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Chief Risk Officer, Group Benefits Insurance

Apply locations CAN, Ontario, Waterloo, 500 King Street North time type Full time posted on Posted Yesterday job requisition id JR24040350

We are a leading financial services provider committed to making decisions easier and lives better for our customers and colleagues around the world. From our environmental initiatives to our community investments, we lead with values throughout our business. To help us stand out, we help you step up, because when colleagues are healthy, respected and meaningfully challenged, we all thrive. Discover how you can grow your career, make impact and drive real change with our Winning Team today.

Working Arrangement

Hybrid

Job Description

The Chief Risk Officer, Group Benefits Insurance reports to the Canada Segment Chief Risk Officer (CRO) and is responsible for overseeing risk-taking initiatives and risk management practices within the Canada Segment’s Group Benefits Insurance (GB). The candidate will be a member of the Canada Group Benefits leadership team.

In carrying out this responsibility, the candidate will:

Promote a culture of integrity and risk awareness that enables the GB to balance the level of risk with customer, regulatory and shareholder obligations while achieving consistent and sustainable performance over the long term.
Align with the Company’s Enterprise Risk Management Framework that appropriately manages risk while recognizing the need to remain driven.
Lead the GB Risk Management oversight and challenge and ensure that it is appropriately resourced to perform its duties.
Objectively evaluate whether the GB’s strategy and business initiatives are operating within risk appetite and within the risk management control framework, as approved by the Board and Risk Committee; and ensure alignment of risk appetite and strategy.
Independently oversee the development and execution of risk management strategies, policies, and controls, and independently and objectively identify and assess the GB’s risk exposures.
Update the Chief Risk Officer and the Canada Risk Committee and Leadership on the segment’s risk profile and outlook.
Chair and update the GB leadership and risk committees on items described within this mandate, ensuring that they are appropriately: i) advised of the GB and the Segment’s material risk positions and risk mitigation programs; ii) informed of the level of compliance with risk policies, risk appetite and limits, and iii) provided an assessment on the effectiveness of the Company’s risk management practices

Key Responsibilities:

Enterprise Risk Management Framework

Build and maintain processes for the identification, assessment, measurement, monitoring and reporting of the GB’s principal risks.
Lead the development and improvement of risk measurement and risk oversight programs and practices, and champion risk education & risk culture throughout the GB.
Ensure business strategies and compensation plans align with the Company’s strategic risk objectives and that each business is continuously driving their risk management processes and controls towards best practices.
Independently oversee the design and execution of risk management strategies and actions.
Provide thought leadership on evolving risks facing the GB and related risk mitigation strategies.
Support recruitment and retention programs for risk professional resources are appropriate and aligned with the Segment’s strategic risk objectives.

Risk Management Oversight

Strategic risk oversight, including evaluating strategic plans, reviewing merger & acquisitions activities, assessing geo-political, regulatory, and macro-economic developments, assessing environment risk and reputation, and assessing sustainability environmental, social, and governance (“ESG”) risks.
Support Product risk oversight team, including preparation of the segment’s annual new business plan, reviewing and approving all new product initiatives and reinsurance arrangements, alignment with product pricing policies, standards and best practices; and approving pricing assumptions.
Insurance and underwriting risk oversight, including the alignment to underwriting and claims management policies and standards, retention limits and insurance risk policies, and promulgating standard methodologies.
Operational risk and business resilience oversight, including alignment to established governance processes and policies, as well as overseeing related risk mitigation programs and practices, and ensuring there is independent oversight of all key operational risks by appropriate control functions.
Provide input on the GB and segment’s risk culture and the identified material risk takers (MRT).
Partnership and third-party engagements risk oversight.
The GB CRO joins steering committees for the critical GB initiatives and the Canada Risk Committee and will be a member of the GB leadership team.

Leadership & Building a High Performing Team

Drive high employee engagement.
Encourage, mentor, guide and actively engage employees; empower and encourage staff.
Build talent capability.
Demonstrate inclusive behaviors and provide opportunities to collaborate across teams.
Ensure goals for employees are aligned to business plans, strategic direction and individual development opportunities.
Provide feedback to employees on a regular basis supporting employee development and long-term success.
Plan for required and appropriate resources based on projected growth, increase in regulatory requirements and oversight to continue to meet the needs of all stakeholders.
Provides leadership and direction to GB team to help them assess the best way to implement the overall risk management program within their business.

