Director, Business Risk Management, Global Insurance

Scotiabank; Toronto; On-site; CAD 120,000 - 160,000; Full time

Job summary

A leading bank in the Americas is seeking a Director of Business Risk Management for Global Insurance in Toronto, Ontario. The role involves providing leadership and oversight on organizational risk, ensuring compliance with regulations, and strategic direction on various non-financial risks. Candidates should have a university degree and at least 10 years of senior experience in Insurance, along with expert knowledge of the industry. This position offers a chance to foster a strong risk and control culture within a dynamic financial institution.

Qualifications

• Minimum 10 years of senior experience in Insurance.
• Experience with non-financial risk programs.
• Demonstrated understanding of risks unique to the insurance sector.

Responsibilities

• Lead and drive a customer-focused culture.
• Provide oversight and strategic guidance on risks specific to insurance operations.
• Collaborate with Global Wealth Management Business Risk teams.

Skills

Expert knowledge of the insurance industry

Excellent problem-solving skills

Strong verbal and written communication skills

Negotiating skills

Influencing skills

Education

University degree in Commerce or Business Administration, Accounting, or Finance or an MBA

Job description

Title: Director, Business Risk Management, Global Insurance

The Director, Business Risk Management, Global Insurance provides leadership and oversight to Global Insurance by ensuring business strategies, plans and initiatives are executed and delivered in compliance with governing regulations, internal policies, and procedures.

The incumbent will ensure that integrated and comprehensive business controls are in place to reinforce a strong risk and control culture in Global Insurance. The Director provides strategic direction for non-financial and regulatory risks for Global Insurance to ensure compliance with governing regulations and internal frameworks, policies, and procedures.

Responsibilities:

• Lead and drive a customer focused culture throughout your team to deepen client relationships and leverage broader Bank relationships, systems and knowledge
• Provide leadership and guidance to executive management on core non-financial risk programs for Global Insurance, including privacy, anti-bribery & anti-corruption (ABAC), conduct & sales practices, anti-money laundering, compliance, operational risk, third-party risk, etc.
• Provide oversight and strategic guidance on risks specific to insurance operations, including product manufacturing, distribution channels, and reinsurance arrangements, ensuring alignment with regulatory frameworks and enterprise risk appetite
• Lead the first line support to 2nd line compliance programs including Regulatory and Controls Library, Compliance Risk Control Assessments (CRCA), Issues Management, etc.
• Assess the overall state of the non-financial risk framework and recommend process changes and training
• Collaborate with and leverage Global Wealth Management (GWM) Business Risk teams and in-country first line control resources, coordinating and providing oversight to internal audit issues and business risk reviews, compliance testing and other remediation efforts as required
• Be proactive in follow-up to ensure that commitments are delivered, gaps remediated, and controls strengthened where required
• Lead non-financial risk programs to identify benchmarking and establish best practices, operational efficiencies and effectiveness and drive co-ordination across first line of policies and frameworks
• Oversee and support first line completion of risk assessment, ensuring adequate controls are in place within Global Insurance countries by providing oversight and direction to the business leads and those functions executing controls on behalf of the business
• Monitor events in the insurance industry and financial services industry, identifying new and emerging issues, regulatory initiatives, and provide insight to executive management
• Identify and support the business to remediate business risk program deficiencies in a manner consistent with the all-Bank remediation plans, developing risk-based approaches and overseeing the implementation of these plans to completion
• In collaboration with GWM Business Risk, liaise with Enterprise teams (Compliance, Total Rewards, Audit, Global Operational Risk, etc.) to ensure Global Insurance is represented on all initiatives
• Create an environment in which their team pursues effective and efficient operations of their respective areas in accordance with ScotiaBond, its Code of Conduct and the Global Sales Principles, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational, compliance, AML/ATF/sanctions and conduct risk
• Build a high-performance environment and implement a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment and using a coaching mindset and behaviours, communicating vision/values/business strategy & managing succession and development planning for the team
• Other applicable duties as assigned

Requirements:

• University degree in Commerce or Business Administration, Accounting, or Finance or an MBA
• At minimum, 10 years’ senior experience in Insurance and/or from a first, second- and third-line defence perspective to provide strategic direction, leadership and to enhance the business model
• Expert knowledge of the insurance industry in Canada and/or international
• Experience working with non-financial risk programs (e.g. operational risk, third-party risk, etc.) and Insurance products and services from corporate/control function or business line perspective
• Demonstrated understanding of risks unique to the insurance sector, including product manufacturing, distribution channels, and reinsurance arrangements
• Excellent problem solving, negotiating skills and well-developed influencing skills
• Knowledge of the roles and responsibilities of Global Wealth or Global Insurance business units and support functions crossing all delivery channels
• Strong verbal and written communication skills
• Spanish speaking is an asset

Location: Canada : Ontario : Toronto

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know.