Great-West Lifeco Inc. (“Lifeco”) is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management, and reinsurance businesses. Lifeco has operations in Canada, the United States, Europe and Asia and its companies have over $1 trillion in consolidated assets under administration, and are members of the Power Financial Corporation group of companies.
This is an exciting time to join Lifeco’s Operational Risk Management (ORM) team, which is accountable for the design, execution, embedding and continuous improvement of the Corporation’s Operational Risk Management Framework across the enterprise. To ensure that operational risk management is positioned for continued effectiveness in a rapidly changing business environment, this newly created role in Lifeco ORM will focus on operational risk initiatives including leveraging technology to drive deeper operational risk insights and advice.
The successful candidate will have opportunities to develop their career and leave their footprint in a respected, global corporation. This role joins a high performing team that is excelling in embedding and deepening effective operational risk management across the enterprise.
In this newly created role, the Director, Operational Risk Solutions and Initiatives will manage development and execution of end-to-end, global operational risk management (ORM) programs, with particular focus on leading initiatives related to implementation of a technology platform to support execution of ORM programs, operational risk methodology enhancements and subject matter expertise and advice. This mandate is currently an individual contributor role.
This mandate will play a key role in supporting achievement of a vision in which ORM provides measurable value-add for putting our customers first and deriving greater value from second line of defence ORM infrastructure, processes, reporting, policies, procedures and related programs through creating greater operating efficiencies, reduced losses, and greater insights. The role will interface with and influence senior executives across the enterprise and requires deep subject matter expertise across a broad range of ORM programs, products, operations and geographies. The role reports to the AVP Operational Risk Management.
Working closely with the AVP ORM, the Director will:
Identify, develop and implement future-oriented operational risk management programs, capabilities, infrastructure, oversight practices and processes that will optimize the identification, assessment, management, monitoring and reporting of operational risks and drive measurable value-add for putting our customers first.
Develop and lead execution of strategic analyses that assess overall effectiveness of the ORM Framework in order to drive consistency, quality and operational efficiency in the execution of the framework across the enterprise.
Develop, recommend, and lead execution of ORM initiatives that strengthen the Company’s capability for driving more strategic and high-value risk-based decisions, managing and utilizing operational risk data and technology platform, employing analytics, and deepening risk-based insights and advice.
Set program strategy, scope, requirements, operational risk philosophy, policy, structure, procedures and processes, and ensuring strategic alignment across all stakeholder groups.
Develop, implement and execute ORM governance activities including regulatory compliance, reporting, guidelines, tools, templates and controls.
Lead activities for ensuring the Lifeco ORM Framework remains aligned with regulatory compliance requirements, including responding to and managing requests from regulators, internal and external auditors, and ratings agencies.
Execute ORM reporting processes to ensure timely monitoring and reporting of the operational risk and control environment to senior management and regulators.
Develop and execute quality assurance on team activities and deliverables, including management and testing of the team’s key controls.
Promote sound operational risk management governance and practices across the organization.
Educate and train all three lines of defence to develop and sustain capability for managing operational risks.
Provide expert advice and counsel to the business on matters relating to risk management.
Foster and promote a risk-aware culture.
Partner with Internal Audit, Legal, Compliance, Risk, Actuarial, Finance, Investments, and IS departments.
Qualifications and Competencies:
At least 10 years of experience in large, complex Financial Services and/or Insurance companies including broad knowledge of their various lines of business, with at least 5 years of increasingly senior experience leading the development and execution of ORM frameworks, policies, related processes and controls in a second line of defense role; or an equivalent combination of internal audit/consulting experience and second line of defense. Insurance company experience is preferred.
Experience with implementation or use of technology solutions for execution of operational risk programs, including for internal events, risk and control assessments, key risk indicators, etc.
Preference and experience working in highly consultative roles, particularly in environments that are complex and rapidly evolving, with high expectations for excellence and achievement.
Experience working with regulators, and strong knowledge of current and emerging operational risk regulatory requirements, including external authoritative criteria for operational risk.
Demonstrated relationship building, people management and leadership skills with an exceptional ability to make things happen through influence and by nurturing key partnership relationships.
Conceptualization, presentation and communication skills and understanding of people change management principles to effectively execute change.
Excellent team building skills, both as a leader and as a team player.
Sound judgment, excellent analytical skills, and strong logic and data integration skills.
MBA or other graduate degree.
Risk Management designation a plus.
Canada Life is a leading insurance, wealth management and benefits provider focused on improving the financial, physical and mental well-being of Canadians. For more than 170 years, individuals, families and business owners across Canada have trusted us to provide sound guidance and deliver on the promises we’ve made.
As of January 1, 2020, Great-West Life, London Life and Canada Life became one company – Canada Life, and today, we proudly serve more than 13 million customer relationships from coast to coast to coast.
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Canada Life offers competitive compensation, great benefits such as medical, dental, life insurance, wellness account and personal days not to mention onsite cafeteria and fitness in our head office facilities. If you’d like to join our team submit your information online and introduce yourself.
Canada Life serves the financial security needs of more than 13 million people across Canada, with additional operations in Europe and the United States. As members of the Power Financial Corporation group of companies, we’re one of Canada’s leading insurers with interests in life insurance, health insurance, investment and retirement savings. We offer a broad portfolio of financial and benefit plan solutions for individuals, families, businesses and organizations.
We are committed to providing an inclusive, accessible environment, where all employees and customers feel valued, respected and supported. We are dedicated to building a workforce that reflects the diversity of the communities in which we live, and to creating an environment where every employee has the opportunity to reach their potential.
Canada Life would like to thank all applicants, however only those who qualify for an interview will be contacted