Role Responsibilities

Are you interested in an opportunity to impact the safety and soundness of Alberta’s insurance entities, while gaining a unique insight into the insurance industry in Alberta? Are you looking to join the Alberta Public Service in a professional role where your analytical, financial, and regulatory expertise will make a difference? If your answer is YES, then we have an opportunity for you – come grow your career with us!

Reporting to the Director, Prudential Supervision, Insurance Regulation and Market Conduct, you will be responsible for managing relationships with assigned entities and conducting the regulatory and supervisory activities necessary to ensure the operational safety and soundness of the following regulated insurance entities:

• Insurance Companies Incorporated in Alberta;
• Reciprocal Insurance Exchanges formed in or transferred to Alberta;
• Captive Insurance Companies; and
• Other Regulated Entities.

In this position, you will work closely with Alberta’s regulated insurance entities - providing guidance and information, conducting examinations, reviewing new licence or change applications for licensing or incorporation in Alberta, and issuing assessments levied to insurance entities operating in Alberta. You will review and assess industry trends, risks, and changes, and develop alternatives and recommendations to ensure Alberta’s supervisory objectives continue to be met.

This Advisor position is responsible for fulfilling Branch responsibilities including, but not limited to:

• Supervising the solvency, governance, compliance, and risk management practices of insurance entities for which Alberta is the primary regulator.
• Conducting examinations of regulated entities in accordance with a risk-based supervisory framework, including regular desk examinations and onsite reviews.
• Reviewing, analyzing, and providing recommendations on capital management, reinsurance, investment, outsourcing, and other risk mitigation policies and procedures in relation to the nature, size, complexity, and risk profile of each entity’s operation.
• Reviewing compliance with legislation and regulations and identifying areas of non-compliance.
• Monitoring, assessing, and communicating relevant changes in insurance industry trends, risks, and financial reporting standards to maintain Alberta’s supervisory objectives.
• Reviewing and analyzing new licence and change applications from prospective and existing insurers and reciprocals, and making recommendations.
• Administering the Recovery of Administration Costs regulation, including the issuance of industry-wide assessments levied to roughly 235 insurance entities operating in Alberta.
• Supporting the research and development of supervisory strategies for the Superintendent of Insurance to employ in the proactive supervision of these entities.

Please click on this link to view the job description for this position.

APS Competencies

Competencies are behaviors that are essential to reach our goals in serving Albertans. We encourage you to have an in depth understanding of the competencies that are required for this opportunity and to be prepared to demonstrate them during the recruitment process. This link will assist you with understanding competencies: APS Competency Model

In this role, you will contribute to our team by demonstrating the following competencies:

• Systems Thinking – You anticipate outcomes and potential impacts across interrelated legislation, entities and risks, and understand how changes in the insurance marketplace can affect regulated entities – recommending adjustments to supervision to account for these changes.
• Creative Problem Solving – You break apart complex problems and engage the right people to identify risks and recommendations, ensuring a thorough understanding of the risks and their impacts to solvency, risk management and governance.
• Agility – You anticipate, assess, and readily adapt to changing priorities when working with regulated entities, applying problem solving and interpretive skills to monitor, analyze and evaluate complex and technical financial information.
• Drive for Results – You execute the Branch’s prudential supervision plan while maximizing available resources, and manage a large volume of work with care and attention to the recommended course of action.
• Building Collaborative Environments – You maintain open communication with regulated entities and your team to enable proactive supervision, and represent Alberta with regulators across Canada to advance shared regulatory outcomes.

Qualifications

The position requires a university degree in a related field (such as business, accounting, finance, economics, or risk management) and a minimum of four years of related work experience. Related work experience includes the insurance industry, financial analysis, accounting, analytics, or risk management.

The following would be considered an asset:

• A recognized designation in accounting, analytics, actuarial science, risk management, or insurance (e.g., CPA, CIP, FCIP, ACIA, FCIA);
• Knowledge of the Insurance Act and related legislation and regulations, as well as the applicable supervisory guidelines and framework;
• Knowledge of, and experience in, the insurance industry, including property and casualty and/or life insurance;
• Experience in financial analyses and processes carried out to assess performance and risk in an insurance or enterprise risk management environment;
• Awareness of International Financial Reporting Standards (IFRS) and audit systems;
• Knowledge of, or experience with, international, federal, and provincial supervisory guidelines and processes.

Directly related education or experience may be considered on the basis of 1 year of education for 1 year of experience, or 1 year of experience for 1 year of education.

A cover letter outlining how your experience relates to the qualifications listed above will help us to better understand your fit for this role.

Minimum recruitment standards outline the minimum education and experience required for appointment to a job classification. Refer to https://www.alberta.ca/alberta-public-service-minimum-recruitment-standards

Notes

This is a permanent, full-time position working 7.25 hours per day / 36.25 hours per week, Monday to Friday. The position is located in the Terrace Building in downtown Edmonton (9515 - 107 Street).

Final candidates will be required to undergo a security screening.

This competition may be used to fill future vacancies at the same or lower classification levels across the Government of Alberta.
Opportunity to participate in flexible work arrangements such as working from home up to two days per week and modified work schedule agreements.

Any costs associated with obtaining the required documents/checks as noted or interview travel expenses, will be the responsibility of the candidate. Out-of-province applicants can obtain the required documents/checks from the province they currently reside in.

What we offer:

• Working for the Alberta Public Service – https://www.alberta.ca/advantages-working-for-alberta-public-service.aspx
• Public Service Pension Plan (PSPP) – https://www.pspp.ca
• Alberta Public Service Benefit Information – https://www.alberta.ca/alberta-public-service-benefits
• Professional learning and development – https://www.alberta.ca/professional-development-support-directive
• Research Alberta Public Service Careers tool – https://researchapscareers.alberta.ca
• Positive workplace culture and work-life balance.
• Leadership and mentorship programs.