Head of Audit and Risk

The Ontario Securities Commission (OSC) is the statutory body responsible for regulating Ontarios capital markets in accordance with the mandate established in the provincial Securities Act and the Commodity Futures Act. The mandate of the OSC is to provide protection to investors from unfair improper or fraudulent practices to foster fair efficient and competitive capital markets and confidence in the capital markets to foster capital formation and to contribute to the stability of the financial system and the reduction of systemic risk. This mandate is performed through policy operational and enforcement activities. The OSC also contributes to national and global securities regulation development.

We offer a diverse fair and flexible work environment and take pride in our challenging and rewarding work.

Summary

The Head of Audit and Risk resides within the Audit and Risk function and is responsible for supporting the implementation of the divisions strategic direction and enhancing integration across internal audit enterprise risk management and operational resilience activities. Reporting to the Chief Audit and Risk Executive the role provides leadership in the coordination oversight and continuous improvement of audit and risk planning processes reporting stakeholder engagement and integrated assurance practices.

The Head of Audit and Risk will help ensure that outputs throughout the function are effectively coordinated aligned to divisional priorities and communicated in a manner that supports executive and Board-level oversight. The role will support the continued maturation of the organizations risk management assurance and governance capabilities by promoting stronger alignment between audit risk resilience and other assurance activities while helping to foster a risk-aware culture and informed decision-making across the organization. The role will also provide support to the Chief Audit and Risk Executive in governance discussions committee activities and ongoing management of the function while serving as a key point of continuity and leadership across audit and risk workstreams.

The Head of Audit and Risk will work closely with internal stakeholders across the organization to support implementation of the Audit and Risk roadmap improve the quality and integration of planning and reporting strengthen enterprise-wide engagement and provide management oversight of key deliverables produced by the team. The role will contribute to the advancement of integrated assurance reporting monitor emerging governance regulatory and industry developments and support the use of data analytics technology-enabled monitoring and risk intelligence to enhance organizational insight risk oversight and decision-making.

Key Duties and Responsibilities

Strategic Leadership and Functional Integration

• Lead the implementation of the Audit and Risk divisions multi-year strategy and roadmap translating strategic priorities into coordinated plans activities and reporting.
• Lead effective delivery of audit risk and business continuity objectives including providing advice on emerging risks control effectiveness governance matters and strategic priorities.
• Facilitate informed decision-making by monitoring emerging regulatory governance risk and audit developments and assess implications for the organization for translating complex audit and risk information into practical insights and recommendations.
• Lead the development and maintenance for the integration and coordination of activities across internal audit enterprise risk management and operational resilience/business continuity to support a more cohesive functional approach.
• Develop and coordinate integrated workplans and reporting cadences across the function to improve alignment consistency and stakeholder experience.
• Promote the use of data analytics risk intelligence and technology-enabled monitoring to enhance audit coverage risk insights and decision support.
• Support the Chief Audit and Risk Executive in setting priorities monitoring progress and identifying opportunities to strengthen the effectiveness and maturity of the function.
• Contribute to the development and management of the divisions budget resource planning and procurement services.
• Support management of external audit co-source consulting and technology service providers including performance monitoring and contract oversight.
• Support the Chief Audit and Risk Executive in engaging senior stakeholders on strategic initiatives functional performance and organizational risk matters.
• Service as the primary management lead for day-to-day operations providing leadership decision-making and stakeholder support; and ensuring continuity for the function including acting as a delegate for the Chief Audit and Risk Executive as required.

Audit Oversight and Internal Audit Operations

• Oversee internal audit activities including monitoring progress against plans identifying issues requiring escalation and ensuring deliverables are completed on a timely basis.
• Review audit deliverables including draft reports findings and related materials to ensure quality consistency completeness and alignment with functional standards and objectives.
• Support the prioritization coordination and follow-up of audit findings recommendations and management action plans.
• Help ensure that internal audit outputs are appropriately connected to enterprise risk themes control issues and broader governance reporting.
• Lead the development and annual refresh of the internal audit plan in coordination with enterprise risk management activities using risk insights emerging themes and organizational priorities to support a risk-informed and integrated assurance approach.
• Establish and maintain audit methodologies quality assurance practices and internal processes tools and templates for internal audit consistency and reporting.

Enterprise Risk Management and Risk Insight

• Support enterprise risk reporting and the collection analysis and synthesis of risk information from across the organization.
• Work with business leaders and stakeholders to identify key risk themes emerging issues gaps and trends requiring management attention.
• Strengthen alignment between branch-level and enterprise-level risk reporting audit findings and related governance discussions.
• Support the ERM Lead in management discussions incorporating relevant audit and assurance inputs to challenge management assumptions and support a current and credible view of enterprise risk exposures.
• Support the continued evolution of risk management practices reporting and risk governance in alignment with the divisions roadmap and priorities.
• Contribute to the development of integrated risk and assurance reporting that provides meaningful insight to senior management and Board committees.
• Support the ERM Lead with the resolution of cross-functional issues competing priorities and risk-related matters through effective consultations and negotiations.