Job Requirements (Knowledge/Skills/Competencies):

Bachelor's degree in a related field; MBA would be an asset.
8-10 years of proven pragmatic Financial and non-Financial Risk oversight and challenge experience.
Strong risk management experience with strong risks and controls, exposure to operational functions or regulatory compliance management programs.
Adequate Group Benefits Insurance business related experience.
Understanding of the constantly evolving landscape of healthcare ecosystem and advances in related technology and systems.
Understanding of the Canadian Group Benefits industry trends (current and future).
Ability to manage competing priorities and work with unstructured environment.
Strong influencing skills.
Effective communicator: ability to convey sophisticated situations and issues in a clear and concise manner and communicate effectively with all levels of staff and management, including the Board of Directors
Strong management, human relations and interpersonal skills for building and maintaining relationships with peers, senior management, regulators, and industry colleagues.
Excellent people leadership skills: ability to attract, develop, manage and retain talent in Risk Management positions.
Self-starter with the ability to work independently.
Proven impact and influence and change management capabilities.

#LI-hybrid

About Manulife and John Hancock

Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Asia, Canada, and Europe, and primarily as John Hancock in the United States. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions. At the end of 2022, we had more than 40,000 employees, over 116,000 agents, and thousands of distribution partners, serving over 34 million customers. At the end of 2022, we had $1.3 trillion (US$1.0 trillion) in assets under management and administration, including total invested assets of $0.4 trillion (US $0.3 trillion), and segregated funds net assets of $0.3 trillion (US$0.3 trillion). We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under ‘945’ in Hong Kong.

Manulife is an Equal Opportunity Employer

At Manulife /John Hancock , we embrace our diversity. We strive to attract, develop and retain a workforce that is as diverse as the customers we serve and to foster an inclusive work environment that embraces the strength of cultures and individuals. We are committed to fair recruitment, retention, advancement and compensation, and we administer all of our practices and programs without discrimination on the basis of race, ancestry, place of origin, colour , ethnic origin, citizenship, religion or religious beliefs, creed, sex (including pregnancy and pregnancy-related conditions), sexual orientation, genetic characteristics, veteran status, gender identity, gender expression, age, marital status, family status, disability, or any other ground protected by applicable law.

It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will work with applicants who request a reasonable accommodation during the application process . All information shared during the accommodation request process will be stored and used in a manner that is consistent with applicable laws and Manulife/John Hancock policies . To request a reasonable accommodation in the application process, contact recruitment@manulife.com .

Salary & Benefits

The annual base salary for this role is listed below.

Primary Location

CAN, Ontario, Waterloo, 500 King Street North

Salary range is expected to be between

$123,400.00 CAD - $229,300.00 CAD

If you are applying for this role outside of the primary location, please contact recruitment@manulife.com for the salary range for your location. The actual salary will vary depending on local market conditions, geography and relevant job-related factors such as knowledge, skills, qualifications, experience, and education/training. Employees also have the opportunity to participate in incentive programs and earn incentive compensation tied to business and individual performance.

Manulife offers eligible employees a wide array of customizable benefits, including health, dental, mental health, vision, short- and long-term disability, life and AD&D insurance coverage, adoption/surrogacy and wellness benefits, and employee/family assistance plans. We also offer eligible employees various retirement savings plans (including pension and a global share ownership plan with employer matching contributions) and financial education and counseling resources. Our generous paid time off program in Canada includes holidays, vacation, personal, and sick days, and we offer the full range of statutory leaves of absence. If you are applying for this role in the U.S., please contact recruitment@manulife.com for more information about U.S.-specific paid time off provisions.

About Us

We offer work that challenges and makes a difference within a flexible and supportive environment, so you can help make decisions easier and lives better for our customers.

We’re proud of our accomplishments and recognitions. Recent awards include:

Best Place to Work in Asia-Pacific 2022
Best Place to Work for LGBTQ Equality 2022

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