Senior Manager, Auto Insurance Accreditation Program and Risk Assessment

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:
Purpose of Position
Accountable for managing the strategic development, implementation, and ongoing management of the auto insurance accreditation assessment framework, including associated tools and processes and supervisory manual. Leading the execution of key strategies and initiatives, ensuring robust oversight of auto insurance rating and underwriting regulation reform while fostering collaboration with internal and external stakeholders.

Key Responsibilities

• Manages the delivery of Auto Insurance Accreditation Program and Risk Assessment programs or services, ensuring consistency with overall Auto Insurance Operational Risk Supervision performance measures, standards, and best practices and integration with overall FSRA directions.
• As part of the management team, supports FSRA leadership in formulating strategy and developing tactics and provides leadership in executing programs or services to deliver on strategy and tactics.
• Leads the strategic direction and regulatory operations of the Auto Insurance Accreditation Assessment framework, ensuring the effective development, execution, and ongoing management of the auto insurance accreditation program and its accompanying supervisory manual.
• Provides Auto Insurance Accreditation Program and Risk Assessment expertise and advice to FSRA management and staff in response to operational or program issues impacting the achievement of Auto Insurance Operational Risk Supervision directions; providing evidence-based recommendations for problem resolution and improvement to methods to deliver programs.
• Manages the delivery of the accreditation program lifecycle, including intake, assessment, and evaluation of applications, as well as the decision-making process for accreditation status. Ensure robust post-accreditation activities to support continuous compliance and improvement in auto insurance rating and underwriting.
• Focuses on fair consumer outcomes, governance and controls, data and model risk management by overseeing and facilitating the comprehensive assessments of regulatory focus areas, evaluating both quantitative and qualitative measures to ensure that insurers meet desired fairness outcomes in auto insurance rating and underwriting and providing actionable recommendations.
• Management the development and continuous enhancement of tools, processes, criteria, and scoring models to rigorously assess insurers’ governance and controls, data governance and model risk management, ensuring alignment with best practices in auto insurance rating and underwriting.
• Initiates and coordinates regular strategic meetings with FSRA’s regulated entities, creating collaborative trusted relationships throughout auto insurance accreditation process. Sets clear expectations, shares insights, and provides rationales for accreditation decisions to foster transparency and trust.
• Manages the unit and its staff to support an environment and culture of service excellence which respects diversity, encourages all employees to work together to achieve results and contribute to a healthy, rewarding and productive working environment where personal and team accountability are key to meeting the mandate of FRSA. Accountable for hiring, orienting and training of staff, determination of performance standards and conduct of performance reviews, managing employee relations matters.
• Oversees and monitors the delivery and performance of the FSRA’s accreditation program, including its assessment framework, application processes, and supervision of non-compliant or high-risk insurers. Proactively manage issues and identify process improvements, emphasizing innovation and an outcome focused approach in auto insurance rating and underwriting regulation.
• Supports FSRA leadership in shaping and executing comprehensive strategies for auto insurance rating and underwriting, providing insights and leadership to drive successful program implementation that aligns with the organization’s objectives.
• Works with the Chief Actuary in operational planning, development and reporting on performance metrics, program effectiveness, risks and impacts related to unit and department matters.
• Promotes and supports the implementation of innovation and continuous improvement throughout the unit and section or department.

Qualifications

Education and Experience

• Bachelor’s degree in insurance operations, operational risk management, governance and controls, internal audit, compliance or a related field or equivalent experience
• 6 – 8 years of experience in P&C insurance industry planning and managing areas of compliance, operational risk management, or regulation processes.
• Expertise in auto insurance products and regulations is required; experience and familiarity in regulatory supervision, including regulatory frameworks, assessment processes and examination approaches is a strong asset.

