Practice Auditor

About the Insurance Council

The Insurance Council of British Columbia is the regulatory organization that licenses and regulates the activities of over 50,000 life and general insurance agents, general insurance salespersons, insurance adjusters, and restricted travel insurance agents in British Columbia.

The Opportunity

The primary focus of this role is to conduct audits, including inspections or site visits where required, of licensees to ensure licensees are conducting their business in accordance with Council Rules and Code of Conduct, and to support licensees into compliance. In addition, the Practice Auditor contributes to the development of guidance and other resources to support improved compliance and licensee best practices, supports with more involved or complex inquiries or complaints, as well as addressing, resolving or escalating breaches and complaints as required, and reporting on and sharing audit findings and trends.

Why Work for the Insurance Council?

Work with a great team of people in a rewarding career that makes a difference. We're in a downtown location with plenty of amenities nearby. The Insurance Council has a friendly and collaborative environment with a team who's committed to protecting the public.

• We offer a comprehensive health and dental plan.
• Work-life balance.
• This position is mostly remote work enabled. The incumbent would be required to come into the office as needed.
• Professional development.
• Equitable employment opportunities.

We have established health and safety practices to limit exposure to COVID-19, including a vaccination requirement for all staff.

Who We're Looking For

The ideal candidate will have industry knowledge in insurance or financial services and regulatory setting. The incumbent must have good oral and written communication skills along with the ability to apply legislation and policies to different situations. Strong analytical skills, computer skills and problem solving skills are important to succeed in this role.

Duties and Responsibilities

• Timely and thorough handling and response to inquiries, both verbally and in writing, and providing direction and guidance to internal and external stakeholders on matters under Insurance Council's purview
• Communicate with Licensees and other stakeholders, including Licensee legal counsel, compliance members, nominees, or other representatives, to investigate and address practice and compliance matters, and provide guidance and assistance, as appropriate and required. Gather and document evidence for any breaches and non-compliance
• Initiate and conduct in-depth audits of individual licensee and agency requirements and practices to determine compliance with Council Rules, Code of Conduct, the Financial Institutions Act and related practice and regulatory requirements. Audits may be in varied formats including desk audits, in-person inspections, site visits or other investigative or audit methods as appropriate or required
• Collect, consolidate and analyze data and findings, contribute to reporting for internal and external purposes, and update and contribute to improving and expanding the audit programs and methodologies
• Address and resolve identified breaches as appropriate, including conducting detailed reviews, providing education and support, recommending and supporting escalations including preparing related Council or conduct and discipline summary reports or referrals, as appropriate and per internal policies and practices
• Draft and issue audit outcome reports, including non-compliance investigation letters, best practice letters and reminder letters as appropriate
• Log and keep accurate records
• Maintain an in depth understanding of and remain current on Insurance Council operations, legislation, practices, regulatory and industry matters, trends and happenings and support others in their development and understanding, and contribute to the updating and modernization of regulatory practices, guidelines, policies, standards and expectations
• Anticipate and identify emerging industry trends and contribute to the update and modernization of regulatory practices, guidelines, policies, standards and expectations, acting as a subject matter expert internally and externally, as appropriate
• Remain current on the Financial Institutions Act, Council's Code of Conduct, the Council Rules and other relevant legislation, and industry matters and practices
• Participate in working groups, industry events or stakeholder consultations, as required
• Where required, travel may be required within British Columbia and occasionally outside the province
• Liaise and work with other departments and stakeholders, as required
• Assist management and other staff, as required
• Handle other duties as assigned

Qualifications

• Minimum 5 years of experience in the insurance or financial sector, or a combination of similar relevant experience
• Post-secondary education, such as a university degree in related field such as business administration or equivalent related experience
• Experience conducting audits, compliance reviews, or investigations
• Additional experience in a regulatory or financial services setting is an asset
• Background in client service and conflict resolution
• Insurance or financial services certification, such as CIP, CAIB, CLU, or CFP is an asset

Salary

Minimum to Midpoint Salary Range: $85,482 to $106,852 per annum. Upon hire, new employees will be placed in a starting salary between the minimum and P50 (midpoint) of the salary range. The P50 of the range represents an employee that possesses full job knowledge, qualifications, and experience for the position.