Director, Finance and Operations

POSITION TITLE: Director, Finance and Operations

Healthcare Insurance Reciprocal of Canada (HIROC) is a trusted healthcare safety advisor, committed to offering a full spectrum of insurance, risk and claims management products and support.

HIROC knows healthcare as it’s the largest not-for-profit healthcare liability insurer in the country, with over 700+ healthcare organizations part of the Reciprocal. Combined with sage counsel and risk management solutions, HIROC works with its partners to increase safety.

As a Reciprocal, HIROC is governed by its Subscribers and remains an innovative, agile, and proactive partner. Since its inception in 1987, the not-for-profit has returned over $200 million to the healthcare system. HIROC’s 35 years of data is combined with its extensive experience to advise and share learnings, all with the goal of scaling knowledge and increasing safety across Canada’s healthcare system.

One common thread running through HIROC’s culture is the feeling of being part of something unique: partnering to create the safest healthcare system – HIROC’s vision.

Each employee has the opportunity to find their calling and help build a stronger organization designed to meet the needs of its Subscribers. As a Top 100 GTA Employer eight years running, HIROC employees are empowered to find solutions and create amazing experiences in service to its Subscribers.

Join us and be part of the team working to make a difference.

SUMMARY:

We are seeking an experienced and strategic Director, Finance and Operations to oversee the financial operations of HIROC and other legal entities within the HIROC Group. Reporting to the Vice President, Finance and Operations, this individual will lead a team of professionals with responsibility for ensuring compliance with accounting standards in both financial and regulatory reporting, budgeting, and forecasting, and contribute to the financial stability of the HIROC Group. The Director will collaborate with leaders to optimize the financial performance and support strategic initiatives.

KEY RESPONSIBILITIES:

Reporting and Compliance

• Oversee the preparation of monthly, quarterly and annual financial statements in compliance with accounting standards and insurance regulatory requirements.
• Oversee the preparation of variance analysis to identify trends, risks, and opportunities within the financial performance.
• Oversee the preparation and analysis, and accurate and timely reporting of financial reports for Executives, Board and stakeholders.
• Ensure the accuracy of general ledger accounts, journal entries and account reconciliations.
• Ensure compliance with accounting standards e.g. IFRS 17, and regulatory requirements.
• Ensure a sound system of internal controls, policies and procedures.
• Ensure compliance with regulatory and statutory reporting requirements.
• Coordinate audits and maintain relations with external auditors, the internal audit function, tax advisors and regulatory bodies.
• Implement and maintain internal controls to safeguard HIROC’s assets and ensure financial integrity.

Budgeting and Forecasting

• Lead the annual budgeting process and develop forecasts and cash flow projections.
• Monitor cash flow, working capital and expense management, ensuring alignment with the budget and forecasts.
• Provide insights and recommendations to improve financial results and support strategic planning.

Management of the Finance Functions

• Ensure highest quality of services provided to internal and external customers.
• Approve payments as set out by the procurement policy.
• Review and approve tax returns and filings.
• Liaise with actuary, external auditors, investment managers and reinsurance broker.
• Monitor investment performance and investment portfolio mix. Provide analysis for rebalancing of the investment portfolio in compliance with the investment policy.
• Manage the operations related to reinsurance transactions.

Management of Procurement and Facilities Function

• Oversee the purchasing ecosystem for HIROC, ensuring compliance to policies.
• Oversee the facilities management.
• Partner with stakeholders to understand business requirements.
• Develop and maintain procurement strategy, policies, and procedures, with regular updates as needed.
• Develop and maintain sourcing strategies that maximize value and mitigate risks.
• Identify cost or service improvement opportunities.
• Develop and maintain effective relationships with suppliers.

Team Leadership and Development

• Lead and monitor the Finance team, fostering a collaborative environment.
• Oversee and create a continuous learning culture amongst the Finance team to enhance skills in financial analysis, regulatory reporting and insurance industry practices.
• Set performance goals, conduct performance evaluations, and manage staff workload to ensure timely and accurate financial operations.
• Manage employee performance and provide ongoing guidance and feedback to team.
• Implement career development and training plans for Finance team.

Risk Management and Financial Strategy

• Identify and assess the financial risks, including credit, liquidity and operational risks relevant to the insurance sector.
• Collaborate with the Vice President, Finance and Operations, to develop and implement financial strategies that strengthen HIROC’s financial position.
• Actively participate in the strategic planning process with HIROC’s executive leadership.
• Develop Board and management strategic indicators, and report on achievement of targets.
• Communicate strategy and solicit input from Finance team members.
• Spearhead strategic initiatives as assigned.

Other duties

• Other duties as needed

EDUCATION, TRAINING & EXPERIENCE:

• Bachelor’s degree in Finance, Accounting or equivalent
• CPA designation or equivalent
• MBA considered an asset
• 8+ years of experience in accounting or finance with at least 3-5 years in a senior leadership role within the insurance industry
• Strong understanding and experience with insurance, reinsurance and investment accounting principles, statutory and regulatory compliance and financial reporting standards for insurance companies (IFRS-17, ASPE and ASNPO)
• Proficiency in financial systems and software
• Excellent analytical, problem-solving, strategic and decision-making skills with a focus on continuous improvement
• Superior written and oral communication skills
• Strong leadership abilities, with experience managing and mentoring a team.
• High level of integrity, attention to detail, and a commitment to upholding financial accuracy and transparency.
• Knowledge of risk management practices and compliance in the insurance industry (e.g. ORSA).

WORKING CONDITIONS:

• Normal working conditions in an office setting. Working at computer for most of the day.
• Some travel required – Subscriber visits, presentations, conferences, and courses.
• Hybrid work model.

HOURS OF WORK:

• Monday-Friday 8:30am-4:30pm, some flexible hours may be required to meet Subscriber needs.
• May be required to travel, attend after-hours functions/meetings.

TO APPLY: Please contact Geoff Shields at gshields@srcpro.com

In order to be considered for this position, please include a current résumé or detailed qualifications summary with your application. Only those selected for an interview will be contacted.

HIROC is committed to fostering a climate of equity, diversity, inclusion, and accessibility. HIROC respects the diversity of all members of its community and welcomes applications from those who have demonstrated a commitment to the values of equity, diversity and inclusion. Applications from members of groups that have been historically disadvantaged and marginalized, including First Nations, Métis and Inuit peoples, racialized persons, persons with disabilities, those who identify as women, 2SLGBTQ+, individuals who self-identify on the basis of any of the protected grounds under the Human Rights Code and/or others who may contribute to the further diversification of ideas within its community are encouraged. HIROC is committed to fair assessment of a candidate’s abilities, and consideration for diversity of thought, method, and experience, including non-traditional career paths.

HIROC is committed to providing a barrier-free environment for all stakeholders, including its participants, employees, job applicants, suppliers, the public and any visitors who may enter its premises, access its information, or use its services. As an organization, HIROC respects and upholds the requirements set forth under the Accessibility for Ontarians with Disabilities Act (AODA) and its associated standards and regulations and will ensure that HIROC offers a safe and welcoming environment that is respectful of each person's dignity and independence.