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The Manager, Insurance Finance is accountable to provide accounting and financial analysis in support of the overall financial functions of the insurance business, as well as support business operations on the Universal Life product pricing updates. This role also provides support to the business' accounting sub-systems and general ledger, including supporting system conversions, upgrades and new product initiatives. On a day to day basis the Manager works closely with the Insurance Finance team under the direction of the CFO/LFO Insurance.
Set appropriate context and establish prescribed authority limits for direct reports, including setting an effective framework of policies and procedures for the work of the team
Establish a two-way working relationship with direct reports to solicit their views on the working environment, potential changes affecting their work, continuous improvement opportunities, and revisions to the plan
Build and sustain a team of direct reports who are capable of delivering the performance required, including coaching and the creation and implementation of training and development plans
Establish and optimize team integration by articulating the linkages between the accountabilities and authorities of different roles across the team and with other areas of BMO Insurance and by establishing the context in which they will work collaboratively with one another
Apply the Bank's performance management system to direct reports, including establishing goals and objectives, assessing skilled knowledge gaps, allocating resources to achieve objectives and close gaps, assessing personal effectiveness, and reviewing and recommending base and variable pay
Ensure the effective implementation of initiatives and programs through the establishment of appropriate context and setting of direction for direct reports by providing relevant information and establishing goals
Develop, implement, review and revise an annual work plan for the team including operational and resource plans and establish goals, plans and assignments for each direct report to achieve the plan
Review progress to plans, and develop, communicate, delegate and actively participate in the implementation of actions necessary to correct internal and external issues. Escalate significant issues to the CFO/LFO Insurance and/or COO, Insurance
Financial Analysis and Reporting
Perform required general accounting and financial analysis activities, including but not limited to:
Quarterly Board and Management reports (including budget sheet and income statement projections, and appropriate commentary) and review material with the Chief Financial Officer
Monthly financial reporting as part of the standard BMO Financial Group process
Calculate bonus and sales compensation for BMO Life Assurance employees in a variety of distribution channels
Segregated Fund accounting and financial statements
Ensure OSFI reports are filed on time according to the established schedule
Investigate and resolve or escalate issues with respect to financial data quality, unusual transactions, incomplete data, outstanding items and reconciliations
Manage any special projects assigned by the Chief Financial Officer to support overall business operations and/or financial accounting
Act as a department representation for internal and external auditors, managing all logistical and information requirements, and coordinating with the management team in the finance department
Provide business context and support to the taxation function at BMO Life Assurance and act as a sounding board on any identified taxation or business issues
Business Delivery & Operations
Review and approve all accounting entries and reconciliations to validate accuracy and maintain internal control of accounting systems in alignment with SOX standards
Provide ad hoc management reporting as requested by the CFO of Insurance, Wealth Finance, Corporate and leadership within the Insurance business
Support daily pricing for Universal Life mutual funds, ensuring timely completion with high accuracy
Ensure the accuracy of Technical Service Agreements and accrued expenses as input to the financial statements
Manage the overall execution of the budget management process for BMO Life Assurance and BMO Life Insurance legal entities as well as BMO Insurance management.
Work with business to compile annual salary budgets
System Support & Special Projects
Act as the business lead for any required system changes for the accounting subsystems, general ledger and financial reporting tool by identifying the business requirements and partnering with key stakeholders to ensure that the change is accurate, appropriate and meets the business needs
Act as the subject matter expert on accounting subsystems and general ledger for Insurance Finance and Insurance Finance Operations. Share expertise as required to meet business objectives and ensure the security of the accounting system
Identify business requirements for the accounting subsystems and general ledger for system conversions, upgrades and new product initiatives, including and any associated non-system processes
Provide input, analysis and recommendations for continuous improvement of processes and procedures and implement changes within the group
Analyze and recommend for approval potential technology enablers that will improve efficiency and maintain operational control
Manage any special projects assigned by the CFO/LFO Insurance/COO Insurance to support overall business operations and/or financial accounting
Manage, design and document Financial Governance procedures in compliance with BMO policies
Manage SOX process
Identify process improvements that will enable a more efficient process for the team and recommend same to the CFO/LFO Insurance/COO Insurance for approval
Approve wire transfers and sign cheques in accordance with established procedures
Ensure compliance with SOX and other controls to mitigate financial and operational risk
Ensure adherence to all aspects of First Principles our code of Business Conduct and Ethics including individual accountability as it relates to potential conflicts of interest, safeguarding of customer information, trading in securities, anti-money laundering, privacy and disclosure of outside business activities
Qualifications In-depth knowledge of insurance products and channels 5 or more years of experience in accounting at a life insurance company Previous experience in accounting system design and support (defining business requirements and understanding how the accounting system work from a systems perspective) Accounting designation - CPA (CA, CGA, CMA Communication skills (In-depth) Analytical skills (In-depth) Problem solving skills (In-depth) Managerial Leadership (In-depth) Knowledge of the Sarbanes-Oxley Act requirements
We're here to help
At BMO we have a shared purpose; we put the customer at the centre of everything we do - helping people is in our DNA. For 200 years we have thought about the future-the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together we're changing the way people think about a bank.
As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one - for yourself and our customers. We'll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we'll help you gain valuable experience, and broaden your skillset.
To find out more visit us at https://bmocareers.com .
BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other's differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.