Job title: CFO AIG Canada
Company: AIG
Job description: Chief Financial Officer (CFO) – AIG, Toronto
American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance in approximately 70 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets and manage risks.
We’re also committed to making a positive difference for our colleagues and in the communities where we work and live. We encourage colleagues to give back to the causes they care most about, supporting these efforts through our Volunteer Time Off and Matching Grants Programs.
About the Role
Working closely with the NA CFO, the Canadian CEO, Board of Directors, and the executive team, the AIG Canada CFO is a strategic advisor and a finance and accounting leader who ensures the Company’s financial strength and enables its profitable growth. The CFO will provide financial, strategic, and operational insight to the business and will be a catalyst for transformation in the development and pursuit of organizational objectives.
Strategy & Leadership
- Serve as a strategic business partner to the CEO and Executive Team, actively participating int eh development and implementation of the entity’s strategic plan to advance growth and profit objectives.
- Works with the Canadian CEO and local executive team in enhancing and safeguarding the company’s reputation, through prudent capital and financial management, compliance with regulatory requirements, and modeling and driving a high-performing culture.
- Develop structure to analyze and understand business trends, providing a common framework used at the Executive Leadership level.
- Delivering well-supported budgets, plans and forecasts in line with AIG’s timelines, along with regular progress updates and action recommendations as appropriate.
- Designing and implementing changes to Finance organizational design, processes, and systems to improve efficiency and effectiveness whilst maintaining control standards
- Leads in a global, highly matrixed organization going through significant change.
- Leads, mentors and develops Finance staff, making best and highest use of talent including exporting to benefit the wider Group, managing succession plans, fostering a culture of collaboration, and promoting and delivering the benefits of working collaboratively to deliver AIG’s strategic objectives; and
- Member of the Functional Leadership team and champion of various AIG initiatives such as diversity in the workplace, corporate social responsibility, and career development of AIG team members
Business & Financial Performance
- Champion continuous improvement initiatives, particularly in enhancing internal controls, deploying automation, and streamlining processes.
- Serve as a business partner to operating units ensuring timely and accurate analysis of budgets, financial reports, forecast and trends.
- Evaluates information on costs, margins, and operating procedures to gleam insights and make recommendations for strategic execution.
- Oversee and provide commentary on financial results, business mix, forecasting, revenues, expenses, and ensures financial discipline and risk management objectives are met.
- Evaluates and implements accounting standards, regulatory guidelines, and strategically manages capital to ensure the continued success and allow for capacity deployment and growth of the organization.
- Responds to regulatory proposed Guidelines during consultation periods and interacts with industry associations in evaluating business impacts and developing AIG’s response to safeguard the organization’s strategic intent and mitigate potential adverse impacts.
- Ensuring all internal and regulatory financial reporting requirements are met in a timely and accurate manner.
- Representing AIG Canada to the regulator regarding all financial matters.
- Manages capital to meet regulatory requirements and ensure that dividend commitments can be met.
- Drive integrity and accuracy of internal reporting.
- Manage and revise the systems and processes to ensure integrity of the various data sources relating to management practices (such as those for cost centers, product segmentation, et al.).
- Create a consistent structure to outline multi-year expectations, integrate the process with annual plans, and with quarterly reporting.
- Provide a concise, comprehensive matrix view of results, along with KPIs, variance analysis, and operating expense flux analysis.
- Manages external audit and meets with the audit partner to ensure engagement and costs are in line with expectations and reviews audit report prior to presentation to Audit Committee.
Board and Committees
- The CFO chairs the AIG Canada Investment Committee and is a member of the AIG Canada Risk and Capital Committee, as well as the Retirement Committee.
- The CFO also presents quarterly to the Board Audit Committee and attends other Board and Board Committee meetings.
- Oversees the investment management activities of the company, which are outsourced to BlackRock.
- Meets and updates the federal regulatory body (OSFI) on a quarterly basis following results filing and Board meetings.
- Provides and presents to the Board and Audit Committee financial and capital results, projections, audit results, and discusses upcoming and evolving financial and regulatory issues.
- Oversees the annual development, modeling, presentation, and submission of the regulatory Capital Plan to the Board and the regulator.
Stakeholder Management
- External stakeholder management duties, including:
- Federal and Provincial regulatory bodies (representing AIG Canada’s interest on regulatory guideline impacts, capital management, adoption of new standards, and other financial and operational risks).
- Banking partners.
- BlackRock investment team.
- Various industry associations, such as Insurance Bureau of Canada, Global Commercial Insurers Association, and Global Risk Management Institute, Insurance Institute of Canada, and MSA Researcher (industry financial data provider).
- Internal stakeholder management with AIG NA by:
- Building and maintain strong relationships with functional Leaders to ensure awareness of initiatives.
- Advocating for alignment and recognition of Canadian requirements, ensuring to greater inclusion and consultation.
- Lead the development and execution of annual operational plans for each functional area, ensuring alignment with overall AIG Canada strategic plans.
- Act as a bridge between business strategic initiatives and the provision of required support from all back-office functions in achieving those plans.
- Drive technology platform development and adoption to align to global strategies and support organizational goals.
Requirements:
- Chartered Accountant with superior financial and regulatory reporting understanding (preferred minimum of 10 years’ experience).
- Strong knowledge of IFRS, OSFI regulations, and capital management within the P&C industry.
- Superior understanding of the financial dynamics of a Property Casualty insurer and the related growth, profitability, and risk drivers.
- Proven track record of providing financial leadership and aligning business and finance strategy to deliver profitable growth.
- At ease with complex and evolving concepts but focused on practical, cost-effective implementation.
- Ability to manage and develop relationships across a wide range of stakeholders, including senior leadership, Board of Directors, Audit Committee, regulatory bodies, audit firms, and other service providers.
- Resilient and tenacious with a propensity to persevere.
We are an Equal Opportunity Employer
American International Group, Inc., its subsidiaries and affiliates are committed to be an Equal Opportunity Employer and its policies and procedures reflect this commitment. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories such as sexual orientation. At AIG, we believe that diversity and inclusion are critical to our future and our mission – creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.
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AIG is committed to working with and providing reasonable accommodations to job applicants and employees with physical or mental disabilities. If you believe you need a reasonable accommodation in order to search for a job opening or to complete any part of the application or hiring process, please send an email to . Reasonable accommodations will be determined on a case-by-case basis.
Functional Area: FA – Finance
Estimated Travel Percentage (%): Up to 25%
Relocation Provided: No
AIG Insurance Company of Canada
Expected salary:
Location: Toronto, ON
Job date: Wed, 10 Jan 2024 06:49:35 GMT
