Manager, Regulatory Compliance

Career Opportunity

Role Title

Manager, Regulatory Compliance

Purpose of role

The Manager, Regulatory Compliance plays a key role in the overall success of the Enterprise Compliance function by leading important areas of Foresters Regulatory Compliance Management (RCM) Program and contributing to the identification, assessment, management, monitoring and reporting of an effective Regulatory Compliance Program in line with OSFI’s Guideline E-13.

While this role primarily supports the RCM Program for Foresters US and Canadian life insurance and annuity business, it also contributes to the enterprise RCM program and other Compliance initiatives.

This role does not have any reports at this time but may at a future point.

Job Description

Key Responsibilities

1. Lead Core Areas of the RCM Program

• Responsible for the sufficiency of regulatory content being digested by the RCM Program, including evaluating existing content, identifying potential content catalog changes, and ensuring content is added as products, markets, and regulatory topics change
• Responsible for ensuring the successful integration of regulatory content into the Risk Cloud GRC tool. This platform is used to identify and manage regulatory compliance risks, regulatory compliance controls, as well as any compliance gaps or issues
• Liaise with the RCM content vendor to support efficient regulatory change management by identifying potential process and technical improvements
• Ensure the accuracy of the regulatory applicability review process, including performing escalated reviews
• Refine the existing regulatory content applicability review process to reflect volume and breadth of regulations, including working with business leaders to ensure stakeholder buy-in and consider potential horizon scanning
• Develop reports on the RCM program, including identifying valuable metrics that effectively demonstrate the status of Compliance risk for the CCO, senior management, and the Board
• Revise and update training materials and deliver training in respect of the RCM Program at all levels of the organization
• Liaise with Enterprise Risk and Internal Audit to support the alignment of control functions
• Stay up to date on regulations impacting RCM programs and industry best practices across North America

2. Support the RCM Program and Compliance Program Overall

• Support ongoing governance of the RCM program, including updating applicable policies, guidelines, and other materials
• Support and/or coordinate responses to regulatory inquiries, examinations, audits, quality assurance reviews
• Monitor, escalate and report on regulatory compliance issues and exception items, as appropriate
• Assist with the Compliance review and challenge of business records across all applications within Risk Cloud
• Collaborate and contribute to the development of effective relationships with other 2nd and 3rd line functions to implement and optimize governance processes, including resulting from internal audit findings, compliance testing and policy reviews
• Champion an environment of innovation and continuous improvement with a focus on client experience
• Support other Compliance work and initiatives, as requested
• Participate in industry groups and committees
• Contribute to a high-performance culture through ensuring alignment of the team’s work with organizational goals
• Promote awareness of a compliance culture across Foresters, including by developing training materials and delivering education sessions.

Key Qualifications

• 8+ years experience in a compliance, legal, audit, risk or governance role, preferably supporting regulatory compliance management in a financial services organization
• Must be a practical systems thinker who enjoys devising solutions to complex questions and is not deterred by ongoing process re-design in pursuit of improvement
• University degree in law, business or a related discipline. Professional certifications, such as JD, CRCM, CCEP, are an asset
• People management experience, including coaching and developing more junior talent
• Looking to continually develop as a compliance professional as part of a purpose-led organization that values teamwork and collective success
• Experience and knowledge of the life insurance industry in Canada and the US is an asset
• High ethical standards are required along with a willingness to challenge the status quo
• Must be able to work effectively in a hybrid setting by staying organized and prioritizing to meet deadlines and manage multiple stakeholders.  This role requires a minimum of 2-3 days per week in Foresters head office in Toronto
• Experience and knowledge of GRC solutions and data analytics is an asset
• Strong writing and presentation skills
• Familiarty with the use of artificial intelligence in RCM programs and Compliance functions is an asset
• Ability in Microsoft Teams, Copilot, Word, Excel and PowerPoint

Salary Range:

$80,000 - $120,000

The actual base salary for this position will depend on several factors, including job-related skills, experience, and education. In addition to base pay, eligible employees may participate in a discretionary variable incentive plan, results are subject to both individual and company performance.

Please note that this posting is intended to fill an existing vacancy; however, there may be instances where more than one vacancy is available for the same role.

Equal Opportunity Employment and Inclusion – at Foresters Financial, we are committed to sustaining an equal opportunity environment for all job applicants. We embrace Inclusion, Diversity and Equity (IDE) as a core strategic objective for building strong, innovative teams in which all our employees can show up wholly and authentically as themselves.

Foresters Financial strives to provide an accessible candidate experience for prospective employees with different abilities. If you anticipate needing any type of accommodations during the recruitment process, please email accommodations@foresters.com in advance of your appointment.

Thank you for choosing Foresters. Only those candidates who will be selected for further consideration will be contacted by our Talent Acquisition Team.