Senior Risk Manager

Senior Risk Manager

ARAG Canada is seeking an experienced Senior Risk Manager to play a key role in building and developing the Risk Management function of its newly established Canadian insurance company.

Reporting to the CFO/Chief Risk Officer, the Senior Risk Manager will provide independent Second Line oversight and challenge across the organization, with an initial focus on operational risk management and operational resilience. The role has direct access to the Audit & Risk Committee, supporting effective and independent risk oversight and escalation.

This is a senior individual contributor position with significant visibility across the organization. As ARAG Canada and its Risk Management function mature, the role is expected to assume broader responsibilities across enterprise risk management, including risk appetite, ORSA, capital and financial risks. It offers an opportunity for an experienced risk professional to help shape a risk function from an early stage and grow with the organization.

What will you do?

• Assist in the creation, roll out and implementation of a compliance management framework for a new P&C insurance company.
• Lead the development, implementation and ongoing enhancement of ARAG Canada’s Enterprise and Operational Risk Management frameworks, policies, methodologies and processes.
• Provide independent Second Line oversight and constructive challenge of material risks, controls and management decisions across the organization.
• Support the CRO in maintaining the Company’s Risk Appetite Framework and develop appropriate operational risk limits, Key Risk Indicators (KRIs), thresholds and escalation mechanisms.
• Lead the Company’s risk and control assessment process, including the identification and assessment of inherent risks, key controls, control effectiveness and residual risks.
• Establish and maintain an effective Operational Risk Event framework covering material incidents, control failures, losses and near misses, including oversight of root-cause analysis and remediation.
• Lead the development of ARAG Canada’s operational resilience capabilities, including identification of Critical Operations, dependency mapping, tolerances for disruption and severe-but-plausible scenario testing.
• Provide independent risk oversight of business continuity, technology and cyber risk, third-party risk and significant business or technology changes, working closely with the respective business and functional owners.
• Maintain an enterprise-wide and forward-looking view of ARAG Canada’s material and emerging risks and identify concentrations, dependencies and changing risk exposures.
• Prepare clear and decision-oriented risk reporting for Senior Management and the Audit & Risk Committee and independently escalate material risk matters where appropriate.
• Support the CRO in regulatory interactions and in demonstrating the effectiveness of the Company’s risk management and governance framework.
• Contribute to and, over time, assume increasing responsibility for the Company’s Own Risk and Solvency Assessment (ORSA), enterprise stress and scenario testing and broader ERM activities.
• Develop a sound understanding of ARAG Canada’s insurance, market, credit and capital risks and provide independent review and challenge of quantitative risk and Minimum Capital Test (MCT) analyses performed by internal and external specialists.
• Provide risk oversight of material outsourced and intra-group services, including the effectiveness of risk management, monitoring and contingency arrangements.
• Promote effective risk ownership and a strong risk culture throughout the organization while maintaining clear accountability for risks and controls within the First Line.

 About You:

• University degree in Risk Management, Finance, Economics, Business Administration, Actuarial Science, Mathematics or another relevant discipline.
• Relevant professional qualifications such as CRM, FRM, PRM, CFA, CPA, FCIP or comparable credentials are considered an asset.
• 10+ years of relevant professional experience in risk management within the insurance or financial services industry, including significant experience in Operational Risk Management and Enterprise Risk Management.
• Strong understanding of risk governance, risk appetite, risk and control assessment, Key Risk Indicators (KRIs), risk reporting and independent Second Line oversight.
• Experience with operational resilience, scenario analysis, business continuity risk, third-party risk or related disciplines.
• Sound understanding of the property and casualty insurance business and the principal financial and non-financial risks of an insurance company.
• Familiarity with Canadian financial services regulation and OSFI expectations is strongly preferred.
• Working knowledge of insurance regulatory capital concepts and the Minimum Capital Test (MCT) is an asset; candidates must have the quantitative and financial acumen and willingness to develop deeper expertise in these areas.
• Experience preparing and presenting risk information to Senior Management, Boards or Board Committees.
• Demonstrated ability to independently and constructively challenge senior stakeholders while building effective working relationships across the organization.
• Strong analytical, communication and judgement skills, with the ability to translate complex risk and regulatory matters into clear conclusions and practical actions.
• Experience building or materially developing risk frameworks, processes or functions in a growing or changing organization is strongly preferred.
• Strong independent judgement and the confidence to constructively challenge senior stakeholders while maintaining effective working relationships.
• Ability to translate complex risk, regulatory and quantitative information into clear assessments and actionable recommendations for Senior Management and Board-level audiences.
• Strong analytical capabilities combined with a pragmatic and proportionate approach to risk management.
• Ability to operate effectively in a developing risk function where frameworks and processes continue to mature.
• Strong intellectual curiosity and demonstrated ability to develop expertise in new technical areas, particularly insurance risk and regulatory capital.
• High standards of integrity, objectivity and professional independence.
• Strong written and verbal communication, facilitation and stakeholder-management skills.

We Offer:

• Competitive Base Salary including annual bonus plan
• Generous Employer Paid Benefits Plan, including RSP matching & Fitness Credit
• Location is a combination of remote work from home and from our head office in the heart of Toronto’s Financial District

ARAG Legal Solutions Inc., part of the ARAG Group, is a global leader in legal expense insurance operating in 18 countries offering an innovative and comprehensive range of legal expense products and services for brokers, underwriting agents and insurers across Canada.For more information about ARAG Canada please visit: www.arag.ca/en/

We are an Equal Opportunity Employer

ARAG Legal Solutions Inc., are proud to be an equal opportunity workplace and employer.  We are committed to equal employment opportunity regardless of citizenship, race, place of origin, ethnic origin, colour, ancestry, disability, age, creed, sex/pregnancy, family status, marital status, sexual orientation, gender identity, gender expression, receipt of public assistance (in housing) and record of offences (in employment).  

ARAG Legal Solutions Inc., is committed to providing employment in accordance with the Accessibility for Ontarians with Disabilities Act (AODA). Any assessments and selection materials or processes used during the recruitment process will be available in an accessible format to applicants with disabilities, upon request. If contacted for an interview, please advise the Human Resources Manager if you require a disability-related accommodation.