Job Specification

Purpose of Position :

To manage/lead the delivery of market conduct compliance operations and projects for all financial service sectors in Ontario that are regulated by the Financial Services Commission of Ontario (FSCO) to safeguard protection of the consumer public, and to ensure a viable and functional financial service market place in Ontario. To review compliance risk assessment operations and project results and authorize/recommend regulatory enforcement actions. To represent the Government of Ontario/FSCO and lead relationships/consultations with the financial service industry in Ontario.

Duties / Responsibilities :

21. Statement of Major Responsibilities (How is purpose achieved?)

1. Provides strategic leadership to a market conduct and/or prudential compliance team responsible for the delivery of market conduct risk-based reviews, assessments, examinations, field audits or surveys and questionnaires of financial institutions and licensed intermediaries within all six financial sectors regulated by FSCO (e.g. insurance companies, loan & trust corporations, credit unions/caisses populaires, mortgage brokerages, pension plans and co-operatives) to ensure that corporate governance, business policies and practices, and customer service operations are in compliance with government legislation, FSCO regulatory requirements, public protection standards and industry best practices. Determines team business objectives, service standards and priorities, and develops service plans to meet business objectives. Monitors/ensures team service delivery meets service and quality standards, and resolves service delivery issues.

2. Oversees the planning and quality control of team market conduct and/or prudential compliance examination, review, audit or survey and questionnaire projects within a matrix environment. In consultation with the colleague Manager(s), Market Conduct Compliance, ensures that staff resources on the teams are assigned to projects with consideration of range of skills in order to address complex and unique market conduct issues within a challenging and changing financial service environment. Monitors, reviews and assesses team services to ensure accuracy, thoroughness, quality, consistency of risk assessment, due diligence, evaluation and management operations; the soundness of recommendations and decisions based on examination, review, audit or survey and questionnaire results, and the achievement of FSCO/branch risk management and statutory objectives. Provides authoritative legislation/policy interpretation and guidance to support the work of staff related to complex operational and technical issues, escalated inquiries and general staff inquiries.

3. Oversees the assessment of the nature/severity of complaint/allegation across the regulated financial services sectors and prioritizes the urgency of the case related to the requirement for follow-up action.






4. Authorizes notifications to financial institution officials and senior management and intermediaries outlining market conduct or prudential examination findings and compliance requirements. Represents FSCO in negotiation meetings with financial institution, intermediary or other officials and/or their representatives to develop remedial plans and facilitate resolution of complex and/or serious issues of risk identification and non-compliance. Exercises compliance decision making on behalf of FSCO, and initiates and authorizes enforcement action for offences within scope of authority as provided by applicable legislation, and/or recommends enforcement action to the Director/Executive Director.

5. Manages the overall provision of technical advice, guidance and consultation services to stakeholder sectors/financial institutions and intermediaries related to the interpretation and application of legislation compliance requirements for the market conduct of financial services in Ontario including corporate governance, risk management, business policies and market conduct practices.

6. Establishes linkages and leads the development of partnership relationships with executives/senior representatives across all regulated financial sectors; negotiates input to legislation/policy amendments; consults on regulatory matters that impact the sector operations in Ontario, and establish/enhance FSCO's reputation as an informed and effective regulator.

7. Leads market conduct compliance teams in the assessment of market conduct risks, impacts and issues in all sectors; the development of issues management strategies, and the provision of expert advice and recommendations to the Director, Executive Director, and CEO/Superintendent. Coordinates the preparation of confidential issues sheets, briefing notes, Cabinet submissions, and correspondence. Oversees the review of CEO and FSCO senior management speaking notes and/or executive correspondence for technical accuracy related to sector consultations and communication. Leads prudential compliance teams in the assessment of solvency risks, impacts and issues in all sectors; the development of issues management strategies, and the provision of expert advice and recommendations to the Director, Executive Director, and CEO/Superintendent.

8. Manages a team of senior compliance staff including hiring employees, assigning responsibilities/projects, establishing team performance standards/measures, providing program guidance and direction, coordinating orientation, training and development opportunities, conducting performance reviews, facilitating a team approach to service delivery, handling employee relations issues, initiating progressive disciplinary action as required, and responding to grievances.

