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Chief Financial Officer

Position Title: Chief Financial Officer (CFO)
Reports to: President & CEO
Location: Toronto, Ontario, Canada

COMPANY BACKGROUND

Lawyers’ Professional Indemnity Company (LAWPRO®) is a wholly Canadian owned insurance company that provides professional liability insurance to lawyers in Ontario and TitlePLUS® title insurance coast-to-coast. LAWPRO is headquartered in Toronto, Ontario, Canada and has a staff complement of 150.

LAWPRO provides errors and omissions insurance to more than 27,500 members of the Law Society of Ontario (“LSO”; formerly Law Society of Upper Canada). Through its TitlePLUS Program (being the only all-Canadian, bar-related title insurance product), LAWPRO also provides comprehensive title insurance and legal services coverage for residential purchase and mortgage-only/refinance transactions handled by lawyers or Quebec notaries.

Incorporated in 1990 by the LSO, LAWPRO has operated independently of the LSO since 1995, with its own management and Board of Directors. For more than 20 years, the LAWPRO team has provided the Ontario bar with cost-effective liability insurance, expert claims administration, and proactive risk and practice management initiatives to help prevent claims.

LAWPRO operates in a commercially viable and responsible manner in accordance with the regulations of the Ontario Insurance Act, the Ontario Corporations Act, and other applicable legislation. LAWPRO ‘s strong underwriting and claims management underlies its financial strength. LAWPRO has consistently been awarded an “A (Excellent)” rating for its financial strength by A.M. Best Co, a leading rating agency.

THE OPPORTUNITY

The Chief Financial Officer (CFO) reports directly to the President & CEO, is an officer of the company and participates as a key member of the senior management team. The CFO is responsible and accountable for the direction, coordination and management of the Finance Department as well as all financial activities within the organization, including responsibility for risk management and compliance related to all financial functions. The CFO provides exemplary leadership and management to a dedicated team of 10-15 people.

KEY RESPONSIBILITIES AND ACCOUNTABILITIES:

Financial Reporting

  • Oversee the timely preparation of financial statements and management information for presentation to senior management, directors of the company, and its shareholder (Law Society of Ontario)
  • Completion of quarterly statutory filings (to Financial Services Regulatory Authority of Ontario/FSRA) and ensuring adherence to all legislation and regulations
  • Supervise the preparation and completion of audited annual financial statements in conjunction with external auditors
  • Preparation of annual income tax filings for CRA and various provincial jurisdictions
  • Oversee the annual preparation and audit of the company’s pension plan financial statements for submission to provincial regulators (FSRA)
  • Ad hoc reporting to support business decisions and new business initiatives
  • Provide leadership and oversight to minimize the risk of LAWPRO being affected by financial crime, including assembly of intelligence, assessment thereof and reporting of any material financial crime to the Finance & Audit Committee, Auditor and relevant authorities

Actuarial Oversight and Analysis

  • Supervision of the in-house actuary as well as the relationship with the external actuaries (appointed actuary and external auditor’s actuary)
  • Manage the delivery of routine actuarial products, such as the quarterly valuation, risk rating, Errors & Omissions (E&O) program pricing, and reinsurance submission information
  • Manage ad hoc actuarial products, such as new business evaluations, media communications, etc.
  • Explore opportunities to enhance existing products, software platforms and adapt to the evolving accounting, regulatory and actuarial requirements

Management of Finance Department Operations

  • Establish and maintain financial controls that provide for the safekeeping of assets, the integrity of internal and external reports and full compliance with statutory requirements
  • Oversee all treasury functions including cash management and investment strategies; ensure investment decisions comply with pre-approved guidelines and applicable statutes (Ontario Insurance Act)
  • Oversee all the processes associated with the revenue and payment cycles
  • Review and approve various expenditures and authorize payment thereof to external suppliers
  • Staff administration including the preparation and monitoring of department goals, assessment of staff performance, and on-going development through mentoring and coaching in terms of goals, performance and development
  • Review and analyze operational processes, identifying opportunities for continuous improvement either through change management or the use of technology
  • Responsible for a wide variety of projects and the financial components of new initiatives

Annual Budgeting and Planning Process

  • In conjunction with Underwriting and TitlePLUS, establish revenue projections
  • In conjunction with Claims and the company actuary, establish claims related loss projections
  • In conjunction with all departments assist in the determination of operations related expenses
  • With consideration for required revenues and expected expenses, propose base premium rates
  • Present to the Board for discussion and approval and provide the framework for the subsequent year’s annual insurance program

