Director, Enterprise Risk & Compliance

Job Code: 7423
Location: Waterloo, ON
Department: Risk Management
# of openings: 1
Job Type: Full Time
Closing Date:

Description

The Director, Enterprise Risk & Compliance plays a key role in providing Enterprise Risk Management constructive challenge and input into strategic initiatives and business operations. The Director, Enterprise Risk & Compliance provides governance, risk management and controls expertise and advice to the business to ensure risks to achieving the strategic initiative and business objectives are addressed and that control and compliance requirements are met.

The Director, Enterprise Risk & Compliance leads the execution and continuous improvement of Economical’s compliance validation framework to support the Internal Controls over Financial (ICFR) reporting program supporting the CEO/CFO certification and regulatory compliance management program supporting the Chief Compliance Officer opinion under OSFI Guideline E13 Regulatory Compliance Management.

The Director, Enterprise Risk & Compliance will also support continuous improvement of Economical’s enterprise risk management and reporting practices. The successful candidate has three primary responsibilities:

  1. promote and educate the business to adopt enterprise risk management practice through assessing, mitigating, governing and reporting on enterprise risks
  2. promote a strong risk and control environment within the organization by providing subject matter expertise to business areas
  3. monitor and promote compliance with applicable laws, regulations, regulatory standards applicable to Economical and its subsidiaries

Key Accountabilities                                                            

  • Provide ERM leadership in various projects and strategic initiatives by supplying subject matter expertise on risk management, compliance and internal control standards for active business owners as requested                                                              
  • Promote enterprise risk management throughout the organization by:
    • independently identifying and assessing risks and controls that may impact the ability of the company to meet business objectives  
    •  conduct risk workshops and interviews with business owners and support them in adequately identifying, and assessing risks and evaluating controls or plans in place to mitigate risks
    •  evaluate matters that are reportable or reported in the  Management Letter of Representation process
    • educate business partners on appropriate risk identification and management practices
    • support continuous improvement of Economical’s enterprise risk management and reporting practices
  • Oversee the execution and continuous improvement of a comprehensive regulatory compliance management (RCM) framework including:
    • Coach the ERM team to work in conjunction with Corporate Legal resources to identify, analyze and assess the impact of applicable legislation, whether existing, newly enacted or proposed for future implementation and utilize this information to scope the annual regulatory compliance validation program
    • Identify and incorporate knowledge of regulatory changes, operational or process changes, or incidents which could impact regulatory compliance into the regulatory compliance validation program
    • Complete the annual design, implementation and monitoring of the  regulatory compliance validation program to measure and assess regulatory compliance
    • Support compliance incident assessment, reporting and remediation
    • Complete the regulatory compliance management attestation process to ensure management attestations are completed on a timely basis 
    • Coach and support directors and management in the appropriate due diligence to be conducted when completing the regulatory compliance management attestation process
    • Develop recommendations for gap closure and continuous improvement
    • In conjunction with Corporate Legal resources, assist business owners in the development and implementation of policies and procedures to operationalize legislative compliance requirements
    • Report to the MRC and RRC as required
  • Oversee the ICFR validation process including, but not limited to:
    • Oversight of both design and operational effectiveness control documentation and testing
    • Management of internal and external resources supporting this work
    • Identify and incorporate knowledge of process/control changes, risks, or incidents which could impact ICFR work
    • Consider the implications of internal control gaps identified from compliance work
    • Incorporation of findings into the Management Letter of Representation process
    • Reporting to the Public Disclosure Committee, MRC, RRC and Audit Committee as required
  • Lead the validation of corporate policies using a risk-based approach
  • Foster the awareness of:
    • the company's policies
    • best practices in developing policies and enforcing policy compliance
  • Provide on-going expert advisory and consultative support to all departments         
  • Monitor emerging best practices in internal controls, regulatory compliance and validation programs  and adopt continuous improvement principles to support success of the compliance validation programs                                                                      
  • Support other members of ERM in improving Enterprise Risk Management practices and  reporting                                                             

Job Requirements                                                                

  • University degree, with a background in business management, finance/accounting and/or law      
  • More than 5 years of experience with regulatory compliance and internal controls validation programs
  • Experience in enterprise risk management                
  • Significant exposure to one or more financial services industries
  • General understanding of business operations and of the related legislative, regulatory and internal policy and procedure requirements associated with them                                 
  • Excellent written and verbal communication skills. Ability to build strong relationships externally and internally with people from all levels to help foster a positive compliance culture                                                            
  • Strong organizational skills; Excellent problem-solving skills; able to gather information, analyse critically and cut through complexity to arrive at workable solutions
  • strong personal integrity                      

             





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