AVP Insurance Risk Management

The Toronto-Dominion Bank (Canada); Montreal; On-site; CAD 110,000 - 150,000; Full time

Job summary

A leading financial institution is seeking an IRM Business Segment Relationship Manager responsible for aligning risk management with business priorities. The role involves leadership of a specialized team in Montreal and Toronto, ensuring compliance and driving insurance risk strategies while fostering collaboration across the organization.

Benefits

Health and well-being benefits

Savings and retirement programs

Paid time off

Career development opportunities

Competitive variable compensation

Qualifications

• Minimum 10 years experience at an insurance company in various roles.
• Strong knowledge of capital management and product pricing.
• Experience in risk management is an asset.

Responsibilities

• Lead capital adequacy assessments and support the stress testing program.
• Manage a team of insurance risk professionals in Montreal and Toronto.
• Develop insurance risk analytics and oversee product pricing.

Skills

Leadership

Problem-solving

Communication

Analytic skills

Education

Fellow of the Canadian Institute of Actuaries

Fellow of the Casualty Actuarial Society OR the Society of Actuaries

Job description

TDI Insurance Risk Management is accountable for the IRM program across TDI, relying on key activities and deliverables embedded within the accountabilities of business process, risk and control owners (first line). This role is responsible for ensuring alignment of IRM with TDI business priorities, capacity, and expertise to ensure a shared focus on common IRM objectives.

IRM has a mandate to ensure global compliance with the Enterprise IRM Framework. This role is responsible for ensuring alignment of IRM resources and activities with IRM business priorities, capacity, and expertise to ensure a shared focus on common ORM objectives.

This role is the primary IRM Business Segment Relationship Manager for TDI and has accountability to lead, train, and develop a team of Montreal and Toronto-based IRM professionals.

Insurance Risk Management (“IRM”)

• Reporting to the VP of TDI Risk Management.
• Lead the capital adequacy assessment processes for TDI General Insurance ("GI"), Life & Health ("LH"), and Reinsurance ("TDRB"), including but not limited to : Ownership of the End-to-End Own Risk Solvency Assessment ("ORSA") process.Production of the annual ORSA reports for the Canadian legal entities.Recommendation of the internal target capital ratios for the Canadian legal entities.Embedding ORSA into strategic decision-making.Monitoring and optimizing economic capital at a TDI segment level; and,Ensuring compliance with relevant regulatory guidelines (A-4, E-19).
• Support the stress testing program for the TDI Segment, including but not limited to : Leverage stress testing processes within the business (e.g. FCT, EWST) in the identification and assessment of risks to TDI; and,Ensuring compliance with relevant regulatory guidelines (E-18).
• Lead risk-based Insurance Risk oversight and challenges for TDI GI, LH, TDRB and TD Corporate Insurance including but not limited to : Review experience study methodology / results.Assess catastrophe, non-catastrophe and reinsurance related risks.Build / develop / maintain effective pricing review methodology that will ensure all risks taken are communicated effectively, understood and appropriately mitigated.Develop insurance risk analytics and tools that allow for risk trend and emerging risk identification (e.g. portfolio monitoring reports, claim analytics) to challenge the business’ assessment and management of Insurance RiskDevelop, in collaboration with our business partners, Key Risk Indicators for Insurance RiskDesign enhanced insurance risk reporting that leverages risk analytics, analyze and interpret the output, and provide commentary insights to management, executive stakeholders, and risk partnersDocumentation and communication of findings to management and executive stakeholders through various risk committees.
• Build / maintain a world-class framework to oversee product development areas in LH, TDRB and GI businesses.
• Develop / articulate TDI’s pricing targets / risk appetite and ensure consistency across TD Insurance, and consistency with TDBG targets where appropriate
• Build / develop / maintain effective pricing review methodology that will ensure all risks taken (including operational risks and reputational risks) are communicated effectively, understood and appropriately mitigated
• Maintain and update of risk appetite statement for insurance risk and assist in development of relevant metrics, as needed
• Perform due diligence required to approve product pricing for new products and reviewing pricing of existing products.
• Conduct regular in force reviews of product profitability, leveraging existing product and corporate actuarial areas effectively, as needed
• Lead Insurance Risk oversight for TDI GI, LH and TDRB, including but not limited to : Oversee and document the challenge of the business’ assessment and management of Insurance Risk to be within the stated risk appetite across all areas of the business;Developing insurance risk analytics and tools that allow for risk trend identification (e.g. portfolio monitoring reports, claim analytics) to challenge the business’ assessment and management of Insurance Risk;Conduct regular in force reviews of product profitability, leveraging existing product and corporate actuarial areas effectively.Develop, in collaboration with our business partners, Key Risk Indicators for Insurance RiskDesign enhanced insurance risk reporting that leverages risk analytics, analyze and interpret the output, and provide commentary insights to management, executive stakeholders, and risk partners.
• Represent TD Insurance in relevant industry committees related to risk management. Monitor and influence industry developments.
• Participate in bank committees / working groups relating to risk / capital
• Support other TDI Risk Management group as subject matter experts in Insurance, Model, and Capital Adequacy Risk : Support the Risk Governance group in the design and maintenance of risk frameworks, risk policies, and risk committees.Support the Risk Programs group within various enterprise risk programs including but not limited to , pRCSA, Risk Events, Top and Emerging Risks, and NBPA.Support the Risk Reporting group in the design and maintenance of TDI's risk appetite statements (RAS), RAS metrics and assessment indicators, key risk indicators, risk dashboards, other various risk reports, and financial statement disclosures.
• Educate TDBG / TDI management on insurance risk (eg. roadshows, lunch & learns etc)
• Effectively communicate risk management practices and methodologies and results of risk assessments to Senior Executives in a supportive and collaborative manner and influence risk based remediation.
• Create and implement a risk based methodology to support appropriate risk assessment coverage across Business Application Risk Assessments and corresponding control evaluations associated with the TD Insurance Risk Framework.
• Oversee execution and / or provide 2nd line challenge of activities required to support the ORM Framework, including but not limited to : TDI risks linked to business strategic and process RCSA (pRCSA)Evaluating requirements to conduct pRCSA for high risk. processes within TDI departments
• Position will deal with multiple Senior Insurance and Risk Executives
• This is a seasoned Risk and Insurance professional with 10+ years experience.

