Senior Risk Manager ARAG Canada is seeking an experienced Senior Risk Manager to play a key role in building and developing the Risk Management function of its newly established Canadian insurance company.

Reporting to the CFO/Chief Risk Officer, the Senior Risk Manager will provide independent Second Line oversight and challenge across the organization, with an initial focus on operational risk management and operational resilience.

The role has direct access to the Audit & Risk Committee, supporting effective and independent risk oversight and escalation.

This is a senior individual contributor position with significant visibility across the organization.

As ARAG Canada and its Risk Management function mature, the role is expected to assume broader responsibilities across enterprise risk management, including risk appetite, ORSA, capital and financial risks.

It offers an opportunity for an experienced risk qualified to help shape a risk function from an early stage and grow with the organization.

What will you do? Assist in the creation, roll out and implementation of a compliance management framework for a new P&C; insurance company.

Lead the development, implementation and ongoing enhancement of ARAG Canada’s Enterprise and Operational Risk Management frameworks, policies, methodologies and processes.

Provide independent Second Line oversight and constructive challenge of material risks, controls and management decisions across the organization.

Support the CRO in maintaining the Company’s Risk Appetite Framework and develop appropriate operational risk limits, Key Risk Indicators (KRIs), thresholds and escalation mechanisms.

Lead the Company’s risk and control assessment process, including the identification and assessment of inherent risks, key controls, control effectiveness and residual risks.





Establish and maintain an effective Operational Risk Event framework covering material incidents, control failures, losses and near misses, including oversight of root-cause analysis and remediation.

Lead the development of ARAG Canada’s operational resilience capabilities, including identification of Critical Operations, dependency mapping, tolerances for disruption and severe-but-plausible scenario testing.

Provide independent risk oversight of business continuity, technology and cyber risk, third-party risk and significant business or technology changes, working closely with the respective business and functional owners.

Maintain an enterprise-wide and forward-looking view of ARAG Canada’s material and emerging risks and identify concentrations, dependencies and changing risk exposures.

Prepare clear and decision-oriented risk reporting for Senior Management and the Audit & Risk Committee and independently escalate material risk matters where appropriate.

Support the CRO in regulatory interactions and in demonstrating the effectiveness of the Company’s risk management and governance framework.

Contribute to and, over time, assume increasing responsibility for the Company’s Own Risk and Solvency Assessment (ORSA), enterprise stress and scenario testing and broader ERM activities.

Develop a sound understanding of ARAG Canada’s insurance, market, credit and capital risks and provide independent review and challenge of quantitative risk and Minimum Capital Test (MCT) analyses performed by internal and external specialists.

Provide risk oversight of material outsourced and intra-group services, including the effectiveness of risk management, monitoring and contingency arrangements.

Promote effective risk ownership and a strong risk culture throughout the organization while maintaining clear accountability for risks and controls within the First Line.

📌 Senior Risk Manager (Toronto)
🏢 ARAG Legal Solutions
📍 Toronto