Operational Risk Oversight Manager
Economical Insurance
Downtown Toronto, ON
12h ago

Operational Risk Oversight Manager

LOVE WHAT YOU DO

Work is a big part of our lives, so it makes sense to choose a company that offers truly rewarding work. At Economical Insurance®, your contributions, creativity, and energy won’t go to waste.

Our passionate culture and pioneering mentality infuse everything we do, which is why our one-million-plus policyholders know we’ll protect their homes, businesses, farms, cars, and pets like they’re our own.

We’re not afraid to see how far we can push the envelope to make insurance better. Our family of companies includes Sonnet, the only Canadian home and auto insurer offering a fully online buying experience, and Petline, the largest Canadian pet insurance company.

We’re also preparing to become a publicly traded company, a once-in-a-lifetime career opportunity for everyone who joins our team.

If you’re looking for a company that takes care of its people and its customers and has a track record of doing big things, get ready to love it here.

Summary

The Manager, Operational Risk Oversight is responsible for the operational risk management program to identify, assess, mitigate, govern and report on Economical'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.

In addition the Manager, Operational Risk Oversight provides Enterprise Risk Management (ERM) second line of defense oversight of the third-party vendor management program at Economical.

What can you expect in this role?

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 Economical's risk appetite

  • Establish standards for the execution of operational risk programs within the business units, including the execution of risk and
  • control assessments and the reporting of operational risk incidents

  • 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

  • Identify trends in key risk indicators and monitor action plans to address
  • 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
  • Administer the coordination associated to ensuring Economical adequately documents and retains corporate insurance placements;
  • including the annual compilation of applications, and participation in the Corporate Insurance Placement Committee

  • Assist in the development of ORSA processes for operational risk
  • Provide support to strategic initiatives :

  • Provide second line of defense input and constructive challenge to ensure operational risks are identified, assessed and managed to
  • remain within Economical's risk appetite throughout the implementation and operationalizing of the strategic initiatives

  • Represent ERM on strategic initiative committees providing risk management expertise
  • Share key information from the strategic initiative committees with ERM and engage other ERM subject matter experts as necessary
  • Support ERM's risk assessment and reporting on strategic initiatives
  • Provide ERM oversight of the development and implementation of an effective third-party vendor management program :

  • Provide second line of defense input into, and constructive challenge of, the development, implementation and operation of an effective third-party vendor management program
  • Support the implementation and maintenance of the enterprise procurement and outsourcing policies
  • Perform monitoring of enterprise compliance with the enterprise procurement and outsourcing policies
  • Provide support to other enterprise programs as related to third-party vendor management and requirements that emerge through
  • regulatory, environmental or organizational changes

  • Monitor developments in third-party vendor management best practices and regulatory requirements and recommend enhancements to
  • Economical's third-party vendor management program

    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 Economical's ability to identify, assess, mitigate, govern and report on operational risk
  • Enhance the design, implementation and management of Economical’s operational risk management framework in compliance
  • with OSFI’s E-21 Operational Risk Management Guideline

  • Monitor regulatory developments related to operational risk management
  • What do you bring to the role?

  • 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
  • We also take potential into consideration. If you don’t have this exact experience, but you know you have what it takes, be sure to give us more insight through your application and cover letter.

    Go ahead and expect a lot you deserve it.

    We offer :

  • Competitive salaries, with potential for an annual raise and bonus
  • Pension and savings programs, with company-matched RRSP contributions
  • Generous time away, including vacation and personal needs days
  • Paid volunteer days and company matching on charitable donations
  • Educational resources, tuition assistance, and paid time off to study for exams
  • Two annual wellness campaigns participants earn up to $300 each year to spend on almost anything supporting health and work-life balance
  • think things like spa days, daycare, pet grooming)

  • An unlimited employee referral bonus program
  • Flexible work schedule
  • Discounts on products and services
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