Job Information
Scotiabank Director, Risk, Operations and Compliance Supervision, Scotia Wealth Insurance Services in Toronto, Ontario
Director, Risk, Operations and Compliance Supervision, Scotia Wealth Insurance Services
Requisition ID: 206732
Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
Director of Risk, Operations and Compliance Supervision, Scotia Wealth Insurance Services , Total Wealth Planning and Insurance (Client Solutions)
Purpose
The Director of Risk, Operations and Compliance Supervision is crucial to executing Scotia Wealth Management's insurance strategy. This role oversees the Operational, Risk Management and Compliance Supervision functions for Scotia Wealth Insurance Services (SWIS), a division of Scotia Wealth Management.
As a strong people leader, the Director will attract, develop, and retain top talent while collaborating with the Total Wealth Planning and Insurance Leadership team, the insurance sales team, and internal partners across the bank. The Director is responsible for developing and overseeing robust sales, business support and first-line supervision processes. They will also lead the investigation and resolution of complex issues in close coordination with the bank's compliance and legal teams.
The ideal candidate will have a proven track record in insurance-related risk operations and compliance, along with excellent communication, analytical, teamwork, and leadership skills.
Accountabilities
Lead and manage the delivery of insurance operations, risk management and first line compliance over-sight ensuring alignment with the overall vision, strategy and values of Global Wealth Management and the Bank.
Provide strong team leadership that fosters a team environment and drives employee engagement, accountability, innovation, and service excellence.
Ensure accountabilities, objectives and goals are effectively communicated to the team and partners; that performance management processes are in place; and that employee development is a priority.
Build strong working relationships with key line of business partners across Wealth and with approval centres such as. Operations, Legal, Compliance, Finance which play an important role in the administration of the insurance business.
Develop and over-see the operational and administration model for SWIS including: policies for servicing in-force business; the commission payment process; sales reporting and advisor/sales team onboarding; insurance sales compensation guide; co-ordinating administrative and operational support with insurance carriers identifying opportunities for automation or other improvements, and escalating any issues as required.
Manage operational risk and oversee day-to-day compliance including: client privacy, anti-money laundering, and client engagement and sales policies; supporting the client complaints process; managing all internal and external audits; and acting as the Designated Representative for SWIS with provincial regulators
Design and lead the client escalations process, working closely with partners in the Bank’s compliance and regulatory affairs groups and directly handling complex cases.
Responsible for the Agency Management System, including maintenance and ongoing improvements to Centralize; and for the delivery of technology to SWIS, including the development of future enhancements working with partners in technology and service vendors.
Create and implement robust processes and procedures related to the commission payments and sales reporting.
Co-Manage of the SWIS Errors and Omissions insurance program, including liaising with the insurance provider regarding potential claims and liabilities.
Collaborate with the SWIS Director of Business Development and partners in the creation and oversight of field administrative support staff policies and procedures to ensure consistency of support and adherence to service level agreements.
Promote and support products that are distributed by advisors without the support of Insurance specialist teams (e.g. segregated funds, GIAs, affinity products)
Stay abreast of the latest trends, developments, and best practices in the insurance and wealth management industry and provide insights and suggestions for transformation.
Contribute to the Bank’s culture as follows:
Champion a culture of customer focus that strengthens client loyalty and leverages the Bank's wider relationships, systems, and expertise.
Cultivate and maintain positive and collaborative working relationships with key internal and external stakeholders.
Consider the Bank's risk appetite and risk culture in all activities and decisions; understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities.
Adhere to Scotiabank's Values, Code of Conduct, and Global Sales Principles.
Ensure effective and efficient operations, while meeting operational, compliance, AML/ATF/sanctions, and conduct risk obligations.
Promote and demonstrate a high-performance environment and an inclusive work culture.
Comply with all regulations, policies, and procedures governing the role’s activities.
Education / Experience / Other Information
Bachelor's degree. Master's degree or MBA is an asset.
Life insurance license
Financial planning accreditation is an asset
Over of 10 years of experience in insurance-related risk, operations and compliance roles within the insurance industry, and with proven track record of developing and over-seeing a complex operational and compliance supervisory support model.
Strong people leadership skills and management experience
Exceptional communication, presentation, and interpersonal skills with the ability to partner with colleagues, senior leaders, partners, and diverse stakeholders across the Bank.
Excellent analytical, problem-solving, and decision-making skills, with the ability to synthesize and interpret data and information from various sources.
Strong knowledge and understanding of the insurance industry, its products, services, processes, regulations, and challenges is an asset.
Knowledge of insurance systems such as Centralize is an asset.
Bilingual in English and French is an asset.
Working Conditions
- Work in a standard office-based environment; non-standard hours are a common occurrence.
Location(s): Canada : Ontario : Toronto
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, pleaseclick here (https://www.scotiabank.com/careers/en/careers/technical-support-for-applicants.html) . Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.