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Manager, Market Risk Control

3 months ago


Ottawa, Ontario, Canada BMS Full time
Posted Saturday, March 23, 2024 at 5:00 AM

BMS Group is a dynamic, independent global broker established in 1980, delivering specialist insurance, reinsurance, and capital markets advisory services.

Our purpose is to help people, businesses and communities flourish and prosper in a world of risk.

As a global brand with offices located across the US, Canada, Latin America, Australia, Europe and Asia, BMS Group maintains a strong local focus and understanding of market needs.

Being independent gives our brokers the freedom to deliver the best solutions and combined with our collaborative team approach, single platform worldwide and renowned personal service, we are the independent broker of choice.

BMS Re is reshaping reinsurance by aligning interests with our clients and enhancing their success with advice and delivery models that service their unique needs.

BMS Re has a proven ability to execute in reinsurance and capital markets worldwide.
For more information on BMS and BMS Re, visit us online at bmsgroup

Job Title:
Head of Risk and Compliance

BMS Re) is one of three distinct operating divisions of the 'BMS Investment Holding Company Ltd' (BIHCL) - consisting of UK, US, and International Broking operations.

Under the governance structure, primary responsibility and day-to-day management of the Risk and Compliance functions will sit within each operating division, as close as possible to their revenue generators, with appropriate oversight and challenge from the overall BIHCL Compliance and Risk function holders, to ensure an appropriate level of reporting, consistency, collaboration, escalation of material risks, issues and concerns and sharing of best practice.

The is an independent role sitting within the 2 nd line of defense responsible for robust independent oversight and challenge of first line management's risk taking and compliance activities and the control environment.

The role comprises these key aspects:

Supporting and collaborating with the business to ensure appropriate risk and compliance outcomes without compromising its independence, with accountability for providing Compliance and Risk management, challenge, and oversight.

Providing independent assurance to the BMS US Holdings Board and BMS US Risk and Compliance Committee that first line management's reporting on the risk profile and compliance activities is complete and.

To work with the business to define the compliance framework and to assist the business to identify, assess, monitor, and govern compliance risk.

To provide guidance, support, and advice to managers on regulatory and compliance matters and contribute to the growth and development of the business at a senior organizational and commercial level and work with the business to define requirements.

Drive, manage and oversee the proportionate operation of the BIHCL Enterprise Risk Management (ERM) Framework across BMS Intermediaries Inc, with the overall responsibility for the effective identification, assessment, management, governance, and control of key risks to BMS Intermediaries Inc.

Partner with the 1 st line business providing support, advice, and challenge in the execution of risk management responsibilities to enhance their risk management maturity and further embed risk management culture.

Ensure that risk issues and events are being appropriately evaluated, investigated, resolved with lessons learned and escalated where appropriate.

Collate and analyze risk data and implement appropriate reporting to senior management.
Monitor the internal and external environments to identify emerging risks and provide appropriate information, advice and challenge to relevant stakeholders, Boards and Committees

Manage and ensure effective communication of the status of risks, controls and exposures to all relevant stakeholders, Boards and Committees.

Assist the Group Risk Director in annually reviewing the ERM methodologies, tools, and techniques.
Provide effective oversight and challenge to systems and controls, including the effectiveness of risk mitigation strategies.
Maintain the BMS US areas of the Decision Focus risk management tool, in accordance with BIHCL procedures.
Run ad hoc risk management projects as required.
Line management of a Risk & Compliance Analyst

Attend relevant Project Steering Committees and Change Management forums as the risk representative to provide appropriate second line oversight and challenge.

Conduct risk management training when necessary.
Maintenance of BMS Intermediaries Inc insurances, including primary E&O layers, managing E&O notifications in conjunction with the BMS Group General Counsel and Group Risk Director and working with the PII provider as relevant
Key compliance responsibilities and accountabilities:

Assist the business with the development, implementation and maintenance of the framework of procedures which facilitate the management of compliance risk within the requirements of Group policies and the Board risk appetite.

Provide reports and assistance to the CEO, Board, and committees of the business to enable them to understand the state of compliance in the business.

Provide timely and accurate advice and guidance to the business on compliance matters.

Ensure all compliance principles and procedures are clearly defined and regulatory and statutory developments are proactively appraised and communicated.

Conduct periodic monitoring activity to ensure policies and procedures are followed, legal requirements are met, compliance risk is managed, and clients receive good outcomes.

Maintain records of compliance matters and activities.
Conduct training for employees on compliance subjects and relevant company policies and procedures.
Escalate significant compliance matters (including material breaches) to relevant stakeholders.
Run ad hoc compliance projects as required.

Oversee and manage the renewal and maintenance of the licenses held by the business, individuals and assist other BMS group businesses where applicable.

Monitor regulatory statutes that impact business compliance (cyber security, Reg 98, NAIC Model Act)
Risk & Compliance Committees
Global Compliance Director / Group Risk Director
Senior Management Teams
Bachelor of Arts or Science degree required. Post graduate education or Law Degree a plus.
Experience of operating effectively at senior management level and of influencing Board/senior management and other stakeholders.
Lateral thinking to provide solutions to business issues.
Strong project management skills and team working aptitude.
Effective interaction with all levels of senior management with good interpersonal and relationship management skills.
The ability to understand a wide range of business processes and systems.
Sound understanding of US regulatory and statutory requirements.
Sound understanding of risk management practices and principles.
comprehensive medical and dental plan options for you and your dependents
vision, short-and long-term disability and life insurance options
employer funded health saving accounts
identity theft and legal services
generous leave policies, including parental leave
paid holidays, volunteer days and your birthday off

The actual salary advanced to the desired candidate will be based on a number of factors, including geographic location and the skills, education, training, credentials, and experience of the desired candidate.

Through our Diversity, Equity and Inclusion (DEI) vision, we are committed to 'building a culture of belonging for all, valuing diverse perspectives and embracing authenticity.' As such, we have created our 'BMS Together' program, with dedicated training, collaborative committees and intentional partnerships.

BMS offers flexible and hybrid working policies and we're happy to discuss options with you upon application.