The Governance department is a Line 1B function supporting the Personal Insurance and Claims business units’ Three Lines of Defense. Reporting to the Director, Control Validation & Compliance, the Manager, Regulatory & Policy Compliance will have accountability for the design, implementation, and management of the Policy and Compliance Management Framework for our key business units to ensure proper monitoring and compliance with all applicable corporate policies, laws, and regulations. This includes:
- Manage the ownership of policies and frameworks applicable to Personal Insurance and Claims by working with department VPs and our Enterprise Risk Team to develop, manage, and maintain policies specific to these departments, such as Claims and Underwriting Policies.
- Support Corporate Legal and Enterprise Risk on updating and implementing corporate and department policies.
- Monitor legislative and regulatory changes including case law rulings and assess impact on department policies and lead actions to ensure compliance or minimize risks.
- Research and evaluate leading and emerging industry practices in policy and compliance to ensure continuous improvement.
- Foster the awareness of the company's policies and procedures through regular communication, training, and employee engagement, provide ongoing expert advisory and consultative support.
- Create framework for Policy and Compliance Management, this includes defining clear policy ownership, maintenance, compliance, and deviation requirements, plus creating necessary forms, and investigating any applicable tools.
What can you expect in this role?
- Lead the development, implementation, management, and enhancement of a comprehensive policy, legislative, and regulatory compliance management framework.
- Work in conjunction with Corporate Legal and Enterprise Risk to identify, analyze, document, and assess the impact of applicable laws and regulations, whether existing, newly enacted, or proposed for future implementation to support the annual regulatory compliance program.
- Lead the development and implementation of department policies and procedures to operationalize corporate policy, legislative, and regulatory compliance requirements.
- Design, implement, and monitor a comprehensive control framework to test, assess, and document compliance. This may include utilizing software, analytics, etc. to detect and assess areas of non-compliance.
- Support development of controls to support policy and compliance requirements.
- Lead compliance incident assessment, reporting, and remediation.
- Develop recommendations for compliance gap closure and continuous improvement.
- Oversee the policy compliance management attestation process to ensure management attestations are completed on a timely basis.
- Liaise with and support external/internal auditors and regulators, for example OSFI and FSRA, on audits and regulatory developments.
What do you bring to the role?
- University degree with a background in business administration, finance, and/or law
- 8+ years of experience with audit/compliance and policy management work, ideally within the insurance or financial services industries
- General understanding of P&C business operations and products and of the related legislative and regulatory requirements
- Strong attention to detail and documentation skills
- Excellent written and verbal communication skills
- Strong personal integrity and ability to build strong relationships externally and internally with people from all levels of the organization to help foster a positive compliance culture
- Strong organizational skills and excellent problem-solving skills, able to gather information, analyze critically, and cut through complexity to arrive at workable solutions
- Proficient in MS Office, including Excel, PowerPoint, and Word
- Ability and willingness to travel between offices as needed
