Manager, Benefits - Total Rewards

Requisition ID: 180269

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

Purpose

The Manager, Benefits has responsibility for the financial management, reporting and analysis of benefit programs for active, disabled and retired employees, primarily in Canada and the US. This includes mitigating related risk and cost associated with these benefit programs. The role provides analytical and consultative guidance to the department in identifying needs, interpretation, industry and regulatory standards. The Manager, Benefits also plays a role more broadly in supporting the actuarial analysis and financial reporting of the Bank’s pension and benefits programs globally.

Key Accountabilities

• Ensure all policies, underwriting agreements and transactions are appropriately accounted for; both in the Bank’s General Ledger system and in the Bank’s financial reporting process.
• .Actively pursues effective and efficient operations of their respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework, Regulatory Compliance Risk Management Framework, AML/ATF Global Handbook and the Guidelines for Business Conduct.
• Provide benefit expertise in support of business strategies including mergers, acquisitions and outsource initiatives, and support the completion of compliance activity reporting for the Pension & Benefits team. This includes assisting in the governance/oversight of vender contracts due-diligence activities on potential acquisitions/divestitures, and other ad-hoc projects as required.
• Coordinate/manage the preparation of the benefits portion of the department’s budget projections, including external consulting/administration fees, benefit costs and premiums; perform variance analysis; track related expenses and pay invoices.
• Provide regular reporting and analysis of all benefit programs statistics and financials. This includes monitoring trend, usage, costing, expense and performance analysis for all benefits and wellness programs, and identifying risk or opportunities for change. Offer integrated and proactive solutions to check if internal trend is consistent with industry best practice and consistent with Bank strategies and goals.
• Support the Canada & US Benefits team in preparing annual benefit strategies, annual enrolment and funding, change proposals, executive reporting and any internal and regulatory reporting requirements, particularly those of financial consequence.
• Review various underwriting and financial agreements with service providers in Canada and US to ensure compliance and accurate reporting.
• Support the financial reporting process for pension & benefits plans following established procedures every quarter-end and at year-end.
• Manage department’s response to both external and internal audit requests on benefits financial reporting and procedures (including under Sarbanes Oxley (SOX)). Update documentation on established procedures, as required.
• Provide assistance on pricing the Canadian Benefits Plan, Retiree Flex Benefits and US benefits as required.
• Champions a high performance environment and contributes to an inclusive work environment.
• Ensure benefit programs are designed with consideration of needs, cost-efficiency, competitive positioning, emerging industry trends and innovations, governance, best practices and compliance requirements (including taxation and other regulatory requirements). Products and programs include (but not limited to) group insurance benefits for active employees and retirees (flexible & traditional benefits), short-and long-term disability, leave of absence, vacation, wellness, EFAP and other employee benefit programs.
• Assist with the management and preparation of actuarial valuations for certain post-retirement and post-employment benefit plans – by external consulting staff – for design, funding, expense and forecasting purposes to effectively manage costs.
• Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.

Experience / Education

• High degree of initiative, organizational and investigative skills, ability to focus, prioritize and action multiple projects with conflicting immovable deadlines.
• Minimum of three years of experience in group benefits financial management.
• Ability to provide analysis of benefit programs (internally and externally) to furnish comprehensive recommendations for amendments/enhancements/introductions as a result of emerging trends, regulatory changes and /or industry best practice.
• In-depth knowledge and solid understanding of group benefit principles, processes and legislation, including financial and underwriting concepts for Canada & US
• Effective consultation skills.
• The ability to work independently and as part of a team, including the ability to build close working relationships with a large number of individuals across the Bank and among external advisors and vendors.
• Ability to think analytically, strategically, creatively and conceptually when developing new benefit programs and/or reviewing existing programs. Including the ability to quickly gather, analyze and synthesize new/changing information and create sound recommendations and strategies that address organizational needs and consider short- and long-term impacts.
• Fully functional technical skills with respect to software programs, such as Excel, PowerBI, Word, Power Point, and other programs.
• Associate of the Society of Actuaries (ASA) designation or relevant experience.

Location(s): Canada : Ontario : Toronto

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.