Director, Payments Risk and Compliance
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Job Summary
Join a Challenger
At EQ were remaking banking so every Canadian gets ahead every day. Serving nearly 4 million Canadians from coast to coast we offer a wide variety of financial services from banking and lending to trust and credit union solutions.
Weve been at this since 1970 challenging the conventions of traditional banking with smarter faster and more connected financial experiences.
Whats kept us moving The people behind it all: challengers who ask better questions push back on old assumptions and look for a better way forward.
If youre driven to help reshape how banking works for Canadians and the businesses that power our economy this could be your next big opportunity.
We cant wait to get to know you!
The Director Payments Risk & Compliance is the first-line accountability leader for all risk and compliance activities across the banks B2B Payments & Partnerships business line including BIN Sponsorship program management and strategic fintech partnerships.
This role is responsible for establishing and leading a comprehensive first-line risk framework ensuring that all payment activities operate within the banks risk appetite regulatory expectations (e.g. RPAA FINTRAC network rules) and contractual obligations.
The Director plays a critical leadership role in balancing growth and risk partnering closely with Product Legal Compliance (2nd line) and external partners to enable compliant innovation while maintaining robust controls across third-party risk credit/financial risk operational risk regulatory/reputational risk and exit planning.
This role ensures that all activities operate within the banks established risk appetite comply with applicable regulatory and network requirements and are supported by sound controls and governance. The Risk Manager works closely with second-line functions to ensure that risks are effectively identified assessed mitigated and monitored.
The ideal candidate combines deep payments industry knowledge with strong risk management governance and control capabilities and can navigate the intersection of traditional banking oversight and modern fintech partnerships.
1. First-Line Risk Leadership & Governance
Act as the designated first-line risk owner for all B2B Payments activities.
Serve as the first-line risk owner for B2B Payments business activities ensuring compliance with the banks risk management framework and regulatory expectations.
Lead ongoing risk assessments (including Third Party Risk Management Regulatory Compliance Management) and control testing across all B2B payments processes.
Partner with second-line functions to align business practices with enterprise risk frameworks policies and regulatory guidance.
Guide the Risk and Control Self-Assessment (RCSA) process for all significant business activities and lines of business assessing and challenging the inherent and residual risk.
Establish and maintain a comprehensive risk governance framework across Payments aligned to enterprise risk management standards.
Define and enforce risk appetite tolerances and escalation protocols specific to payments programs and partnerships.
Lead RCSA NIRA and risk governance forums; ensure effective challenge of residual risk positions.
Provide executive-level risk reporting and insights to senior leadership and Board committees.
2. End-to-End Risk & Control Framework
Oversee design and execution of controls across:
o Third-Party Risk (TPRM) onboarding due diligence ongoing monitoring
o Credit & Financial Risk partner financial health reserve frameworks exposure management
o Operational Risk processing settlement reconciliation fraud controls
o Regulatory & Compliance Risk RPAA AML/ATF network compliance (Visa/Mastercard)
o Legal & Reputational Risk use case and program structure branding consumer protection
Ensure all processes are supported by auditable scalable and technology-enabled controls.
Work with product and implementation team on New Initiative Risk Assessment (NIRA) process and the New Initiative Approval Process (NIAP) for new initiatives to properly assess and mitigate high inherent risks and ensure residual risks are acceptable and within the Banks risk tolerance levels.
Drive continuous improvement in control effectiveness automation and standardization.
3. Partner & Ecosystem Risk Oversight
Provide risk oversight across program managers processors fintechs and third-party agents.
Approve and challenge partner onboarding decisions including risk ratings and mitigants.
Establish robust frameworks for:
o Ongoing partner monitoring
o Financial exposure management
o Trigger-based escalations and interventions
Lead cross-functional decisioning on high-risk partners or programs.
4. Product Innovation & Growth Enablement
Partner with product and business teams to enable new payments opportunities within a compliant framework.
