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
