Senior Supervisor, Risk Monitoring

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The Bank of Canada has a vision to be a leading central bank—dynamic, engaged and trusted—committed to a better Canada. No other employer in the country offers you the unique opportunity to work at the very center of Canada’s economy, in an organization with significant impact on the economic and financial well-being of all Canadians. You will be challenged, energized and motivated to excel in our environment. 

Building on the principles that have always guided us – excellence, integrity and respect – we strive to be forward-looking and innovative, to welcome people with diverse perspectives and talents, and to earn trust by living up to our commitments and by clearly explaining the intent of our policies and actions.  

With our defined-benefit pension plan, benefits, and high flexibility for work life balance - find out more about why we are annually ranked as one of Canada's top employers:  Working Here - Bank of Canada

 

Find out more about the next steps in our Recruitment process. 

 

Note: The location for these positions may be Ottawa, Toronto, Montreal or Vancouver. Relocation assistance may be provided, if required.

 

About the Supervision Department

The payments landscape in Canada and globally is changing rapidly. The rapid pace of technological change in Canada and around the world is introducing new and better ways for consumers and businesses to make payments.

 

The federal government is implementing a new Retail Payments Supervisory (RPS) Framework under the Retail Payment Activities Act. Under this Framework, the Bank of Canada would supervise retail payment service providers’ (PSPs) compliance with operational risk management and fund safeguarding requirements and maintain a public registry of regulated PSPs.

 

The Bank will assess whether PSPs are adequately managing their risks and help identify areas where their risk-management practices should be improved. To fulfill its mandate, the Bank will have a combination of tools to promote compliance including allowing the Bank to enforce regulatory requirements when necessary.

 

What you will do

You will apply your knowledge of financial risk and/or operational risk management practices to contribute to the design and implementation of this new supervisory framework for retail PSPs. You are part of the Risk-Monitoring team responsible for the development and implementation of:

• Guidance on risk management expectations for PSPs, including those for operational risk management and fund safeguarding as outlined in the Retail Payment Activities Act;
• Assessment criteria that guide the Bank’s determination of a PSPs’ compliance with supervisory expectations; and
• Supervisory practices that guide the Bank’s risk-based approach to the assessment of PSPs’ risk management practices.
• Developing materials to support the training of supervisors.

 

Once the Retail Payment Activities Act comes into force, as a senior supervisor, you will implement the supervisory practices and policies set out in the retail payments supervisory framework. This includes:

• Performing assessments of PSPs’ operational and end-user fund safeguarding risks, vulnerabilities and adequacy and effectiveness of controls;
• Communicating with PSPs on issues related to ongoing risk assessment activities;
• Liaising across the department with colleagues on supervisory actions;
• Contributing to the development of new processes and policies to optimize the Bank’s approach to PSP risk assessment; and
• Analyzing reporting from PSPs, including quantitative data about PSPs’ retail payment activities.

 

What you need to succeed

As an innovative, and self-motivated problem solver, you have experience:

• Supervising or assessing the risk management practices of financial institutions or financial technology firms;
• Designing or developing risk management policies and practices related the financial sector, the payments ecosystem, or financial technology firms; or 
• Applying or implementing risk management policies and practices related the financial sector, the payments ecosystem or financial technology firms.
• You also have knowledge of the Canadian financial system and the role of regulation and supervision in maintaining a well-functioning system.

 

You are a critical thinker, able to synthesize information and provide quality analyses while considering many factors and perspectives. You are flexible and able to adapt to an evolving work environment and changing priorities. Furthermore, you can organize and balance a variety of tasks. You have an ability to communicate clearly and adapt your communication style for a wide range of audiences, including senior management and external stakeholders. 

 

You are equally comfortable working collaboratively within a team, or independently. You develop and maintain harmonious relationships with a wide range of business contacts and build supportive working relationships with peers, your leader, as well as internal and external stakeholders.

 

Nice to have

• Expertise in one (or more) of the following areas:
  • Operational or cyber risk management practices;
  • Safeguarding of funds and trust or custodial arrangements;
  • Financial auditing or financial reporting practices;
  • Insurance contract underwriting and administration
• Knowledge of retail payment service providers, the retail payments ecosystem, or financial technology companies (paytechs or fintechs).

 

Your Education and Experience

The position requires a master's degree with a minimum of four years of relevant experience or a bachelor`s degree with six years of relevant experience in financial sector risk management or policy development, ideally with a focus on operational risk or funds safeguarding risk management policies and practices.

 

What you need to know

• Language requirement: While this is a bilingual position, all candidates are encouraged to apply. Training may be provided to help reach the required level of fully functional (level 5) in the second official language.
• Priority will be given to Canadian citizens and permanent residents
• Security level required: Be eligible to obtain Secret 
• Relocation assistance may be provided, if required
• Please save a copy of the job poster. Once the closing date has passed, it will no longer be available.
• This poster may be used to fill other Senior Supervisor positions (term or permanent) within the Supervision Department.
  From time to time, the Bank of Canada posts positions for the role of a Senior Supervisor and/or Principal Supervisor. The role of a Senior Supervisor (job grade 17) and a Principal Supervisor (job grade 18) are similar in nature, however the Principal Supervisor role entails managing a more extensive and complex portfolio. As a result, education and experience requirements are different for the two roles. The Bank of Canada may determine the appropriate job grade upon review of the candidate’s education level and work experience, among other things. Should the Bank of Canada deem an applicant is better suited for one role over the other, selected candidates will be informed and will be requested to confirm their continued interest in their application.
• Interviews may begin as early as 20 November 2023.
• Kindly ensure to submit a cover letter along with your resume when applying for this role.

 

Hybrid Work Model

The Bank offers work arrangements that provide employees with flexibility, enable high-performing teams, and support an excellent workplace culture. Most employees can telework from home for a substantial part of each month as part of the Bank`s hybrid work model, and they are expected on site at the Bank location a minimum of eight days per month to help build connections between colleagues. You must live in Canada, and within reasonable commuting distance of the office.

 

What you can expect from us
This is a great opportunity to join a leading organization and be part of a high-performing team. We offer a competitive compensation and benefits package designed to meet your needs at every stage of your life and career. For more information on key benefits please visit A great deal to consider. 

 

• Salaries are based on qualifications and experience and typically range from $88,600 to $132,800 (job grade 17)
• The Bank offers an incentive for successfully meeting expectations at  7 to 10% of your base salary. The Bank offers performance pay for those who exceed expectations (15% of your base salary).. Exceptional performers who far exceed expectations may be eligible for higher performance pay.
• Flexible and comprehensive benefits so you can choose the level of health, dental disability and life and/or accident insurance coverage that meets your needs
• Extra vacation days (up to five each year) that you can purchase to add to your vacation entitlement
• Indexed, defined-benefit pension

 

We wish to thank all applicants for their interest and effort in applying for this position. Only candidates selected for interviews will be contacted.