Manager (RE-06), Life Insurance Supervision

Important messages

We are committed to providing an inclusive and barrier-free work environment, starting with the hiring process. If you need to be accommodated during any phase of the evaluation process, please use the Contact information below to request specialized accommodation. All information received in relation to accommodation will be kept confidential.

Assessment accommodation

When you apply to this selection process, you are not applying for a specific job, but to an inventory for future vacancies. As positions become available, applicants who meet the qualifications may be contacted for further assessment.

Duties

What you will be doing:
The Life Insurance Group (LIG) is seeking motivated individuals to participate in the supervision, analysis and assessment of Canada’s federally regulated life insurance institutions using a risk-based approach. LIG is a division within the Insurance Supervision Sector, which includes three divisions: LIG, Property and Casualty Group and Actuarial Division. LIG is comprised of two sub-groups: Conglomerate Life Insurance Companies (LIG-C) and Non-Conglomerate Life Insurance Companies (LIG-NC). While the current position is in LIG-C, a pool of qualified candidates may be established to staff potential vacancies arising within either LIG-C or LIG-NC. The candidate’s accountabilities may include:
• Interacting with Senior Management, Board of Directors and other key stakeholders at Federally Regulated Financial Institutions (FRFIs).
• Assessing the inherent risks and determining factors that drive the risk profile at FRFIs.
• Ongoing monitoring of FRFIs including analysing regulatory returns and other information, with an emphasis on capital strength and emerging risks.
• Leading assessments/reviews of significant activities or control functions at FRFIs.
• Working with OSFI’s Risk Support Sector, including specialists from the Actuarial Division, Credit Risk Division, Operational Risk Division, Model Risk Division, Risk Surveillance and Analytics Division, Culture and Conduct Risk Division, and Market and Liquidity Risk Division.
• Working with external supervisory partners (National and International).
• Identifying best practices and emerging trends.

Who you are:
You should possess the following attributes:
• You are an individual with a broad financial industry and risk management perspective.
• You are keenly interested in contributing your expertise to promote a safer financial system.
• You have sound knowledge of the current and emerging risks in the financial services industry, including insurance.
• You know the techniques used in the measurement and management of current and emerging risks.
• You work well with others.
• Your critical thinking skills help to inform your decision-making.

Work environment

Who we are:
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987 to contribute to the safety and soundness of the Canadian financial system. OSFI supervises and regulates federally registered banks and insurers, trust and loan companies, as well as private pension plans subject to federal oversight.

What OSFI offers:
OSFI is a separate agency that offers a competitive salary and eligibility for performance pay annually.
People are the foundation of our organisation. You will become part of a diverse community that acknowledges everyone has varied experience and fosters an environment where communication and teamwork amplify our effectiveness. Working at OSFI offers the following:
• Mandate – the work you do at OSFI matters. Your efforts contribute to the safety and soundness of the Canadian Financial Sector. A strong financial sector promotes competition, and benefits all Canadians.
• Learning & Development – our organisation understands that ongoing learning and development is critical and necessary, and must evolve with developments in the Financial Sector. Learning and Development is a component of our Human Capital Strategy.
• Community & Culture – we strive to create a working environment that allows employees to work to their fullest potential. We strive to promote employee wellbeing, including a focus on balancing work and personal needs. Where available, we offer opportunities for flexible working arrangements.
• Benefits – As a Federal Government Agency, OSFI offers a number of competitive benefits to its employees, including a Defined Benefit Pension Plan, maternity and parental leave benefits and vacation (4 weeks), personal and family leave days.

Intent of the process

The intent of this process is to staff a Manager position within the Life Insurance Group.

This selection process may be used to establish a pool of qualified candidates, which could be used to staff similar or identical positions with various linguistic profiles and requirements, security profiles and various tenures.

Positions to be filled: 1

Information you must provide

Your résumé.

In order to be considered, your application must clearly explain how you meet the following (essential qualifications)

ESSENTIAL EDUCATION
• A university degree specializing in accounting, actuarial science, business, commerce, economics, mathematics or other relevant field OR an acceptable combination of relevant experience, education and/or training.

Degree equivalency

ESSENTIAL EXPERIENCE
• Recent and significant experience working in the life insurance industry that includes involvement in various areas such as Risk Management, Compliance or Actuarial Oversight, Internal Audit, External Audit (includes experience in assessing risk and control effectiveness within the insurance sector), product development, analysis of profitability, strategic planning, mergers and acquisitions or consulting.
• Recent and significant experience in identifying key risk areas and assessing risk management and oversight practices in the life insurance industry.
• Recent and significant experience in analyzing financial results specific to the life insurance and/or reinsurance industry, including capital.
• Experience communicating and presenting complex issues to senior executives within the financial services sector and/or OSFI.

