The Specialist, Assessment & Validation will be responsible for the execution of:
- external party reviews, such as Broker/MGA audits and assessment of their adherence to relevant contractual terms
- internal control validation activities
** This position is available to candidates in 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:
- assist in developing and executing frameworks/methodologies, which include processes and controls to manage key Personal Lines and Claims risks
- contribute to risk management through identifying, assessing, mitigating, governing and reporting on key risks in Personal Lines and Claims
- lead a team of technical Underwriting and Claims staff
- Develop/contribute to the annual broker audit plan
- Manage the ongoing audit communications process with Brokers during and after the audit
- Present audit findings and recommendations to Brokers and Risk & Control management team
- Provide technical expertise and/or input to identify opportunities where underlying issues can be adequately addressed
- Track open actions and perform follow-ups to ensure key issues/risks have been adequately completed
- Manage internal and external resources
- Assist in analyzing the overall test findings and reporting results, emerging risks and outstanding remediation plans to the Risk Committee
- Contribute to developing the annual internal control validation plan
- Manage ongoing communications with business stakeholders during and after the control validation testing
- Assist in developing and implementing of the Broker audit program for Personal Lines and Claims, including a formal audit methodology and detailed end-to-end process with templates (e.g. test scripts), and a quality review program to ensure auditors are properly adhering to testing standards
- Assist in developing, implementing and executing the internal control assessment and validation program for Personal Lines and Claims (non-broker audits), including the control validation methodology framework and underlying processes and templates
- Contribute to advisory and consultative services on risk management and control (assisting business owners to adequately assess risks and to evaluate controls or plans in to mitigate risks) on current and new processes/initiatives, process changes and from ad hoc requests
- Problem solving from root cause analysis on issues to developing and implementing solutions
- Work with Claims, Actuarial, Risk, IT, Legal & Compliance, Finance and Underwriting
- Help to implement any new requirements and controls, and close action items as needed, including assisting with new regulatory requirements, process mapping/documentation, framework updates and/or development
- Monitor emerging best practices in risk management, audit and control to improve the organization's ability to identify, assess, mitigate, govern and report on risk and control
- Develop techniques to make control testing more efficient and effective
Your Skills and Experience
- One or combination of: CIP, CPA, CIA, Risk Management
- 6+ 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.