Principal Supervisor, Risk Monitoring

1 month ago


Ottawa, Canada Bank of Canada Full time

**Principal Supervisor, Risk Monitoring**

**Take a central role**
The Bank of Canada has a vision to be “a leading central bank—dynamic, engaged and trusted—committed to a better Canada.” No other employer in the country offers you the unique opportunity to work at the very center of Canada’s economy, in a diverse and inclusive organization with significant impact on the economic and financial well-being of all Canadians. You will be challenged, energized and motivated to excel in an environment where we are reinventing central banking, renewing ways of doing business and reinforcing a culture of innovation.

Find out more about the next steps in our Recruitment process.

**Application Process**
- curriculum vitae

**Note**:This poster will be used to fill other Principal Supervisor positions **(term or permanent) **within the Supervision Department that may occur in 2023.

About Supervision Department

The payments landscape in Canada and globally is changing rapidly. The rapid pace of technological change in Canada and around the world is introducing new and better ways for consumers and businesses to make payments.

The federal government is implementing a new Retail Payments Supervisory (RPS) Framework under the Retail Payment Activities Act. Under this Framework, the Bank of Canada would supervise retail payment service providers’ (PSPs) compliance with operational risk management and fund safeguarding requirements and maintain a public registry of regulated PSPs.

The Bank will assess whether PSPs are adequately managing their risks and help identify areas where their risk-management practices should be improved. To fulfill its mandate, the Bank will have a combination of tools to promote compliance including allowing the Bank to enforce regulatory requirements when necessary.

**What you will do**
- Risk management expectations for PSPs, including those for fund safeguarding and operational risk management as outlined in the Retail Payment Activities Act.
- Assessment criteria that guide the Bank’s determination of a PSPs’ compliance with fund safeguarding and operational risk management requirements and supervisory expectations; and
- Supervisory practices that guide the Bank’s risk-based approach to the assessment of PSPs’ risk management practices.

As a principal supervisor, you will be expected to lead various files related to the development of the supervisory framework working both collaboratively within a team and independently.

Once the Retail Payment Activities Act comes into force, as a principal supervisor, you will implement the supervisory practices and policies set out in the retail payments supervisory framework. This includes:

- Leading assessments of PSPs’ fund safeguarding and operational risks, vulnerabilities and adequacy of controls;
- Communicating with PSPs on issues related to ongoing risk assessment activities;
- Liaising across the department and the Bank of Canada with colleagues on supervisory actions; and
- Leading the development of new processes and policies to optimize the Bank’s approach to PSP risk assessment.

As a senior member of the risk monitoring teams, you will be working closely with your Director and other management in the department. You will be expected to coach and support the development of junior staff, coordinate projects across the supervision department, and contribute analysis and policy advice on issues relating to developments in the payments ecosystem.

**What you need to succeed**

As an innovative and self-motivated problem solver you have experience:

- Designing or developing risk management policies and practices related the financial sector, the payments ecosystem, or financial technology firms;
- Supervising the risk management practices of financial institutions or financial technology firms; or
- Knowledge of the Canadian financial system and the role of regulation and supervision in maintaining a well-functioning system.

You are a critical thinker, with strong problem-solving and analytical competencies, who is able to synthetize information and provide quality analyses while considering many factors and perspectives.

You are flexible and able to adapt to an evolving work environment and changing priorities. Furthermore, you are able to organize and balance a variety of tasks.

You have a proven ability to communicate clearly and adapt your communication style for a wide range of audiences, including senior management and external stakeholders.

You are a strong team player and coach that supports decisions, addresses conflicts and promotes co-operation and partnerships. You develop and maintain harmonious relationships with a wide range of business contacts and build supportive working relationships with peers, your leader, as well as internal and external stakeholders.

**Nice to have**
- Knowledge of retail payment service providers, payment clearing and settlement systems (also known as financial marke



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