Director of Risk

Thursday, October 10, 2024

About HomeEquity Bank

HomeEquity Bank is establishing a new division to launch a technology-first solution into the market. The division will be developed and built over the next year. It will be entrepreneurial, innovative, and customer-centric in its approach, with a strategic objective that addresses the unique needs of everyday Canadians. The new division is backed by industry-leading organizations, Ontario Teachers’ Pension Plan (“OTPP”) and its venture studio, Koru.

Ranked as one of Canada’s Top Growing Companies, HomeEquity Bank is the leading national provider of reverse mortgages in Canada and the only federally regulated Bank focused solely on Canadians 55 and above. HomeEquity Bank has a highly effective direct-to-consumer distribution model (B2C), as well as an established referral network (B2B), including Canada’s major banks, credit unions, financial planners, and mortgage brokers. With its flagship product, the CHIP Reverse Mortgage, HomeEquity Bank empowers Canadians 55+ to live retirement on their terms by providing them a secure way to access equity from their smartest investment – their home. HomeEquity Bank is a portfolio company of Ontario Teachers’ Pension Plan Board, a global investor that delivers retirement income for 336,000 current and retired teachers in Ontario.

POSITION SUMMARY

The Director of Risk and Compliance will play a key leadership role in ensuring the successful launch and operation of a new lending venture within HomeEquity Bank. Reporting to the Chief Risk Officer (CRO) of HomeEquity Bank with a dotted line to the Managing Director, the Director will be responsible for overseeing all risk management and regulatory compliance activities. This includes developing new risk management frameworks and credit policies that enable the venture to operate with agility and autonomy while adhering to the bank’s established risk protocols and regulatory requirements. This role will also manage external legal counsel for legal support and oversight. The ideal candidate will bring expertise in both risk and compliance in the context of Canadian financial services and will be skilled in navigating the challenges of launching and operating a new venture within a Schedule 1 bank.

MAJOR ELEMENTS OF THE ROLE

Key accountabilities of this position include:

Risk Framework Development, Approval, and Management:

• Lead the creation, approval, and continuous improvement of new risk assessment and management processes designed to enable the team to make quick decisions and offer a flexible loan product.
• Work closely with the CRO to ensure these processes align with or complement existing risk frameworks of HomeEquity Bank, or develop new frameworks as necessary.
• Own credit guidelines and credit policy for the new venture to create a more customer-centric and competitive product for the market.

Regulatory Compliance:

• Oversee the development and implementation of compliance programs that ensure adherence to all relevant regulations and industry standards, including complaints handling.
• Ensure compliance with regulatory bodies, including reviewing contracts and partnerships to confirm vendor compliance with regulatory requirements.
• Act as a liaison between the new venture and regulatory bodies, ensuring transparency and adherence to all relevant laws and regulations.

Represent Interests of HomeEquity Bank and the New Venture:

• Work closely with HomeEquity Bank's CRO and Chief Compliance Officer to ensure the new venture’s activities are aligned with the broader risk management strategy of the bank and do not expose the bank to undue risk.
• Support the venture’s efforts to modernize and streamline processes while ensuring all regulatory and risk requirements are met. This includes being an enabler and partner for the cross-functional venture team to meet its growth objectives.

Strategic Leadership:

• Provide strategic input on risk and compliance related matters to the leadership team of the new venture and HomeEquity Bank, balancing the need for operational agility with regulatory and risk management requirements.

Origination Support:

• Support the origination and underwriting teams on escalations and approve/reject exceptions as needed and in a timely manner.

Legal Oversight:

• Manage external legal counsel on matters related to contract review, vendor agreements, and regulatory compliance.
• Act as a liaison between the venture and external counsel to handle legal issues efficiently and ensure the venture’s operations are legally sound.

SKILLS AND EXPERIENCE REQUIRED

Qualifications:

• 10+ years of experience in risk and compliance management within financial services, with at least 5 years in a leadership role.
• Bachelor's degree in Finance, Business Administration, Risk Management, or a related field. A legal or compliance-focused degree is an asset.
• Demonstrated experience working in a Schedule 1 bank in Canada, with a strong knowledge of regulatory requirements and frameworks.
• Previous experience working with both startups and traditional banks, with a track record of launching or scaling new ventures within established financial institutions.
• Previous experience with secured lending products. Experience with reverse mortgages or similar financial products is a plus.

Attributes:

• Strong strategic and analytical skills with the ability to develop and implement risk frameworks.
• Excellent communication and interpersonal skills, with a track record of building relationships and ability to influence across an organization.
• Proven ability to navigate regulatory environments and ensure compliance while fostering innovation.
• A forward-thinking mindset with a passion for modernizing and improving traditional banking practices.
• Ability to manage multiple priorities in a fast-paced, dynamic environment.

Why Join the New Division?

• The chance to be at the forefront of a ground-breaking initiative backed by the market leader in reverse mortgages.
• A unique opportunity to lead change, innovate, and make a significant impact, unlocking financial opportunities for the target market.
• HomeEquity Bank offers a competitive total rewards package that includes:
• Extended health and dental benefits.
• Employee & Family Assistance Program.
• Employer Matched Group Retirement Savings Plan.
• Employee Share Investment Plan.
• Well-being initiatives including a wellness account, virtual self-care programs, and extended mental health benefits.
• Employee corporate discount for GoodLife Fitness.

HomeEquity Bank is committed to an inclusive, equitable and accessible workplace. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Please note that our successful candidate is required to complete a background check.

Join Us If you’re ready to build the future of reverse mortgages, we want to hear from you.

200 Bay St., Toronto, ON M5J 2J1, Canada