Managing Director, Retail Credit Risk Division

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

POSITION LOCATION:
OSFI believes in offering employees flexibility and in creating a workplace that is productive, engaging, collaborative, and inclusive, all the while being supportive of employees’ wellbeing. As such, OSFI is experimenting with a hybrid work model (a combination of telework and onsite work) that will shape how we use our physical workplace to establish new norms, ways of collaborating, and working together and will adjust its model based on lessons learned.

This position is located in Toronto. However, the successful candidate may report to the Toronto, Montreal, or Ottawa office for in office work.

Due to the nature of the work and operational requirements, this position requires physical presence (in-office work) from one of the following OSFI offices across Canada: Toronto, Montreal, or Ottawa. The option of teleworking is available on a part-time basis in accordance with OSFI’s Guidelines on Telework. Teleworking arrangements are determined on a case-by-case basis depending on the nature of the work required by the position, the operational and business needs, as well as the candidate’s work preferences.

EMPLOYMENT EQUITY:
OSFI is committed to achieving a representative workforce that reflects the diversity of the Canadian population. We are dedicated to building and promoting a diverse, equitable and inclusive workforce, representative of all Canadians regardless of race, ethnicity, colour, religion, sex, age, disability, sexual orientation, gender identity or expression, socio-economic background or lived experience. By embracing diversity and inclusion, our department ensures broader discussions, better decisions, and a more positive workplace.

We invite you to be part of the change by joining an organization where individual differences are recognized, valued and respected. We welcome all candidates to apply and strongly encourage candidates to self-declare if they belong to an Employment Equity designated group: Aboriginal* Peoples, Persons with Disabilities, Women or Visible Minorities (Black people and other racialized groups).

*The term “Aboriginal” is used within this job advertisement as it relates to the Employment Equity Act and other legislative frameworks. The term “Indigenous” is used where possible, in alignment with the United Nations Declaration on the Rights of Indigenous Peoples.

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 or more 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

What you will be doing:
The Managing Director Retail Credit Risk is responsible for retail credit risk supervision of a critical portfolio of Federally Regulated Financial Institutions. The Managing Director Retail Credit Risk is accountable for providing strategic direction to a team of credit risk specialists in a manner that aligns with OSFI’s blueprint, strategic and operational plans and priorities as well as in a manner consistent with OSFI’s values, and Leadership Role Model. Activities include:
• Leading the strategic delivery of risk-based supervision based on OSFI’s Supervisory Framework using a data driven approach and an elevated focus on analytics
• Delivery of risk analysis and risk assessments, thematic reviews, cross sectoral and forward-looking analysis with the objective of developing appropriate risk mitigation programs and actions related to Federally Regulated Financial Institutions
• Overseeing the development of tools/methods to support analysis of retail credit risk for assigned Federally Regulated Financial Institutions.
• Lead the planning and prioritizing of work including scheduling, effective and efficient resource allocation and ensuring alignment with OSFI risk tolerance, organizational priorities and mandate. In doing so, exercise agility to accommodate emerging priorities.
• Oversee effective execution of supervisory work (including surveillance and review activities), maintaining a robust quality assurance and consistency mechanism over supervisory work outcomes, including the documentation and presentation of conclusions and recommendations.
• Work closely with the Industry Surveillance team to identify emerging retail credit risk issues/themes and potential risks arising in institutions
• Work in close collaboration with Supervision Data and Analytical Insights and Capital Management Group within the Risk Advisory Hub
• Oversee the delivery of technical expertise across OSFI for the retail credit risk area, so the recipients, particularly supervisors, are fully informed when making supervisory assessments and decisions.
• Engaging with senior executives of Federally Regulated Financial Institutions
• Champion a culture of continuous improvement to gain efficiencies, remove obstacles and increase effectiveness.
• Contribute to the development and ongoing implementation of OSFI’s position on, and approach to, national and international standards, as it relates to retail credit risk.
• Represents OSFI’s interests and positions with internal and external stakeholders including FISC partners and other regulators.
• Champion and foster collaborative working relationships with other divisions for mutual benefit.
• Promote and foster a cohesive team and positive work environment that encourages collaboration, information sharing and phycological safe work environment.
• Implement continuous talent management ensuring staff receive the support, training and feedback and coaching required to excel in their roles and succeed in their career aspirations. Maintain succession planning.

Work environment

OUR ROLE:
The Office of the Superintendent of Financial Institutions (OSFI) is an independent federal government agency that regulates and supervises more than 400 federally regulated financial institutions and 1,200 pension plans to determine whether they are in sound financial condition. In fulfilling its mandate, OSFI supports the government's objective of contributing to public confidence in the Canadian financial system.
Learn more about us 👉 https://youtu.be/QO_3vnPKuZI

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 organization. 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. We have several networks dedicated to ensuring that the department continues to grow as an inclusive, accessible, respectful and diverse workplace. All employees are encouraged and welcome to join the following networks and participate in their activities and events.
• Diversity of Thought
• Family Responsibilities
• Gender
• 2SLGBTQIA+
• Mental Health and Accessibility
• Multiculturalism (Affinity Groups: Indigenous, Asian, Black)
• Unconscious Bias
Hear about our people 👉 https://youtu.be/diUspmpYWQI

Our Rewards:
💵 Compensation: OSFI offers a competitive salary, and employees may be eligible for in-range increases and economic adjustments. Salaries are based on qualifications, experience and knowledge. The Public Service Pension Plan is a defined benefit pension plan (indexed for inflation), where both the employer and the employee contribute.

