Bank of Canada (“the Bank”)

Massey Henry is pleased to support the Bank of Canada (“the Bank”) with the recruitment for a Managing Director, Supervision (“MD”). Driven by its mandate to act in the best interests of the economic life of the nation, the Bank promotes the economic and financial welfare of Canada as defined in the Bank of Canada Act.

About Bank of Canada

The Bank of Canada – the nations- central bank -promotes the economic and financial welfare of Canada as defined in the Bank of Canada Act.

Driven by its mandate to act in the best interests of the economic life of the nation, the Bank has five core functions:

  • Monetary policy: influencing the supply of money circulating in the economy, using its monetary policy framework to keep inflation low and stable.
  • Financial system: promoting safe, sound, and efficient financial systems, within Canada and
    internationally, and conducting transactions in financial markets in support of these objectives.
  • Currency: designing, issuing, and distributing Canada’s bank notes.
  • Funds management: acting as the “fiscal agent” for the Government of Canada, managing its
    public debt programs and foreign exchange reserves.
  • Retail payments supervision: supervising Payment Service Providers (PSPs), according to the
    Retail Payment Activities Act.

Headquartered in Ottawa, the Bank has regional offices across Canada and in New York, and teams within these regional offices strengthen national and international ties with industry, government, other organizations and associations, educational institutions, and all Canadians.

Additional Information

Please visit the Bank of Canada website for more information about their history and mission, their
esteemed Governing Council, Executive Leadership team, and Executive Council, and the Board of Directors.

Additional recommended resources include:

  • 2023 Annual Report
  • Quarterly Financial Report – Third Quarter 2024
Experience:
Education Required:
  • Graduate degree in Economics, Business Administration, Finance, or related field.
Position description
The Opportunity

Reporting to the Executive Director of Payments, Supervision and Oversight (“ED”), the Managing
Director, Supervision (“MD”) provides strategic leadership and oversight for the Bank’s mandate to
supervise Payment Service Providers (PSPs) and Financial Market Infrastructures (FMIs) under its
legislative frameworks.

This role is pivotal in planning and executing risk supervision, enforcement, and registration activities for PSPs, ensuring regulatory compliance while promoting public confidence in Canada’s payments ecosystem.

The MD is instrumental in navigating the complexities of financial supervision, safeguarding the Bank’s reputation and driving innovation in supervisory practices. The MD also plays a critical role in guiding and overseeing the Bank’s annual assessment of FMIs to ensure that they remain resilient to a wide range of risks. To this end, the MD approves and delivers the Bank’s annual oversight expectations to FMI executives and the board of directors.

Leading a team focused on building and refining the Bank’s supervision and oversight, the MD is pragmatic given a changing and evolving financial system but remains focused on ensuring that PSPs and FMIs meet the Bank’s regulatory expectations. The role fosters collaboration with PSPs, FMIs, government partners, industry stakeholders, and domestic and foreign regulators to enhance supervisory approaches and drive continuous improvement. With a commitment to fairness, accountability, and trust, the MD shapes the evolution of Canada’s regulatory approach for PSPs and FMIs, ensuring their effectiveness in protecting the integrity and stability of the financial system.

Key Responsibilities

Strategic Leadership

  • Provides strategic leadership, direction, and oversight to the department’s planning and execution of its risk supervision, enforcement, and registration work associated with the Bank’s legislative mandate for PSPs and FMIs, understanding the nuances of varying supervisory
    approaches for each.
  • Leads the ongoing evolution of the Bank’s oversight framework for FMIs and its supervision PSPs which includes related policy work and guidance and ensures ongoing relevance and
    efficacy for PSP risk supervision and the conduct of enforcement actions.
  • Provides oversight and direction for the application of core assurance reviews of FMIs as well as risk supervision tools, registration decisions, and enforcement actions, including
    administrative monetary penalties for PSPs.
  • Plays a key initial role in managing the reputational risk to the Bank arising from the application of risk-monitoring tools and enforcement and registration decisions.
  • Plays a substantive role in establishing and evolving minimum standards for PSPs’ operational
    risk management and protecting end-user funds. This, in turn, supports the public’s confidence in using PSPs, and in the Canadian payment ecosystem, more generally.
  • Provides strategic leadership to the Supervision Department to enable successful delivery and alignment between department/function and the broader organization.

Culture and Talent Management

  • Enables the department to achieve its goals by fostering innovation and an engaging work
    environment. Ensures high-calibre talent to fill senior roles; ensures that all staff receive training and development that is appropriate to their roles and sufficient to set them up for success in their current and future careers.
  • Actively mentors team members, promoting technical and professional development to enable
    capability to meet evolving supervision and enforcement requirements; establishes performance expectations for senior staff; monitors and reviews performance providing feedback and guidance as required such that senior staff are engaged and enabled to deliver on their objectives and achieve service standards; ensures that a high-performance culture and program is cascaded down through the organization.
  • Cultivates and promotes collaboration across teams to support the business lines’ alignment with overall organization objectives.Operational and Strategic Planning
    • Analyzes, identifies, and prioritizes the workload inherent in delivering effective regulatory practices for PSPs and FMIs, and establishes operational plans that optimize the allocation of the approved resources to achieve return on investment.
    • Acts as a key contributor to the Bank’s strategic direction.
    • Sets the departments strategic direction, objectives, and priorities, taking into consideration internal and external factors, business objectives and mandate, and aligns these with the overall organizational vision.
    • Works with departmental leadership and the ED to develop an entente that clearly prioritizes the work to be done, and establishes deliverables, metrics, and service standards to ensure relevant strategic plan goals are achieved.

