Senior Analyst, Prudential Supervision

Government of Alberta•Edmonton, AB

5d•CA$76,310 - CA$100,107•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. Operating under the authority of the Alberta Superintendent of Insurance, the Prudential Supervision section of the Insurance Regulation and Market Conduct Branch (Financial Sector Regulation and Policy) has the mandate to regulate and supervise provincially incorporated insurance companies, reciprocal insurance exchanges, captive insurance companies, exempt entities, and Special Brokers. These activities include receiving, reviewing and approving required filings, performing examinations of institutions, regulatory oversight of insurers operating in Alberta, interpreting legislation, and making recommendations with respect to insurance sector policy.

Requirements

University degree in a related field (such as business, accounting, finance, economics, or risk management).
A minimum of two years of related work experience. Related work experience includes the insurance industry, financial analysis, accounting, analytics, or risk management.
Agility: You anticipate, assess, and readily adapt to changing priorities when working with regulated entities, applying problem solving and interpretive skills to monitor, analyze and evaluate complex and technical financial information while managing a number of initiatives simultaneously.
Systems Thinking: You anticipate outcomes and potential impacts across interrelated legislation, entities and risks, and understand how changes in the insurance marketplace can affect regulated entities – recommending adjustments to supervision to account for these changes.
Creative Problem Solving: You break apart complex problems and engage the right people to identify risks and recommendations, using considerable professional judgment where standards are evolving and existing rules and guidelines do not provide a complete answer.
Drive for Results: You execute the Branch’s prudential supervision plan while maximizing available resources and manage a large volume of work with care and attention to the recommended course of action.
Building Collaborative Environments: You maintain open communication with regulated entities and your team to enable proactive supervision and represent Alberta with regulators across Canada to advance shared regulatory outcomes.
Demonstrated ability to communicate effectively and collaborate strategically with a variety of stakeholders while balancing the needs and interests of different groups.

Nice To Haves

A professional accounting or analytical designation, or related insurance industry qualifications (e.g., CPA, CIP, FCIP, ACIA, FCIA).
Knowledge of the Insurance Act and related legislation and regulations, as well as the applicable supervisory guidelines and framework.
Knowledge of, and experience in, the insurance industry, including property and casualty and/or life insurance.
An understanding of the specific tests, procedures, and financial analyses carried out to achieve regulatory objectives.
Expertise in Enterprise Risk Management and corporate governance best practices.
Awareness of International Financial Reporting Standards (IFRS) and audit systems.
Knowledge of, or experience with, international, federal, and provincial regulatory guidelines and processes.

Responsibilities

Serve as a supplementary Relationship Manager and be responsible for managing and conducting the regulatory and supervisory activities necessary to ensure the operational safety and soundness of regulated insurance entities.
Work closely with Alberta’s regulated insurance entities providing guidance and information, conducting examinations, reviewing new licence or change applications for licensing or incorporation in Alberta, and supporting the issuance of assessments levied to insurance entities operating in Alberta.
Review and assess industry trends, risks, and changes, and contribute alternatives and recommendations to ensure Alberta’s supervisory objectives continue to be met.
Supervise the solvency, governance, compliance, and risk management practices of insurance entities for which Alberta is the primary regulator, using acute problem solving and interpretive skills to monitor, analyze, and evaluate complex and technical financial information.
Conduct examinations of regulated entities in accordance with a risk-based supervisory framework, inclusive of regular desk examinations and onsite reviews.
Review, analyze, and provide recommendations on the capital management, reinsurance, investment, outsourcing, and other risk mitigation policies and procedures of regulated entities in relation to the nature, size, complexity, and risk profile of their operation.
Review compliance with legislation and regulations, identifying areas of non-compliance, and using independent judgement to identify and explore areas of concern and recommend acceptable solutions.
Review and analyze new licence and change applications for licensing or incorporation in Alberta, and oversee the renewal of Financial Responsibility Cards through risk-based desk review.
Monitor unlicensed insurance reporting compliance, including providing details of legislative reporting requirements to industry and consumers, and assisting with desk examinations and onsite reviews.
Support the administration of the Recovery of Administration Costs regulation, including calculating fees payable and assisting with the invoicing and collection of industry-wide assessments levied to roughly 235 insurance entities operating in Alberta.
Support harmonized financial reporting and supervisory processes across Canadian jurisdictions by participating on committees with regulators across Canada and making recommendations.