Great-West Lifeco Inc. (“Lifeco”) is an international financial service 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 through The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company, Great-West Life & Annuity Insurance Company and Putnam Investments, LLC. Lifeco 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. 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.
The Director, Operational Risk Management will manage development and execution of end-to-end, global ORM programs, including: risk and control assessments, internal events, KRIs, change risk oversight, scenario analysis, reporting). The role has two direct reports.
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.
Working closely with the AVP ORM, the Director ORM will maintain and continuously improve a comprehensive global ORM Framework, providing independent oversight, challenging and influencing senior executives and employing deep subject matter expertise across a broad range of products, operations, and geographies.
- Establish and manage the operational risk program and framework that will strengthen and promote the identification, assessment, monitoring, documentation, and reporting of operational risks at the enterprise level, and align to the risk strategy and risk appetite of the Corporation.
- Develop, maintain, continuously improve and lead execution of the enterprise ORM Framework including program strategy, operational risk philosophy, policy structure, procedures and processes
- Set program strategy, scope, requirements, operational risk philosophy, policy, structure, procedures and processes, and ensuring strategic alignment across all stakeholder groups.
- Develop, maintain and continuously improve a comprehensive view of enterprise operational risk profile that supports the basis for making business decisions from a risk appetite perspective.
- Drive consistency, quality and continuous improvement in the execution of the ORM framework across the enterprise.
- Provide objective and independent operational risk oversight on Lifeco First Line of Defence operational risk management activities.
- Ensure that the operational risk profile of the global organization is aligned with strategic business objectives and stated risk appetite and escalate when warranted to ensure appropriate attention is brought to operational risk management concerns.
- Identify, interpret operational risk exposures, issues, losses, trends and early warning signs and escalate when warranted.
- Lead the oversight processes and programs that drive the review and approval of enterprise assessment, mitigation and appropriateness of operational risk.
- Develop a healthy tension and mutual respect between the businesses and the Operational Risk Management function.
- Develop, implement and monitor quantitative and qualitative methodologies, performance metrics, systems and processes to aggregate, interpret and report on operational risk for the enterprise.
- Build, implement and manage methodologies, metrics and processes (for example, Operational Risk Profile methodology; Key Risk Indicators) to consolidate, interpret and report operational risk information for the organization and regulators.
- 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.
- Develop and execute quality assurance on team activities and deliverables, including management and testing of the team’s key controls.
- Lead the enterprise ORM reporting process to ensure timely monitoring and reporting of operational risks to senior management and regulators.
- Establish and manage the team’s operational risk data collection, monitoring and reporting processes, ensuring to ensure timely monitoring and reporting of the operational risk and control environment to senior management and regulators.
- Design, implement and maintain enterprise standard ORM reporting templates.
- Establish and manage the team’s Quarterly reporting plan.
- Serve as the main point of contact for Lifeco Second Line of Defence partners related to operational risk reporting.
- Promote sound operational risk management practices across the organization
- Educate and train the First Line of Defense to develop and sustain capability for adequately managing business operational risks.
- Provide expert advice and counsel to the business on matters relating to operational risk management.
- Foster and promote a risk-aware culture.
- Partner with Internal Audit, Legal, Compliance, Risk, Actuarial, Finance, Investments, and IS departments.
- 10% travel to company offices locally and internationally, as required.
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.
- 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/regulatory experience and second line of defense. Insurance company experience is preferred.
- Demonstrable experience in ORM concepts, program development, execution and practices (e.g. risk and control assessments, control environment reviews, control testing, reporting)
- 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. Strong understanding of OSFI E-21 Guideline.
- 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 highly desirable
- Risk Management designation a plus
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.