    Relationship Management

    • Develops, fosters, and influences key internal and external strategic alliances and partnerships; builds and maintains relationships with PSPs to understand stakeholders and developments regarding risk supervision and enforcement to recommend and implement continuous improvement approaches.
    • Establishes and maintains working level relationships with federal and provincial partners and industry stakeholders.
    • Develops and maintains relationships with FMI executives and relevant domestic and
      international regulators.
    • Continuous Improvement and Innovation
    • Monitors and reviews trends and developments within and adjacent to the retail payments industry and its supervision, to remain aware of evolving and emerging industry practices to inform and establish strategic direction for continuous improvement to enable optimal effectiveness of ongoing supervisory practices, policy, guidance and requirements for evolving oversight activity.
    • Provides management direction to ensure the development and ongoing evaluation of quality assurance practices to ensure the risk supervision and enforcement actions are consistent with the Bank’s mandate, are objectively supported, and can withstand management challenges.
    • Monitors trends and developments in Canada’s financial market infrastructure and remains well-versed in evolving global regulatory standards for FMIs.
    • Advances opportunities for leading-edge technology enhancements, machine learning, and AI to facilitate the organization’s risk supervision, registration, and enforcement activities, ensuring the appropriate and ethical walls and separation of activity.

    Subject Matter Expertise

    • Reviews and approves serious risk supervision and enforcement actions taken against PSPs to ensure they reflect the proper application of the framework, lead to an appropriate set of
      precedents for broader application, and confirm the Bank of Canada as a credible, relevant, and just body in its decisions of violations and/or application of penalties.
    • Ensures the delivery of a fit-for-purpose regime of risk supervision and enforcement through monitoring the efficacy of established frameworks, methods, and tools.
    • Reviews and approves annual oversight expectations for FMIs to ensure that they fully comply with the Bank’s risk management standards.
    • Develops and implements an evidence-based framework for evaluating and monitoring the
      risks associated with PSPs, including the development of risk metrics and classification of
      PSPs by risk level, as well as the frequency and intensity of ongoing risk assessment work.
    • Represents the Bank at some public and private forums to discuss Supervision related issues.
    • Provides authoritative advice to the ED on matters related to risk supervision and enforcement to enhance the organization’s operating and decision-making capability, and to anticipate future requirements relative to executing on the Bank’s Supervision mandate.
Required skills / Experience

The Individual

The Managing Director, Supervision (“MD”) is a seasoned leader with over 15 years of experience in
the financial services or regulatory sector, bringing expertise in supervision, risk management,
compliance, and policy development. With a refined understanding of risk supervision and enforcement practices, the MD excels at executing supervisory actions that effectively address compliance gaps while maintaining the highest regulatory standards.

The MD brings comprehensive knowledge of regulatory frameworks, particularly those governing Payment Service Providers (“PSPs”) and Financial Market Infrastructures (“FMIs”), applying astrategic and forward-thinking approach to oversight and enforcement.

A skilled relationship builder, the MD fosters collaboration and drives innovation within the Bank’s Supervision team, helping to establish a culture of excellence and accountability. By advancing the Bank’s Supervisory program, the MD plays a pivotal role in promoting the economic and financial well-being of Canadians.

Key Qualifications

  • 15+ years in the financial services or regulatory sector within a supervision, risk management,
    or policy development leadership role.
  • Nuanced understanding of relevant risk supervision and enforcement practices, processes,
    and policy guidance to initiate supervisory actions relative to gaps in compliance.
  • Exceptional communication and relationship building skills; able to conduct difficult conversations with supervised organizations, demonstrating a balance of firmness and fairness to uphold regulatory standards, while maintaining professional integrity and respect.
  • Significant experience dealing with risk monitoring and risk management issues requiring
    analysis, regulatory and enforcement issues, policy development, and the application of regulatory oversight frameworks.
  • Knowledge of federal and provincial government roles and aspirations with respect to the PSP industry.
  • Significant experience leading multi-disciplinary teams with highly developed interpersonal, organizational and leadership skills.
  • Comprehensive understanding of the relevant Acts, and bodies of regulation and guidance associated with retail payments supervision and the oversight of FMIs.
  • Knowledge of existing and emerging Canadian regulatory requirements, as well as international developments as they relate to FMIs, payments systems supervisory methods and operational risk, and fund safeguarding risk-management practices.
  • Ability to build strong formal and informal relationships with colleagues and external stakeholders.
  • Ability to foster a work environment that encourages innovative thinking, open dialogue, and enlightened risk management.
  • Ability to communicate effectively in both official languages (English and French) with specialists and with the general public on issues related to retail payment supervision.
Managing Director, Supervision
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How to Apply

Please apply online by the link below.  Interested applicants can submit their CV via the Massey Henry website.