9. Manages external service contracts, as required, including determining consulting requirements; issuing RFP's, reviewing consultant submissions, selecting consultant contractors, and negotiating agreements; and managing contractor services to ensure quality and timeliness of services. Resolves contractor service issues, as required and authorizes the payment of invoices.

10. Manages team operational and project budgets including preparing budget estimates, monitoring/controlling budget allocation expenditures, and authorizing payments for all team budget allocations and liaises with the division coordinator(s).

11. Leads research projects for market conduct or prudential compliance program development and implementation. Provides expertise and advice to the Director, fellow branch and division managers and FSCO and Ministry of Finance policy staff related to the design, development and evaluation of market conduct and/or prudential compliance related legislation, regulations and policies.

12. As a member of the Market Regulation Branch management team, actively participates in the development and evaluation of branch/division business plans and service objectives and strategies; the review of branch/division policies/procedures, and the identification, management and resolution of business delivery and staffing issues. Leads and/or participates on branch, division and FSCO projects, committees and business initiatives, and FSCO, ministry, inter-ministry and industry committees and special project teams.

13. Acts for the Director, Market Regulation Branch, as assigned, including assuming statutory powers of the Director in accordance with relevant legislation.

Knowledge :

The position requires comprehensive technical knowledge and expertise related to market conduct examination and audit theory, principles, and methods, and risk based regulatory techniques within financial services sectors, and knowledge of the business operations, governance, structures, product development processes, nature of products/services and complex partnership agreements/arrangements within the regulated financial service sectors in Ontario to manage/lead teams of senior compliance staff and oversee the quality control of market conduct examination/audit projects and risk assessment/management operations related to regulated financial institutions and intermediaries in Ontario. Knowledge of the FSCO/division legislative authority (e.g. Insurance Act, Compulsory Automobile Insurance Act, Registered Insurance Brokers Act, Mortgage Brokers Lenders and Administration Act, Credit Unions and Caisses Populaires Act, Co-operative Corporations Act, Loan and Trust Corporations Act, Pensions Benefits Act, Financial Services Commission of Ontario Act), and the FSCO mandate, strategic policy direction, objectives, goals, business deliverables, and market conduct compliance and risk assessment policies and procedures to manage Market Conduct Compliance Team operations, services and projects by team staff, and to provide regulatory expertise to stakeholders in all regulated sectors. Technical knowledge/expertise related to financial sector governance structures, business policies and practice standards, and financial products across all regulated financial service sectors to lead and provide technical oversight/guidance for the delivery of market conduct examination and audit projects; to investigate complex, high risk and/or serious compliance issues, and to provide expert technical business assessments briefings/advice to the Director, Market Regulatory Branch, and other division level management. Knowledge of internal audit and/or financial analysis theory, methods and practices to lead and provide technical guidance for the conducting of comprehensive examinations/audits of financial institutions by senior compliance staff. Expertise related to the current operations, developments, trends, issues and changes in the various financial service sectors in Ontario to represent the Government of Ontario/FSCO in consultations with the sectors related to market conduct compliance and to provide expert advice/briefings to the CEO/Superintendent and FSCO senior management on financial service industry developments. Excellent leadership and business planning/management skills and knowledge/skill in human resources management to lead/manage market conduct risk management, examination and audit projects in a matrix operational environment; to manage, lead and motivate staff teams, and to effectively handle and resolve employee relations issues. Project management skills to effectively lead and conduct special team /branch projects. Excellent relationship management, oral communication, consultation and presentation skills to independently represent the Government of Ontario/FSCO with sector officials/representatives on FSCO compliance legislation/policies; chair/lead committees and project teams, and provide briefings and policy recommendations to the CEO/Superintendent and FSCO senior management. Written communication skills to prepare team service plans/standards, technical analytical reports, policy/procedure recommendations, issue briefings, and project plans/reports. Knowledge of word processing, spreadsheet, data base and specialized financial computer software to prepare own work. Multi-team orientation and approach to establish, lead and manage multiple project teams and external contractors as required.

