Managing Director

Selection Process Number:

Division:

Group and Level:

Salary Range:

Employment Tenure:

Positions Available:

Persons residing in Canada, and Canadian citizens and Permanent residents abroad.

This poster will close at 12:00 AM EST on the posting's indicated closing date (note that for those in the Pacific Time Zone, this corresponds to 9:00PM PST on the previous day). To be considered, your application must be submitted before the specified deadline. If you experience any technical issues submitting your application, please email REXStaffing--.

We are committed to providing an inclusive and barrier-free work environment, starting with the hiring process. If you need to be accommodated during any phase of the evaluation process, please use the Contact information below to request specialized accommodation. All information received in relation to accommodation will be kept confidential - Information on assessment accommodation.

CLASSIFICATION:

This position is classified at the REX-08 group and level which is roughly equivalent to the EX-05 group and level.

LOCATION:

The Managing Director (MD), Insurance position is located in the Toronto office. The successful candidate(s) may report to the Toronto, Ottawa, Vancouver, or Montreal office.

OSFI's hybrid model includes telework and mandatory onsite presence. The terms of the employee's telework arrangement will be established in accordance with the Directive on Telework and the Guidelines on Hybrid Work. These arrangements must be reviewed annually, at a minimum, and can be subject to change.

This is an anticipatory process that may be used to staff one or more positions on an indeterminate (permanent) basis.

This selection process may be used to establish a pool of qualified candidates, which could be used to staff similar or identical positions with various linguistic profiles (bilingual imperative, bilingual non-imperative, English essential, or French essential), security requirements and/or various tenures within various locations in the Office of the Superintendent of Financial Institutions (OSFI), which may vary according to the position being staffed.

An MD, Insurance within the Risk Assessment and Intervention Hub (MD RAIH) has responsibility of front-line supervision of one or more of the following:

• a tier 1 federally regulated insurer (that is, an internationally active insurance group ( (IAIG))

• teams of supervisors responsible for tier 1 through 5 insurers and/or regulated pension plans (pension plans)

Direct reports of an MD, Insurance will reflect the allocation of insurers and pension plans and vary based on how operations are structured, which could change over time.

The MD, Insurance acts as lead supervisor to a tier 1 insurer or leads teams of supervisors of tier 1 through 5 insurers and/or pension plans. The MD, Insurance provides leadership, direction, and oversight that support the delivery of our supervisory and regulatory mandate for insurers  and/or pension plans. The MD, Insurance:

• prioritize supervisory work based on current and emerging risks

• manage potential gaps identified in the risk assessment of insurer(s) and/or pension plans

• disseminate knowledge and information to their team(s)

• contribute to development of guidance (including supervisory and regulatory) 

The MD, Insurance that serves as lead supervisor of an IAIG plays an important communication role, which includes maintaining the trust of and collaboration with the insurer.

The MD, Insurance also advises OSFI's executive leaders and Financial Institutions Supervisory Committee (FISC) partners on matters related to areas of concerns within their assigned insurer(s) and/or pension plans. With respect to sharing information with FISC, the MD, Insurance contributes to the communications (in writing and through meetings) when there are heightened concerns and increased Intervention Stage Ratings for specific insurer(s). The MD, Insurance contributes strategically and promotes a collaborative working environment within the sector and across all sectors. The MD, Insurance also interacts with host regulators for IAIGs and home regulators for other insurers.

Official Language Proficiency:

Information on language requirements

• English Essential

In order to be considered, your application must clearly explain how you meet each of the following education and experience criteria.

ESSENTIAL EDUCATION:

Information on degree equivalency

• A degree from a recognized post-secondary institution with specialization in business, commerce, economics, finance, mathematics, actuarial science, accounting, or a related field OR an acceptable combination* of relevant experience and education or training

*At the manager's discretion, OSFI may consider candidates who do not possess a degree but meet the combination of experience and education or training if concrete examples are provided.

ESSENTIAL EXPERIENCE:

- Leadership experience at the executive-level, in leading a team of diversified professional and technical specialists

- Significant* experience in the following:

• leading, planning, and carrying forward multi-step or multi-disciplinary projects

• developing and delivering presentations to senior management** or boards of directors of insurers

• identifying, assessing, and critiquing financial or non-financial risk in insurers OR managing and controlling financial or non-financial risk in insurers

*Significant is defined as having the depth and breadth of experience that is normally acquired through the direct responsibility for a wide variety of complex files or projects by performing the tasks over a period of approximately five years. Candidates must clearly demonstrate their roles and responsibilities pertaining to this experience.

**Senior management refers to C-suite executives such as chief executive officer, chief financial officer, and chief risk officer.

The following essential knowledge, competencies and abilities will be assessed at a later date.

ESSENTIAL KNOWLEDGE:

Knowledge of:

• insurers including the range of products and business models

• governance and risk management practices employed by insurers to monitor and control their key risks

• major domestic regulatory and legislative requirements affecting insurers

• current and emerging trends and risks as they relate to insurers

• OSFI's Supervisory Framework

ESSENTIAL COMPETENCIES:

• Leading people

• Inclusion

• Results orientation

• Critical thinking

ESSENTIAL ABILITIES:

• Ability to communicate effectively in writing

• Ability to communicate effectively verbally

If you possess any of the following education or experience criteria, your application must clearly explain how you meet them (may be needed for the job).

