Specialist, Life Insurance Group (RE-06)

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

VACCINATION REQUIREMENT:
On October 6, 2021, the Government of Canada announced details of its plans to require vaccination across the federal public service:

• https://www.canada.ca/en/treasury-board-secretariat/news/2021/10/backgrounder-covid-19-vaccine-requirement-for-the-federal-workforce.html

As per OSFI’s Policy on COVID-19 Vaccination, employees must attest to their vaccination status. The requirement for employees to be fully vaccinated applies whether they are teleworking, working remotely or working on-site. This is a condition of employment and it applies to indeterminate (permanent), determinate (term), casual, and student hiring. Should you reach the point in the selection process where it is necessary to verify terms and conditions of employment, then the hiring manager or a human resources representative will contact you in order to complete an attestation.

LOCATION: This position is located in Toronto.

As a result of the global pandemic, OSFI employees are currently working from home. Should the current telework environment no longer apply, and contingent on the operating model adopted by OSFI, you may be required to report into and work onsite from the Toronto Office. As our telework arrangements are evolving, we encourage you to apply.

EMPLOYMENT EQUITY:
Achieving a representative and diverse workforce has been identified as an organizational need for OSFI and may be applied at any time during this appointment process. If this criterion is used, only those who have indicated that they are members of the specified designated group(s) will be considered. As such, first consideration for an appointment may be given to candidates who self-declare as belonging to one of the four designated employment equity groups (Persons with a disability, Aboriginal people, Members of a Visible Minority, or Women).

In order to self-declare, please ensure to check off the appropriate box within the online application under the Employment Equity section. We encourage you to consult theses links to learn more about employment equity and self-declaration:

• https://www.canada.ca/en/public-service-commission/jobs/services/gc-jobs/employment-equity.html
• https://www.canada.ca/en/public-service-commission/jobs/services/gc-jobs/applying-government-canada-jobs-how-to-apply.html#EE

Duties

The Life Insurance Group (LIG) is seeking one highly motivated individual to join the Toronto Office in the position of Specialist. The Specialist will participate in the supervision, analysis and assessment of Canada’s federally regulated life insurance institutions using a risk-based approach. This Specialist will also deal with a variety of issues focusing on the safety and soundness of life insurers with the goal of protecting policyholders.

The candidate’s accountabilities may include:
• Interacting with Senior Management, Board of Directors and other key stakeholders at large, complex conglomerate insurers/Federally Regulated Financial Institutions (FRFIs)
• Assessing the inherent risks and determining factors that drive the risk profile at these insurers/FRFIs
• Ongoing monitoring of FRFIs including analysing and assessing the impact of economic, industry and business/financial information and developments, regulatory returns and other information, with an emphasis on capital strength, and current and emerging risks
• Leading assessments/reviews of significant activities or control functions at FRFIs with the purpose of assessing the adequacy and effectiveness of risk management practices and making recommendations relating to identified material deficiencies in FRFI risk management practices
• Working with OSFI specialists in the areas of actuarial, credit/fixed income, market, liquidity, operational, technology and cyber risk
• Working with external supervisory partners (national and international)
• Identifying and/or applying best practices and emerging trends in supervision

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 well-being, 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, vacation (4 weeks), personal and family leave days.

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 current industry developments, challenges, and current and emerging risks in the financial services industry, including life insurance
• You understand the frameworks and techniques used in the identification and management of financial institution risks
• You work well with others leveraging your effectiveness through constructive interaction and collaboration with teammates and colleagues
• Your critical thinking skills help to inform your effective decision making aligned with your organization’s/OSFI’s mandate
• You effectively exercise judgment and have a strong sense of the importance of materiality in prioritization and risk decision-making

Intent of the process

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

A pool of qualified or partially qualified candidates may be created to staff similar or identical positions with various linguistic profiles and requirements, security profiles and/or various tenures within the Office of the Superintendent of Financial Institutions, which may vary according to the position being staffed.

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 professional industry experience and education.

Degree equivalency

ESSENTIAL EXPERIENCE
• Recent and significant experience in the life insurance industry in assessing risk and control effectiveness within one or more of the following areas:
o risk management,
o compliance
o actuarial oversight
o internal and/or external audit
• Recent and significant experience identifying key risk areas and assessing the effectiveness of risk management and oversight practices in the life insurance industry including identifying significant deficiencies in such practices and formulating meaningful recommendations
• Recent and significant experience analyzing and assessing the impact of economic, industry and business developments specific to the life insurance and/or reinsurance industry, including capital
• Recent and significant experience communicating and presenting complex issues and/or solutions to complex problems, to senior executives within the financial services sector and/or OSFI

If you possess any of the following, your application must also clearly explain how you meet it (other qualifications)

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

ASSET EXPERIENCE
You may be required to meet a combination of any of these asset experience criteria:
• Recent and significant experience in the life insurance industry in assessing risk and control effectiveness within two or more of the following areas:
o risk management,
o compliance
o actuarial oversight
o internal and/or external audit
• Experience carrying out prudential supervision of financial institutions
• Experience developing processes to improve controls (financial, business, governance, regulatory) or identifying areas where controls require improvement

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

English essential

Information on language requirements

ESSENTIAL KNOWLEDGE
• Knowledge of the life insurance industry in areas such as risk management, internal control practices, compliance, capital management, change management, 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 Canada including:
o risk profiles of the range of life insurance products and practices
o the operations, structure and governance models of complex insurance conglomerates
o challenges, trends and drivers of strategic direction within the life insurance industry
o key current and emerging financial and non-financial risks and issues facing the life insurance industry

ESSENTIAL COMPETENCIES
• Critical thinking
• Professional judgment
• 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)

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

ASSET COMPETENCIES
• Impact and Influence
• Values and Organizational Commitment

OSFI is committed to having a skilled and diverse workforce representative of the Canadian population. In order to meet our employment equity objectives, selection for this position may be made from among qualified candidates who self-declare as belonging to one of the following Employment Equity groups: Persons with a disability, Aboriginal people, Members of a Visible Minority, or Women. OSFI is committed to diversity and inclusion and we strongly encourage candidates to self-declare if they belong to one of these designated employment equity groups.

OPERATIONAL REQUIREMENTS

Some travel may be required.

Conditions of employment

Security – Reliability

In our current telework environment, the ability to work remotely from home within Canada with access to Internet in one’s residence is a condition of employment.

All employees of the Office of the Superintendent of Financial Institutions (OSFI) are required to be fully vaccinated against COVID-19 unless accommodated based on a medical contraindication, religion, or another prohibited ground for discrimination as defined under the Canadian Human Rights Act.

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

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

Internal employees of OSFI at the same group and level may be considered and offered a deployment or assignment before considering other applicants.

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

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.

Note that you should be ready to provide proof of your education credentials if requested as part of the staffing process.

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.

ASSESSMENT:
Your application may be used to assess written communication.

Assessments may be conducted virtually through email, telephone and/or videoconference. It is the candidate’s responsibility to ensure that their computer and mobile equipment is in working condition before starting an assessment.

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).

The following options may be used at any stage of the selection process in the determination of those to be given further consideration: random selection, top down selection, or meeting any asset qualifications.

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 without Internet access may also review jobs open to the public through INFOTEL at 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 .

Preference

Preference will be given to veterans first and then to Canadian citizens and permanent residents, 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.