the right balance of on-site and remote work that best meets the needs of their team, cross-functional engagement, responsibilities and timelines, plus those of our customers, our broker partners, and the company culture.

Role Location: Toronto or Waterloo (hybrid)

The Manager, Model Oversight will work with key stakeholders (Pricing, Advanced Analytics and Corporate Actuarial departments) in building the maturity of the model risk function. The Manager will be responsible for the identification, measurement, monitoring and reporting of the Company's model risks, and the development of formalized governance, policies, and procedures. 

What can you expect in this role?

  • Work with senior leadership, including the CRAO, AVPs and VPs of key departments (Pricing, Advanced Analytics and Corporate Actuarial) to support the oversight and governance of the Company’s model risks. 
  • Lead the Model Risk Function in accurately identifying, understanding and assessing inherent and emerging risks and risk mitigation approaches by providing subject matter expertise of model risk and of overall enterprise risk management. 
  • Developing positive and effective relationships such that key business stakeholders view the Manager, Model Risk Oversight as a valuable resource in effective risk mitigation.
  • Independently challenge the business to ensure risks are appropriately evaluated and mitigation plans are progressing as planned.
  • Lead the development, maintenance, and documentation of a model risk identification, measurement, monitoring and reporting framework for key sources of insurance risk in the Company.  This requires deep collaboration with key stakeholders in multiple departments.
  • Maintain a centralized and comprehensive corporate model inventory.
  • Develop a three-year cycle plan of second line of defense independent validation of models and support its execution.
  • Represent ERM interests, and act as ERM subject matter expert, in the evaluation of new system or project initiatives.
  • Develop bespoke risk solutions/projects and reporting/productivity enhancements. 

What do you bring to this role?

  • Bachelor’s degree in an analytical field of study (Actuarial, Mathematics, Statistics, Engineering).
  • At least 7 years’ experience in P&C insurance industry, with pertinent experience in the development and review of complex models.  Actuarial experience considered an asset.
  • At least 2 years Enterprise Risk Management experience particularly as related to P&C insurance risks.  Risk management credentials considered an asset.
  • Experience and demonstrated knowledge in risk factor analysis.
  • Advanced analytical modeling capabilities.
  • Advanced knowledge of MS Word, PowerPoint, and Excel (expert level).
  • Team player and ability to work with and affect change with multiple stakeholders.
  • Strong organizational, project management, problem-solving, and communication skills.

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.

Go ahead and expect a lot — you deserve it, and we’ve got it: 

  • 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

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).

#LI-Hybrid

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