Requisition ID: 175161

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
Purpose
Accountable for the overall success of the Benefits policy for Total Rewards in Canada and US, ensuring specific individual goals, plans, and initiatives are executed / delivered in support of the team?s business strategies and objectives. Ensures all activities conducted are in compliance with governing regulations, internal policies and procedures.
Key Accountabilities

• Champions a customer focused culture to deepen client relationships and leverage broader Bank relationships, systems and knowledge.
• Manage the research and analysis of the impact of federal, provincial and stateside benefits legislation for compliance, benefits design, administration, and strategy.
• Establish and manage external provider relationships to ensure quality service is achieved.
• Ensure benefit programs are designed within consideration of needs, cost-efficiency, competitive positioning, emerging industry trends and innovations, governance and best practices. Products and programs include (but not limited to) group insurance benefits for active employees and retirees, leaves of absence, vacation, wellness, EFAP and other employee benefit programs.
• Manage 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.
  • Oversee the preparation of actuarial valuations by external consulting staff.
  • Manage underwriting arrangements and related renewals with external providers and set price tags and premiums for flexible plans for annual/biannual re-enrollment processes.
• Establish and maintain effective relationships with internal stakeholders, as well as the various business lines, relationship management teams, and compensation colleagues to ensure benefit programs meet business needs and objectives. Where applicable, provide benefit expertise in support of business strategies including mergers, acquisitions and outsource initiatives. Provide consultative services on matters of benefit policy rationale, interpretation and application, including contract review, educational materials and employee presentations.
• Establish and maintain relationships with Employee Relations, Employment Law Group, Strategic Sourcing, Privacy and Security to ensure plans and contracts effectively manage risk and meet bank compliance requirements.
• Lead the various phases of integrated benefit product launches and/or implementation of program updates/modifications.
• Accountable for cost/benefit analysis, gap analysis and preparation of proposals for annual policy renewals and business case approval by Senior Executives.
• Understand how the Bank?s risk appetite and risk culture should be considered in day-to-day activities and decisions..
• Actively pursues effective and efficient operations of their 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.
• Champions a high performance environment and contributes to an inclusive work environment.

Experience / Education:

• 
  A minimum of 8+ years of experience in group benefit management or consulting
• FCIA, FSA or strong underwriting background is an asset
• Working knowledge of post-retirement benefits funding and accounting, including International Financial Reporting Standards (IFRS).
• In-depth knowledge and understanding of group benefit principles, processes and legislation, including financial and underwriting concepts
• Excellent oral and written communication skills.
• Excellent people and customer service skills, including vendor management experience (SLA?s, Performance Standards, Financial Penalties)
• High aptitude with software such as Word, Excel, Power Point, Project and MS Office
• Bachelors or Post-Graduate degree

Cognitive Requirements

• Ability to think strategically, conceptually and creatively when developing new benefit programs and/or reviewing existing programs. Including the ability to quickly gather, analyze and synthesize new/ changing information and create sound recommendations and strategies that address organizational needs, recognize financial constraints and consider short and long term impacts.
• High degree of initiative and the ability to focus, prioritize and action multiple projects with conflicting deadlines
• The ability to work independently and as part of a team, including the ability to build strong working relationships with a large number of individuals across the Bank and among external advisors and vendors.

Location(s): Canada : Ontario : Toronto

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.