Judgement :

The position works under the general direction of the Director, Market Conduct Regulation Branch and within FSCO's broad legislative and policy framework for the compliance regulation of multiple distinct financial services sectors in Ontario. The position is expected to act with considerable independence in leading/managing the delivery of compliance market conduct examinations and audits of financial institutions in all regulated sectors across Ontario. The position exercises judgement by planning and managing staff/contract resources for multiple market conduct examination and audit projects within a matrix environment. In consultation with the colleague Manager(s), Market Conduct Compliance, the position assesses the level of complexity, risk, and sector expertise specialization required; initiates external contract services as required to meet examination project/time commitments, and establishes teams of senior compliance staff and external contractors with the combined skill/expertise to effectively undertake each project and achieve the branch/FSCO objective for effective compliance risk assessment/management. The position exercises judgement by providing program leadership/direction to compliance project teams and advising on the assessment and resolution of complex issues. Judgement is exercised by reviewing and assessing examination/audit reports, authorizing further examination follow-up requirements, determining appropriate regulatory action, and making enforcement decisions within legislated authority or making recommendations to the Director/Executive Director. The position exercises judgement by monitoring the quality control of market conduct examinations and audits by team staff/contractors, and ensuring effective comprehensive risk management to identify and address complex, unique and significant risks to consumers and impact on the financial service market place in Ontario. The position exercises judgement by independently representing the Government of Ontario/FSCO in consultations with senior officials of all financial service sectors, and by providing briefings and authoritative advice to the CEO/Superintendent, FSCO senior management and ministry officials on sector developments/trends, issues management solutions and policy/regulatory recommendations. The position exercises judgement by leading/providing market conduct technical consultation services to a range of policy/program development and review projects across FSCO.

Accountability - Programs :

Program: The position is accountable to manage, lead, and oversee the planning and delivery of market conduct examinations and audits of financial service institutions within six distinct financial service industry sectors regulated by FSCO to ensure thorough and effective risk assessment and management to protect the consumer public and ensure an efficient and stable financial services sector in the province. To exercise decision making authority for regulatory and enforcement decisions within legislated authorization limits. To lead or provide business expertise for the development/implementation of branch market conduct compliance policies, procedures, standards and processes. To provide market conduct compliance expertise for the development of FSCO-wide regulatory policy.

Human Resources: The position exercises full management authority for a senior market conduct compliance staff team and for examination/audit staff/contractor teams within a matrix environment.

Financial: The position develops, manages, controls and reports on team operational and project budgets.

Impact of Error: Poor judgement in the management of team market conduct compliance operations or inadequate oversight of the conducting of market conduct examinations/audits with resulting errors in risk assessments or enforcement decisions which could result in significant loss of credibility for the government/FSCO related to its public regulatory mandate and accountability to monitor and safeguard the consumer public from risk in the six financial service industry sectors in Ontario. Decisions made by the position directly impact the effectiveness of the risk assessment and enforcement of FSCO regulatory legislation related to provincial financial service market conduct compliance, and may result in significant unfair business practices with financial impact on the consumer public. Such impact of errors may result in significant complaints to the Superintendent/Minister and allegations of regulatory negligence.

Contact - Internal :

Internal: The position has frequent contact with FSCO senior management, the CEO/Superintendent and management/officials of the Ministry of Finance to provide technical expertise/advice on market conduct compliance issues/impacts and sector developments/trends in Ontario, and to present recommendations on compliance regulatory policy, programs and issues management. The position provides frequent market conduct compliance advice/expertise to management/staff across FSCO to contribute to policy/program development and review initiatives. The position has regular contact with other ministries to provide information/expertise on the interpretation and application of FSCO legislation and market conduct policy and practices related to the regulation of financial service sectors in Ontario.

External: The position has frequent contact with officials and senior representatives of Ontario financial services industries in all regulated sectors to provide expertise/advice on FSCO legislation and compliance regulations/policies, and resolve complex market conduct compliance issues. Regular contact with external contractors to provide leadership/management on a project basis. Frequent contact with other financial services regulators in Ontario and Canada can be expected, to provide expertise/advice on FSCO legislation and compliance regulations/policies/practices, and to collaborate to resolve complex market conduct compliance issues that cross jurisdictions.