Director, Internal Controls

WHO WE ARE                                            

HomeEquity Bank is a Schedule 1 Canadian chartered bank and the leading national provider of reverse mortgages, with a growing portfolio. As the only bank solely dedicated to serving homeowners 55 and up, we’re passionate about helping Canadian homeowners live retirement on their terms. We live that commitment every day, with a range of reverse mortgage solutions that include our flagship CHIP Reverse Mortgage™ product.  
  

Our Values, Our Passion

At HomeEquity Bank, our values drive and inspire our actions with our customers, our partners and each other.  

Customer-Focused. Passionate Advocates 

Courage to Act. Do the Right Thing 

One Team. One Vision 

Think Long-Term. Ever-Evolving 

Be Exceptional. Inspire Greatness

POSITION SUMMARY

Reporting to the SVP, Mortgage Operations & Portfolio Management, the Director Internal Controls leads the mandate of the 1B Function within the Operations and Transformation team, operating within the Three Lines of Defense operating model. They drive an end-to-end strategy promoting risk awareness in the First Line of Defense (1LOD), conduct risk management activities, and perform controls testing reviews on 1LOD risk mitigating activities against enterprise-level and Business Unit-level requirements. 

The 1B Function strives to empower the 1LOD to manage risks arising from day-to-day activities, to promote consistent execution of processes and risk management activities, to avoid duplication of effort and attain optimal coverage of risks across the Three Lines of Defense. 

KEY RESPONSIBILITIES 

Overall

• Promote risk awareness
• Coordinate and execute risk management activities in collaboration with business unit leaders within Operations and Transformation
• Assist in the development of 1LOD standard operating procedures
• Perform controls testing of 1LOD adherence to enterprise-level requirements and business unit specific operating procedures 
• Share control testing plans, methodology and results with 2LOD and 3LOD on a regular basis
• Maintain a working understanding of all 1LOD obligations set out within the Enterprise Risk Management Framework
• Act as the primary liaison between 1LOD and 2LOD 

Risk Appetite Framework

• Provide input on the KRI thresholds to enable monitoring of risks
• Monitor and report on KRIs where applicable 

Risk Assessments

• Promote standardized risk assessment processes across 1LOD
• Monitor changes to the business profile and inform 2LOD of changes
• Perform reasonability review on the material completeness and accuracy of the risk assessment universe
• Perform reasonability review on the accuracy of the risk assessment, including the Inherent Risk and Control Strength ratings
• Monitor the status of risk assessments to ensure timely completion by the 1LOD
• Identify risk trends and emerging risks across the 1LOD and inform management and 2LOD of the risk exposure

Monitor and Testing

• Develop and maintain control testing plan
• Regularly consult management and review 2LOD and 3LOD testing results to determine appropriate updates to the control testing plan 
• Execute controls testing activities
• Maintain record of controls testing working paper and relevant reporting 

Issues Management

• Promote standardized issues management process across 1LOD
• Validate issues and the associated issues severity ratings
• Ensure an action plan is developed by 1LOD to address identified issues
• Monitor status of action plans and provide updates to management and 2LOD regularly
• Perform root cause analysis on 1LOD issues to identify risk themes and trends
• Report analysis to management and shared with 2LOD and 3LOD 

Training

• Assist with development and maintenance of business unit specific training
• Provide insights to 2LOD on training needs for enterprise-level requirements

Reporting

• Report 1B Function activities to management and the 2LOD on a regular basis
• Ensure management reporting is performed in a consistent and timely manner (e.g. perform reasonability review on the accuracy and completeness of 1LOD matters on the CCO / CRO report) 

Fraud Program and Investigation 

• Establish a fraud team and structure in the 1LOD
• Responsible to implement fraud controls in place across the reverse mortgage journey (Broker/ sales rep, Underwriting, appraisals, fulfillment and servicing)
• Assist the business on a day-to-day basis from a fraud detection, prevention and response perspective
• Implement a fraud investigation program for ongoing fraud investigation

SKILLS AND EXPERIENCE 

Qualifications

• Financial services industry knowledge
• Proven experience and highly skilled at analyzing, interpreting regulations and implementing general policies and procedures to ensure compliance
• Prior experience in 1B Function and/or 2LOD
• Prior experience in reviewing processes, control testing, results analysis and report writing
• Experience in developing and maintaining effective relationships with internal and external stakeholders
• Experience in developing and delivering training 

Working Conditions Unique to Job

• Hybrid office environment

WHY WORK AT HOMEEQUITY BANK?

Great Environment

HomeEquity Bank offers a hybrid working environment supported with a culture of flexibility – an approach that is unique to each person, and that enables both business and individual needs to be met in a mutually beneficial way.

We pride ourselves in recognizing and celebrating performance, community service, teamwork, and diversity among our employees.
 

A Dynamic Culture – With People at the Centre  

We believe our people make all the difference; our tireless commitment to inclusivity, professional development, and employee experience has been recognized through awards including the Greater Toronto’s Top Employers 2024,Waterstone Canada's Most Admired Corporate Cultures 2022-2023, the Globe and Mail's Report on Business: Canada's Top Growing Companies 2022 (third year since 2019), Canadian's Mortgage Professional (CMP) Top Mortgage Employer 2023 for the third year in a row and Achievers Top 50 Most Engaged Workplaces 2023. 
 

Growth and Opportunities
We provide challenging and rewarding careers in a wide variety of fields. We continuously develop and train our employees through professional growth opportunities and on-the-job training. We also encourage our employees to develop professionally and personally though a series of career developing programs including our Educational Assistance Program, designed to reimburse costs related to professional learning and development.  
 

Celebrating Great Work and People

We believe in an environment that celebrates success, knowledge, leadership, and work that is inspired by our core values. For these reasons, we have created several programs that make it easy for our employees to say ‘great job’ to their colleagues and leaders.

From our Appreciate! Program to the High Five Award Program and President’s Award Program, we recognize professional achievement with a variety of rewards including points towards gift cards, merchandise, and travel experiences, as well as group RRSP/DPSP contributions and more.

Our Community Leadership Program recognizes employees who make a positive impact in their communities through volunteer work with a grant for their charity of choice. Additionally, we provide employees with one paid day off each year to volunteer at their favourite local charity.

The Perks

HomeEquity Bank offers a competitive total rewards package that includes:

• Extended health and dental benefits
• Employee & Family Assistance Program
• Employer-Matched Group Retirement Savings Plan
• Employee Share Investment Plan
• Well-being initiatives including: a wellness account; virtual self-care programs and extended mental health benefits
• Employee corporate discount for GoodLife Fitness 

HomeEquity Bank is committed to an inclusive, equitable and accessible workplace. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Please note that our successful candidate is required to complete a background check.

Stay in the Know

Find out what we’re up to online, and learn more about what makes HomeEquity Bank a great place to work:

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