Director, Compliance

Risk
January 8, 2024

Job Description

nowly is a new way of thinking about insurance. Instant coverage now. Living healthy now. Giving back now. That’s living nowly. We provide Canadians affordable and instant insurance and healthy living benefits on an innovative and streamlined digital platform. Nowly is a division of Teachers Life Insurance, a Canadian Insurance company. Teachers Life is an established 80+ year Canadian life, disability, and sickness insurer, and is one of the largest insurance companies for education workers in Canada. We are federally licensed and regulated and have won awards for digital innovation. Teachers Life owns and operates nowly, which is our new, purpose-driven, digital-first brand for all Canadians. As a result of growing and reinventing our business, Teachers Life/nowly is evolving in a high-performance culture with newly, co-created employee values that will allow us to deliver market leading products and servicing to customers. These new values include innovation, impact, fun, communication, collaboration, accountability, and a helping build a better world.

The Director, Compliance is responsible for Teachers Life’s compliance programs, policies, reporting, and practices. They have an expert understanding of regulatory compliance and risk management principles as they apply to a life insurer. They ensure all corporate activities follow regulatory requirements and risk management principles related to the governance of the organization as well as any life insurance industry-specific or location-specific laws. In addition to reporting to the CEO for their day-to-day responsibilities, the Director, Compliance will report to the Board and its standing committees as required.

Are you passionate about the future of Life Insurance? Do you want to be part of a mature organization that is growing and reinventing its business? Do you want to be part of a culture that recognizes and rewards success?

If “yes”, Teachers Life/nowly is the right place to be! Could this be your next great opportunity?

Reports to:

President & CEO

Department:

Risk

Flexible Work Options Available:

We are a hybrid workplace environment, granting team members the ability to work up to 3 days remotely per week.

POSITION SUMMARY

The Director, Compliance is responsible for Teachers Life’s compliance programs, policies, reporting, and practices. They have an expert understanding of regulatory compliance and risk management principles as they apply to a life insurer. They ensure all corporate activities follow regulatory requirements and risk management principles related to the governance of the organization as well as any life insurance industry-specific or location-specific laws. In addition to reporting to the CEO for their day-to-day responsibilities, the Director, Compliance will report to the Board and its standing committees as required.

KEY RESPONSIBILITIES

Senior Leadership Team/Board Support
  • Provide effective monitoring and reporting on systems and procedures to ensure ongoing operational compliance with Teachers Life’s Risk Appetite Framework, with regular updates to senior management and the Board.
  • Maintain working knowledge of applicable regulatory requirements and ensure the Society’s compliance as applicable through internal controls and audits.
  • Analyze new and proposed legislation that may impact company operations, products, services, or distribution channels and initiate appropriate action.
  • Determine compliance metrics and establish a system for tracking them.
  • Manage the licensing of the Society and its advisors and ensure all requirements are met in advance of each new license and renewal.
  • Responsible for Market Conduct monitoring and early identification of trends or items requiring investigation.
  • Recommend process or systems changes to address issues; facilitate staff training or coaching as necessary; work with internal teams, external business partners and management to implement changes.
  • Respond to and/or assist in responding to time-sensitive regulatory inquiries, including investigating, preparing documentation, and drafting responses to the regulators.
  • Assist and/or lead the coordination of regulatory inspections and examinations.

QUALIFICATIONS & EXPERIENCE

  • A lawyer, an actuary, or an accountant who is a member in good standing with their professional governing body.
  • 6-9 years of experience in a senior compliance role.
  • Experience in insurance licensing (insurer and agent) is required.
  • Certificate in compliance or ethics is an asset.
  • Current LLQP license, maintained in good standing is an asset.
  • Canadian Risk Manager (CRM) or similar risk management designation is an asset.
  • Demonstrated ability to understand, interpret, and apply regulatory and legislative guidelines.
  • Demonstrated ability to communicate with all levels of management and staff.
  • Advanced skills in Excel, PowerPoint, Word.
  • Bilingual (English and French) is an asset.

SKILLS & CORE COMPETENCIES

  • Superior communication skills with both functional and non-functional stakeholders to facilitate risk awareness and informed decision-making at all levels of the organization (including
  • documentation and formal presentations).
  • Advanced problem-solving and organizational skills.
  • A demonstrated commitment to high ethical standards and a diverse workplace.
  • Demonstrated attention to detail.
  • Extremely organized, adaptable, and keen to take initiative.
  • Strong alignment with our organizational mission, vision, and core values

HOW TO APPLY

If this sounds like your next great opportunity, please send your cover letter and resume to Becky Mask, Director, People and Culture, at rmask@teacherslife.com. Consideration of applicants will begin immediately and continue until the position is filled.

We thank all applicants for their time in applying, however we will only contact those selected for further consideration. If you are not selected for this opportunity, we will retain your application for future consideration.

We are an equal opportunity employer committed to diversity and inclusion. We are pleased to consider all qualified applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, protected veterans status, Aboriginal/Native American status or any other legally-protected factors. Disability-related accommodations are available on request for candidates taking part in all aspects of the selection process.

Get in Touch

becky-mask

Rebecca (Becky) Mask

Director, People and Culture

416-620-1140 ext. 319

rmask@teacherslife.com