Director, Enterprise Risk Management and Insurance
University of Toronto
Location: Toronto, ON
Department: Enterprise Risk Management and Insurance Office
The University of Toronto is inviting applications for the position of Director, Enterprise Risk Management and Insurance, responsible for advancing the university’s newly established enterprise risk management framework.
The mandate of the Enterprise Risk Management (ERM) and Insurance Management Office at the University of Toronto is to deliver an enterprise risk management program that the university can utilize to integrate with its strategy-setting and operational activities to assist institutional leaders identify, manage and monitor risk. An integral part of the risk management function is to manage the insurance portfolio and all related claims for the university.
The Office is a resource to the University in the identification and management of risk as it impacts institutional priorities. The incumbent is a knowledgeable leader in the evolving discipline of enterprise risk management, particularly in relation to emerging risk trends, the integration of risk with institutional strategies, risk appetite frameworks and developing key performance indicators for risk reporting.
The Office is also accountable for ensuring that Governing Council receives appropriate reporting on identified risk and management initiatives such that it successfully meets its oversight obligations. The Office handles confidential and sensitive information pertaining to the University operations.
Key Responsibilities
Enterprise Risk Management Program
Qualifications
The salary range for this position is $165,350 – 192,911.
University of Toronto
Location: Toronto, ON
Department: Enterprise Risk Management and Insurance Office
The University of Toronto is inviting applications for the position of Director, Enterprise Risk Management and Insurance, responsible for advancing the university’s newly established enterprise risk management framework.
The mandate of the Enterprise Risk Management (ERM) and Insurance Management Office at the University of Toronto is to deliver an enterprise risk management program that the university can utilize to integrate with its strategy-setting and operational activities to assist institutional leaders identify, manage and monitor risk. An integral part of the risk management function is to manage the insurance portfolio and all related claims for the university.
The Office is a resource to the University in the identification and management of risk as it impacts institutional priorities. The incumbent is a knowledgeable leader in the evolving discipline of enterprise risk management, particularly in relation to emerging risk trends, the integration of risk with institutional strategies, risk appetite frameworks and developing key performance indicators for risk reporting.
The Office is also accountable for ensuring that Governing Council receives appropriate reporting on identified risk and management initiatives such that it successfully meets its oversight obligations. The Office handles confidential and sensitive information pertaining to the University operations.
Key Responsibilities
Enterprise Risk Management Program
- Develop a comprehensive Enterprise Risk Management program that identifies the strategic, institutional risks to the university.
- Facilitate consideration of identified risks so to understand and benefit from risk opportunities, risk issues, control failures and near misses.
- Lead the processes associated with the identification, scoring, mitigation and monitoring of enterprise risks.
- Provide strategic expert advice and guidance to senior leaders that is critical in the development of policies and procedures for major functions of the University, e.g. finance, operations, safety and security.
- Develop university-wide policy to assist in applying determined risk tolerance to administrative decision-making.
- Lead and facilitate the implementation and communication of the risk policy across the University.
- Facilitate the enterprise risk management program knowledge transfer across the university to contribute to sustainable enterprise risk practices and processes.
- Oversee a complex, multifaceted insurance program comprised of high self-insured retentions, specialist insurance providers and selected, high quality commercial suppliers as and when required.
- Oversee the implementation of university-wide policy for all areas involving insurance, such as departmental responsibility deductibles, self-insured claims, reserve parameters, premium cost allocations to ancillaries and coverage issues.
- Working closely with the Assistant Director, Insurance, lead various special projects at the request of senior management, such as negotiation, implementation and oversight of contracts, feasibility studies for new student initiatives, fixed asset inventory systems, self-insured construction programs and other special projects, requiring a strategic, multi-disciplinary approach to planning, organizing, coordinating, implementing and managing for the many constituencies who may be involved.
- Develop process for measurement of risk mitigation activities that will inform reporting to leadership and governance.
- Develop criteria for measuring risks and assessment of mitigation strategies that are data-based.
- Assess ongoing insurance needs for the University and arrange special policy coverage for special priority projects on an individual and customized basis.
- Utilizing a change management approach, lead the implementation of the ERM program ensuring the support and participation of senior leadership.
- Serve as a resource for the University risk identification, mitigation, assessment and development of strategies to manage a variety or risks associated with expanding academic, research, international activities, as well as new program or service opportunities, facility services, ancillary, construction and research projects.
- Play a key leadership role, with the support from Assistant Director, Risk, in bringing together multi-disciplinary expertise as needed for special projects to achieve substantial University goals, project management expertise, heading the feasibility assessment for student initiatives and other special projects that arise from time to time.
- Accountable for regular reporting to university leadership and the Governing Council through the Audit Committee.
- Ensure governors have good understanding of key institutional risks and emerging risks, the nature and effectiveness of risk mitigation and residual risk.
