Being a traditional bank just isn’t our thing, so we challenge ourselves to get creative in providing innovative banking solutions for Canadians.
How do we get there? With a talented team of inquisitive and agile challengers that break through the status quo. So, if you’re passionate about redefining the future of banking—while having fun—this could be your next big opportunity.
Our company continues to grow, and today we serve more than 670,000 people across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members. Together we have over $125 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our customers have named our EQ Bank digital platform (eqbank.ca) one of the top banks in Canada on the Forbes World's Best Banks list since 2021.
The Work
This position is responsible for providing subject matter expertise (SME) on establishing compliance with minimum qualifying criteria established by the Office of the Superintendent Financial Institutions, Canada (“OSFI”) to adopt the Advanced Internal Ratings Based (AIRB) approach to calculating regulatory capital. In addition, the position will guide overall compliance to Basel regulatory directives and coordinate with stakeholders to actively track and update EQB’s Senior Management on impacts of emerging Basel regulations.
The incumbent will be responsible for supporting the Director, Enterprise Compliance Programs in providing oversight for the Bank’s AIRB Implementation Program (the “Program”) in accordance with OSFI Capital Adequacy Requirements (CAR) guidelines and senior management expectations. In addition, the incumbent will provide regulatory capital guidance based on OSFI’s CAR and institute appropriate governance, processes and controls as required to enable the Bank to meet minimum AIRB requirements and support the Bank’s full application to OSFI for the adoption of AIRB for Credit Risk, and ongoing Basel operations post-approval.
Basel Compliance SME (80%)
- Interpret regulatory capital requirements and provide direction on the development of detailed business and data requirements to meet AIRB standards.
- Provide subject matter expertise and guidance on AIRB requirements.
- Support the first line to complete their self-assessments.
- Conduct second line review of first line self-assessments, subject to SDRG final review.
- Design, develop, document, and implement processes for identifying and validating existing regulatory compliance gaps and related gap closure action plans.
- Ensure timely identification and appropriate escalation of decisions, risks, issues, and actions.
- Support the SDRG in the preparation of the AIRB application package:
- Coordinate the completion of self-assessments,
- Collect supporting documentation,
- Manage compliance gaps and coordinate corresponding approvals from business stream leads and program sponsors.
- Develop, maintain, and enhance the Basel Compliance Framework to ensure minimum AIRB requirements are met at the outset and on an ongoing basis.
- Communicate effectively with Basel Program team members to ensure that Basel compliance processes are carried out consistently in accordance with the agreed program timelines.
- Participate in the evolution of the overall Basel Compliance framework to align with best practices and regulatory standards.
- Support internal and external audit related to the AIRB Program.
Change and Stakeholder Management (20%)
- Support Basel regulatory change management relating to OSFI housekeeping changes and other regulatory requirements and help identify any potential compliance gaps.
- Provide timely guidance and mentoring to members of the ERM Risk Governance team.
- Educate the broader Program team and conduct ongoing Basel Compliance training to foster effective compliance.
- Develop and maintain effective relationships with the business units, across risk management, and with technology teams to ensure Basel AIRB program success.
- Identify and make recommendations to SDRG and VP-ERM on staffing resource requirements needed to adequately execute key strategic compliance objectives of the team.
- Identify appropriate training opportunities or external courses to improve staff effectiveness.
Let's Talk About You!
- Minimum of 7 years of experience in Risk Management, Policy, Compliance, Law, or Bank Regulation and/or a PhD/master’s degree in mathematical finance, financial engineering, statistics, econometrics, or other relevant postgraduate degree.
- Extensive knowledge of OSFI capital adequacy requirements.
- Minimum of 3 years’ experience with AIRB self-assessments process.
- Excellent oral and written communication skills as well as excellent presentation skills with ability to conduct presentations comfortably to senior and executive management.
- Ability to pro-actively identify and solve problems, and escalate issues through the proper governance protocols and channels.
- Knowledge of industry best-practices on self-assessments against regulatory capital model guidelines.
- Strong leadership and people management skills to lead a team to enhance the Bank’s regulatory capital compliance practices.
The incumbent will be working hybrid and in office time will be spent working from Equitable Bank’s additional office space located at 2200-25 Ontario Street, Toronto, ON. Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.
We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position. We can’t wait to get to know you!