Senior Director, Risk Management and Compliance, Individual Insurance, Savings and Retirement

Purpose of this role

The successful candidate will be responsible, in accordance with our policies, for developing and implementing an effective risk management and compliance framework that supports Individual Insurance, Savings and Retirement in the pursuit of its objectives. They will not be responsible for the distribution network but will work closely with their colleagues from the Career Network and PPI Management.

Supporting the first line of defence, the successful candidate will ensure integrated and continuous risk management and compliance, using structured and consistent processes to identify, assess, manage and control risks and their impact on activities and results. They will evaluate the sector’s risk profile and verify its adherence to its expected risk appetite and tolerance, reporting to the sector’s senior management, the Chief Risk Officer and the Chief Compliance Officer.

The successful candidate will be responsible for objectively monitoring sector operations and ensuring the application, adherence and efficacy of the risk management framework, including compliance. They are responsible for monitoring emerging risks and ensuring that they are taken into account in the sector’s strategic decisions. Finally, they are responsible for communication with and accountability to the Chief Risk Officer and the Chief Compliance Officer. 

The successful candidate will take on the roles of compliance officer and risk manager for the sector.

In accordance with the company’s Regulatory Risk Management Policy, the sector’s compliance officer has a functional relationship with the iA Financial Group’s Chief Compliance Officer (CCO) , who is involved in setting objectives for the compliance function. These objectives will form part of the annual objectives for the sector compliance officer. Every year, the CCO will conduct an independent assessment of the sector compliance officer’s performance with regard to their compliance role, which contributes to determining their overall performance evaluation.

Main responsibilities

• Coordinate the work required by the Risk Management team with the sector and successfully implement the new initiatives they develop, including regular reporting to iA Financial Group’s Chief Risk Officer and Chief Compliance Officer
• Ensure the implementation and continuous improvement of risk management and compliance strategies, policies and standards to reflect emerging risks and ongoing changes in the sector’s internal and external environment
• Ensure that emerging risks are monitored and taken into consideration in the sector’s strategic planning and in any subsequent adjustments to the strategic plan that may be required
• Evaluate the sector’s risk profile on a quarterly basis, specifically by monitoring risk indicators and reporting to the sector’s senior management, the Chief Risk Officer and the Chief Compliance Officer, based on established protocols
• Contribute to the sector’s ORSA report on an annual basis, including developing and implementing the required quantitative scenarios and applying the stress-testing program while ensuring, in conjunction with iA Financial Group’s risk analytics team, that the methods used for these purposes are consistent
• Submit and present the conclusions and recommendations made in the ORSA report to the sector’s senior management and the Chief Risk Officer
• Follow up on actions taken on recommendations made to mitigate risks and improve the sector’s control environment
• Promote a culture of risk management and compliance among all stakeholders, in particular through the consideration and integration of risk into strategic and operational decision-making
• Oversee the design and launch of communication programs, training and awareness campaigns to ensure that all sectors maintain sound risk management, while taking into consideration the efforts of Group Risk Management and Compliance
• Establish, in conjunction with the other supervisory functions, annual monitoring programs and ensure that monitoring mandates are carried out and that the conclusions and recommendations are reviewed
• Monitor major risks, including those associated with company initiatives
• Serve in an advisory capacity and, in accordance with the accountability and monitoring protocols agreed upon with Group Risk Management and Compliance, report as required to senior management, the Chief Risk Officer and the Chief Compliance Officer, ensuring that the information communicated is relevant and facilitates informed decision-making
• Ensure that senior management and the Chief Risk Officer understand the issues and interrelationships between strategic objectives, the solvency position and the risk management framework, including appetite and tolerances, in particular via the institution’s risk and capital assessment systems
• Develop, monitor and update risk indicators to measure the risk profile and provide a comprehensive and holistic view of risk across the sector to support decision-making
• Participate, as lead risk representative, in executive committee and sector governance meetings, in order to obtain and communicate the information required to fulfil the role and responsibilities within the sector
• Maintain relationships with regulatory authorities, acting as a sector representative, and keep up to date with the requirements in force as well as those in development

Training and experience

• Bachelor’s degree in actuarial science, finance, risk management or another related field
• Member of the Quebec Bar Association, FRM, PRM or other risk management certification (asset)
• 15 years of relevant experience at a financial institution, including 10 years in a management role
• 10 years of relevant experience in risk management, compliance and/or governance

Required skills

• Familiar with the individual insurance, savings and retirement sector, distribution networks and the Canadian regulatory framework
• Excellent analytical, critical thinking and decision-making skills
• Strong collaboration skills with the ability to influence decision-making at all levels
• High-level communication skills including oral and written, technical and business writing
• Excellent leadership, coaching and development skills
• Track record of excellent judgment and courage

• Excellent command of French and English, both oral and written, due to frequent interactions with French and English speaking clients and internal partners across Canada