The Manager, Control Assessment will lead the design, implementation and execution of:
- external party reviews such as Broker/MGA audits and assessment of their adherence to relevant contractual terms
- internal control validation activities
** This role is open to candidates located in either Waterloo or Toronto **
Because a changing industry calls for a new way of doing things. An ambitious, innovative and fast-paced company, we offer exceptional training and development programs, competitive pay, great benefits, company-matched RRSPs, and paid volunteer days — all within an engaging, fun, and collaborative work environment.
Founded more than 145 years ago, Economical is one of Canada’s leading property and casualty insurance companies. We rely on our national network of more than 800 independent brokers to sell a range of car, home, business, and farm insurance solutions. With Sonnet and Petline, we’re extending our reach through the direct-to-customer channel. With more than 2,400 active employees across the country and a commitment to rethinking the insurance experience, we’re poised for great things.
We’re now adding to our high-performance team to take us into the future. Let’s rethink insurance, together.
In this role, you will:
- develop and implement appropriate frameworks, processes and controls to ensure proper execution of audit activities and report results to a new Sub Committee that feeds into the Board Risk Committee as part of compliance with OSFI Guideline E13 Regulatory Compliance Management
- promote a strong risk and control environment within the organization by providing subject matter expertise in risk management, regulatory and legal compliance, guidelines, processes and controls for key strategic initiatives and daily operations
- contribute to risk management through identifying, assessing, mitigating, governing and reporting on key risks for Personal Lines and Claims
- provide input in policy development, while leading a team of professionally designated Audit and Risk staff and highly technical Underwriting and Claims staff
- Develop processes to assess new external arrangements (e.g. business case) and manage/renew existing arrangements (e.g. conducting broker audits against our internal requirements and contractual agreements)
- Develop audit methodology framework and underlying processes and templates that include technical and control validation activities to assess compliance
- Create annual and 3-year test plan, present and seek input from: Claims and Personal Lines senior leaders, Risk, Broker Sales, etc.
- Create auditee and control assessment selection criteria on a risk-based approach based on data from various sources
- Develop auditee engagement protocols
- Develop quality standards for each step of testing process such as: testing scripts, working papers, etc.
- Find and develop audit tool to maintain documents, track results, monitor action items, etc.
- Create reporting methodology including: scoring methodology, reporting format, escalation criteria
- Develop management performance metrics
- Create quality review program to ensure auditors are properly adhering to testing standards
- Continuous improvement through monitoring audit best practices and innovative approaches
- Assess the design and operating effectiveness of processes and controls
- Make recommendations on findings and ensure actions appropriately manage risks
- Problem solving from root cause analysis on issues to developing and implementing solutions
- Report findings through Risk Committee, senior leaders and other key stakeholders as required
- Management of internal and external resources
- Contribute to advisory and consultative services on operational risk management and control (assisting business owners to adequately assess risks and to evaluate controls or plans in place to mitigate risks) on current and new processes/initiatives, process changes and from ad hoc requests
- Work with Claims, Actuarial, Risk, IT, Legal & Compliance, Finance and Underwriting
- Foster awareness of the company's policies and procedures through regular communication, training and employee engagement
- Help to implement any new requirements, controls and close action items as needed, including assisting with new regulatory requirements, process mapping/documentation, framework updates and/or development
Your Skills and Experience
- One or combination of: Chartered Accountant, CIA, Risk Management (CPA or CA is preferred)
- 8+ years of experience within one or more financial service industries, with significant exposure to audit, risk management, regulatory compliance and internal controls
- Strong understanding of business operations and related legislative, regulatory and associated internal policy and procedural requirements
- Excellent written and verbal communication skills with the ability to build strong relationships externally and internally with all levels to help foster a positive compliance culture
- Ability to build teams, frameworks and processes
- Must possess an understanding of P&C insurance products, distribution and compliance environment
- Proficient in Excel, Powerpoint and Word
- Strong organizational and problem-solving skills with the ability to gather information, analyze critically and cut through complexities to arrive at workable solutions
- Strong personal integrity
At Economical, we all work together to come up with big ideas — then bring them to life. We focus on our customers first, we bring our best, and we’re stronger together. If you’ve got the passion and the desire to help us reinvent insurance, let’s talk.
HOW TO APPLY
To complete the online application process, you’ll need to upload your resume before you apply for the role you’re interested in. Please note that only one document can be uploaded, so be sure to combine your resume and cover letter.
We are committed to providing an inclusive work environment that welcomes diversity and supports accessibility across the organization. If you require accommodation at any time during the recruitment process, please let us know by contacting: email@example.com.
Visit economical.com to learn more about us and what we’re up to.
Economical Insurance includes the following companies: Economical Mutual Insurance Company, The Missisquoi Insurance Company, Perth Insurance Company, Waterloo Insurance Company, Family Insurance Solutions Inc., Sonnet Insurance Company, Petline Insurance Company.