Collaboration with External Parties

  • Coordinate with and assist external auditors in their planning and execution of the annual audit of the company’s financial statements
  • Work with the company’s regulators (FSRA) in completing their annual assessment of the company’s financial condition and operations
  • Deal with the independent rating agency (A.M. Best) as part of their annual rating process of the company
  • On-going collaboration and discussions with asset managers and consultants as part of the investment monitoring and reporting process
  • Periodic discussions with the company’s third-party pension administrator as related to member issues and compliance with regulatory reporting requirements
  • Communication with other miscellaneous third parties including the company’s banking institution, CRA, Ministry of Finance, insurance and reinsurance brokers, benefit consultants, etc., as the need arises
    Maintain active involvement in industry groups, such as the Insurance Bureau of Canada (IBC), in order to stay abreast of evolving accounting, regulatory and actuarial practices

Collaboration with Internal Parties

  • Regular presentation of results to the Board of Directors and its Audit and Investment Committees
  • Provide regular updates on operational results including details of costs incurred by departmental cost centre including comparisons to budget
  • Assist the respective cost centres during the annual budgeting process
  • Facilitate resolution of departmental issues that have a financial impact
  • Provide financial information, advice and assistance to other departments during the launching of new initiatives ensuring adherence to any applicable legislation and regulations as well as the implementation of controls to support the new initiative
  • Report any risk management or compliance issues to the President & CEO as Chief Risk/Compliance Officer, and/or directly to the Board if deemed necessary or appropriate based on LAWPRO’s Code of Business Conduct, Vision, Mission & Values, any LAWPRO board policy, or corporate governance best practices
  • Assist in the negotiation of agreements with third party service providers

THE CANDIDATE

The ideal candidate will possess the following knowledge, experience, skills and attributes:

  • A recognized professional designation/accreditation (ie. CPA designation) in addition to a university degree (or equivalent) in business, finance or accounting
  • A senior executive with a minimum of 10 years of progressively more responsible/accountable finance leadership experience within financial services/insurance and/or relevant experience with a major public accounting firm
  • Knowledge/experience in accounting, audit (including internal audit), actuarial, corporate tax, controls, reporting, planning, analysis, treasury, and payroll
  • Ability to develop complex financial models to facilitate the decision-making process
  • Well-developed knowledge of the insurance industry including statutory guidelines, regulations, and reporting; familiarity with evolving IFRS practices/guidelines
  • A well-developed understanding of the investment industry and the capital markets
  • Ability to not only work with but constructively scrutinize and analyze actuarial findings as part of the regular review of operational results and assumptions associated with budgeting, forecasting, and strategy development
  • Comfortable working knowledge of pension plans including their administration and reporting requirements
  • Understanding of broad-based systems and technology (architecture, business analysis, applications and infrastructure)
  • Exceptionally strong business and financial acumen coupled with a results orientation to optimize resources and with a continuous improvement lens
  • A team player who engages others in the organization, openly invites and exchanges ideas, shares information (as appropriate), and welcomes diverse perspectives
  • A seasoned manager of people able to lead, coach and mentor a team to achieve common goals
  • Experience creating a collaborative culture and environment of cross-functional engagement, high performance and measurable results
  • Experience building mutually beneficial relationships with diverse stakeholders (internal and external) within a dynamic and changing environment; seen as highly proficient and effective respecting diverse stakeholder engagement and relationship management
  • A fiscally responsible strategist with a “big picture” perspective but highly analytical in nature with an eye for detail, ability to identify anomalies, ability to deal with complexity
  • Proven ability to act as a key strategic advisor to the President & CEO, the Board, the senior management team, including ideally previous experience working closely with a Board’s Finance/Audit Committee
  • Excellent oral and written communication skills essential for presentations to the Board of Directors and its Committees
  • Leads by example in facilitating dialogue and healthy discourse, innovative thinking, building consensus, driving results, celebrating successes
  • A customer orientation and ability to articulate and leverage an organization’s promise to deliver on best-in-class customer service outcomes and results
  • Exposure to an organization with a public policy/public interest purpose

ABOUT AMROP KNIGHTSBRIDGE – amropknightsbridge.com

Amrop Knightsbridge is a leading executive search firm with offices across Canada and partner offices around the globe. Amrop Knightsbridge is an integral part of LHH Knightsbridge, a human capital management organization comprising teams of specialists with an integrated perspective across recruitment, leadership and organizational development, learning, and career and workforce management. Solutions are customized to fully meet client specific needs, maximizing investments in people and achieving optimal organizational and business productivity and performance. LHH Knightsbridge has been recognized over multiple years as one of Canada’s Top 50 Best Managed Companies. Further LHH Knightsbridge information is available at www.lhhknightsbridge.com.

Click here to apply via the Amrop Knightsbridge site


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