Compliance and Risk Officer

Sompo; Toronto; On-site; CAD 120,000 - 150,000; Full time

Job summary

Sompo is seeking a Compliance and Risk Officer in Toronto to lead regulatory compliance and risk management initiatives within the Legal & Compliance team. The role focuses on maintaining policy frameworks, monitoring regulatory changes, and coordinating privacy and sanctions controls.

The successful candidate will have 5+ years in insurance compliance and risk roles, a relevant bachelor’s degree, strong leadership, and experience with Ethidex.

Qualifications

• 5+ years of experience in compliance and risk management in the insurance industry.
• Bachelor’s degree or designations in Risk Management, Finance, Business, Law, or related discipline; professional qualifications highly regarded.
• Strong leadership and strategic planning skills with the ability to manage multiple priorities.
• Advanced knowledge of regulatory frameworks, risk management practices, and compliance oversight tools (e.g., Ethidex).
• Knowledge of enterprise risk management and operational risk frameworks; ability to implement pragmatically in an agile environment.
• Proven ability to design and deliver compliance training and awareness programs.
• Excellent verbal and written communication skills; ability to collaborate across teams and with senior management.
• Proficiency in data analysis, reporting, and risk assessment methodologies.

Responsibilities

• Support the maintenance, execution, and enhancement of Regulatory Compliance and Policy Frameworks, including OSFI and related guidance.
• Monitor legislative and regulatory changes, assess impacts, and communicate requirements to stakeholders.
• Lead compliance monitoring, testing, and the Ethidex review process to ensure policy adherence.
• Advise first-line business units on policies, controls, and mitigation of risks.
• Assess compliance risks in business activities through audits and reviews; address issues promptly.
• Prepare and present compliance reports with metrics and insights for senior management and governance committees.
• Assist with regulatory disclosures (e.g., CCIR) and coordinate responses to regulatory requests.
• Assist with privacy compliance (DSARs, DPIAs) and oversee sanctions screening.
• Role focuses ~70% on Compliance and Regulatory Affairs Support and ~30% on Risk Management.

Skills

Compliance

Risk management

Leadership

Regulatory frameworks

Ethidex

Data analysis

Communication

Risk assessment

Education

Bachelor’s degree in Risk Management, Finance, Business, Law

Tools

Ethidex tool

Job description

Are you looking for your next opportunity?

Sompo has a unique opportunity for a Compliance and Risk Officer in our Legal & Compliance team. Location: This position will be based out of our Toronto, Canada office. We strive for collaboration, which is why we offer a work environment where our employees thrive and develop long-lasting careers.

Our Business, Your Impact, Our Opportunity

What you’ll be doing:

Compliance Management And Regulatory Affairs Support

• Support the maintenance, execution, and enhancement of Regulatory Compliance and Policy Frameworks, including managing related tools.
• Execute obligations under OSFI and other regulatory guidance including OSFI E-13 Regulatory Compliance Management.
• Monitor legislative and regulatory changes, assess impacts, and communicate compliance requirements to stakeholders.
• Lead compliance monitoring, testing, and the Ethidex review process to ensure adherence to policies and regulations.
• Promote an ethical-based culture by developing and advising the first line of defence/business units with respect to policies (i.e. their adoption, development, implementation and maintenance), practical guidance, training, relevant controls, and processes for mitigation of risks.
• Assess compliance risks in business activities (e.g. claims, distribution) through audits and reviews, addressing issues promptly.
• Prepare and present compliance reports with metrics and insights for senior management and governance committees. Ensure that relevant stakeholders are informed, understand and support Compliance activities and prioritization.
• Assist with regulatory disclosures (e.g. CCIR Annual Market Conduct Survey) and coordinate responses to regulatory requests.
• Assist with privacy compliance (e.g. DSARs, DPIAs) and oversee sanctions screening, ensuring adherence to all regulatory requirements.

Risk Management

• Work with the North America CRO to oversee implementation of Enterprise Risk Management (ERM) frameworks including risk identification, assessment, monitoring, reporting, and mitigation, across financial, operational, climate, IT, cyber security, model risk and third-party risks.
• Design and implement processes to identify, assess, and mitigate organizational risks, including the ORSA and Earthquake Data Exposure filings.
• Assist with documenting the organization's risk register and risk appetite framework and statements and integrate it into business decision-making.
• Establish Manage risk reporting procedures and communicate risks to senior management, governance committees, and stakeholders.
• Collaborate with internal teams to assess business activities, address compliance risks, and integrate risk requirements into operations.
• Engage with relevant internal / external partners, and provide Risk input to support the timely preparation, review and challenge of Branch capital requirements.
• Execute obligations under OSFI and other regulatory guidance including E-21 Operational Risk & Resiliency. Support the identification, assessment, escalation, and remediation of operational risk events, control deficiencies, and emerging risks, providing challenge and guidance to the first line.
• Promote a strong risk culture by providing risk advice, challenge, and education to the business. Share insights and recommendations from compliance risk assessments and assurance activities to drive continuous improvement.

The role is expected to focus predominantly on Compliance and Regulatory Affairs Support (approximately 70%), alongside Risk Management responsibilities (approximately 30%), with regular overlap between the two functions.

What You’ll Bring

• Extensive experience in compliance and risk management roles in the insurance industry (5+ years).
• Bachelor’s degree or designations in Risk Management, Finance, Business, Law, or a related discipline; relevant professional qualifications highly regarded.
• Strong leadership and strategic planning skills, with the ability to manage multiple priorities.
• Advanced knowledge of regulatory frameworks, risk management practices, and compliance oversight tools (e.g., Ethidex).
• Knowledge of enterprise risk management and operational risk frameworks, with the ability to implement them pragmatically in an agile business environment.
• Proven ability to design and implement compliance training and awareness programs.
• Excellent verbal and written communication skills, with the ability to collaborate effectively across teams and with senior management.
• Proficiency in data analysis, reporting, and risk assessment methodologies.

Salary Range: $120,000 – $150,000.

Actual compensation for this role will depend on several factors including the cost of living associated with your work location, your qualifications, skills, competencies, and relevant experience.

This job posting outlines the general nature and level of work performed by individuals assigned to this position. It does not restrict the management's right to assign or reassign duties and responsibilities to this job at any time.

At Sompo, we recognize that the talent, skills, and commitment of our employees drive our success. This is why we offer competitive, high-quality compensation and benefit programs to eligible employees.

Our compensation program is built on a foundation that promotes a pay-for-performance culture, resulting in higher incentive awards, on average, when the Company does well and lower incentive awards when the Company underperforms. The total compensation opportunity for all regular, full-time employees is a combination of base salary and incentives that gets adjusted upfront based on overall Company performance with final awards based on individual performance.

We continuously evaluate and update our benefit programs to ensure that our plans remain competitive and meet the needs of our employees and their dependents.

Who We Are And What We Stand For

At Sompo, our shared purpose is to create meaningful value for clients, communities, and each other. We strive to foster a workplace where everyone feels respected, included, and empowered to excel. As a global organization, we embrace diversity and champion equal opportunity. Guided by our core values—Accountability, Agility, Collaboration, Development, and Integrity—we build trust and support one another to achieve our goals worldwide. Life at Sompo page

Our values come to life in how we hire and grow talent. Employment decisions are based on qualifications, merit, and organizational need, and we strive to ensure equitable access to opportunities so everyone can do the best work. No artificial intelligence (AI) is used in our recruitment and hiring process. Sompo is committed to employment practices, including recruitment and hiring practices, that are inclusive and accessible. Accommodations for individuals with disabilities are available. If you need an accommodation for any part of the application process, please contact [e-mail].