- Develop a governance-wide approach to risk reporting that allows a general understanding of key institutional risks and mitigation strategies by all Governors, which includes an annual report on risk oversight activities to Governing Council by the Chair.
- Lead a bi-annual review process of governance reporting to ensure the reporting is adequate in supporting governance oversight.
- Monitor and manage costs pertaining to ERM and insurance function of the university, including systems and services, budget preparation, forecasting, premium allocations, variance reports, accountability and information reports to senior management and to Audit Committee of Business Board.
- Oversees large, complex claims to ensure the University’s financial and other interests are protected, e.g. fire loss, major machinery breakdown, multi-million dollar liability lawsuits or crime/defalcation. Exercise discretion, apply experience and decision-making skills to adjudicate claims within the significant self-insured retention amounts in the best overall interests of the University.
- Working closely with the Assistant Director, Insurance, negotiate and procure multifaceted insurance policies comprised of high self insured retentions, specialist insurance providers and selected, high quality commercial suppliers as and when required insurance policy coverage for the University and ensure that coverage levels protect the University’s financial and legal interests.
- Full managerial authority over the staff in the work unit/department, including overseeing Coordinator, ERM and Assistant Director, Insurance and their team comprising of unionized employees.
- Plan strategically for and define the organizational structure for the office including the kinds of equipment used, the methods and techniques of work, the work assignments, duties and responsibilities of positions and the classifications and qualifications of positions as well as other management rights contained in appropriate collective agreements.
- Implement changes to the organizational structure, including organizational change, hiring, layoff, demotions, creating and eliminating positions.
- Determine appropriate disposition of the grievance, in consultation with Human Resources and Labour Relations, based on knowledge of collective agreements and labour relations procedures.
- Provide documentation and information to legal counsel in preparation for grievance arbitration hearings.
Qualifications
- An undergraduate degree in a relevant area of study (e.g. Business, Finance, Law) or acceptable combination of education and relevant experience. Graduate degree an asset.
- Canadian Risk Management certification or equivalent is required.
- Minimum ten (10) years of leadership experience in enterprise risk management function.
- Experience in an organization with scale and complexity, range of stakeholders and complex governance structure that parallels University of Toronto, preferably in the public sector.
- Demonstrated experience in enterprise risk management, regulatory compliance, legislative frameworks and policy development.
- Experience with risk identification, reporting, and mitigation strategies that align with the University priorities.
- Experience in insurance management, lines of insurance coverage.
- Demonstrated experience in successfully leading, motivating and managing a diverse team towards the strategic goals of enterprise risk management function.
- Proven experience in successfully leading complex projects and teams across a variety of different institutional areas.
The salary range for this position is $165,350 – 192,911.
How to Apply
To express interest in this opportunity please apply online by clicking Apply Now.
This search is for a current, existing vacancy. For more information about this exciting opportunity please contact Abbey MacLeod, Senior Executive Recruiter, at amacleod@kbrs.ca or Mark Gillis, Partner, at mgillis@kbrs.ca. If you require accommodation to participate in the recruitment process, please let us know.
The University of Toronto embraces Diversity and is building a culture of belonging that increases our capacity to effectively address and serve the interests of our global community. We strongly encourage applications from Indigenous Peoples, Black and racialized persons, women, persons with disabilities, and people of diverse sexual and gender identities. We value applicants who have demonstrated a commitment to equity, diversity and inclusion and recognize that diverse perspectives, experiences, and expertise are essential to strengthening our academic mission.
The University of Toronto and KBRS will provide support in the recruitment processes to applicants with disabilities, including accommodation that takes into account an applicant’s accessibility needs. If you require accommodation to participate as a candidate in the recruitment process, please contact accommodate@kbrs.ca or communicate
To express interest in this opportunity please apply online by clicking Apply Now.
This search is for a current, existing vacancy. For more information about this exciting opportunity please contact Abbey MacLeod, Senior Executive Recruiter, at amacleod@kbrs.ca or Mark Gillis, Partner, at mgillis@kbrs.ca. If you require accommodation to participate in the recruitment process, please let us know.
The University of Toronto embraces Diversity and is building a culture of belonging that increases our capacity to effectively address and serve the interests of our global community. We strongly encourage applications from Indigenous Peoples, Black and racialized persons, women, persons with disabilities, and people of diverse sexual and gender identities. We value applicants who have demonstrated a commitment to equity, diversity and inclusion and recognize that diverse perspectives, experiences, and expertise are essential to strengthening our academic mission.
The University of Toronto and KBRS will provide support in the recruitment processes to applicants with disabilities, including accommodation that takes into account an applicant’s accessibility needs. If you require accommodation to participate as a candidate in the recruitment process, please contact accommodate@kbrs.ca or communicate
