Manager, Risk Management

Insurance Toronto, Ontario


Description

Foresters Financial™ is a 140-year old fraternal benefit organization serving the financial needs of over three million clients, members, and their respective communities across Canada, United States, and the UK. Its mission and purpose - to enhance family and community well-being through a comprehensive suite of member benefits, life insurance, and investment solutions - forms the bedrock of the organization and its two thousand employees. We firmly believe the strength of our organization’s balance sheet is a direct reflection of our commitment to community, culture, character, and our core values of Accountability, Integrity, and Responsiveness.  

 

Purpose of role

 

The Manager, Risk Management is responsible for supporting the Vice President, NALIA and Enterprise Risk Management and other members of senior leadership in the continuous development of risk management practices at Foresters in line with best practices in the insurance industries and for the day-to-day management of such programs, primarily focusing on operational risk.  The risk team is very small, and all members of the team must work effectively together to support the various aspects of risk management.  This is an individual contributor role; there are no direct reports to the manager.

 

Key responsibilities/accountabilities

 

 

  1.  Provide effective oversight of the management of operational risks:
  • Advise/support risk management functions throughout the organization
  • Act as a catalyst and facilitator within the organization to develop enhancements to the determination and measurement of risk tolerances, risk management practices and strategies
  • Support the Vice President in partnering with management stakeholders across the organization to promote decision making that takes into account clearly established risk appetite and tolerances, utilizes consistent risk assessment methods, practices, terminology and reporting, in line with OSFI’s Guideline E-21 on Operational Risk Management
  • Work with the appropriate areas within the organization to ensure that decision making is supported by accurate and timely predictive risk information (such as Key Risk Indicators) and is based on appropriate modelling methodologies
  • Provide support in risk assessments and review risk assessment reports on projects and operational areas
  • Work with stakeholders to advise on risk mitigations or controls on significant risks identified, provide follow-up
  • Monitor progress against all risk mitigation and/or control action plans; escalate issues as appropriate
  • Ensure efficient, consistent and effective risk assessment across operations and projects
  • Participate in determining the proportionality of assessment required for regular assessments, project-oriented assessments and material change assessments

 

 

  1. Contribute to all risk management processes at the enterprise with a focus on operational risk matters
  • Work to embed risk assessments and risk management practices in day to day decision making processes
  • Contribute to the development of a strong risk management culture in the organization
  • Conduct research and best practice analysis to keep abreast of industry's best practices, particularly on operational risk management; recommend and support implementation of enhancements to Foresters’ framework
  • Support in the evaluation of risk related training requirements and develop/facilitate risk assessment training and workshops
  • Provide support in the development of the annual updates of the Risk Management and other relevant policies
  • Support special projects as necessary
  • Support regulatory, rating agency and other external risk information requests

 

  1. Provide analytical support to the management of financial risks, including Capital Adequacy, Interest Rate, Credit, Market, Insurance, and Liquidity Risks
  • Support Risk Management in obtaining/developing information required for quarterly risk reporting to the Executive Leadership Team (ELT) and the Risk and Investment Committee (RIC) of the Board of Directors
  • As requested, conduct analytics of risk related data and generate actionable insights to support the management of financial risks
  • Support the development and continuous improvement of financial risk management activities across the enterprise

 

  1. Support the risk reporting to the Board and Senior Management:
  • Support in the development of the information required for quarterly risk reporting to the Board and senior management
  • Recommend approaches for effectively condensing operational risk metrics into meaningful reporting

 

Key qualifications/competencies

 

  • University degree in a business related discipline; professional qualification in accounting, audit or similar is an asset
  • Minimum 10 years of insurance industry experience including experience in operational and financial risk management
  • Understanding of financial issues and ability to analyze situations relating to the level of risk and nessessary mitgrations would be an asset
  • Experience in working with management
  • Strong ability to negotiate, facilitate and influence effectively<span
  • Strong interpersonal skills; ability to build relationships and facilitate problem resolutions
  • Strong knowledge of risk management including operational and financial risks issues
  • Demonstrated strong personal accountability; results and impact oriented
  • Strong organizational, analytical and planning abilities
  • Strong time management skills and ability to multi-task and respond to evolving organizational needs
  • Excellent communication skills (verbal, written, presentation and report writing)
  • Outstanding professionalism and professional work ethic
  • Good judgement and decision making skills to act effectively in resolving issues which arise.
  • Exercise judgement to appropriately prioritize needs of the Risk Department and its business partners
  • Be flexible in dealing with people and recognizing the business needs of the organization
  • Ability to build strong working relationships across various functional areas and business groups

 

Foresters is committed to supporting diversity and accessibility. If you require an accommodation throughout the recruitment process, we will work with you to meet your needs.