Job Requirements

• Fellow of the Canadian Institute of Actuaries
• Fellow of the Casualty Actuarial Society OR the Society of Actuaries
• Minimum 10 years of experience at an insurance company in a variety of roles
• Strong knowledge of capital management, insurance product pricing, reserving and reinsurance
• Experience in risk management an asset
• Superior communication, facilitation and consensus-building skills
• Strong problem-solving skills and the ability to proactively identify risks / issues and recommend solutions.
• The ability to challenge status quo and to influence change.
• High degree of organizational awareness and sensitivity - strong ability to manage productive relationships with business partners and stakeholders at various levels.
• Superior multi-tasking skills and the ability to work in a fast-paced, often deadline-oriented and dynamic environment.
• High degree of personal initiative.
• Ability to operate in an evolving, often ambiguous, environment.
• Proven people management and coaching skills.
• Proven ability to foster a cohesive team and promote a positive, high performing work environment.
• Experience developing and executing on strategies and delivering superior results in both the long term and the short term.
• Strong people leader with demonstrated experience in identifying and growing talent.
• Strong analytic skills, including segment risk analysis, data analysis, and comparative analysis.
• Strong business and financial acumen

Who We Are :

TD is one of the world's leading global financial institutions and is the fifth largest bank in North America by branches / stores. Every day, we deliver legendary customer experiences to over 27 million households and businesses in Canada, the United States and around the world. More than 95,000 TD colleagues bring their skills, talent, and creativity to the Bank, those we serve, and the economies we support. We are guided by our vision to Be the Better Bank and our purpose to enrich the lives of our customers, communities and colleagues.

TD is deeply committed to being a leader in customer experience, that is why we believe that all colleagues, no matter where they work, are customer facing. As we build our business and deliver on our strategy, we are innovating to enhance the customer experience and build capabilities to shape the future of banking. Whether you’ve got years of banking experience or are just starting your career in financial services, we can help you realize your potential. Through regular leadership and development conversations to mentorship and training programs, we’re here to support you towards your goals. As an organization, we keep growing – and so will you.

Our Total Rewards Package

Our Total Rewards package reflects the investments we make in our colleagues to help them and their families achieve their financial, physical, and mental well-being goals. Total Rewards at TD includes a base salary, variable compensation, and several other key plans such as health and well-being benefits, savings and retirement programs, paid time off, banking benefits and discounts, career development, and reward and recognition programs.

Additional Information :

We’re delighted that you’re considering building a career with TD. Through regular development conversations, training programs, and a competitive benefits plan, we’re committed to providing the support our colleagues need to thrive both at work and at home.

Please be advised that this job opportunity is subject to provincial regulation for employment purposes. It is imperative to acknowledge that each province or territory within the jurisdiction of Canada may have its own set of regulations, requirements.

Colleague Development

If you’re interested in a specific career path or are looking to build certain skills, we want to help you succeed. You’ll have regular career, development, and performance conversations with your manager, as well as access to an online learning platform and a variety of mentoring programs to help you unlock future opportunities. Whether you have a passion for helping customers and want to expand your experience, or you want to coach and inspire your colleagues, there are many different career paths within our organization at TD – and we’re committed to helping you identify opportunities that support your goals.

Training & Onboarding

We will provide training and onboarding sessions to ensure that you’ve got everything you need to succeed in your new role.

Interview Process

We’ll reach out to candidates of interest to schedule an interview. We do our best to communicate outcomes to all applicants by email or phone call.

Accommodation

Your accessibility is important to us. Please let us know if you’d like accommodations (including accessible meeting rooms, captioning for virtual interviews, etc.) to help us remove barriers so that you can participate throughout the interview process.

We look forward to hearing from you!

Language Requirement (Quebec only) :