Director - Insurance Supervision

Office of the Superintendent of Financial Institutions Canada • Toronto, ON

2d • CA$167,700 - CA$209,400 • Onsite

About The Position

The Director, Insurance Supervision is responsible for leading, developing, and coaching a team of supervisory staff responsible for the supervision of one or more insurers. Key responsibilities include risk identification and assessment, planning, directing, and overseeing supervisory activities while ensuring that work is risk focused, aligned with our mandate, supports timely intervention activities, and is consistent with our risk driven resource allocation requirements. The Director is also responsible for supervisory work supporting new applicants.

Collaborating with supervisory teams across the Risk Assessment and Intervention Hub (RAIH) as well as specialists is an important element of the Director’s role. Specialists include varied teams in Risk Advisory Hub (RAH); Risk, Strategy and Policy Sector (RSP); and Integrity, National Security and Integrated Solutions Sector (INSIS). Primary objectives of such collaboration include ensuring timely and appropriate risk assessments and contributing to consistency in supervisory processes across RAIH. The Director is also responsible for interagency liaison on key files.

In addition, the Director is committed to providing meaningful and timely insights and advice to management, as needed, to enhance the quality and consistency of supervisory outputs and effectiveness. The Director also has an opportunity to influence supervisory methods and regulatory policy, where appropriate, by identifying potential impacts reflecting their knowledge of the industry and supervised financial institutions.

Requirements

• English Essential
• A degree from a recognized post-secondary institution with specialization in business, commerce, economics, finance, mathematics, actuarial science, accounting, or a related field OR an acceptable combination of relevant experience and education or training.
• Significant insurance industry (either life or property and casualty) experience in both managing a team or managing projects that involve people leadership AND developing and delivering presentations to senior management or boards of directors of financial institutions.
• Significant insurance industry (either life or property and casualty) experience in either identifying, assessing, and critiquing financial or non-financial risk in financial institutions OR managing and controlling financial or non-financial risk in financial institutions.
• Knowledge of insurers including the range of products and business models.
• Knowledge of governance and risk management practices employed by insurers to monitor and control their key risks.
• Knowledge of major domestic regulatory or legislative requirements affecting insurers.
• Knowledge of current and emerging trends and risks as they relate to the insurance industry.
• Leading people competency.
• Inclusion competency.
• Results orientation competency.
• Critical thinking competency.
• Ability to communicate effectively in writing.
• Ability to communicate effectively verbally.

Nice To Haves

• A relevant graduate degree from a recognized post-secondary institution (for example, MBA, MAcc., MFin., or other relevant graduate degree).
• A relevant professional financial designation (for example, CERA, CPA, CA, CGA, CMA, CFA, FRM, FCIA, or other relevant designation).
• Significant experience in one or more financial or non-financial risk areas such as insurance risk, reinsurance risk, investment risk, market risk, liquidity risk, asset-liability management, technology and cyber risk.
• Extensive experience identifying, assessing, and critiquing financial or non-financial risk in financial institutions.
• Extensive experience managing and controlling financial or non-financial risk in the financial institutions.
• Extensive experience leading people in the development and execution of complex initiatives, whether as a people manager or project lead.

Responsibilities

• Leading, developing, and coaching a team of supervisory staff responsible for the supervision of one or more insurers.
• Risk identification and assessment.
• Planning, directing, and overseeing supervisory activities.
• Ensuring work is risk focused, aligned with our mandate, supports timely intervention activities, and is consistent with our risk driven resource allocation requirements.
• Supervisory work supporting new applicants.
• Collaborating with supervisory teams across the Risk Assessment and Intervention Hub (RAIH) as well as specialists.
• Ensuring timely and appropriate risk assessments and contributing to consistency in supervisory processes across RAIH.
• Interagency liaison on key files.
• Providing meaningful and timely insights and advice to management.
• Identifying potential impacts reflecting their knowledge of the industry and supervised financial institutions to influence supervisory methods and regulatory policy.

Benefits

• Ability and willingness to work overtime.
• Ability and willingness to travel domestically and internationally when required.
• The ability to work remotely from home within Canada with access to the Internet in one’s residence is a condition of employment.
• Working on-site on a full-time basis from the OSFI office.
• Agreement to be deployed into another REX position within OSFI at the same level.

What This Job Offers

• Job Type: Full-time
• Career Level: Director
• Education Level: Associate degree