Manager, Innovative Deposit Products

2 weeks ago


Ottawa, Ontario, Canada Depositor Solutions Full time
Date Posted: 1/13/2023

Location:
Ottawa, Ontario, Canada

Reference No:

Position Type:
Full-time - 2 Years

About us
We are an organization driven by purpose.

We are obsessed about serving Canadians and we are deeply committed and passionate about protecting their hard-earned money when it matters most.

We live our promises and commitments every day by serving Canadians as one, and we have their best interest at heart.

We strive to build an inclusive, accepting culture with commitment, determination and a bias for action.

The right challenge is waiting for you Discover how valuable your experience can be and join our team.

About the role


As a Manager, Innovative Deposit Products, you will be accountable to the Director, Insurance, for monitoring and reporting on developments in the deposit-taking market, including novel deposit products and players, banking-as-a-service models, and cryptocurrencies.

You will also contribute to developing, maintaining and managing compliance processes and policies related to these innovative deposit products.

This role can be performed from our Toronto or Ottawa offices, following a hybrid model approach. This is a 2-year TERM opportunity with possibility of extension.

We trust you will be up to the challenge

  • Accountable to the Director, Insurance for actively monitoring and reporting on developments in the deposittaking market, including novel deposit products and players, bankingasaservice models, and stablecoins, so as to ensure Insurance stays abreast of new products and players.
  • Provides expert support to the Insurance team, and to broader DSIC teams where relevant, in relation to deposit eligibility determinations for novel deposit products (e.g., bankingasaservice offerings generally, memberissued general purpose prepaid reloadable cards, custodial services for funds backing stablecoins).
  • In relation to new deposit types, and fintech involvement in the offering of member products, together with the Compliance Officer develops and advises the Director on proposed enhancements to Insurance's compliance activities to ensure outreach and communication efforts support the priority of increasing knowledge, developing consistent approaches, and communicating clearly to member institutions, their business partners (e.g., fintech) and to depositors.
  • Support the Director, Insurance in liaising with stakeholders, including other FISC partners, industry associations, consumer protection associations and other interested parties in relation to the evolving deposittaking environment.
  • Support the Director, Insurance in participating in standing or ad hoc internal coordination mechanisms in relation to the evolving deposittaking environment.
  • Advise the Director, Insurance on implications for the CDIC insurance framework, including maintenance and administration of the CDIC bylaws, the calculation of member premiums on insured deposits, compliance with the Information Bylaw in relation to statements about membership and eligibility as these pertain to innovative deposit products and players (including the conduct of ongoing research related thereto).
  • Recommending amendments to the CDIC Bylaws and any related supporting material to the CDIC Board of Directors, including preparation of related briefing materials. The changes could relate to the development of additional requirements or to the expansion of existing bylaws and supporting material; and
  • Assist the Director, Insurance in conducting consultations, meetings including collaboration with other CDIC departments, presentations and other liaisons with other FISC partners, member institutions and their industry associations and other interested parties related to proposed changes to the Bylaws.

About you
You take pride in your work and are passionate about having an impact. You face challenges head-on, are an excellent communicator and collaborator, and act with integrity.

We trust you will bring your expertise

  • Degree from a recognized university in economics, public administration or business administration, finance, or law.
  • Five (5) years of practical related experience in the financial services sector, including policy and legislation, financial institution reporting, accounting and reporting practices and analysis.
  • The ability to analyze and interpret CDIC's Act, Bylaws and regulations.
  • Excellent research and organizational skills.
  • Ability to work independently, think critically and make recommendations.
  • Ability to exercise judgment and discretion whether dealing with member institutions, the public, CDIC staff or staff of other agencies within the financial safety net; and
  • Excellent verbal and written communication skills in both official languages.
  • Sound understanding of the Canadian financial system, the operations of financial institutions, the business activities and risks facing the financial services sector, the legislative and r


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