PURPOSE:
Leads and oversees the strategy, governance, design, financial reporting and policy of the Bank’s Global active and retiree benefit and wellness plans.
Responsible for identifying coordinated design opportunities across benefit programs to align with the Bank's financial and strategic goals and Total Rewards philosophy.
Ensures global benefit plans and initiatives are designed and executed in compliance with governing regulations, internal policies and procedures and the Bank’s risk appetite.
Leads and drives a customer focused culture throughout their team to deepen client relationships and leverage broader Bank relationships, systems and knowledge.
Lead and direct the research, design and development of the Bank’s benefit programs globally to attract, retain and motivate employees - consistent with the Bank’s business and total rewards objectives – with particular focus on cost management, wellness, emerging industry trends, market competitiveness and legislative requirements.
Develop and maintain global benefits governance framework, addressing design, governance, funding and operations of the Bank’s Global benefit plans including multinational pooling opportunities and regional broker agreements.
Champion the Bank’s wellness strategy in Canada and around the world. Oversee the development of initiatives, programs and policies that support physical and emotional wellness and healthy employees.
Direct the actuarial and financial oversight of benefit programs and policies globally to ensure relevance and alignment with the Bank’s priorities.
Work in collaboration with external vendors and internal counterparts within finance to establish and monitor the cash funding and financial reporting policies and governance processes for the Bank’s benefits programs globally.
Establish and monitor the compliance of the programs globally as they relate to SOX, actuarial requirements and best practices and accounting standards.
Oversee the preparation of actuarial valuations by external consulting staff.
Direct the financial modeling for the post-retirement benefits plans for financial reporting and contribution to the Enterprise Risk Management reporting and the Enterprise Wide Stress Testing analysis
Direct the financial analysis of benefits for new, existing, or other initiatives (such as mergers, acquisitions and divestitures).
Manage all underwriting arrangements with external providers and set price tags and premiums for all flexible plans for annual/biannual re-enrollment processes.
Look for opportunities to consolidate, streamline, and expand existing programs/policies to drive operational efficiency and economies of scale.
Act as the bank’s Benefits and Wellness representative on various external committees. Participation in these committees includes attending regular meetings, directing research for papers participating in the development of external papers for presentation to various levels of government and making presentations on Scotiabank’s products, programs and direction as it relates to benefits and wellness.
Provide consultative services on matters of benefits policy rationale, interpretation and application by maintaining awareness of emerging trends and best practices.
Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.
Creates an environment in which their team pursues effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework, Regulatory Compliance Risk Management Framework, AML/ATF Global Handbook and the Guidelines for Business Conduct.
Builds a high performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment with the ability to communicate vison/values/business strategy and manage succession and development planning for the team. Future team will/may include individuals outside of Canada.
EXPERIENCE REQUIRED:
FCIA, FSA required
University degree in math, finance, business or comparable subject matter
15+ years of relevant leadership experience resulting in expert knowledge of design, pricing, funding and accounting of global active and retiree benefit arrangements.
Excellent written, verbal communication and presentation skills in order to clearly summarize and effectively share complex information with various audiences.
In-depth knowledge of post-retirement benefits funding and accounting, including International Financial Reporting Standards (IFRS).
Strong knowledge of Canadian federal/provincial benefits & tax legislation.
The ability to work independently and as part of a team, including the ability to build close working relationships with a large number of individuals across the Bank and among external advisors and regulators.
Spanish would be an asset.
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