ASSET EDUCATION:

• A relevant graduate degree from a recognized post-secondary institution (for example, MBA, MAcc., MFin., or other relevant graduate degree)

• A relevant professional financial designation (for example, CERA, CPA, CA, CGA, CMA, CFA, FRM, FCIA, or other relevant designation)

ASSET EXPERIENCE:

- Significant* experience in one or more financial or non-financial risk areas such as (but not limited to):

• insurance risk

• investment risk

• liquidity risk

• operational risk, including third-party risk

• technology and cyber risk

• credit risk

• market risk

- Extensive** experience identifying, assessing, and critiquing financial or non-financial risk in insurers and/or pension plans OR extensive** experience managing and controlling financial or non-financial risk in insurers and/or pension plans

- Significant* experience leading people in the development and execution of complex*** initiatives, whether as a people manager or project lead

*Significant is defined as having the depth and breadth of experience that is normally acquired through the direct responsibility for a wide variety of complex files or projects by performing the tasks over a period of approximately five years. Candidates must clearly demonstrate their roles and responsibilities pertaining to this experience.

**Extensive is defined as having the depth and breadth of experience that is normally acquired through the direct responsibility for a wide variety of complex files or projects by performing the tasks over a period of approximately seven years. Candidates must clearly demonstrate their roles and responsibilities pertaining to this experience.

***Complex initiatives are initiatives with at least three of the following characteristics: multidimensional, sensitive, confidential, affecting many partners or stakeholders, precedent setting, having a major impact on the service or program delivery.

• Ability and willingness to work overtime

• Ability and willingness to travel domestically and internationally as required

• Security – Reliability, Secret

• In our hybrid workplace environment, the ability to work remotely from home within Canada with access to the Internet in one's residence is a condition of employment

• Agreement to be deployed into another REX position within OSFI at the same level

Placing OSFI employees affected by workforce adjustments, who have an affected, opting, or surplus priority status.

We are committed to having a skilled and diverse workforce representative of the Canadian population. To meet our employment equity objectives, selection for this position may be made from among qualified candidates who self-declare as belonging to one or more of the following employment equity groups: persons with a disability, Aboriginal people, members of a visible minority, or women. We are committed to diversity and inclusion, and we strongly encourage candidates to self-declare if they belong to one of these designated employment equity groups.

• The Public Service of Canada is committed to building a skilled and diverse workforce that reflects the Canadians we serve. We promote employment equity and encourage you to indicate if you belong to one of the designated groups when you apply - Employment equity -

• Preference will be given to veterans first and then to Canadian citizens and permanent residents, with the exception of a job located in Nunavut, where Nunavut Inuit will be appointed first - Information on the preference to veterans.

• We thank those who applied; however, only candidates selected for further consideration will be contacted.

• Eligible candidates may be considered and offered a deployment or Interchange before considering other applicants.

• The use of generative artificial intelligence (AI) tools, sites, and applications based on large language models (e.g. ChatGPT, Dall-E, Microsoft Copilot), is permitted for this application.

• OSFI is a separate agency with its own classification and compensation system. OSFI's staffing is subject to the Public Service Employment Act (PSEA).

• All written and verbal communication obtained throughout the staffing process, from the time of application to close of process, may be used to evaluate the candidate. 

• Candidates must meet all of the essential qualifications to be appointed; however, depending on the requirements of the specific position(s) being staffed, one or more asset criteria or organizational need may be invoked at any stage of the process.

• Staffing strategies such as random selection, top-down approach and/or establishing cut-off scores to determine who will continue in the staffing process, may be used for the purpose of managing applications.

• Please note that although you may attain the established pass mark on any of the assessments used in this staffing process, management may decide to use a higher cut off score.

• During the staffing process, various assessment methods can be utilized, including but not limited to written exams and interviews. These assessments may be conducted either remotely or in-person at one of our OSFI offices (Toronto, Ottawa, Montreal or Vancouver).

• Candidates are entitled to participate in the appointment process in the official language of their choice.

• Email correspondence will be the primary method of communication with candidates for this selection process. Ensure you check your spam folder for any communications from OSFI ). You must provide valid and updated contact information.

• All job applications must be submitted through Workday: OSFI's recruiting platform. Do not email your application as it will not be accepted. To submit an application online, please click on the "Submit" button.

• If you have a limitation that may impact your performance at any step of the assessment process (such as submitting the application, written test, or an interview), you may request an accommodation. Assessment accommodations are designed to remove barriers, and to ensure that candidates with limitations can fully demonstrate their abilities. Should you wish to be accommodated, please inform us by sending an e-mail to the following address: REXStaffing-- All information received in relation to accommodation will be kept confidential.

• Please note that due to weekly system maintenance our staffing platform, Workday, will be down for 3 hours every Friday from 11pm to Saturday 2am EST.

• You are responsible for ensuring that the personal information provided in your candidate profile in Workday is accurate and up to date (e.g., contact information, status of any priority entitlements, veteran/mobility status, citizenship, etc.). If your personal information needs to be updated after you have submitted your application, you must contact us at REXStaffing-- Failure to do so may mean that you are either not considered or eliminated from the process.

OSFI Staffing Team

EMAILS: REXStaffing--

PLEASE DO NOT APPLY TO THIS EMAIL ADDRESS, USE THE APPLY BUTTON.