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Requisition Number:  6041
Position Type:  Term
Position Length:  3 years
Location: 

Ottawa (Downtown), ON, CA

Closing Date:  June 30, 2021 23:59 EST

Diversity and Inclusion
As one of Canada’s Top 100 Employers, we offer you a superior work environment that allows you to reach your full potential both professionally and personally. We make career growth and professional development a priority. We are committed to developing inclusive, barrier-free recruitment and selection processes, and a work environment that supports our diverse workforce.

Let our team know if you need accommodation or support during the recruitment process due to a disability or other reason. We can provide support in multiple ways, from using this site and submitting your application, right through to the interview process. If you are the successful candidate, you can also discuss accommodation needs when you receive your offer.

Contact accessiblecareers@bankofcanada.ca to discuss how.

Senior or Principal Analyst of Risk Monitoring, Retail Payment Supervision

 

About Retail Payments Supervision
The payments landscape in Canada and globally is changing rapidly. The rapid pace of technological change in Canada and around the world is introducing new and better ways for consumers and businesses to make payments. 

 

The federal government is proposing to implement a new Retail Payments Supervisory (RPS) Framework. Under the proposed framework, the Bank of Canada would supervise retail payment service providers’ (PSPs) compliance with operational risk management and fund safeguarding requirements and maintain a public registry of regulated PSPs. 

 

The Bank will assess whether PSPs are adequately managing their risks and help identify areas where their risk-management practices should be improved. To fulfill its mandate, the Bank will have a combination of compliance tools that would include allowing the Bank to enforce oversight requirements when necessary.

 

Note: This anticipatory staffing process will be used to fill position(s) in summer/autumn 2021.

 

What you will do
You will contribute to the design and implementation of this new supervisory framework. During this multi-year project, you will be part of the Risk-Monitoring team responsible for the development, implementation, and communication of the risk-monitoring approach for PSPs. This includes:

  • Developing requirements for PSPs through regulations and guidance in the areas of:
    • Operational risk management
    • Fund safeguarding 
    • Cyber risk management 
  • Establishing a risk-based supervision approach to monitor and assess PSPs’ risks, vulnerabilities, and controls against regulatory requirements
  • Designing reporting requirements to obtain information from PSPs
  • Creating moral suasion tools to encourage PSPs’ compliance with requirements 

 

You will contribute to policies related to retail payment vehicles and to other aspects of the framework. You will also design and conduct a risk-monitoring pilot project, develop implementation plans including processes and procedures to operationalize the above aspects of the framework as well as contribute to an IT solution to support supervision. 


What you need to succeed as the Senior Analyst
As an innovative, and self-motivated problem solver you have experience in developing policies, conducting research and analysis, and providing advice on a number of large and complex issues. You are flexible and able to adapt to an evolving work environment and changing priorities. Furthermore, you are able to organize and balance a variety of tasks. You develop and maintain harmonious relationships with a wide range of business contacts and build supportive working relationships with peers, your leader, as well as internal and external stakeholders. 

 

You can synthetize information and provide quality analyses while taking into account many factors and perspectives and relate them to issues of risk assessment. You have a proven ability to communicate clearly and adapt your communication style for a wide range of audiences, including senior management and external stakeholders. You are equally comfortable working collaboratively within a team, or independently. Your work is conducted with a strong attention to detail and often under tight deadlines. 

 

Furthermore, you understand the broader financial system and the supervision of financial institutions such as payment systems and payment service providers. You also have experience applying risk management principles and current practices in risk management and assessment.

 

 

Nice to have

  • Chartered Financial Analyst (CFA), Financial Risk Manager (FRM) or Professional Risk Manager (PRM) designation or certification, or the completion of courses towards these designations or certifications. 
  • knowledge of payment clearing and settlement systems (FMIs), retail payments, and financial technology companies (paytechs or fintechs)
  • experience with, or knowledge of, risk-management practices at financial institutions
  • experience supervising financial sector firms
  • knowledge and experience with cyber security risk management frameworks and principles (e.g. NIST, ISO) relevant industry certifications (e.g. CISPP) 

 

Your education and experience
The position requires relevant work experience in economic and policy analysis—ideally in the supervision of financial entities—with a master’s degree in economics or finance with a minimum of four years experience or an equivalent combination of education and experience may be considered. 


