Company: Munich Re

Location: Toronto, ON

Expected salary:

Job date: Sun, 09 Feb 2025 03:47:18 GMT

Job description: About Munich ReTogether, we engage with everything we have and are, to help humankind act braver and better.As the world’s leading reinsurance company with more than 40,000 employees in over 50 locations around the globe, Munich Re introduces a paradigm shift in the way you think about insurance. By turning uncertainty into manageable risk, we enable fundamental change. We recognize Diversity, Inclusion, and Belonging as a key priority with a culture that welcomes different thoughts and opinions. We dare to think big and are continuously innovating on behalf of our clients.Our data, our technology, and our teams place us in a unique position to drive transformative change in the life insurance industry. We invest strategically in our world class talent, offering our employees a work experience that promotes professional development, innovation, and rewards high performance.Position Overview

• Responsible for compliance with all applicable federal and provincial laws and regulations
• Manage compliance with OSFI’s regulatory compliance management framework including Solvency II
• Identify and communicate legal, compliance regulatory and privacy changes (the Office of the Superintendent of Financial Institutions (OSFI), the Office of the Privacy Commissioner of Canada (OPC), Supervisory Authority in Germany (BaFin), Canadian Provincial privacy regulators, etc.,)
• Collaborate and negotiate with Regional Compliance Manager (RCM) / Group Compliance & Legal (GCL)
• Support the Chief Compliance Officer, Chief Privacy Officer, Chief Anti-Money Laundering Officer and VP North American Enterprise Risk Management (Non-Financial Risk)
• Perform compliance due diligence, treaty reviews, and contract reviews to support Business Owners
• Participate in industry privacy and compliance working groups
• Manage Compliance staff and their development

Responsibilities:Canadian Regulatory Compliance

• Manage adherence with OSFI compliance guidelines (E-13, E-4, B-3, B-10, Corporate Governance, etc.,)
• Oversee adherence with financial sanctions screening per the Proceeds of Crime Money Laundering Act
• Maintain corporate records and complete annual compliance regulatory filings
• Implement local policies and procedures to strengthen the regulatory control environment
• Implement new processes to comply with changes to legal, compliance and privacy legislation
• Monitor development and implementation of laws and regulations, recommend appropriate action to ensure compliance, and advise management

Munich Re Group Compliance

• Manage the Compliance Management System, Compliance Plan, Annual Compliance Report, and Compliance Risk Assessment to comply with GCL requirements
• Promptly report Compliance incidents to GCL and resolve matters locally
• Fulfil activities defined in the co-operation agreement with the Regional Compliance Manager
• Implement Group mandatory trainings, policies and guidelines, reports as well as new applications
• Actively promote a positive Compliance culture and act as a point of contact on regulatory matters, providing compliance advice to Business Owners
• Lead strategic compliance initiatives to ensure effective corporate governance

Treaty and Contract Review

• Liaise with the business to ensure regular upkeep and management of the treaty template
• Ensure adherence to treaty guidelines and support business in treaty negotiations
• Ensure proper adherence to the contract review process

Risk Management, Cyber & Privacy

• Lead and document investigations related to fraud, data breaches and compliance related matters
• Promptly report and communicate cyber incidents and/or privacy matters to the appropriate regulators
• Oversee privacy data incidents, ensure appropriate risk assessments and documentation
• Develop and present privacy and compliance education for annual mandatory employee training
• Work collaboratively with stakeholders on environmental, social and governance (ESG) compliance??

Relationship Management

• Liaise with legal counsel and MROC and MARC
• Manage relationships with external legal advisors
• Manage governance requests from external auditors and related financial regulatory reporting
• Review and negotiate contract terms with clients and vendors
• Preparation of legal documents
• Perform due diligence reviews and support Business Owners to minimize risk exposure
• Support OSFI Relationship Manager with co-ordination of on-site reviews, calls and any requests
• Liaise with all regulatory bodies as required (OSFI, OPC, AMF, CAI, FSRA, etc.,) and fulfill requests
• Manage ad-hoc requests from Business Owners and ensure timely delivery

Qualifications:

• 5 years + of relevant experience, with preference for candidates with experience in life insurance or life reinsurance
• Member in good standing of the Law Society
• Demonstrated ability to understand, interpret, and apply regulatory and legislative guidelines
• Superior communication skills (including documentation and formal presentations)
• Project management skills and experience
• Advanced problem solving and organizational skills
• Business acumen coupled with strong interpersonal and influencing skills

What Can We Offer You?We are pleased to offer our employees great benefits and resources to support their mental, physical and financial wellbeing. These include:

• An engaging and collaborative environment that promotes continuous learning and development
• A hybrid work environment that combines weekly in-office and remote days with Meeting-Free lunch hours and Focus Friday afternoons
• A great compensation package including annual company bonus
• Market leading company-paid flexible health and dental benefits, starting on your first day
• Flexible dollars provided by the company to put towards Health Spending Account and/or Wellness Spending Account
• Immediate participation in DC Pension Plan with an automatic 5% employer contribution, plus optional company match
• Generous time off including vacation, personal days, unplanned time, Statutory Holidays and company-wide early closure half-days
• Learning and development programs and resources, including unlimited access to LinkedIn Learning, Education Assistance Program and reimbursement for professional fees
• Maternity, Parental & Adoption Leave top-up program
• Employee Referral Program, Recognition & Rewards Platform

Please note that only candidates who are selected for interview will be contacted directly. We thank all candidates for their interest.Munich Re is committed to providing a work environment that is inclusive and free of employment barriers and discrimination. Accommodations will be made for qualified applicants with a disability throughout the recruitment process. If you receive a request for an interview and you have a disability which will require an accommodation to support your participation, please contact AODARequestHR@munichre.ca as soon as practical so that suitable accommodations can be arranged.