The following will be applied / assessed at a later date (essential for the job)

English essential

Information on language requirements

ESSENTIAL KNOWLEDGE
• General knowledge of the life insurance industry in areas such as risk management, internal control practices, compliance, accounting standards specific to life insurance, financial services performance indicators, and actuarial standards and practices along with the information and techniques used in the measurement and management of risks in these areas.
• Extensive knowledge of the life insurance sector of the Canada including:
- life insurance products and practices
- the operations and structure of the industry and insurance company
- understanding of the key risks and issues facing the life insurance industry

ESSENTIAL COMPETENCIES
• Professional Judgment
• Critical Thinking
• Results Orientation
• Working as a Team
• Excellent Oral Communication Skills
• Excellent Written Communication Skills

The following may be applied / assessed at a later date (may be needed for the job)

In addition to the Essential Qualifications identified above, please provide details if you possess one or more of the following Asset Education and Asset Experience criteria identified below.

ASSET EDUCATION
• A post graduate degree.
• Achievement of or working towards a professional designation such as CFA, CPA, FRM, CERA, ASA, FSA, FCIA or FCAS.

Degree equivalency

You may be required to meet a combination of any of these asset experience criteria:

ASSET EXPERIENCE
• Experience carrying out prudential supervision of financial institutions.
• Experience communicating complex risk management issues to senior management within the life insurance industry.
• Experience developing processes to improve controls (financial, business, governance, regulatory) or identifying areas where controls require improvement.

ASSET KNOWLEDGE
• Knowledge of supervisory and/or regulatory processes.
• Knowledge of actuarial standards and practices.

ASSET COMPETENCIES
• Impact and Influence
• Organisational Commitment

ORGANIZATIONAL NEEDS
• In order to meet the organization’s employment equity objectives in support of a diversified workforce, ‘right fit’ selection for this position may be made from among qualified candidates who self-declare as being Persons with a disability or Aboriginal peoples.

OPERATIONAL REQUIREMENTS
• Some travel may be required.

Conditions of employment

Reliability Status security clearance

Other information

The Public Service of Canada is committed to building a skilled and diverse workforce that reflects the Canadians we serve. We promote employment equity and encourage you to indicate if you belong to one of the designated groups when you apply.

Information on employment equity

For this selection process, it is our intention to communicate with candidates via email. Candidates must include a valid email address in their application. It is the candidate’s responsibility to ensure accurate information is provided and updated as required. As a result you must update your personal information on your Public Service Resourcing System profile if it changes.

RESUMES:
Applicants must clearly demonstrate using sufficient details, how they meet the education and experience factors listed under the essential qualifications, as well as any of the asset qualifications that are applicable, including timelines of when this experience was gained (please indicate month and year). Lack of DETAILS may result in your application being rejected as the Assessment Board may have insufficient information to determine whether you meet the qualifications.

SCREENING QUESTIONS (if applicable):
It is the responsibility of the candidate to clearly outline that they meet each of the screening criteria (i.e. Education and Experience Qualifications, both Essential and Assets) by RESPONDING TO THE SCREENING QUESTIONS IN THE ONLINE APPLICATION. Please note that it is not sufficient to only state that the requirement is met or to provide a listing of current responsibilities, rather the candidate must provide concrete examples that illustrate how they meet the requirement. Your resume will be used to validate the answers provided; therefore, it should also contain sufficient details regarding your education and experience.

REFERENCE CHECKS/PERFORMANCE REVIEWS:
As part of the assessment, reference checks may be sought and candidates may be required to submit their performance reviews. For internal candidates of the Public Service, the Assessment Committee reserves the right to contact the internal candidates’ current manager(s).

Your application may be used to assess written communication.

Management may choose to invoke an asset(s) at any point of the process.

Internal indeterminate employees of OSFI at the same group and level or equivalent may be considered for deployment or assignment before considering applicants in the advertised appointment process.

An assignment/secondment or an acting appointment requires approval of your supervisor.

OSFI is a separate agency with its own classification and compensation system. OSFI's staffing is subject to the Public Service Employment Act (PSEA).

The client organization will accept applications on-line only. All job applications must therefore be submitted through the Public Service Resourcing System. To submit an application on-line, please select the button 'Apply online' below. Persons with disabilities preventing them from applying on-line are asked to contact 1-800-645-5605.

Applicants with disabilities: If you require special accommodation at any stage in the selection process, including technical aid to ensure an equitable assessment of your qualifications, please inform us by sending an e-mail to the following address .

Please note that achieving the pass mark on any of the assessments used does not mean you will move forward in the selection process. Management may decide to use a score that is higher than the pass mark on any of the evaluations used throughout the selection process. Management may also decide to use top-down selection at any stage of the process.

Preference

Preference will be given to veterans and to Canadian citizens, in that order, with the exception of a job located in Nunavut, where Nunavut Inuit will be appointed first.

Information on the preference to veterans

We thank all those who apply. Only those selected for further consideration will be contacted.