Compliance Officer

Government of Alberta•Edmonton, AB

3d•CA$82,168 - CA$107,710•Onsite

About The Position

The Ministry of Treasury Board and Finance (TBF) is responsible for budget planning, financial management and economic analysis, and the administration of tax and revenue programs. In addition, TBF undertakes policy and regulatory oversight of Alberta’s financial securities, insurance and pension sectors. Committed to responsible fiscal management, TBF supports government’s fiscal planning by coordinating the budget, quarterly and overall Treasury Board processes, and by working closely with ministries to efficiently and effectively deliver programs and services. The Compliance Officer conducts regulatory compliance activities to support market conduct oversight within Alberta's insurance industry. The Compliance Officer investigates complaints and insurer practices, conducts examinations and compliance reviews, supports consumer protection initiatives, and provides technical advice regarding insurance legislation and regulatory requirements. With the implementation of the Care-First automobile insurance framework, the Compliance Officer supports new and expanded regulatory oversight activities related to insurer claims-handling practices, consumer support, Medical Assessment processes, and compliance monitoring. The position contributes to identifying emerging risks, market trends, and systemic issues affecting Alberta consumers while promoting the fair treatment of customers and compliance with insurance legislation and regulatory expectations.

Requirements

A university graduation in a related field and a minimum 4 year progressively responsible related experience in financial services, Insurance Industry or Financial Regulatory required.
In-depth knowledge and experience in insurance is preferred.
Equivalency: 1 year of education for 1 year of experience; 1 year of experience for 1 year of education.
Must be able to multi-task and cope with a large volume of work in a busy office environment.
Strong analytical and problem-solving skills and the ability to prioritize and make appropriate decisions.

Nice To Haves

Experience conducting investigations or regulatory examinations.
Knowledge of, and experience in, the insurance industry including property and casualty and/or life insurance or experience with an insurance regulator.
A professional insurance designation such as Chartered Insurance Professional (CIP), Fellow Chartered Insurance Professional (FCIP), Canadian Risk Management (CRM), Chartered Life Underwriter (CLU), or Fellow, Life Management Institute (FLMI); a CPA designation; or a law degree.
Working knowledge of the Care First automobile insurance framework and associated consumer processes, and familiarity with the Alberta Standard Automobile Policy Forms and related insurance products.
Understanding of privacy legislation (ATIA, PIPA, PIPEDA, HIA).
Knowledge of insurance regulatory frameworks and compliance processes.

Responsibilities

Conduct insurer market conduct reviews and examinations to assess compliance with legislative and regulatory requirements, including those arising from the Care-First automobile insurance framework.
Identify trends, patterns, and potential systemic issues arising from complaints, examinations, and stakeholder interactions.
Escalate significant compliance concerns, emerging risks, and market conduct issues to management with supporting analysis and recommendations.
Investigate and respond to consumer inquiries, complaints, and escalated insurance concerns.
Ensure consistent application of regulatory requirements and fair treatment of customers principles.
Support responses to complex and sensitive inquiries involving insurers, consumers, industry associations, and government stakeholders.
Monitoring insurer compliance with Care-First regulatory requirements. Participating in reviews of insurer claims handling, injury management, and consumer support practices.
Contributing to the development of recommendations to improve regulatory effectiveness and consumer outcomes.
Support administration of Medical Assessment-related activities. Assist in identifying operational issues, trends, and risks affecting Medical Assessment processes.
Contemporary insurance regulation and administration. Provide advice and recommendations to the Manager of Compliance, the Director, Market Conduct and Consumer Support and the Deputy Superintendent on insurance issues.
Prepare Superintendent Bulletins/Notices to insurance industry and other stakeholders.
Participate in cross-government and national committees. Provide advice and background regarding insurance issues to stakeholders in writing or by presentation as required.