Principal Supervisor, Risk Supervision

Job title:

Principal Supervisor, Risk Supervision

Company

Bank of Canada

Job description

Principal Supervisor, Risk SupervisionTake a central roleThe Bank of Canada has a vision to be a leading central bank—dynamic, engaged and trusted—committed to a better Canada. No other employer in the country offers you the unique opportunity to work at the very center of Canada’s economy, in an organization with significant impact on the economic and financial well-being of all Canadians. You will be challenged, energized and motivated to excel in our environment.Building on the principles that have always guided us – excellence, integrity and respect – we strive to be forward-looking and innovative, to welcome people with diverse perspectives and talents, and to earn trust by living up to our commitments and by clearly explaining the intent of our policies and actions.With our defined-benefit pension plan, benefits, and high flexibility for work life balance – find out more about why we are annually ranked as one of Canada’s top employers:Find out more about the next steps in our .This job poster will be used to staff two permenant positions and one term position of 1 year.About the Supervision DepartmentThe payments landscape in Canada and globally is evolving rapidly, driven by technological advancements that are introducing innovative ways for consumers and businesses to make payments. In response, the Bank of Canada is implementing the Retail Payments Supervisory (RPS) Framework under the Retail Payment Activities Act (RPAA).Under this Framework, the Bank of Canada will register retail payment service providers (PSPs) that perform retail payment activities, maintain a public registry of PSPs, and supervise PSPs’ compliance with operational risk management and fund safeguarding requirements.The Bank will assess whether PSPs are managing risks effectively, identify areas for improvement, and promote compliance through a combination of compliance, and enforcement tools. This includes the authority to impose administrative monetary penalties and enter into compliance agreements when necessary.What you will do
As a seasoned risk professional, you will apply your knowledge of financial risk (specifically related to the safeguarding of funds and trust arrangements) and/or operational risk management practices to contribute to execution of the Bank’s role under the Retail Payment Activities Act.As a Principal Supervisor, you will implement the supervisory practices and policies set out in the retail payments supervisory framework. This includes:

• Leading assessments of PSPs’ operational risks and vulnerabilities, measures to protect end users against financial loss, and adequacy and effectiveness of controls;
• Communicating with PSPs on issues related to ongoing risk assessment activities;
• Liaising across the department and the Bank of Canada with colleagues on supervisory actions;
• Leading the development of new processes and policies to optimize the Bank’s approach to PSP risk assessment; and
• Analyzing reporting from PSPs, including quantitative data about PSPs’ retail payment activities.

As a senior member of the risk supervision teams, you will be working closely with your Director and other management in the department. You will be expected to coordinate projects across the supervision department, and contribute analysis and policy advice on issues relating to developments in the payments ecosystem.What you need to succeed
As a self-motivated problem solver you have experience:

• Supervising or assessing the risk management practices of financial institutions or financial technology firms;
• Designing or developing risk management policies and practices related to the financial sector, the payments ecosystem, or financial technology firms; or
• Applying or implementing risk management policies and practices related the financial sector, the payments ecosystem, or financial technology firms;

You also have knowledge of the Canadian financial system and the role of regulation and supervision in maintaining a well-functioning system.You are a critical thinker, with strong problem-solving and analytical competencies, who is able to synthesize complex information and provide quality analyses and recommendations while considering many factors and perspectives. You are flexible and able to adapt to an evolving work environment and changing priorities. Furthermore, you are able to organize and balance a variety of tasks, and develop project workplans given leadership direction. You have a proven ability to communicate clearly and adapt your communication style for a wide range of audiences, including senior management and external stakeholders. While this position is not a managerial position, you are a strong team player and coach that supports the development of junior staff, addresses conflicts and promotes co-operation and partnerships. You can develop and maintain harmonious relationships with a wide range of business contacts and build supportive working relationships with peers, your leader, as well as internal and external stakeholders.Nice to have

• Expertise in one (or more) of the following areas:

• Operational or cyber risk management practices;
• Client asset protection or safeguarding of funds;
• Legal or policy analysis;
• Audit design or practice.
• Knowledge of retail payment service providers, the retail payments ecosystem, or financial technology companies (paytechs or fintechs).

Your Education and Experience
The position requires a master’s degree with a minimum of five years of relevant experience or a bachelor’s degree with six years relevant experience in financial sector risk management or policy development – ideally with a focus on funds safeguarding or operational risk management policies and practices. A combination of education and experience may be considered.Language requirement
The Bank’s work environment is conducive to the use of both of Canada’s official languages – English and French. The position language requirement is Level 5 (Fully Functional). If a qualified candidate who meets the language requirement of the position is not found, a qualified candidate who does not meet the language requirement may be considered. Training may be provided to help reach the required level. Both bilingual and unilingual candidates are encouraged to apply.What you need to know

• Priority will be given to Canadian citizens and permanent residents
• Security level required: Be eligible to obtain Secret
• Relocation assistance may be provided, if required
• This poster may be used to fill other Principal Supervisor positions (term or permanent) within the Supervision Department.
• Kindly ensure to submit a cover letter along with your resume when applying for this role.
• Please save a copy of the job poster. Once the closing date has passed, it will no longer be available.

Hybrid Work ModelThe Bank offers work arrangements that provide employees with flexibility, enable high-performing teams, and support an excellent workplace culture. Most employees can telework from home for a substantial part of each month as part of the Bank`s hybrid work model, and they are expected on site at the Bank location a minimum of eight days per month to help build connections between colleagues. You must live in Canada, and within reasonable commuting distance of the office.What you can expect from us
This is a great opportunity to join a leading organization and be part of a high-performing team. We offer a competitive compensation and benefits package designed to meet your needs at every stage of your life and career. For more information on key benefits please visit .

• Salaries are based on qualifications and experience and typically range from $124,279 to $146,211 (job grade 18)
• The Bank offers an incentive for successfully meeting expectations at 7 to 10% of your base salary. The Bank offers additional performance pay (5%) for those who exceed expectations. Exceptional performers who far exceed expectations may be eligible for higher performance pay.
• Flexible and comprehensive benefits so you can choose the level of health, dental disability and life and/or accident insurance coverage that meets your needs
• Extra vacation days (up to five each year) that you can purchase to add to your vacation entitlement
• Indexed, defined-benefit pension

We wish to thank all applicants for their interest and effort in applying for this position. Only candidates selected for interviews will be contacted.

Expected salary

$124279 – 146211 per year

Location

Ottawa, ON – Toronto, ON

Job date

Sat, 11 Jan 2025 23:43:29 GMT

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