Director, Insurance Prudential Supervision

At FSRA, our vision is to ensure financial safety, fairness, and choice for Ontarians. As a financial services regulator, we’re passionate about protecting consumers. Our principles-based approach means we can quickly and effectively respond to the changing needs of consumers and the industry.

Our team combines industry expertise with commitment to public service. We attract individuals who are interested in meaningful work and who measure success through outcomes, not inputs.

At FSRA, we invest in the personal and professional growth of our team. We offer a competitive compensation package that includes an employer-matched defined benefit pension plan, comprehensive and competitive benefits plan, a hybrid work model and flexible work arrangements. We prioritise learning and development, wellbeing, diversity, equity, inclusion and belonging, and community giving.

Join FSRA and help us shape the future of regulation for generations to come!

Job Description:

PURPOSE OF POSITION
Accountable for providing direction and leadership in the development, implementation, and delivery of Insurance Prudential Supervision programs, services, and initiatives to support overall Credit Union and Insurance Prudential division priorities and strategies.

KEY RESPONSIBILITIES

1. Leads the development and implementation of Insurance Prudential Supervision programs, services, and initiatives, including strategies, plans, methods, tools, and processes to meet the overall strategic plans and priorities of the Credit Union and Insurance Prudential division.

2. Plans and manages the delivery of department programs, services, and initiatives, ensuring consistency with overall function performance measures, standards, and best practices and integration with overall FSRA objectives and priorities.

3. Actively and continuously enables alignment across FSRA teams the application of principles-based and risk-based approaches.

4. Leads the prudential supervision of provincially incorporated insurance companies and reciprocals to identify and assess risks, controls and oversight functions and resilience, while considering the size and complexity of the institutions, to determine their overall risk profiles.

5. Directs the review and assessment of provincially incorporated insurance companies and resulting actions to address issues identified and communicated during supervisory assessments, including through regulatory applications.

6. Directs insurance supervisory activities, actions, and deployment of resources, including intervention.

7. Directs the monitoring, risk analysis, and information gathering of regular mandatory or ad hoc reporting and submissions.

8. Assists the development, enhancement, and implementation of frameworks and systems, including but not limited to:
   o Implementing, enhancing, and assisting in maintaining FSRA’s Risk Based Supervisory Framework for insurance companies, and coordinating with the Credit Union Supervision and Practices teams to ensure alignment of FSRA’s supervisory frameworks.
   o Developing and implementing the insurance early warning system (EWS) used to identify potential weaknesses in regulated financial institutions.
   o Enhancing and implementing data, tools, and methodologies for effective and efficient assessments.

9. As a member of the FSRA leadership team, contributes to the FSRA strategy and development of tactics; provides leadership in executing programs, services, and initiatives to deliver on the strategy.

10. Provides program, service, and initiative expertise and advice to FSRA management and staff in response to issues and risks to FSRA’s mandate, including, wherever appropriate, evidence-based recommendations for change.

11. Directs the department and its staff to support an environment and culture of service excellence which respects diversity, encourages all employees to work together to achieve results and contribute to a healthy, rewarding, and productive working environment where personal and team accountability are key to meeting the mandate of FRSA.

12. Accountable for building a strong team including hiring, orienting, and training of staff, determination of performance standards and conduct of performance reviews, managing employee relations matters.

13. Works with the Head in developing overall function operational plans and the development and reporting on performance metrics, program effectiveness, risks and impacts related to department and overall FSRA matters.

14. Provides strategic advice and expertise to the CEO, EVPs, FSRA executives and Board of Directors on departmental plans, priorities and outcomes including strategies, services, and issues/challenges.

15. Champions and leads critical change and a new collaborative, forward thinking culture within the department, and works with others to achieve this across the department or sub-function.

16. Promotes and drives innovation and continuous improvement throughout the department and across FSRA related to department programs, services, and initiatives.

17. Leads and/or participates on projects to represent the division’s and department’s interests in program/service/initiative decision making.

18. Develops and manages relationships and consultation with stakeholders impacted by department programs, services, and initiatives to identify trends, issues, solutions, and remediation if required.

19. Collaborates with peer regulators and industry associations; develops partnerships and maintains strategic relationships with external stakeholders. Works in collaboration with colleagues on priorities for FSRA.

20. Acts on behalf of the Head as assigned.

QUALIFICATIONS
Education and Experience

1. Degree in finance, business, law, economics, or related field; or with equivalent experience; graduate degree and designation (FRM, CPA, CFA, CIA, ICD.D) preferred

2. 10+ years’ experience in financial services, such as insurance, re-insurance, lending, banking, risk management, and functional roles.

3. 8 – 10 years’ experience in planning and managing the delivery of programs, services, initiatives in the areas of risk assessment. risk management, supervision, regulation, and/or strategic relationship management.

4. Experience in financial regulation is preferred.

5. Experience in insurance, banking and/or credit unions.

6. Experience with engaging stakeholders and developing relationships.

7. Experience with leading staff and resolving complex related issues.

8. Experience with leading projects.

Knowledge and Skills

1. Skills and ability to manage and champion change for a forward thinking, modern and effective organizational culture and vision.

2. Skilled in leading sector consultations and using principle-based and risk-based approaches to service delivery and issues resolution.

3. Thought leadership to deliver solutions using principles-based and risk-based approaches to support innovation and evolution of FSRA and the regulated sectors.

4. Demonstrated knowledge of and skills in risk assessment, risk management, and resilience in relation to sectors regulated by FSRA.

5. Skilled in leading stakeholder management and consultations with senior executives and board of directors of regulated sectors.

6. Strategic, adaptable, forward-thinking, with a strong understanding of the financial services environment.

7. Leadership skills to implement an effective and efficient organizational structure, systems, methodologies, and standards.

* Please note that this position will close at 11:59PM on April 14th, 2025*

Job Posting End Date:

04/14/2025

Job postings close at 11:59pm on the date noted.

Employment Type:

Regular

Scheduled Weekly Hours:

36.25

FSRA is committed to ensuring equity in employment. Our goal is to create a diverse, inclusive workforce that reflects the communities we serve and to ensure our services and communications are accessible to all individuals. Accommodation is available under the Ontario Human Rights Code.

NOTE: ONLY QUALIFIED CANDIDATES WILL BE CONSIDERED