Governance Committee Leadership and Reporting

• Coordinate the preparation of quarterly materials briefings presentations and reports for senior management management committees (i.e. Risk Steering Committee) and Board committees (i.e. Audit and Finance Committee and the Risk Committee of the Board) ensuring reporting is clear integrated and responsive to governance priorities.
• Enhance the quality of quarterly and ad hoc reporting by ensuring it includes clear analysis of residual risk implications themes gaps and priorities.
• Support the Chief Audit and Risk Executive in the effective functioning of the committee through agenda planning coordination of inputs facilitation of discussions and follow-up on action items working closely with the Branch Administrator to support effective coordination.
• Participate and present in governance forums steering committees and working groups to provide accurate concise and actionable information on audit risk and resilience along with supporting early identification and escalation of risk and control matters.
• Represent the Audit and Risk function in internal discussions and committees as required and support external interactions with relevant stakeholders and sector forums.

Stakeholder Engagement and Coordination

• Develop and maintain effective working relationships with governance committees management forums and the Board/board oversight committees.
• Build and maintain effective working relationships with senior leaders including managers Vice Presidents Senior Vice Presidents and other stakeholders across the organization.
• Support a coordinated and strategic approach to stakeholder engagement across the Audit and Risk function to reduce fragmentation and improve the effectiveness of business interactions.
• Work with internal stakeholders to support understanding of audit risk governance and control matters and to facilitate coordinated responses to issues and priorities.

People Leadership and Team Effectiveness

• Provide oversight guidance and support to direct reports and contribute to effective coordination across the team.
• Review deliverables produced by team members across internal audit enterprise risk and related streams providing direction and feedback as appropriate.
• Support employee development collaboration and the effective management of priorities across a small and specialized team.

Continuous Improvement and Strategic Enablement

• Support strategic initiatives to enhance tools processes and information management practices across the Audit and Risk function including governance risk and compliance (GRC) initiatives.
• Identify and advance opportunities to improve reporting coordination efficiency and the overall effectiveness of audit and risk activities.
• Contribute to the maturation of integrated assurance practices thematic reporting and lessons learned across the function.
• Support the modernization of the function in accordance with evolving organizational needs regulatory expectations and industry practices.

Required Qualifications

• At least one professional certification in audit risk or governance such as:
  • Certified Internal Auditor (CIA)
  • Certification in Risk Management Assurance (CRMA)
  • Chartered Professional Accountant (CPA)
  • Certified Information Systems Auditor (CISA)
  • Certified in Risk and Information Systems Control (CRISC)
  • Canadian Risk Management designation (CRM) or other relevant audit risk governance or controls-related designations
• University degree in business finance accounting risk management public administration or a related field.
• Minimum 10 years of progressive experience in internal audit enterprise risk management governance compliance internal control or related areas.
• Demonstrated experience supporting strategic planning governance processes and cross-functional coordination in a complex organizational environment.
• Strong knowledge of audit risk management internal control and governance frameworks and practices.
• Experience preparing or reviewing reporting and briefing materials for senior management executive committees and/or Board committees.
• Demonstrated ability to review and synthesize complex information and provide clear relevant and actionable insight for decision-making purposes.
• Strong written verbal and presentation skills with the ability to communicate effectively with senior leaders and specialized stakeholders.
• Strong analytical judgment and problem-solving skills with the ability to manage competing priorities and exercise sound discretion.
• Demonstrated leadership or supervisory experience including coordinating work reviewing deliverables and supporting team performance and development.

Preferred Qualifications

• Knowledge of securities regulation capital markets and market conduct frameworks.
• Successful completion of the Canadian Securities Course (CSC)
• Experience in a public sector regulatory or similarly complex governance environment.
• Experience supporting Board or Board committee processes and reporting.
• Familiarity with governance risk and compliance tools and related implementation initiatives.
• Exposure to information technology risk cybersecurity risk AI risk or operational resilience.

This opportunity is considered to be a business-critical role supporting the CARE department.

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We thank all applicants for their interest in the Ontario Securities Commission. We will contact those selected for an interview.

The OSC is committed to diversity and providing an inclusive workplace and providing accommodation in accordance with the Accessibility for Ontarians with Disabilities Act and the Human Rights Code. It is our priority to ensure employment opportunities are visible and barrier-free to all under-represented groups including but not limited to Indigenous Black and racialized groups people with disabilities women and people from the 2SLGBTQI community to achieve an employee demographic profile reflective of the demographic profile of Ontarians.

The OSC is a proud partner with the following organizations: Ascend Canada BlackNorth Initiative Canadian Centre for Diversity and Inclusion and Pride at Work Canada

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