Analyst, Regulatory Compliance

Career Opportunity

Role Title

Analyst, Regulatory Compliance

Purpose of role

The Analyst, Regulatory Compliance supports the overall success of the Foresters Compliance function by contributing to all areas of the Regulatory Compliance Management (RCM) Program and contributing to the identification, assessment, management, monitoring and reporting of compliance risks required under an effective Regulatory Compliance Program in line with OSFI’s Guideline E-13.

The incumbent joins a small team responsible for providing oversight, guidance, advice, and effective challenge to meet Forester’s obligations with respect to management of regulatory compliance risks.

While this role primarily supports the RCM Program for Foresters US and Canadian life insurance and annuity business, it also contributes to the enterprise RCM program and other Compliance initiatives.

Job Description

Key Responsibilities

Support All Aspects of the RCM Program

• Work with the Senior Manager and other Compliance team members to operate an effective and efficient regulatory compliance management (RCM) program that aligns with Foresters’ business goals and regulator expectations.
• Support the administration and management of a GRC tool used to maintain a comprehensive regulatory inventory, identify and manage regulatory compliance risks, log compliance controls, identify and manage gaps or issues, and report on regulatory risk.
• Contribute to the execution of regulatory change processes and their refinement.
• Review regulatory changes for applicability and escalate where required.
• Identify and troubleshoot RCM process issues, including relating to the use of a GRC tool and implementing solutions where possible or escalating appropriately.
• Stay up to date on applicable RCM regulatory developments, trends and best practices to support the continual evolution of the RCM program.
• Work with Compliance team members on the development, management and execution of a risk-based compliance monitoring and testing program to evaluate control effectiveness, assess compliance risks, and identify gaps and issues.
• Monitor regulatory developments and trends that may impact Foresters’ business.
• Oversight and escalation of outstanding various RCM assessments.
• Provide effective review and challenge to business units on the assessment and management of compliance and associated risks with regards to controls and corrective action plans.
• Contribute to RCM reporting, including distilling data to provide meaningful insights that inform the CCO’s opinion, identify RCM risk issues, and supports risk-based testing and monitoring.
• Participate in the Compliance issue management process, including the logging, analysis and remediation of such issues.
• Assess recurring compliance exceptions or incidents for trends.  
• Participate in the ongoing governance of the RCM program, including updating applicable policies, guidelines, and other materials.    

Support the Compliance Program Overall

• Support and/or coordinate responses to regulatory inquiries, examinations, audits, quality assurance reviews.

• Collaborate and contribute to the development of effective relationships with other 2nd and 3rd line functions to implement and optimize governance processes, including resulting from internal audit findings, compliance testing and policy reviews. 
• Champion an environment of innovation and continuous improvement with a focus on client experience.
• Support other Compliance work and initiatives, as requested
• Participate in industry groups and committees.  
• Contribute to a high-performance culture through ensuring alignment of the team’s work with organizational goals.
• Promote awareness of a compliance culture across Foresters, including by developing training materials and delivering education sessions.

Key Qualifications

• 4+ years experience in a compliance, legal, audit, risk or governance role, preferably supporting regulatory compliance management in a financial services organization.
• Must be a practical systems thinker who enjoys devising solutions to complex questions and is not deterred by ongoing process re-design in pursuit of improvement.

• University degree in law, business, a related discipline, or equivalent work experience. Professional certifications, such as JD, CRCM, CCEP, are an asset.
• Looking to continually develop as a compliance professional as part of a purpose-led organization that values teamwork and collective success.Experience and knowledge of the life insurance industry in Canada and the US is an asset.   
• High ethical standards are required along with a willingness to challenge the status quo.
• Must be able to work effectively in a hybrid setting by staying organized and prioritizing to meet deadlines and manage multiple stakeholders.  This role requires a minimum of 2-3 days per week in Foresters head office in Toronto.
• Experience and knowledge of GRC solutions and data analytics is an asset.
• Strong writing and presentation skills.
• Familiarity with the use of artificial intelligence in RCM programs and Compliance functions is an asset.
• Ability in Microsoft Teams, Copilot, Word, Excel and PowerPoint. 

#LI-Hybrid

Problem Solving & Analytical

• Incumbent will interact in person and via video/web conferencing, by phone and via written communications with direct report, internal stakeholders, regulators, industry associations, outside lawyers and other consultants.
• Incumbent will obtain assistance or support through the Compliance Department, Legal Department or outside consultants.
• Incumbent will work with direction and have latitude for decision making within the scope of job responsibilities.
• Incumbent requires strong analytical and problem-solving skills to precisely interpret complex compliance and legal concepts, diagnose challenges and issues and develop action plans and innovative business solutions.
• Ability to gather information on complex issues and situations, systematically analyze and develop into a workable solution, considering various elements including risk and cost.
• Ability to think strategically, assess alternatives for short- and long-term impacts and act decisively and evaluate regulatory risk associated with business operations and make recommendations to implement effective internal controls.
• Incumbent must exercise sound and balanced professional judgment in identifying and escalating issues; assessing risks and controls, develop recommendations and modifying plans.

Salary Range:

$54,000.00 - $77,000.00

The actual base salary for this position will depend on several factors, including job-related skills, experience, and education. In addition to base pay, eligible employees may participate in a discretionary variable incentive plan, results are subject to both individual and company performance.

Please note that this posting is intended to fill an existing vacancy; however, there may be instances where more than one vacancy is available for the same role.

Equal Opportunity Employment and Inclusion – at Foresters Financial, we are committed to sustaining an equal opportunity environment for all job applicants. We embrace Inclusion, Diversity and Equity (IDE) as a core strategic objective for building strong, innovative teams in which all our employees can show up wholly and authentically as themselves.

Foresters Financial strives to provide an accessible candidate experience for prospective employees with different abilities. If you anticipate needing any type of accommodations during the recruitment process, please email [email protected] in advance of your appointment.

Thank you for choosing Foresters. Only those candidates who will be selected for further consideration will be contacted by our Talent Acquisition Team.