Knowledge and Skills

• Strong understanding of auto insurance regulations, accreditation standards, and risk management frameworks. Familiarity with the regulatory environment in which FSRA operates.
• Proven ability to lead and manage diverse teams of subject matter experts, fostering a collaborative environment while driving high performance and accountability.
• Strong analytical and problem-solving skills, with the ability to assess complex quantitative and qualitative data to make informed decisions regarding accreditation and regulatory interventions.
• Excellent written and verbal communication skills, with the ability to convey complex concepts clearly and effectively to a variety of stakeholders, including regulated entities, internal teams, and executive leadership.
• Strong organizational and project management skills, with a track record of successfully managing multiple projects and initiatives simultaneously while meeting deadlines.
• Ability to build and maintain collaborative relationships with internal and external stakeholders, including regulated entities and industry groups.

Job Posting End Date:
11/21/2024
Job postings close at 11:59pm on the date noted.
Employment Type:
Regular
Scheduled Weekly Hours:
36.25
FSRA is committed to ensuring equity in employment. Our goal is to create a diverse, inclusive workforce that reflects the communities we serve and to ensure our services and communications are accessible to all individuals. Accommodation is available under the Ontario Human Rights Code.

• Manages the delivery of Auto Insurance Accreditation Program and Risk Assessment programs or services, ensuring consistency with overall Auto Insurance Operational Risk Supervision performance measures, standards, and best practices and integration with overall FSRA directions.
• As part of the management team, supports FSRA leadership in formulating strategy and developing tactics and provides leadership in executing programs or services to deliver on strategy and tactics.
• Leads the strategic direction and regulatory operations of the Auto Insurance Accreditation Assessment framework, ensuring the effective development, execution, and ongoing management of the auto insurance accreditation program and its accompanying supervisory manual.
• Provides Auto Insurance Accreditation Program and Risk Assessment expertise and advice to FSRA management and staff in response to operational or program issues impacting the achievement of Auto Insurance Operational Risk Supervision directions; providing evidence-based recommendations for problem resolution and improvement to methods to deliver programs.
• Manages the delivery of the accreditation program lifecycle, including intake, assessment, and evaluation of applications, as well as the decision-making process for accreditation status. Ensure robust post-accreditation activities to support continuous compliance and improvement in auto insurance rating and underwriting.
• Focuses on fair consumer outcomes, governance and controls, data and model risk management by overseeing and facilitating the comprehensive assessments of regulatory focus areas, evaluating both quantitative and qualitative measures to ensure that insurers meet desired fairness outcomes in auto insurance rating and underwriting and providing actionable recommendations.
• Management the development and continuous enhancement of tools, processes, criteria, and scoring models to rigorously assess insurers’ governance and controls, data governance and model risk management, ensuring alignment with best practices in auto insurance rating and underwriting.
• Initiates and coordinates regular strategic meetings with FSRA’s regulated entities, creating collaborative trusted relationships throughout auto insurance accreditation process. Sets clear expectations, shares insights, and provides rationales for accreditation decisions to foster transparency and trust.
• Manages the unit and its staff to support an environment and culture of service excellence which respects diversity, encourages all employees to work together to achieve results and contribute to a healthy, rewarding and productive working environment where personal and team accountability are key to meeting the mandate of FRSA. Accountable for hiring, orienting and training of staff, determination of performance standards and conduct of performance reviews, managing employee relations matters.
• Oversees and monitors the delivery and performance of the FSRA’s accreditation program, including its assessment framework, application processes, and supervision of non-compliant or high-risk insurers. Proactively manage issues and identify process improvements, emphasizing innovation and an outcome focused approach in auto insurance rating and underwriting regulation.
• Supports FSRA leadership in shaping and executing comprehensive strategies for auto insurance rating and underwriting, providing insights and leadership to drive successful program implementation that aligns with the organization’s objectives.
• Works with the Chief Actuary in operational planning, development and reporting on performance metrics, program effectiveness, risks and impacts related to unit and department matters.
• Promotes and supports the implementation of innovation and continuous improvement throughout the unit and section or department