Strategic Insurance Risk Manager

3 weeks ago


Toronto, Ontario, Canada Scotiabank Full time
About the Role

We are seeking a highly skilled Strategic Insurance Risk Manager to join our Scotia Wealth Management team in Canada.

Job Description

The successful candidate will be responsible for managing day-to-day sales practice supervision for the Insurance business within Scotia Wealth Management. This includes working with senior managers to ensure compliance with policies and sales standards, and supervising the process to guarantee the business adheres to this framework. The incumbent will also help ensure team members stay up-to-date with regulatory changes and adhere to insurance industry guidelines and best practices.

This role involves collaboration with internal partners as needed to ensure business compliance. Key responsibilities include:

  • Developing and implementing a Tier One review of new business through a file review process, including assessing suitability of insurance policies sold to clients, reviewing accuracy and appropriateness of illustrations provided to clients, and addressing tied selling, twisting, churning, rebating, etc.
  • Developing and implementing a Tier One review of our Inforce Block of business through a policy review, including coordinating with carriers to review details of groups of policies, identifying and following up on any red flags related to inforce policies, and running Inforce Illustrations and comparing them to original projections.
  • Managing operational compliance functions by conducting quarterly licensing audits of segregated and GIA nominee accounts, enforcing corporate policies and procedures, and maintaining business processes that meet compliance framework.
  • Liaising with Scotia Wealth Compliance, Registrations, and Insurance Partners by assisting with annual carrier audits, co-managing insurance compliance manual, leading resolution efforts with client/advisor escalations/complaints, and keeping abreast of changes in regulatory and compliance matters.
Key Accountabilities
  1. Conduct quarterly licensing audits of segregated and GIA nominee accounts.
  2. Enforce corporate policies and procedures.
  3. Maintain business processes that meet compliance framework.
  4. Assist with annual carrier audits.
  5. Co-manage insurance compliance manual.
  6. Lead resolution efforts with client/advisor escalations/complaints.
Requirements

To be successful in this role, you will need:

  • A Life license in the Quebec province.
  • Knowledge of insurance industry.
  • Knowledge of relevant insurance legislation.
  • Fluency in French and English.
  • Good working knowledge of Microsoft Office.
  • Excellent communication skills, both verbal and written.
  • Strong problem-solving skills and attention to detail.
  • Good organizational and time-management skills.
  • Ability to take initiative, working well with minimal direction and multi-task.
Salary Estimate

The estimated salary range for this role is between $80,000 and $120,000 per annum, depending on experience.

Benefits

As a Scotia Wealth Management employee, you will enjoy a comprehensive benefits package, including health, dental, and vision coverage, as well as access to our Employee Assistance Program.

You will also be eligible for our pension plan, which provides a guaranteed retirement income and allows you to save for your future.

In addition, you will have access to our flexible work arrangements, including telecommuting options and flexible hours.

And, as a valued member of our team, you will receive professional development opportunities to enhance your skills and advance your career.



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