Third Party Risk Manager, Operational Risk Oversight

Definity; Toronto; Hybrid; CAD 77,000 - 142,000; Full time

Job summary

An established industry player is seeking a Third Party Risk Manager to spearhead their risk management initiatives. This pivotal role involves developing a comprehensive risk management program, collaborating with senior leadership, and enhancing vendor management practices. The ideal candidate will possess a strong background in risk management within the property and casualty insurance sector, showcasing excellent analytical and communication skills. This innovative firm promotes a flexible hybrid work environment, encouraging authentic self-expression and teamwork. Join this dynamic team and contribute to shaping the future of risk management in the insurance industry.

Qualifications

• 3-5 years of experience in third-party risk management or related roles.
• Strong understanding of property and casualty insurance processes.

Responsibilities

• Lead the enterprise Third Party Risk Management program and enhance risk assessments.
• Oversee vendor management and ensure compliance with enterprise policies.

Skills

Risk Management

Compliance

Analytical Skills

Communication Skills

Stakeholder Management

Problem-Solving

Education

University degree in Risk Management or related field

Tools

Microsoft Office

Job description

Third Party Risk Manager, Operational Risk Oversight

Join to apply for the Third Party Risk Manager, Operational Risk Oversight role at Definity.

Definity is the parent company to some of Canada’s most long-standing and innovative insurance brands, including Economical Insurance, Sonnet Insurance, Family Insurance Solutions, and Petline Insurance. Our ambition is to be one of Canada’s leading and most innovative property and casualty insurers. We foster a culture that’s collaborative, ambitious, rewarding, and empowering.

We offer a flexible, hybrid work environment where employees work from the office and remotely, depending on their role and team. We encourage authentic self-expression and invite you to be part of our journey. It’s better here.

The Third Party Risk Manager, Operational Risk Oversight, is responsible for developing and implementing the Third Party Risk Management (TPRM) program to identify, assess, mitigate, govern, and report on Definity's third-party risks. The Manager provides second-line Enterprise Risk Management (ERM) oversight of third-party risk activities conducted by the first line, focusing on the vendor management program. Collaboration with senior leadership across the organization is key to enhancing third-party risk management and reporting.

Responsibilities

1. Lead the enterprise TPRM program:

• Develop, implement, and enhance programs to monitor, measure, analyze, and report third-party risk exposures across all business areas, aligning with Definity’s risk appetite.
• Establish standards and tools for executing third-party risk assessments and reporting incidents within business units.
• Enhance the third-party risk management framework, policies, and procedures for continuous improvement and maturity.
• Assist business units in identifying key risks and controls, and monitor action plans for mitigation.
• Provide guidance on balancing efficiency and effectiveness in risk mitigation.
• Prepare risk reports for senior leadership, including dashboards, metrics, and analysis.
• Identify and report on key risk indicators, escalation processes, and thresholds, adapting to business and regulatory changes.
• Analyze risk events and root causes to recommend preventative improvements.

Oversee third-party vendor management:

• Provide risk management input and challenge to vendor management programs.
• Support the implementation of enterprise policies related to third-party sourcing and vendor management.
• Monitor compliance with these policies and review procurement activities.

Stay current with industry best practices:

• Research and recommend improvements to Definity’s third-party risk management practices in line with OSFI’s B-10 guidelines and regulatory developments.
• Monitor industry and regulatory trends to enhance vendor management programs.

Requirements

• University degree or equivalent experience in risk management, compliance, finance, or related field.
• 3-5 years of experience in property and casualty insurance, third-party risk management, or related roles; experience in insurance or financial services preferred.
• Strong understanding of P&C underwriting, claims, or financial processes and controls.
• Excellent communication, interpersonal, and presentation skills.
• Proven stakeholder management and influencing abilities.
• Strong analytical and problem-solving skills.
• Knowledge of insurance industry beneficial.
• Proficiency in Microsoft Office.

Salary range: $77,100 - $142,000.