💰 Performance Pay: OSFI employees are eligible for an annual bonus based on their performance throughout the year.

✈️ Vacation and Leave: OSFI employees start with 4 weeks of paid vacation, 2 personal days and 5 days of Family Related Leave with Pay among other various types of paid and unpaid leave.

💻 Flexible Work Arrangements: OSFI offers flexible work arrangements by providing support for compressed work week schedules, flexible work hours and teleworking, in order for employees to achieve their work objectives while achieving balance between work and homelife.

📖 Learning and Development: OSFI offers career advancement opportunities and encourages innovative thinking in its work environment. Employees may be reimbursed for relevant professional association membership fees.

Intent of the process

The immediate need is to staff one position with an English Essential linguistic profile on an indeterminate basis.

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)

EDUCATION
o A degree from a post-secondary institution with specialization in business, commerce, economics, finance, accounting or other relevant field OR an acceptable combination of relevant professional industry experience and education.

Degree equivalency

EXPERIENCE
o Recent and significant experience in managing retail credit risk and risk management practices and identifying key risk considerations in the financial services industry*

o Recent and significant experience leading or directing meetings with executives

o Recent and significant experience in discussing emerging risks, evolving risks, retail credit underwriting trends and retail credit quality performance metrics

o Recent and significant experience in leading and managing project teams or developing and coaching staff.

*Financial services industry includes experience working in a financial institution, including banks, insurance companies, pension funds, wealth management firms, and accounting firms (dealing with audits), as well as government departments that directly deal with the supervision and regulation of these institutions, or other relevant areas.

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

English essential

Information on language requirements

KNOWLEDGE
o Knowledge of enterprise-wide retail credit risk management practices or enterprise-wide credit risk assessments

o Knowledge of economic, financial and business indicators which impact retail credit risk

o Knowledge of retail credit portfolio management theory, key credit risk drivers and credit portfolio reporting

o Knowledge of current or emerging retail credit-related issues or trends

COMPETENCIES
o Leading People
o Innovation
o Transparency

SKILLS
o Excellent Written Communication Skills
o Excellent Oral Communication Skills

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

ASSET EDUCATION
o A graduate degree from a recognized post-secondary institution

o FRM or CFA designation

Degree equivalency

ASSET EXPERIENCE
You may be required to meet a combination of any of these asset experience criteria:
o Recent, comprehensive, and significant experience in the financial services industry* in two of the following areas:

- Credit risk management, including experience in portfolio management and credit strategy
- Conducting credit risk related assessments at the industry, sector and/or institutional level.
- Lending / credit underwriting including adjudication/oversight
- Audit of credit risk activities or quality assurance
- Supervisory and/or regulatory experience

o Experience with credit risk allowance or capital allocation methodologies

o Direct experience in the construction, collection and assessment of credit risk data

o Experience in a second line function, a central support function or multiple lines of business in the financial sector or in financial sector regulation and supervision

*Financial services industry includes experience working in a financial institution, including banks, insurance companies, pension funds, wealth management firms, and accounting firms (dealing with audits), as well as government departments that directly deal with the supervision and regulation of these institutions, or other relevant areas.

ASSET KNOWLEDGE
o Knowledge and understanding of risk assessment frameworks and financial analysis concepts

o Sound knowledge of bank risks and profiles, especially in relation to credit risk, and business model analysis

o Demonstrable track record of technical and quantitative analyses

o Knowledge of the oversight and control functions in financial institutions including Risk Management, Risk Appetite, Senior and Operational Management, Internal Audit, Board, or other areas with particular emphasis on credit risk

o Knowledge of financial institutions’ business units, products, and services with particular emphasis on credit risk

o Knowledge of innovative technologies that help manage credit risk exposure in the financial services industry

ASSET COMPETENCIES
Critical Thinking

Results Orientation

ORGANIZATIONAL NEEDS
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 REQUIREMENT
Some travel may be required for this position.

Conditions of employment

Reliability Status security clearance

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

Agreement to be deployed into another REX position within OSFI at the same level

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 external processes (as indicated by the abbreviation “EA” in the selection process number), only those selected for further consideration will be contacted.

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 ability to communicate effectively in writing may be assessed using the candidate's application, as well as through the evaluation process.

Assessments (such as written exams, interviews and reference checks) may be conducted virtually through email, telephone and/or videoconference.

Candidates must meet all of the essential qualifications to be appointed; however, one or more asset criteria may be invoked at any stage of the process.

Depending on the number of applicants, volume management strategies such as random selection, top-down approach and/or establishing cut-off scores to determine who will continue in the staffing process, may be used for the purpose of managing applications. Please note that although you may attain the established pass mark on any of the assessments used in this staffing process, management may decide to use a higher cut off score.

Eligible candidates may be considered and offered a deployment or interchange before considering other applicants.

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.