Compliance Manager (Insurance)

Assurant, Inc.; Toronto; Hybrid; CAD 90,000 - 120,000; Full time

Job summary

A leading company in the insurance sector is seeking a Compliance Manager to oversee regulatory compliance and risk management. This role involves developing compliance programs, conducting assessments, and ensuring adherence to regulations. The ideal candidate will have extensive experience in compliance and a strong understanding of the Canadian regulatory landscape.

Qualifications

• 5+ years of compliance experience, insurance experience is desired.
• 3+ years of People management experience.
• Strong knowledge of Canadian regulatory environment.

Responsibilities

• Manage compliance with regulatory obligations and mitigate risk.
• Conduct compliance risk assessments and internal investigations.
• Develop and implement compliance training programs.

Skills

Regulatory Compliance Management

Risk Assessment

Leadership

Problem Solving

Education

University degree or equivalent post-secondary academic background

Job description

Assurant is hiring for a Compliance Manager! Reporting to the Chief Compliance Officer of Assurant Canada’s regulated entities, the Compliance Manager will have responsibilities to help ensure compliance with regulatory obligations and management of regulatory risk for Assurant’s Canadian insurance regulated and service entities. We are looking for someone who can manage increasingly complex rules and regulations and develop and implement effective compliance activities to mitigate risk. This position requires partnering with legal and business resources on proposed actions and coordinating activities across multiple teams.

Broad based accountabilities/exposure for the right candidate include: Regulatory Compliance Management, Market Conduct, Privacy, Anti-Money Laundering/Anti-Terrorist Financing, Licensing, Complaints, Outsourcing and Compliance Training Oversight.

This role is open to remote working, but the role is required to be onsite in our Toronto office location once a month.

What will be my duties and responsibilities in this job?

Regulatory Awareness and Advisory

• Provide proactive and timely communication of regulatory developments and compliance obligations (research of existing, amended, or new legislation/regulations) to stakeholders and take appropriate action to ensure compliance with new or amended regulations.

• Provide support to business including compliance reviews and fair treatment of customer assessments of new business initiatives, product development, customer collateral and training materials.
  Ensure implementation and effectiveness of systems and controls.

Evaluating and Assessing Risk

• Assist the Chief Compliance Officer with the development and implementation of an effective, flexible, risk-based compliance program.

• Conduct compliance risk assessments and internal investigations, as warranted.

• Facilitate fraud investigations with applicable business units including Legal and engaging the corporate Special Investigations Unit, as necessary.

• Identify, assess, and escalate risks to the Chief Compliance Officer and management as necessary, ensuring appropriate controls are in place.

Testing and Monitoring

• Responsible for executing the compliance risk-based monitoring/testing program to ensure effective compliance controls are in place for business processes and initiatives.

Policies, Procedures and Training Development

• Coordinate with the corporate Learning & Development department to develop effective compliance training programs to ensure consistent application and understanding of compliance policies.

• Develop and implement policies and procedures to help mitigate compliance risk.
  Manage and maintain a robust Privacy Management program working closely with the corporate Privacy department.

• Assume the role of Compliance Liaison Officer for complaints supporting Operations and the internal Ombudsperson; responsible for ensuring the processes are in place to manage complaints are adhered to.

Reporting

• Proactive management of escalation of compliance risks and issues with both business and compliance function stakeholders.

• Assist the Chief Compliance Officer in reporting on regulatory compliance matters to senior management and the Chief Agent.

Regulatory and Industry Association Liaison

• Compliance is actively involved in industry associations i.e., CLHIA and CAFII. The Compliance Manager will be expected to participate in the Committee’s and/or Working Groups representing Assurant’s interests.

Compliance Governance

• Assist the Chief Compliance Officer to cultivate a professional, high-performance and customer focused work environment; provide leadership to and help mentor and coach Compliance staff.

• This role will provide leadership, coaching and mentorship to Compliance staff to ensure work is completed effectively and efficiently.

What are the minimum requirements needed for this position?

• University degree or equivalent post-secondary academic background

• 5+ years of compliance experience, insurance experience is desired

• 3+ years of People management experience

• Strong knowledge/understanding of Canadian regulatory environment, specifically of:

• Regulators and the regulatory environment for insurance companies

• Federal and provincial insurance acts and regulations including insurance licensing requirements – skilled research of legislation and regulations

• Proceeds of Crime (Money Laundering) and Terrorist Financing Act, Regulations, Guidelines

• Privacy Legislation and Regulations

• Corporate requirements of a financial institution

What other skills or experience would be useful in this role?

• 7+ years of insurance compliance experience

• 5+ years as a compliance manager.

• Strong working knowledge of group insurance and warranty products and processes

• Solutions oriented

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