ABOUT SAGICOR NORTH AMERICA
Sagicor is a leading financial services provider with over 180 years of history, which operates across the Caribbean, in the United States and Canada.
Sagicor currently operates in 19 countries and maintains a strong market position in most of the markets where it operates. Sagicor has four reporting operating segments, Sagicor Life, Sagicor Jamaica, Sagicor Life USA and Sagicor Canada. For the last 12 months ending September 30, 2024, revenues were US$3.9 billion with assets under management of US$23 billion.
Sagicor’s objective is to be a leading insurance and financial services provider of world-class products and services to better serve its customers and other stakeholders in its markets.
Sagicor is focused on growing its business in the markets in which we operate and actively supporting the communities in which we serve. Sagicor North America is comprised of both Sagicor Canada (ivari) and Sagicor Life USA.
For the last 12 months ending September 30, 2024, revenues were US$2.7 billion with assets under management of US$52 billion.
Sagicor Canada operates under the ivari brand name in Canada and is one of Canada’s leading individual life insurance providers.
Headquartered in Toronto, with an additional office in Montreal, ivari employs 300 people with a wide range of skills and expertise. ivari provides a full range of insurance and investment products including universal life, term life, critical illness, and annuities through a national network of independent advisors.
Sagicor Life USA operates under the Sagicor Life Insurance brand name in the US, in 45 states and the District of Columbia. It has offices in Tampa, FL and Scottsdale, AZ and employs 160 people with a wide range of skills and expertise.
Sagicor Life USA provides annuity and life products focusing on pre- and post-retiree clients through independent producers and financial advisors.
At Sagicor, we aim to attract, develop, and retain a workforce as diverse as the customers we serve and the communities in which we do business.
We offer an inclusive and accessible work environment where all employees and customers feel valued, respected, and supported.
ABOUT THE ROLE
As the Vice President and Chief Risk Officer for the organization’s North American operations, you will oversee all aspects of risk management for its Canadian and U.S. divisions.
This senior leadership role requires an experienced risk professional with a strong background in corporate risk within the financial services sector.
The ideal candidate will demonstrate exceptional leadership capabilities, a comprehensive understanding of the insurance industry, and the expertise to manage complex corporate risk challenges effectively.
The Vice President and Chief Risk Officer will champion a strong risk culture, provide strategic leadership, and ensure the development and maintenance of robust risk management frameworks and policies.
This includes ensuring the organization operates within its defined risk appetite and has effective governance and controls to address all relevant risks.
This role reports directly to the Group Chief Risk Officer and Chief Sustainability Officer of the organization’s parent company.
KEY RESPONSIBILITIES
- Formulation of Risk Appetite: Oversee the formulation of the organization’s risk appetite, tolerances, and limits aligned with the strategy and business plan to optimize the risk/return profile.
- Comprehensive Risk Policies: Ensure risk policies are comprehensive and aligned to external legislation, compliance requirements, and industry standards to effectively manage the risks of the organization, and maintain strong governance practices and operational controls.
- Enterprise-wide Risk Management: Identify, measure, monitor, and report on risks of the business on an enterprise-wide and disaggregated level, independently of business lines or operational management. Ensure all risks (financial and non-financial) are assigned to functional owners/senior leaders, integrating risk management into business processes and decision-making.
- Risk Assessment and Metrics: Oversee the assessment of the company’s risks and the development and maintenance of effective metrics and measurements related to exposures and potential consequences.
- Regular Reporting: Monitor and provide regular reports to senior management and the Board about top and emerging risks, risk mitigation strategies, the overall effectiveness of the risk management process, and adherence to risk tolerances and limits.
- Action Plans: Guide in developing action plans to remedy any breaches of risk tolerances and oversee the ongoing monitoring of these plans.
- External Risk Reporting: Provide external risk reporting to regulators (Canada and the US), and other external parties as appropriate.
- Objective Risk Assessment: Ensure the ongoing assessment of risk-taking activities remains objective and provide regular reports to the Board, the Risk Committee, and senior management.
- Culture and Risk Conduct: Promote a strong culture and risk conduct, prudent enterprise risk management practices that support sustainable value creation for the organization.
- Segregated Funds: Oversee the company’s annual Segregated Funds model review and sign-off reporting to OSFI.
- Model Risk: Oversee model risk management, including reviewing material changes.
- Continuous Improvement: Drive continuous improvements by keeping up-to-date with evolving risk management techniques, technology, and regulatory environment to ensure the organization can effectively manage its risks.
- Alignment with Parent Company: Collaborate in developing and enhancing risk management practices of the Parent Company. Ensure North American risk management practices are aligned with the Parent Company unless otherwise required by regulations.
REQUIRED KNOWLEDGE, QUALIFICATIONS, SKILLS, AND ABILITIES
- Bachelor’s degree in actuarial science or related field, FSA, FCIA, CFA or Master’s degree with Risk specialization
- Minimum of 15 years of corporate risk experience in the financial services sector, with at least 5 years in a senior leadership role within a corporate risk department.
- Knowledge of the insurance industry, including reinsurance is an asset.
- Experience in handling corporate risk matters across Canadian and/or US, including among others credit, market, liquidity, capital, operational, ESG, etc.)
- Strong verbal and written communication skills, with the ability to communicate complex risk concepts in easily understandable terms to a wide range of audiences.
- Proven ability to lead and inspire a high-performing risk team.
- Outstanding analytical, problem-solving, and decision-making skills.
- Excellent collaborator who can understand various viewpoints and develop and execute effective solutions for complex issues.
- Unwavering commitment to ethical conduct and integrity in all professional activities.
- Strong decision-making skills and self-sufficiency with the ability to interact with senior management.
CHARACTERISTICS
Someone who enjoys a culture where everyone is genuinely respectful, and you can be your authentic self every day. Your contributions and opinions are not only sought but valued. You know the importance of and live by, our core values of:
- Bringing clarity and focus to your work.
- Taking ownership and doing what you say you will.
- Remaining flexible.
- Collaborating with others.
Our commitment to inclusivity is reflected in the safeguards, policies and commitments we have in place to remove barriers and provide equal opportunities to prospective and current employees, without discrimination.
A Human Resources representative is available to consult with applicants who require accommodation in the application or recruitment process.
Any information shared by the applicant about an accommodation will be treated as confidential. If you do require an accommodation, please email Marty Greenaway at the information below.
HOW TO APPLY
To express interest in this exciting opportunity, email your cover letter and resume to:
Marty Greenaway, Consultant, Feldman Daxon Partners
mgreenaway@feldmandaxon.com