Insurance Operations Director

4 weeks ago

Toronto, Ontario, Canada Scotiabank Full time
Job Summary

The Director of Risk, Operations, and Compliance Supervision is a critical role in executing Scotia Wealth Management's insurance strategy. This position oversees the Operational, Risk Management, and Compliance Supervision functions for Scotia Wealth Insurance Services (SWIS), a division of Scotia Wealth Management.

Key Responsibilities
  • Lead and manage the delivery of insurance operations, risk management, and first-line compliance oversight, ensuring alignment with the overall vision, strategy, and values of Global Wealth Management and the Bank.
  • Provide strong team leadership that fosters a team environment and drives employee engagement, accountability, innovation, and service excellence.
  • Ensure accountabilities, objectives, and goals are effectively communicated to the team and partners; that performance management processes are in place; and that employee development is a priority.
  • Build strong working relationships with key line of business partners across Wealth and with approval centers such as Operations, Legal, Compliance, Finance, which play an important role in the administration of the insurance business.
  • Develop and oversee the operational and administration model for SWIS, including policies for servicing in-force business, the commission payment process, sales reporting, and advisor/sales team onboarding.
  • Manage operational risk and oversee day-to-day compliance, including client privacy, anti-money laundering, and client engagement and sales policies, supporting the client complaints process, managing all internal and external audits, and acting as the Designated Representative for SWIS with provincial regulators.
  • Design and lead the client escalations process, working closely with partners in the Bank's compliance and regulatory affairs groups and directly handling complex cases.
  • Responsible for the Agency Management System, including maintenance and ongoing improvements to Centralize, and for the delivery of technology to SWIS, including the development of future enhancements working with partners in technology and service vendors.
  • Create and implement robust processes and procedures related to the commission payments and sales reporting.
  • Co-Manage of the SWIS Errors and Omissions insurance program, including liaising with the insurance provider regarding potential claims and liabilities.
  • Collaborate with the SWIS Director of Business Development and partners in the creation and oversight of field administrative support staff policies and procedures to ensure consistency of support and adherence to service level agreements.
  • Promote and support products that are distributed by advisors without the support of Insurance specialist teams, such as segregated funds, GIAs, and affinity products.
  • Stay abreast of the latest trends, developments, and best practices in the insurance and wealth management industry and provide insights and suggestions for transformation.
  • Contribute to the Bank's culture by championing a culture of customer focus that strengthens client loyalty and leverages the Bank's wider relationships, systems, and expertise, cultivating and maintaining positive and collaborative working relationships with key internal and external stakeholders, considering the Bank's risk appetite and risk culture in all activities and decisions, understanding how the Bank's risk appetite and risk culture should be considered in day-to-day activities, adhering to Scotiabank's Values, Code of Conduct, and Global Sales Principles, ensuring effective and efficient operations, while meeting operational, compliance, AML/ATF/sanctions, and conduct risk obligations, promoting and demonstrating a high-performance environment and an inclusive work culture, and complying with all regulations, policies, and procedures governing the role's activities.
Requirements
  • Bachelor's degree; Master's degree or MBA is an asset.
  • Life insurance license.
  • Financial planning accreditation is an asset.
  • Over 10 years of experience in insurance-related risk, operations, and compliance roles within the insurance industry, and with a proven track record of developing and overseeing a complex operational and compliance supervisory support model.
  • Strong people leadership skills and management experience.
  • Exceptional communication, presentation, and interpersonal skills with the ability to partner with colleagues, senior leaders, partners, and diverse stakeholders across the Bank.
  • Excellent analytical, problem-solving, and decision-making skills, with the ability to synthesize and interpret data and information from various sources.
  • Strong knowledge and understanding of the insurance industry, its products, services, processes, regulations, and challenges is an asset.
  • Knowledge of insurance systems such as Centralize is an asset.
  • Bilingual in English and French is an asset.
Working Conditions
  • Work in a standard office-based environment; non-standard hours are a common occurrence.

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