August 31, 2021
The Financial Services Regulatory Authority of Ontario (FSRA) was established in the Financial Services Regulatory Authority of Ontario Act, 2016 (FSRA Act), which came into force on June 29, 2017 and assumed its full current mandate in June 2019. FSRA was created to evolve the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO), establishing a single agency that would operate as a flexible, self-funded regulator, designed to respond rapidly to an evolving commercial and consumer environment.
FSRA is a dynamic, independent board-governed financial services and pension regulator dedicated to serving the public interest, fostering strong, sustainable, competitive and innovative financial services sectors and strengthening non-securities consumer, member and pension plan beneficiary protections in Ontario. More information about FSRA can be found at: www.fsrao.ca.
FSRA is seeking a senior financial services leader to assume the role of EVP, Credit Union and Insurance Prudential. Reporting to the President & CEO, and leading a team of 34 through four reports, the EVP Credit Union and Insurance Prudential will provide the strategic direction and thought leadership necessary to ensure sound decision-making and proactive, empowered, execution of the credit union and prudential regulation function. Additionally, the EVP will provide strategic direction and expertise in the prudential supervision of credit unions and provincially regulated insurers, and in embedding credit union conduct regulation in normal course relationship management and examinations, in order to protect the public interest.
This is an exciting opportunity to bring your leadership capability and supervisory and risk management expertise to the exciting challenge of continuing to shape FSRA into a proactive, principles-based and outcomes-focused regulator. The challenges of organization, team and culture building in support of developing and implementing a principles-based approach to regulation of a rapidly changing and growing sector will represent a legacy building opportunity for the right candidate.
- Set the vision, strategy and priorities for the credit union and insurance prudential regulation function.
- Champion and lead critical change and the development of a new collaborative, forward-thinking culture within the credit union and prudential function, and work with others to integrate across the organization to foster a credible financial services alternative.
- Promote and drive innovation and continuous improvement throughout FSRA’s credit union and prudential supervision activities and across FSRA generally.
- Provide executive leadership in the development and implementation of regulatory objectives, strategies, frameworks, tools/systems and processes to further the credit union and prudential regulatory framework and to protect the interests of members of credit unions and of the public.
- Provide oversight in the development and implementation of new and innovative rules, techniques, systems, tools, data, analytics and processes to enhance credit union and prudential regulation, including assessing the adequacy of the Deposit Insurance Reserve Fund (DIRF) and better evaluating systemic and institution specific risks and vulnerabilities.
- Work with the EVP, Licensing and Market Conduct and the EVP, Legal and Enforcement to ensure proactive and appropriate coordination between monitoring, compliance, conduct, investigation and enforcement activities.
- Work with key stakeholders and partners to champion and promote the FSRA mandate.
- Oversee the development of operational plans for credit union and insurance prudential supervision, including risk assessment, evaluation and corrective action.
- Provide strategic executive level advice and support to the Chief Executive Officer, Board of Directors, DIRF Advisory Committee of the Board and leadership team on all credit union and insurance prudential initiatives, services, risks, and issues.
- Develop an agile and flexible organization structure and work environment; build and empower a diverse, multi-disciplinary team and stay at the forefront of innovation, collaboration and positive employee experience.
- Champion and promote a culture of service excellence which respects diversity, encourages all employees to work together to achieve results and contributes to a healthy, rewarding and productive working environment where personal and team accountability are keys to success.
- As a member of the senior executive team, work in close collaboration with leadership colleagues on enterprise-wide strategies and priorities for FSRA.
- Support and leverage a shared-services model.
While all of the above represent important accountabilities for the new EVP, in the near term, the key high priority areas of focus will be to:
- Build strong, trusting relationships within the organization and across the sectors it services.
- Continue to align the organization (and culture) required to achieve the sector specific and overall organization’s mandate.
- Continue to advance and accelerate the work being done with the Credit Union sector to implement a principles-based approach to regulation through implementation of a Risk-based Supervisory Framework.
- Support the implementation of the province’s credit union regulatory modernization initiative (which seeks to create a modern regulatory framework for credit unions in Ontario) to thereby help the CU sector prosper and serve its members without taking undue risks.
- Provide leadership through strategic insights and analysis, and directing implementation of solutions, to identify and address system-wide issues (such as structural liquidity) that could create risk in the CU sector or in individual credit unions, and which provide for the early and effective timely intervention in troubled credit unions through recovery and resolution tools.
- Complete the development and implementation of a framework to effectively prudentially regulate and supervise Ontario incorporated P&C insurers.
- Significant executive leadership experience in the credit union or banking sector or in a modernized and adaptive regulator, including proven expertise in developing, applying and renewing rules, techniques, systems and tools for credit unions and the prudential regulation of financial services and products.
- A fiscally responsible leader possessing deep appreciation for risk management and a passion for regulation and regulatory reform as a way to balance competing interests and serve the public interest.
- Well-developed strategic capabilities with the ability to envision future sector changes, and to interpret what will be required from a regulatory perspective to enable the sector to remain strong and competitive while seeking to better serve its members and contribute to the economy of Ontario.
- Knowledge and understanding of key enablers, partners and stakeholders in the credit union and provincial regulated insurance industry and the broader financial services ecosystem, including new and emerging products, services and delivery methods, supervisory practices, emerging issues, regulatory gaps and challenges, all with a focus on prudential regulation.
- Expertise in prudential regulation and financial institution supervision, including capital and liquidity requirements and risk assessment and governance frameworks.
- Organizational skills to build a new organizational structure (including systems and standards) that is principles-based and outcome-focused characterized by a highly collaborative, empowered, accountable culture.
- Exceptional interpersonal and relationship building skills with credit unions, Ontario incorporated insurers, industry and trade associations, the Ministry of Finance and other internal and external stakeholders.
- Transformational leadership qualities including agility, inclusivity and leading with empathy.
- Team leadership capabilities to attract, motivate and retain exceptional talent and promote diversity.
- Graduate degree in finance, economics, mathematics, law, business or related field or a professional designation and related experience.
- Knowledge and understanding of actuarial issues and best practices and data analytics techniques.
FSRA is committed to ensuring equity in employment. Their goal is to create a diverse, inclusive workforce that reflects the communities they serve and to ensure their services and communications are accessible to all individuals. Accommodation is available under the Ontario Human Rights Code.
If you are interested in being considered for this exciting executive position, possess the required skills and experience and are committed to the transformation of the sector and the creation of a modern regulator, please send your resume and cover letter to Lindsay Millard, Senior Consultant, LHH Knightsbridge: firstname.lastname@example.org
About LHH Knightsbridge
LHH helps organizations simplify the complexity associated with transforming their leadership and workforce so they can accelerate results, with less risk.
As global leaders in Talent and Leadership Development, Career Solutions and Executive, Interim and Mid-Level Search, we assist organizations in finding new talent, and helping their employees navigate change, become better leaders, develop better careers, and transition into new jobs. We have the local expertise, global infrastructure, and industry leading technology and analytics required to simplify the complexity associated with executing critical talent and workforce initiatives, reducing brand and operational risk. Teams across Canada and around the world leverage our proven programs and global experience to deliver tailored solutions to clients that align talent with the needs of their business.