Senior Manager, Insurance Prudential Supervision

4 weeks ago

Toronto, Canada Financial Services Regulatory Authority of Ontario Full time

FSRA is guided by our vision of financial safety, fairness and choice for Ontarians. We achieve this by public service through dynamic, principles-based and outcomes-focused regulation. FSRA is committed to attracting and retaining exceptional people who bring energy, expertise, and experience. This includes providing a comprehensive total rewards package that looks beyond compensation and takes into consideration those things that are important to employees:

High employee engagement scores with opportunity for growth, learning and development

Flexibility with a hybrid work model in an office designed for collaboration

Competitive benefits plan, including a Defined Benefit pension plan

Promoting wellness and fostering an inclusive environment where all employees feel valued and respected

Culture of giving back to our communities through charitable activities

Job Description:

Purpose of Position:

Accountable for managing the delivery of Insurance Supervision unit programs and services in support of Insurance Supervision Department strategies.

Key Responsibilities:

Manages the delivery of Insurance Supervision unit programs or services, in support of prudential regulation and supervision of provincially regulated insurance companies and sector; ensures consistency with overall Approvals and Insurance Supervision Department performance measures, standards, and best practices and integration with overall FSRA directions. As part of the management team, supports FSRA leadership in formulating strategy and developing tactics and provides leadership in executing programs or services to deliver on strategy and tactics. Manages the development, implementation, and delivery of the Insurance Supervision program and services including operational processes and procedures to meet the overall operational plans and priorities of the unit. Leads the prudential supervision of provincially regulated insurance companies to identify and assess risks while considering the size and complexity of the institutions to determine the overall risk profile of the institutions. Leads insurance supervisory activities, actions, and deployment of resources, including intervention. Leads the development, enhancement, and implementation of frameworks and systems, including but not limited to:Implementing, enhancing, and assisting the Practices team in maintaining the Risk-based Supervisory Framework for Insurers (RBSF-I)Developing and implementing the insurance early warning system (EWS) used to identify potential weaknesses in regulated financial institutions.Enhancing and implementing insurance data, risk assessment, and reporting tools and methodologies. May assume responsibility for the direct management of a smaller portfolio of more complex institutions to ensure proximity with evolving risk profiles of these institutions and the sector, and alignment with internal portfolio management processes. Ensures consistent messaging of FSRA’s requirements, participates in the analysis of business and financial practices and operations, ongoing monitoring and resolution of regulatory and risk management issues. Provides expertise and advice to FSRA management and staff in response to operational or program issues impacting the achievement of department goals and strategy; providing evidence-based recommendations for problem resolution and improvement to methods to deliver programs or services. Manages the unit and its staff to support an environment and culture of service excellence which respects diversity, encourages all employees to work together to achieve results and contribute to a healthy, rewarding, and productive working environment where personal and team accountability are key to meeting the mandate of FSRA. Accountable for building a strong team including hiring, orienting, training, and coaching of staff, determination of performance standards, conduct of performance reviews and management of performance and employee relations matters.  Works with the Director in operational planning, development and reporting on performance metrics, program effectiveness, risks and impacts related to unit matters. Recommends approval of financial transactions to the Director. Supports critical change and a new collaborative, forward thinking culture within the unit, and works with others to achieve this across the department.  Promotes and supports the implementation of innovation and continuous improvement throughout the unit and department.  Leads and/or participates on projects within the department to represent the unit’s interests in program or service decision making. Develops and manages relationships and consultation with stakeholders impacted by unit programs and operations to discuss and clarify program or service-related issues and needs. Works in collaboration with colleagues on function priorities for FSRA.

Qualifications:

Education and Experience

Degree in finance, business, law, accounting, or related field; graduate degree is preferred. 3+ years’ experience in people management Relevant industry experience in insurance and/or banking environment; experience in financial regulation is preferred. Experience with engaging stakeholders and developing relationships. Experience with resolving complex related issues. Experience with leading projects.

Knowledge and Skills

Skills and ability to manage and champion change for a new organizational culture and vision. Skilled in leading relationship management or equivalent skills and experience. Thought leadership to deliver solutions using principles-based and risk-based approaches to support innovation and evolution of FSRA and the regulated sectors. Demonstrated knowledge of and skills in risk assessment and risk management in relation to sectors regulated by FSRA.  Strategic, adaptable, forward-thinking, with a strong understanding of the insurance environment.

Job Posting End Date:

01/11/2024

Job postings close at 11:59pm on the date noted.

Employment Type:

Regular

Scheduled Weekly Hours:

FSRA is committed to ensuring equity in employment. Our goal is to create a diverse, inclusive workforce that reflects the communities we serve and to ensure our services and communications are accessible to all individuals. Accommodation is available under the Ontario Human Rights Code.

NOTE: ONLY QUALIFIED CANDIDATES WILL BE CONSIDERED

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