Lead risk assessment and approval (New Initiative Risk Assessment/New Initiative Approval Process) for:
o New products (e.g. prepaid credit embedded finance)
o New partnership models (e.g. program manager payment service provider sponsorship)
Act as a strategic advisor on structuring programs to optimize risk compliance and commercial outcomes.
Support EQ Banks strategy to scale PaaS and fintech partnerships safely.
5. Exit Planning & Incident Management
Own and maintain comprehensive exit strategies for all critical partners and programs.
Lead execution of partner exits including:
o Network engagement and regulatory communication
o Customer impact mitigation and fund safeguarding
o Legal coordination and exposure management
Oversee risk events incidents and near misses ensuring root cause analysis and remediation.
6. Regulatory Audit & Second-Line Engagement
Act as the primary first-line interface for:
o Internal Audit
o Second Line Risk & Compliance
o Regulators and network reviews
Ensure timely and effective remediation of audit and regulatory findings.
Maintain ongoing awareness of evolving regulatory expectations and industry practices.
Track log and manage risk events issues and near misses ensuring root cause analysis and timely resolution.
Conduct periodic self-assessments and internal gap analyses on 1st line business processes to validate control effectiveness identify improvement opportunities and ensure audit readiness.
Evaluate operational readiness and control adequacy prior to launch or material change of any partnership program.
7. Team Leadership & Capability Building
Build and lead a high-performing first-line Payments Risk team.
Define roles accountabilities and operating model for risk within Payments.
Foster a strong risk culture aligned with accountability transparency and proactive escalation.
Mentor team members and strengthen capabilities across risk disciplines.
Deep expertise in payments ecosystems including BIN sponsorship prepaid/credit programs PaaS models.
Strong understanding of:
o Canadian regulatory environment (e.g. RPAA FINTRAC/AML FCAC OFSI)
o Network rules (Visa Mastercard)
o Third-party risk and fintech partnership models
Proven experience managing multiple risk disciplines (TPRM credit/financial risk operational risk reputational and compliance risk).
Experience leading audit/regulatory engagements and remediation programs.
Strong commercial acumen with ability to balance risk and growth objectives.
Bachelor degree in Business Administration Finance or related field. Masters degree preferred.
Awareness of key trends in payments & financial services particularly related to digital banking & fintech landscape.
Strong analytical and critical thinking skills with the ability to identify and mitigate complex operational and partner risks.
Strong business acumen and passion for understanding and solving problems for consumers of financial services using rigorous data-driven methods and advanced analytical approaches
Ability to work independently and make decisions in a fast-paced environment.
Strong analytical and problem-solving skills
Strong attention to detail and time management skills
Excellent communication and interpersonal skills.
Experience confidence and maturity managing internal and external stakeholders
Proficient in using MS Office (Excel Access PowerPoint).
Equity Diversity & Inclusion
EQ is committed to building an inclusive accessible environment where every employee feels valued respected and supported. We believe our organization is stronger and our people thrive when we honour and celebrate diverse experiences identities and perspectives. Were equally committed to supporting your growth both professionally and personally.
We provide a barrierfree recruitment process and work environment. If you require accommodations at any stage we will work with you to ensure you can bring your best self to the process and beyond.
As part of our recruitment process EQ uses AI to help screen assess and/or select applicants for this position. All AI-enabled outputs are reviewed and validated by our talent team. All candidates considered for hire must successfully complete a criminal background check and credit check. While we appreciate every application an EQ recruiter will contact only those whose skills and experience most closely match the requirements of the role.
EQB Inc. (TSX: EQB) is the parent company of Equitable Bank the countrys seventh-largest Schedule I bank by assets which operates EQ Bank Canadas Challenger Bank. EQB Inc. serves nearly 4 million Canadians and manages approximately $150 billion in combined assets under management and administration.
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Director
About Company
At Equitable Bank, we specialize in providing branchless financial services that meet the unique needs of all Canadians. Our range of mortgages, savings accounts and investment options are designed to offer the right solutions to match any unique circumstance.
