In this newly created role, the Assistant Vice President, Operational Risk Management- Supplier Risk will be responsible for designing and overseeing the implementation of the enterprise-wide (Lifeco) Supplier Risk Framework. The role will establish the second line of defence for supplier risk management for Lifeco. The role will be accountable for ensuring Lifeco is adequately identifying, measuring, managing, monitoring and reporting supplier risks, and is in compliance with all global and jurisdictional standards and regulatory requirements:
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 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 products, operations and geographies. The role reports to the VP Operational Risk Management and is currently an individual contributor role, with potential to have direct reports.
The successful candidate for the Assistant Vice President, Operational Risk Management- Supplier Risk role 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.
Supplier Risk Leadership (25%)
- Foster and provide visible leadership in the promotion of sound supplier risk management practices across the organization by developing the supplier risk philosophy, policy, structure, procedures and processes, clarifying and documenting the Risk team’s role in supporting these processes. Develop a healthy tension and mutual respect between the businesses and the Operational Risk function.
- Anticipate and prepare for emerging regulatory developments and maintain effective relationships with regulators.
Supplier Risk Methodology (25%)
- Implement and manage the Supplier Risk Management Framework including program strategy, standards, and tools based on industry practices.
- Lead and oversee the establishment of a process to apply objective assessment to key aspects of the Supplier Risk Management Framework.
- Lead and oversee the design and establishment of quarterly Lifeco supplier risk reporting for the ORC, ERMC, Board and regulators, developing, implementing and monitoring quantitative and qualitative methodologies, performance metrics, systems and processes that are needed to aggregate, interpret and report on Supplier risk for the enterprise.
- Drive consistency, quality and continuous improvement in the execution of the Supplier Risk Framework across the enterprise.
- Determine the appropriate governance and escalation processes to support the lines-of-business on key supplier risk issues.
- Develop metrics and processes (including Key Risk Indicators) to consolidate, interpret and report supplier risk information for the organization and regulators.
Supplier Risk Practice (Oversight, Advisory) (50%)
- Design and lead the oversight processes and programs that drive the review and approval of enterprise assessment, mitigation and appropriateness of supplier risk.
- Provide objective and independent operational risk expert advice and counsel to the business, partnering with Internal Audit, Legal, Compliance, Risk, Actuarial, Finance, Investments, and IS departments.
- Recommend courses of action for the business risk governance systems to ensure ongoing improvement and evolution of the governance programs and practices in response to identified risks and/or gaps in the system.
- Identify and interpret supplier risk exposures, issues, losses, trends and early warning signs.
- Lead the timely monitoring and reporting of supplier risks to the CRO, senior management and risk committees.
- Create and maintain a current supplier risk profile that supports the basis for making business decisions from a risk appetite perspective.
- Promote sound supplier risk management practices across the organization
- 8 to 10+ years of experience in large, complex Financial Services and/or Insurance companies with significant proportion of that time in procurement or supplier risk management functions, plus at least 5 years of increasingly senior leadership roles within the operational risk function
- MBA or other relevant graduate degree or Business Degree (Actuarial, Accounting or other relevant post graduate qualification an advantage)
- Knowledge of and experience managing supplier / outsourcing regulatory requirements, risks, controls and practices.
- Demonstrated relationship building, people management and leadership skills with an exceptional ability to make things happen through influence and by nurturing key partnership relationships.
- Experience developing a policy framework, related processes and control frameworks.
- Business acumen and financial expertise including an understanding of financial methodologies.
- Experience in roles requiring product and process management, implementation of governance and controls and operational risk or compliance management oversight.
- Strategic vision and planning ability.
- Outstanding communication and interpersonal skills.
- Conceptualization, presentation and communication skills to effectively execute change.
- Excellent change management skills.
- Sound judgment and strong analytical skills to identify opportunities for enterprise collaboration.
- Excellent team building skills, both as a leader and as a team player.
- Excellent communication skills in working with senior executives and regulators.
- Strong logic and data integration skills.
- Strong critical thinking.
- International work experience a benefit.
- Thrives in an environment that is complex and constantly evolving.
Discover your opportunity….Apply today!
Great-West Life offers competitive compensation, great benefits such as medical, dental, life insurance, wellness account and personal days not to mention onsite cafeteria and fitness facilities. If you’d like to join our team submit your information online and introduce yourself.
Together Great-West Life, London Life and Canada Life serve 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.
Great-West Lifeco would like to thank all applicants, however only those who qualify for an interview will be contacted.