PURPOSE AND ACCOUNTABILITY:
Working under the direct supervision of the Specialist, Compliance & Risk Management, the incumbent will monitor and report on compliance and risk management activities – including all provincial agent licensing regulations – and will assist with the implementation of compliance procedures and processes. This position will help to ensure that our Special Market Solutions (SMS) division’s management of risk is effective and meets established corporate, industry, provincial and federal policies and regulations.
What will I be doing?
- You’ll be responsible for ensuring that quarterly audits are completed and you’ll assist with the completion of the quarterly certification process. This will involve following up on outstanding compliance requirements with various stakeholders in the division. You’ll also be assisting with the implementation and review of Third Party Administrator (TPA) audits, ensuring that they are completed and monitored as per the iA Outsourcing Policy. This will include monitoring broker training logs, requests to pay, bankruptcy notices, FCRM/terrorist client matches as well as any other compliance related requirements.
- It will be your responsibility to respond to enquiries from stakeholders (internal and external) pertaining to the compliance and legal requirements for any new and existing SMS products and processes. You will need to help the division’s stakeholders increase their knowledge of compliance and will be responsible for developing and maintaining compliance training materials. The incumbent will assist other teams with their process reviews and will be the primary contact for initiating the review process. You’ll assist in the development and implement of new processes for internal and external stakeholders, to meet changing regulatory requirements.
- Broker licensing administration is a core function of this role; the incumbent will be responsible for the distribution of Broker Licensing Reports to our customer service team. This position is also responsible for assisting in the preparation and submission of license applications, the payment of Equifax invoices, the review/maintenance of licensing procedure documentation, and ensuring that documentation is updated with regards to any regulatory changes, as required. You’ll need to monitor the Insurance Council website and be aware of any CLHIA updates, so you can research any regulatory changes to ensure the division’s compliance; you’ll need to support our regional offices by communicating regulatory changes and other pertinent information to ensure compliance.
- Helping the division meet its business continuity plan requirements will be an important component of this role. You’ll work with different teams within SMS to effectively communicate and implement any required changes to procedures and processes to meet our business continuity requirements; you’ll also be responsible for updating the business continuity plan documentation.
- In addition, there is a project component of the role in which you’ll participate in projects of various sizes (small to very large). These projects will be in relation to the following areas: Regulatory Risk Management (RRM), Operational Risk Management (ORM), Enterprise Risk Management (ERM), Market Conduct Assessments, Payment Card Industry Data Security Standards (PCI-DSS).
What will I need to be successful?
Thorough knowledge and understanding of all regulatory laws, procedures and guidelines will be critical to your success in this role. You’ll need to understand and assess the impact of any changes to legislation, procedures from a regulatory compliance perspective. As there are multiple and varied stakeholders, the ability to follow up on outstanding items to ensure reporting deadlines are met will be essential to your success. You’ll need to learn and become proficient with the software we use for risk management documentation and be able to use provincial licensing systems and communicate effectively with provincial licensing authorities, SMS regional offices and our broker network. Learning and becoming proficient with iA’s Regulatory and Operational Risk Management methodology will be paramount as you’ll be supporting other SMS teams with implementing, monitoring and tracking compliance their requirements.
2-year post-secondary diploma in administration, business or a related field
LOMA, AIRC designation (would be an asset)
- 4-5 years’ experience in a financial services/insurance environment in an administrative or customer service role
- knowledge of administration, legal and/or compliance management processes would be valuable assets
- Strong knowledge of provincial broker licensing requirements
- Intermediate to advanced proficiency in Word, Excel and PowerPoint and internet browser utility
- Willingness to learn and become proficient with database systems and software tools (EPC, Parasolutions, FCRM, CLASS, DG, Bar Encoder, Webarch and EPC)
- Ability to clearly and concisely prepare and communicate information both verbally and in writing to co-workers, policy holders, insurance councils, brokers and senior management
- Strong organizational, problem-solving and project management skills
- The ability to establish and maintain effective working relationships with a variety of people in a demanding environment
- Strong analytical and research skills; the incumbent will be required to gather, collate and report on information from various sources
- High level of attention to detail with the ability to identify process improvements
- The ability to work well under pressure and adjust to changing priorities
- Self-motivated and a strong team player who can work independently with minimal supervision to meet firm deadlines