Operational Risk Manager

Job Description

The Manager, Operational Risk Oversight is responsible for the operational risk management program to identify, assess, mitigate, govern and report on Definity's operational risks. In delivering on the operational risk management program, the Manager, Operational Risk Oversight works closely with SVPs, Business Unit heads, and management across the company to enhance operational risk management and reporting. The Manager, Operational Risk Oversight also provides support to strategic initiatives to ensure operational risks are identified, assessed and managed appropriately through the implementation and operationalizing of the strategic initiatives.

RESPONSIBILITIES

• Lead the enterprise operational risk management program:
• implement and enhance programs that monitor, measure, analyze and report on operational risk exposures across all business areas and compares against Definity's risk appetite
• continue to enhance the operational risk management framework, policies and procedures to ensure continuous improvement and program maturity across the organization
• assist the business with the identification of key operational risks and mitigating controls in their business units, as well as monitoring their action plans to address mitigation
• provide guidance to business units conducting lean initiatives to balance efficiency with effectiveness and risk mitigation
• prepare monthly/quarterly risk reporting on operational risk appetite metrics, operational risk dashboards and accompanying analysis, letter of representation and other operational risk reporting for presentation to senior leadership, board and committees
• assist the business with the identification and reporting of operational key risk indicators, escalation limits/thresholds and escalation processes, and ensure they adapt to the changing business and regulatory expectation
• enhance processes for the review of operational incidents, root cause identification and control remediation and documentation
• aggregate and analyze risk events and root causes reported by the business to recommend improvements to prevent/mitigate reoccurrence
• Manage and lead the annual operational Key Risk Indicators (KRI) program, supporting the business in the identification of key risk indicators and threshold limits.
• Identify trends in quarterly key risk indicators, aggregate results and generate KRI reporting to senior leadership, board and committees
• Provide support to strategic and operational initiatives: provide second line of defense input and constructive challenge to ensure operational risks are identified, assessed and managed to remain within Definity's risk appetitethroughout the implementation and operationalizing of the strategic and operational initiatives
• represent ERM on strategic and operational initiative committees providing risk management expertise as required
• share key information from the strategic and operational initiative committees with ERM and engage other ERM subject matter experts as necessary
• support ERM's risk assessment and reporting on strategic and operational initiatives and implications on the over operational risk outlook.
• Research and remain current with emerging best practices in operational risk management and reporting:
• continue to enhance operational risk management and reporting practices to improve Definity's ability to identify, assess, mitigate, govern and report on operational risk
• enhance the design, implementation and management of Definity's operational risk management framework in compliance with OSFI's E-21 Operational Risk Management Guideline
• monitor regulatory developments related to operational risk management

REQUIREMENTS

• university degree or equivalent combination of education and experience in risk management, compliance, finance or related field
• 3-5 years of related experience in a property and casualty insurance (P&C) operational function, operational risk management role (or another risk and control-related or operational role); preference will be given to candidates with experience in P&C insurance and/or financial services organization
• excellent understanding of processes, controls and responsibilities associated with P&C underwriting, claims and/or financial services
• excellent verbal and written communication skills; excellent interpersonal, collaboration and presentation skills
• excellent stakeholder relationship management and influencing skills with the ability to effectively and constructively challenge stakeholders to drive appropriate risk management outcomes
• strong organizational and analytical problem-solving skills
• familiarity with insurance would be beneficial.
• proficient in Microsoft Office products

Salary Range: $77,100 - $142,000

About Us

Interested in this role, but don't meet every requirement? We encourage you to apply! We know from experience that a candidate doesn't need 100% of the qualifications listed to bring incredible value to our team. We're actively seeking diverse backgrounds and perspectives to help us make insurance better. At Definity, inclusion, diversity, and equity aren't just "nice to have" - they're essential to our success.

What's in it for you?

• Hybrid work schedule for most roles
• Company share ownership program
• Pension and savings programs, with company-matched RRSP contributions
• Paid volunteer days and company matching on charitable donations
• Educational resources, tuition assistance, and paid time off to study for exams
• Focus on inclusion with employee groups, support for gender affirmation surgery, access to BIPOC counsellors, access to programs for working parents
• Wellness and recognition programs
• Discounts on products and services

Actual salary for the role may vary depending on work location of the successful candidate and other factors including but not limited to, skills, education, experience, working conditions and the local labour market. In addition to base pay, eligible employees may participate in various incentive plans which are paid out at the discretion of the company and subject to individual and company performance.

Go ahead and expect a lot - you deserve it.

It's better here - but don't take our word for it. Definity was named by Great Place to Work as one of the Best Workplaces in Canada for women, for youth, and for inclusion.

Our inclusive work environment welcomes diversity and supports accessibility. If you require accommodation at any time during the recruitment process, please let us know by contacting accessibility@definity.com.

Background checks

This role requires successful clearance of background checks (including criminal checks and leadership references).

#LI-Hybrid

#IND1