Application Deadline: 11/17/2025

Address: 250 Yonge Street

Job Family Group: Audit, Risk & Compliance

Accountable to liaise with the Senior Manager, Risk Management BMO Insurance, will be tasked to contribute to the development/implementation/maintenance of the Risk Management Framework and Economic Capital Framework (ECF) into business processes and the associated change management work; to review the calculations and perform analysis required for economic capital, earnings at risk sensitivities and other risk requirements to support Internal Capital Targets setting, Own Risk and Solvency Assessment (ORSA) report development and other Risk Reporting.

This role will assist with the development/improvement of efficient and optimal use of capital and business/product initiatives management for growth areas including domestic and international Pension Risk Transfer. This role will also contribute to making sound decisions based on a strong understanding of risk, robust metrics and forward-looking activities including maintenance of management frameworks that consider the balance of risk and reward; alignment to business strategy; adequate diversification of risk; pricing that is appropriate for risk; and risk mitigation through appropriate controls.

The Risk Management function is accountable for leading/developing/implementing risk appetite metrics to quantify major types of risk exposures for all Lines of Business for use in market consistent pricing, economic capital allocation and risk management for BMO Insurance. These include market, credit, insurance and counterparty risk.

KNOWLEDGE

• FSA/FCIA or ASA/ACIA with appropriate experience
• Strong knowledge of insurance products, with knowledge of Longevity products an asset
• Understanding of Corporate Reporting (Valuation, Projections) and/or pricing analysis methodology & reporting
• Solid foundation in actuarial mathematics and strong insurance/actuarial software skills
• Experience using AXIS (actuarial modeling software) and Microsoft Excel (with VBA) is required
• Experience with Power BI, Python and/or Statistical Modeling Software is an asset
• Minimum 6-8 years insurance industry experience

SKILLS

• Analytical Thinking (In-Depth)
• Actuarial/Business Numeracy (In-Depth)
• Accounting (Strong)
• Risk Management (Strong)
• Attention to Detail (In-Depth)
• Takes Initiative (In-Depth)
• Effective Communication (Strong)
• Relationship Management (In-Depth)

ACCOUNTABILITIES

** Risk Management**

Risk Management, Governance and Reporting

• Contribute to the overall maintenance and improvement of BMO Insurance’s risk governance frameworks and ensure the risk management infrastructure is adequate relative to the level and complexity of risks
• Assist in incorporating risk appetite within the strategic and business planning process for all Insurance Lines of Business by setting and monitoring risk metrics as required and/or deemed applicable including limits, exposure, target returns, and other key risk metrics to ensure that policies and procedures are followed and managing the businesses and/or processes within established limits, structures and frameworks contained in corporate policies, standards or operating guidelines
• Contribute to the ongoing development and reporting of the Own Risk and Solvency Assessment (ORSA) which serves as an all-encompassing risk management process of analysis, quantification and reporting by relating all material risks with BMO Life’s business and strategic planning and is presented to senior management and to the Board of Directors for approval on an annual basis
• Assist in preparation and reporting on the lines of business’ Risk Assessments including key risk metrics, top and emerging risks and stress testing at the Risk Committee, BMO Insurance meeting
• Partner and coordinate efforts with team members and various stakeholders on key business initiatives, as needed.
• Contribute to Process, Risk, Controls (PRC) library initiatives for Risk Management, BMO Insurance

Economic Capital (“EC”), ORSA Capital, Capital Modelling and Internal Capital Targets Setting

• Contribute to the development and enhancements of methodologies for measuring BMO Insurance’ key risks, namely Market, Insurance, Credit and Operational Risks, incurred by the business
• Contribute to the development, implementation, management and reporting, including quarterly forecasts, of all Economic Capital (EC) including ORSA Capital and Earnings at Risk (EaR)/Capital at Risk (CaR) methodologies, models and processes for BMO Insurance’s key risks including setting capital risk appetite and targets and allocating capital to the business decision process in a risk/return framework
• Understand and effectively communicate the impacts on economic capital, earnings and other risk metrics, especially in an environment of increased disclosure. Contribute to the quarterly analysis of BMO Insurance EC, sensitivities and other key risk metrics to senior management, risk committees, and external stakeholders
• Lead annual Risk’s model reviews, model performance, model validations as required. Work with the Model Risk Validation team to facilitate any required Risk models’ validation deliverables.
• Maintain methodologies, models, processes and documentation for Risk Management team. Assist in conducting on-going research and development to enhance existing risk methodologies or create new ones and recommend model enhancements.

Reinsurance

• Contribute to developing and maintaining EC measures as key inputs into assessing risk of reinsurance treaties
• Assess/Manage Reinsurer Counterparty Exposure limits and initiate Reinsurer limits updates, when required.

Actuarial

Pricing

• Support Senior Manager in the completion of actuarial risk assessments and ongoing actuarial risk management of BMO Insurance products: Whole Life, Universal Life, Term life, Critical Illness, Single Premium Immediate Annuities (SPIA), Segregated Funds and Pension Risk Transfer initiatives. Review/ensure that new pricing adequately reflects all product risk and return characteristics and assumptions are appropriate. Liaise with Actuarial Pricing team/Product team to evaluate and assess pricing assumptions/features of new and existing insurance products/initiatives.
• Provide recommendations, if required, when risk assessments uncover issues with an initiative, product feature and/or pricing.
• Participate in reviewing of the actuarial experience analyses for BMO Insurance and ensure implementation, including all factors affecting actuarial risk, including mortality, lapse and investment performance.

Corporate

• Contribute to enhancing capabilities for timely and flexible sensitivity analysis, as well as improved forecasting capabilities, working with business units and other corporate areas to leverage existing processes and facilitate best practices.
• Contribute to changes to the policies owned by the CRO Insurance for approval by the Board.

Managerial Leadership

• Review and challenge risk reporting/economic capital/sensitivity/other results provided by Actuarial Associates
• Support Actuarial Associates professional growth through shared knowledge and mentorship