Pension Risk Management Consultant

at  Financial Services Regulatory Authority of Ontario FSRA

At FSRA, our vision is to ensure financial safety, fairness, and choice for Ontarians. As a financial services regulator, we’re passionate about protecting consumers. Our principles-based approach means we can quickly and effectively respond to the changing needs of consumers and the industry.
Our team combines industry expertise with commitment to public service. We attract individuals who are interested in meaningful work and who measure success through outcomes, not inputs.
At FSRA, we invest in the personal and professional growth of our team. We offer a competitive compensation package that includes an employer-matched
defined benefit pension plan
, comprehensive and competitive benefits plan, a hybrid work model and flexible work arrangements. We prioritise learning and development, wellbeing, diversity, equity, inclusion and belonging, and community giving.
Join FSRA and help us shape the future of regulation for generations to come!
Job Description:

QUALIFICATIONS

Education and Experience

• Graduate degree in commerce, accounting, business, finance, economics, mathematics, statistics, computer science or other relevant field.
• Professional designation such as Financial Risk Manager (FRM) or Chartered Financial Analyst (CFA), an asset.
• 10+ years’ experience in portfolio management and/or undertaking financial risk management and measurement of pension plans or other financial institutions.
• Experience in building or validating stress testing models for pension plans.
• Experience in presenting information, views and recommendations to senior level decision makers.
• Experience in supervision and regulation of pension plans an asset.

Knowledge and Skills

• Comprehensive knowledge of market, credit and operational risk for investment and pension funds.
• Knowledge of stress testing methodologies, financial modeling and data analytics for investment and pension funds.
• Knowledge of supervisory processes or regulatory requirements for pension plans, an asset.
• Relationship management skills to maintain effective linkages with the pension investment industry and other stakeholders.
• Critical thinking and problem-solving skills.
• Research, analytical and quantitative skills to assess and review selected pension investment practices and monitor effectiveness of risk management; to remain current and emerging investment strategies and products.
• Leadership skills and the ability to coach and mentor others.
• Project management skills.
• Strong aptitude to balance, prioritize multiple projects and an understanding of time management.
• Verbal communication, interpersonal and advisory skills to build relationships, provide risk analysis and risk mitigation subject matter expertise.
• Strong written communication and presentation skills to prepare and present comprehensive risk analysis and assessment reports, issues and options.
• Technical aptitude including proficiency with various modeling software applications and Excel, Word, etcetera.

Job Posting End Date:
09/17/2024
Job postings close at 11:59pm on the date noted.
Compensation Grade:
Grade 07-AMAPCEO
Compensation Range:
$80,595.00
-
$117,142.00
Bargaining Unit:

PURPOSE OF POSITION

Accountable for leading the review and assessment of the pension risk management and governance practices amongst the large public sector pension plans in Ontario, which are some of the largest pension plans in the world and which represent 25% of Canadian pension plan assets. To assist in the development and implementation of a pension plan supervisory framework and approach.

KEY RESPONSIBILITIES

Program Planning and Development

• Plans and leads the implementation, testing and on-going enhancement of FSRA’s assessment of risk management and governance practices amongst pension plans, including the development and refinement of assessment criteria, and the design of survey and engagement protocol to facilitate the assessment.
• Establishes standard metrics for pension plans to report to FSRA to allow timely gauging of practices for managing evolving risks.

Pension Risk Management Monitoring

• Acts as a lead in the overall management of the analysis and validation of information, documentation and policies received from the pension plans relating to their risk management and governance practices.
• Conducts and leads detailed reviews of pension plans, taking into considerations all possible aspects of pension plan risk management processes and controls (e.g., governance, financial, non-financial, operating and emerging risk management) to determine the probability and severity of residual risks.
• Leads and conducts deep-dive assessments and reviews of selected risk attributes, including but not limited to liquidity, FX programs, derivative programs, use of leverages, credit and funding.
• Identifies idiosyncratic or systemic deficiencies in risk management practices of pension plans in Ontario and flag plans with potentially high residual risks.
• Engages with pension plans, including leading risk management-related discussions.
• Develops and maintains business relationships across the Pensions Team to provide risk analysis expertise, collaborate on risk issues and strategies for their mitigation, and support other initiatives.
• Leads the preparation of relevant review material and correspondence to the pension plans, and the summary of analytical and risk assessments to senior management and the FSRA Board.
• Leads the build-up and organization of all risk-related intelligence of large public sector pension plans and designs the associated analytics.

Large Public Sector Pension Plans Relationship Management and Supervision

• Assists with the development, implementation and operationalization of an engagement framework including guidelines, standards and approaches.
• Leads technical discussions and reviews with Large Public Sector Pension Plans including periodic engagement calls.
• Builds relationships with the Chief Risk Officers and other executive and senior management personnel of the Large Public Sector Pension Plans.

Industry Outreach and Research

• Conducts research (or partner with other appropriate institutions) on current and emerging risk management strategies and products and provides information/advice/technical expertise to keep FSRA senior management apprised of emerging trends/issues in pension risk management that warrant FSRA’s consideration and proactive response, both locally in Canada as well as on the international front.
• Provides subject matter expertise and advisory services to inform the establishment of and amendments to government legislation/regulations/policies governing and/or related to pension risk management.
• Develops relationships and maintains effective linkages to the pension industry and FSRA stakeholders in general.
• Leads or assists with various relevant CAPSA initiatives.