Operational Risk Senior Supervisor

Bank of Canada; Ontario; Hybrid; CAD 108,000 - 129,000; Full time

Job summary

Join a leading central bank as a Senior Supervisor in Risk Supervision, where you will ensure compliance of payment service providers with regulatory obligations. Your expertise in risk management will be crucial in assessing operational risks and developing new processes. Enjoy a hybrid work model, competitive salary, and comprehensive benefits.

Benefits

Flexible Work Arrangements

Comprehensive Benefits

Extra Vacation Days

Qualifications

• Experience supervising operational risk management practices.
• Knowledge of the Canadian financial system and regulation.

Responsibilities

• Assessing PSPs' operational risks and vulnerabilities.
• Analyzing PSP reporting and communicating with PSPs.

Skills

Critical Thinking

Communication

Flexibility

Education

Masters Degree

Bachelors Degree

Job description

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Equity, Diversity & Inclusion
The Bank is committed to achieving a workforce that reflects the diversity of our country and isrepresentative and inclusive of all Canadians regardless of race, ethnicity, colour, religion, sex, age, disability, sexual orientation, gender identity or expression, socio-economic background or lived experience. By living our values and prioritizing our actions to enhance equity, diversity and inclusion, the Bank ensures broader discussions, better decisions, and a more engaging workplace.

We make career growth and professional development a priority. We are committed to developing inclusive, barrier-free recruitment and selection processes, and a work environment that supports our diverse workforce.

Let our team know if you need accommodation or support during the recruitment process due to a disability or other reason. We can provide support in multiple ways, from using this site and submitting your application, right through to the interview process. If you are the successful candidate, you can also discuss accommodation needs when you receive your offer.

We invite you to join an organization where differences are seen as strengths and are recognized, valued and respected. We welcome all candidates to apply and strongly encourage candidates to self-identify if they identify with an Employment Equity designated group (Indigenous Peoples, Persons with Disabilities, Women or Racialized/Visible Minorities).

Operational Risk Senior Supervisor

Take a central role

The Bank of Canada has a vision to be a leading central bank—dynamic, engaged and trusted—committed to a better Canada. No other employer in the country offers you the unique opportunity to work at the very center of Canada’s economy, in an organization with significant impact on the economic and financial well-being of all Canadians. You will be challenged, energized and motivated to excel in our environment.

Building on the principles that have always guided us – excellence, integrity and respect – we strive to be forward-looking and innovative, to welcome people with diverse perspectives and talents, and to earn trust by living up to our commitments and by clearly explaining the intent of our policies and actions.

With our defined-benefit pension plan, benefits, and high flexibility for work life balance - find out more about why we are annually ranked as one of Canada's top employers: Working Here - Bank of Canada

The work location for this position can be Ottawa, Toronto or Montreal.

Application Process
Your application must include the following:

• cover letter outlining why you are applying for this position and how your skills and qualifications meet the requirements for the role.

About the Supervision Department
The payments landscape in Canada and globally is changing rapidly. The rapid pace of technological change in Canada and around the world is introducing new and better ways for consumers and businesses to make payments.

The Bank of Canada is implementing a new Retail Payments Supervision (RPS) mandate under the Retail Payment Activities Act. Under this Framework, the Bank will supervise retail payment service providers’ (PSPs) compliance with operational risk management and funds safeguarding requirements and maintain a public registry of regulated PSPs.

The Bank will assess whether PSPs are adequately managing their risks and help identify areas where their risk-management practices should be improved. To fulfill its mandate, the Bank will have a combination of tools to promote compliance including allowing the Bank to enforce regulatory requirements when necessary.

What you will do
As a Senior Supervisor in the Risk Supervision team, your role is crucial in ensuring the Bank meets its regulatory obligations regarding payment service providers (PSPs). You'll help implement the Bank’s framework for PSP supervision, and apply your expertise in supervision and risk management in assessing the compliance of PSPs with their regulatory obligations.

Your responsibilities will include:

• Assessing PSPs' operational risks and vulnerabilities, and adequacy and effectiveness of controls
• Analyzing PSP reporting, including reporting of incidents and significant changes
• Communicating with PSPs on issues related to ongoing risk assessment activities
• Collaborating with colleagues on supervisory actions
• Creating business documentation and information repositories.
• Helping develop new processes and policies to optimize the Bank’s approach to PSP risk assessment.

What you need to succeed
As a self-motivated critical thinker, you have experience:

• Supervising the operational risk management practices of financial institutions or financial technology firms; or
• Designing or developing operational risk management policies and practices related to the financial sector, the payments ecosystem, or financial technology firms; or
• Applying or implementing operational risk management policies and practices related to the financial sector, the payments ecosystem or financial technology firms.

You also have knowledge of the Canadian financial system and the role of regulation and supervision in maintaining a well-functioning system.

You are a critical thinker, able to synthetize information and provide quality analyses while considering many factors and perspectives. You are flexible and able to adapt to an evolving work environment and changing priorities. Furthermore, you are able to organize and balance a variety of tasks. You have a proven ability to communicate clearly and adapt your communication style for a wide range of audiences, including senior management and external stakeholders.

You are equally comfortable working collaboratively within a team, or independently. You develop and maintain harmonious relationships with a wide range of business contacts and build supportive working relationships with peers, your leader, as well as internal and external stakeholders.


Nice-to-have

• Knowledge of retail payment service providers, the retail payments ecosystem, or financial technology companies (paytechs or fintechs)

Your education and experience
The position requires a masters degree with four years of relevant experience or a minimum bachelors degree with six years relevant experience in financial sector risk management or policy development, ideally with a focus on operational risk management policies and practices.A combination of education and experience may be considered.

Language requirement
The Bank’s work environment is conducive to the use of both of Canada’s official languages - English and French. The position language requirement is Level 5 (Fully Functional). Training may be provided to help reach the required level.

What you need to know

• Priority will be given to Canadian citizens and permanent residents
• Security level required: Be eligible to obtain Reliability
• Relocation assistance may be provided, if required
• Please save a copy of the job poster. Once the closing date has passed, it will no longer be available.
• The official title for this position is “Senior Supervisor, Risk Supervision”

Hybrid Work Model

The Bank offers work arrangements that provide employees with flexibility, enable high-performing teams, and support an excellent workplace culture. Most employees can telework from home for a substantial part of each month as part of the Bank`s hybrid work model, and they are expected on site at the Bank location a minimum of eight days per month to help build connections between colleagues. You must live in Canada, and within reasonable commuting distance of the office.

What you can expect from us
This is a great opportunity to join a leading organization and be part of a high-performing team. We offer a competitive compensation and benefits package designed to meet your needs at every stage of your life and career. For more information on key benefits please visit A great deal to consider .

• Salaries are based on qualifications and experience and typically range from $108,874to $128,087 (job grade 17)
• The Bank offers an incentive for successfully meeting expectations at 7 to 10% of your base salary. The Bank offers additional performance pay (5%) for those who exceed expectations.Exceptional performers who far exceed expectations may be eligible for higher performance pay.
• Flexible and comprehensive benefits so you can choose the level of health, dental disability and life and/or accident insurance coverage that meets your needs
• Extra vacation days (up to five each year) that you can purchase to add to your vacation entitlement

We wish to thank all applicants for their interest and effort in applying for this position.Onlycandidates selected for interviews will be contacted.