Director, Insurance Risk Job Listing at CIBC in Mississauga, CA-ON (Job ID 13014582)
CIBC is a leading Canadian-based global financial institution. Through our three major businesses – Retail and Business Banking, Wealth Management and Wholesale Banking – we provide a full range of financial products and services to 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. We invest in our businesses, our clients, our people and our communities to deliver consistent and sustainable earnings to our shareholders. To learn more about CIBC’s Lines of Business, please visit our website.
Insurance is a line of business in Retail Markets of CIBC. It is responsible for developing, promoting, marketing, selling and, where appropriate, underwriting of insurance products in CIBC or CIBC Life across all provinces and territories in Canada through sales channels such as CIBC branches, telephone banking, CARE centres, mortgage brokers, 3rd party telemarketing and direct marketing. Insurance business in CIBC is governed by the Bank Act and the Insurance Companies Act of Canada and is subject to provincial and territorial laws. Insurance primary objective is to ensure product profitability through product design, pricing, sales, sales support, training, marketing and effective sales and operation processes. Insurance adopts a business model under which a substantial portion of its business activities are outsourced either to other CIBC divisions or to external service providers. Two of the key successor factors for Insurance are the proper management of these outsourcing arrangements and the proper management of underwriting, operational, market, credit, legal and compliance risk.
This position is responsible for developing and undertaking risk assessment and mitigation for the Insurance business including products and processes for creditor insurance, traditional life insurance underwritten by CIBC Life Insurance Company Limited (“CIBC Life”), and other CIBC-branded 3rd party insurance such as the CIBC home and auto insurance offer. Responsibilities include operationalizing CIBC’s risk management directives, CIBC Life’s risk management framework, and regulators’ guidelines on risk management. The corporate and regulatory risk management environment consists of the following:
1. Determine and implement requires changes to the Risk Management Framework for CIBC Insurance. Maintain and update the risk management framework for CIBC Insurance based on the changing market risk.
2. Ensure that tools and methods used for the design of effective mitigation integrate and support the organization’s vision, values, and business plans and are consistent with the organization’s performance measurement process.
3. Review, make changes if necessary and operationalize Insurance internal policies, standards and practices for effective risk management and mitigation.
4. Undertake control design reviews for systems development, legislative and regulatory compliance, fraud prevention and detection, information security, continuity of operations, cost minimization and other initiatives as required to provide assurance that risk acceptance decisions are being made prudently and consciously and are in accordance with CIBC risk management policies and limits and regulatory risk management requirements.
5. Ensure CIBC Life’s risk management framework, policies and practices meets the requirements of OSFI’s risk management guidelines particularly with respect to guidelines A4 Capital Management. B3 Reinsurance Risk Management, E18 Stress Testing and E19 Own Risk and Solvency Assessment.
6. Educate, advise and support Insurance management team in fulfilling its accountability for managing risk in accordance with regulatory requirements and with CIBC policies and procedures.
7. Chair and set agenda for CIBC Insurance Risk Review Group meetings.
8. Lead/manage/oversee and drive the following processes:
a. Implement business process changes needed to meet risk management requirements of CIBC, CIBC Life, regulators, and insurance industry groups
b. Provide risk management consultation to insurance product and process design
c. Track and report business risk issues, consult and advise on resolution strategies and monitor resolution
9. Deputize the Senior Director in providing regular reports to senior insurance management and to CIBC Life board of directors on risk management items.
10. Liaise with CIBC Risk Management to establish CIBC risk management policies and limits that are consistent with CIBC’s risk appetite and are suitable for CIBC Insurance business needs.
11. Monitor to ensure required company license filings for CIBC Life and the distribution channel/agent license filings are current.
12. Respond to regulators (OSFI and provincial regulators) on risk management inquiries on requirements.
This position interacts closely with all business managers in CIBC Insurance, senior legal counsel, senior risk management officers of CIBC. It also liaises with federal and provincial regulators including OSFI and Provincial Regul
· Professional or management experience in Life insurance and Creditor insurance products processes and practices.
· Expert knowledge of insurance industry risk management issues and risk mitigation techniques
· Expert knowledge of regulatory insurance risk management issues and concerns
· Demonstrated ability to effectively lead and support a team of people (who are not directly accountable to the incumbent).
· Proven ability to identify issues, provide creative and innovative recommendations and follow through until resolution.
· Independent-minded, yet effective team player with business management team.
· Strong interpersonal and relationship building skills
· Ability to communicate assertively, dynamically, clearly and concisely, both in writing and verbally.
What We’re Looking For
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