Salary

  • Salaries are based on qualifications and experience and typically range from $94,700 to $118,300 (job grade 17)


What you need to succeed as the Principal Analyst
As an innovative, and self-motivated problem solver you have experience in developing policies related to the financial, payments, or technology industries, conducting research and analysis, providing advice and making decisions on a variety of large, complex issues with multiple dependencies. You are flexible and able to adapt to an evolving work environment and changing priorities. You develop and maintain harmonious relationships with a wide range of business contacts and build supportive working relationships with peers, your manager, as well as internal and external stakeholders.  

 

You are able to synthesize complex information for policy development or recommending actions. You have strong influencing skills, able to set priorities and can manage multiple deliverables to advance the work of the project. You will demonstrate your leadership skills by mentoring and developing more junior staff in the team and have a proven ability to communicate clearly and adapt your communication style for a wide range of audiences, including senior management and external stakeholders. You can provide insights and advice to colleagues, management, and stakeholders within your area of expertise. You are equally comfortable working collaboratively within a team, or independently. Your work is conducted with a strong attention to detail and often under tight deadlines.

 

Furthermore, you understand the broader financial system and the supervision of financial institutions such as payment systems and payment service providers. You also have experience applying risk-management principles and current practices in risk management and assessment.


Nice to have

  • Chartered Financial Analyst (CFA), Financial Risk Manager (FRM) or Professional Risk Manager (PRM) designation or certification, or the completion of courses towards these designations or certifications. 
  • knowledge of payment clearing and settlement systems (FMIs), retail payments, and financial technology companies (paytechs or fintechs)
  • experience with, or knowledge of, risk-management practices at financial institutions
  • experience supervising financial sector firms
  • experience participating in international or domestic inter-agency committees or working groups
  • knowledge and experience with cyber security risk-management frameworks and principles (e.g. NIST, ISO) or relevant industry certifications (e.g. CISPP)


Your education and experience
The position requires relevant work experience in economic and policy analysis—ideally in the supervision of financial entities—with a master’s degree in economics or finance with a minimum of five years experience or an equivalent combination of education and experience may be considered. 


Salary

  • Salaries are based on qualifications and experience and typically range from $108,100 to $135,000 (job grade 18)

 

The FISC Interchange Program
The FISC Interchange Program is a mechanism for supporting talent management and employee development from the following participating agencies: Department of Finance, Financial Consumer Agency of Canada, Canada Deposit Insurance Corporation, Office of the Superintendent of Financial Institutions and the Bank of Canada. By taking temporary assignments, participants develop professionally and may learn specific skills and knowledge, while agencies participating in the Program may benefit from new knowledge, skills and approaches. 

 

Assignments are for a fixed duration that can be up to three consecutive years but will typically last between 12 and 24 months (depending on operational needs) and are salary neutral.  There is a minimum gap period of two years before a former participant may participate again through the Program. 

 

What you need to know

  • Language requirement: English or French essential
  • Priority will be given to Canadian citizens and permanent residents
  • Security level required: Secret 
  • You will work remotely from any location within Canada while the Bank operates under mandatory telework. Flexibility for remote work for the duration of the term may be granted.
  • Please save a copy of the job poster. Once the closing date has passed, it will no longer be available.
  • In response to the COVID-19 pandemic and further to public health guidelines, preventative measures are being taken to ensure health and safety during the recruitment process. All interviews are conducted virtually.  

 

We wish to thank all applicants for their interest and effort in applying for this position. Only candidates selected for interviews will be contacted.

 

What you can expect from us
This is a great opportunity to join a leading organization and be part of a high-performing team. We offer a competitive compensation and benefits package designed to meet your needs at every stage of your life and career. For more information on key benefits please visit A great deal to consider

 

  • Depending on performance, you may be eligible for performance pay for successfully meeting or exceeding expectations. 
  • Flexible and comprehensive benefits so you can choose the level of health and dental coverage that meets your needs
  • Extra vacation days (up to five each year) that you can purchase to add to your vacation entitlement
  • Option to join the indexed, defined-benefit pension plan after 24 consecutive months of service

 

We strive to make our policies, programs and workplace more inclusive, respectful and barrier-free. We encourage applications from women, Indigenous peoples, veterans, persons with disabilities, members of visible minorities and persons of all races, ethnic origins, religions, abilities, sexual orientations, and gender identities and expressions. #LI-POST