Senior Manager, Financial Risk Management

The Independent Order of Foresters - Canada; Toronto; Hybrid; CAD 121,000 - 160,000; Full time

Job summary

Foresters Financial Services, Inc. invites a Senior Manager, Financial Risk Management to strengthen enterprise-wide risk governance with a focus on capital, model, and climate-related risks.

You will manage one direct report and collaborate across Actuarial, Finance, Investments, IT, and Compliance to integrate risk oversight at the highest levels. The role requires a substantial track record in capital adequacy, stress testing, and ERM, with the ability to challenge assumptions and communicate

Qualifications

• Bachelor's degree in Actuarial Science, Mathematics or similar.
• 10+ years of experience.
• Qualified actuary or senior actuarial student with significant practical experience.
• Strong understanding of capital adequacy, stress testing, and enterprise risk management.
• Knowledge of model risk concepts and governance frameworks.
• Ability to communicate complex information clearly to senior audiences.

Responsibilities

• Lead independent risk assessment of capital adequacy, stress testing, and ORSA processes.
• Review and challenge key model and market assumptions, scenarios, and actions.
• Coordinate inputs across functions to support forward-looking capital risk narratives.
• Articulate capital vulnerabilities, sensitivities, and emerging risks.
• Lead climate-related financial risk management and develop modeling framework.
• Coordinate climate risk scenario analysis within ERM and ORSA.
• Collaborate with Investments, Actuarial, and Sustainability stakeholders.
• Translate technical analysis into concise insights for executives and Board.
• Strengthen model risk governance and monitor risk appetite.
• Provide challenge on model use and raise awareness across governance forums.
• Support risk materials for executive and Board-level committees.
• Enhance ownership clarity and accountability across risk categories.
• Act as a connector across first- and second-line functions.

Skills

Capital risk

Model risk

Climate risk

ERM governance

Stakeholder communication

Leadership

Education

Bachelor's degree in Actuarial Science, Mathematics or similar

Job description

Career Opportunity Role Title Senior Manager, Financial Risk Management

Purpose of role

The Senior Manager, Financial Risk Management, is responsible for strengthening the enterprise-wide risk management capability, with a primary focus on capital risk, model risk, and climate-related financial risk. A key outcome for this role is ensuring that material risks are effectively identified, assessed, monitored, governed, and communicated to senior management and Board committees. The incumbent will provide strategic risk oversight, challenge, and integration across functional areas including Actuarial, Finance, Investments, IT, and Compliance while supporting the organization’s risk governance framework and regulatory expectations. The role will also manage and develop one direct report.

Key Responsibilities

Capital Risk & ORSA

• Lead the independent risk assessment of capital adequacy, stress testing, and Own Risk and Solvency Assessment (ORSA) processes


• Lead the review and challenge of key model and market assumptions, scenarios, and management actions from a risk perspective


• Coordinate inputs across relevant functions to support a coherent, forward‑looking capital risk narrative for senior management and Board committees


• Contribute to clear articulation of capital vulnerabilities, sensitivities, and emerging risks.

Climate-Related Financial Risk Management

• Lead the Risk function’s climate‑related financial risk management


• Lead the research and development of a climate related financial modeling framework


• Coordinate climate risk scenario analysis and integration into Enterprise Risk Management (ERM) and ORSA processes


• Direct collaboration with Investments, Actuarial, and Sustainability stakeholders to ensure climate risk considerations are embedded into decision‑making


• Translate technical analysis into concise, decision‑useful insights for executive and Board audiences.

Enterprise-wide Model Risk Governance

• Strengthen model risk governance from a Risk oversight perspective, supporting development and monitoring of model risk appetite and tolerances


• Provide effective challenge related to model use and reliance, including emerging model risks associated with advanced analytics and artificial intelligence


• Contribute to model risk awareness and education across senior management, governance forums, and the first line

Enterprise Risk Reporting & Communication

• Support preparation of risk materials for executive and Board‑level committees


• Focus on prioritization, clarity, and relevance of risk messaging, highlighting what matters most and why

Risk Governance & Coordination

• Support the effectiveness of enterprise risk governance processes and forums


• Enhance clarity of ownership and accountability across risk categories through effective coordination and RACI alignment


• Act as a connector across first‑ and second‑line functions to ensure consistent understanding and management of enterprise risks

People Leadership

• Lead, manage, coach and develop one direct report through clear objectives, regular feedback and meaningful development opportunities

Key Qualifications

• Education (minimum required): Bachelor's degree in Actuarial Science, Mathematics or similar


• Experience (minimum required): Looking for 10+ years


• Qualified actuary or senior actuarial student with significant practical experience


• Strong understanding of capital adequacy, stress testing, and enterprise risk management within financial services


• Solid knowledge of model risk concepts and governance frameworks


• Demonstrated ability to interpret and challenge complex technical information and communicate it clearly to senior audiences


• Experience operating in cross functional environments with multiple stakeholders


• Strategic thinking and sound judgment


• Strong written and verbal communication skills


• Ability to synthesize complex information into clear insights


• Capable of providing challenge while maintaining collaborative relationships


• Curiosity and ability to research emerging and evolving risk topics

#LI-Hybrid

Salary Range

Salary Range: $121,000.00 - $159,500.00 The actual base salary for this position will depend on several factors, including job-related skills, experience, and education. In addition to base pay, eligible employees may participate in a discretionary variable incentive plan, results are subject to both individual and company performance. Please note that this posting is intended to fill an existing vacancy; however, there may be instances where more than one vacancy is available for the same role.

Equal Opportunity Employment and Inclusion – at Foresters Financial

Foresters Financial, we are committed to sustaining an equal opportunity environment for all job applicants. We embrace Inclusion, Diversity and Equity (IDE) as a core strategic objective for building strong, innovative teams in which all our employees can show up wholly and authentically as themselves. Foresters Financial strives to provide an accessible candidate experience for prospective employees with different abilities. If you anticipate needing any type of accommodations during the recruitment process, please email [e-mail] in advance of your appointment.

Thank you for choosing Foresters.

Only those candidates who will be selected for further consideration will be contacted by our Talent Acquisition Team.

Foresters Financial™ is an international financial services provider with a unique history that began in 1874 when we set out to provide access to life insurance for average, working families. More than 150 years later, we provide life insurance, savings, retirement and investment solutions that help families achieve long‑term financial health and security.