Compliance Analyst

Compliance Analyst – Advisor Practice Reviews & MGA Compliance (Contract)
Location: Toronto, ON (Hybrid – 3 days/week in office)
Duration: 6-Month Contract (Potential Extension)
Hours: 37.5 hours per week

Role Summary
Our client is seeking a Compliance Analyst to support the execution of its annual Advisor Practice Reviews and Managing General Agency (MGA) Compliance Review Program within its Canadian Life Insurance business.
This role is responsible for coordinating compliance reviews with advisors and MGAs, collecting and assessing regulatory documentation, conducting risk-based compliance assessments, identifying gaps against regulatory and industry expectations, and preparing detailed findings and recommendations.
The ideal candidate has a strong understanding of the Canadian life insurance industry, advisor and MGA business models, and insurance market conduct requirements. This is an excellent opportunity for a compliance professional who enjoys analytical work, stakeholder interaction, and contributing to regulatory oversight initiatives.
Key Responsibilities
Advisor Practice Reviews

• Coordinate and execute annual Advisor Practice Reviews in accordance with established compliance frameworks and regulatory requirements.
• Engage directly with life insurance advisors to request and obtain required compliance documentation.
• Review submitted documentation for completeness, accuracy, and compliance with applicable legislation, regulatory requirements, and company policies.
• Assess advisor business practices and identify areas of regulatory or operational risk.
• Prepare detailed review findings, risk assessments, and recommendations for remediation.
• Track outstanding documentation, follow up with advisors, and ensure reviews are completed within established timelines.

MGA Compliance Reviews

• Conduct annual compliance reviews of Managing General Agencies (MGAs).
• Review governance, compliance, supervision, licensing, training, complaints handling, recordkeeping, and operational controls.
• Evaluate MGA compliance programs against regulatory expectations and industry best practices.
• Identify compliance gaps and recommend corrective actions.
• Prepare comprehensive review reports for internal stakeholders.

Risk Assessment & Reporting

• Perform risk assessments based on review findings and supporting documentation.
• Identify emerging compliance trends and recurring issues.
• Document findings in a clear, concise, and well-supported manner.
• Escalate significant compliance concerns to management.
• Maintain accurate records of review activities and supporting evidence.

Stakeholder Management

• Build effective working relationships with advisors, MGAs, and internal business partners.
• Respond professionally to questions regarding review requirements and expectations.
• Work collaboratively with Compliance, Distribution, Legal, and Operations teams to resolve review findings.
• Support continuous improvement initiatives for the Advisor Practice Review and MGA Review programs.

Qualifications
Required Experience

• 3–7 years of experience in Compliance, Risk, Operations, Audit, or a related function within the Canadian life insurance industry.
• Experience conducting compliance reviews, audits, operational assessments, or regulatory reviews.
• Strong understanding of Canadian life insurance distribution channels.
• Knowledge of advisor supervision, insurance compliance practices, and regulatory expectations.
• Experience reviewing policies, procedures, and supporting compliance documentation.

Industry Knowledge
Strong understanding of:

• Canadian Life Insurance products
• Insurance distribution models
• Independent Advisors
• Managing General Agencies (MGAs)
• Advisor licensing requirements
• Insurance market conduct expectations
• Regulatory compliance frameworks
• Risk-based compliance assessments

Knowledge of regulatory expectations established by organizations such as provincial insurance regulators and the Canadian Council of Insurance Regulators (CCIR) is considered an asset.
Core Competencies

• Strong analytical and critical thinking skills.
• Excellent attention to detail.
• Ability to interpret regulatory requirements and apply them in practical situations.
• Strong written communication and report-writing skills.
• Excellent organizational and time management abilities.
• Ability to manage multiple reviews simultaneously while meeting deadlines.
• Professional communication skills with internal and external stakeholders.
• Sound judgment and the ability to assess compliance risk.

Preferred Qualifications

• Experience working for a life insurance carrier, MGA, insurance regulator, or compliance consulting organization.
• Familiarity with advisor supervision programs or compliance monitoring frameworks.
• Experience performing risk assessments or internal audits.
• Knowledge of Canadian insurance regulatory requirements and market conduct obligations.
• Professional designation such as LLQP, ICA, CRCM, or similar is considered an asset.

Success Measures
The successful candidate will be measured on their ability to:

• Complete Advisor Practice Reviews and MGA Compliance Reviews within established timelines.
• Identify and clearly articulate compliance risks and regulatory gaps.
• Produce accurate, well-supported review reports and risk assessments.
• Build positive relationships with advisors, MGAs, and internal stakeholders.
• Ensure regulatory documentation is complete, organized, and compliant.
• Contribute to the continuous improvement of compliance review processes.

Ideal Candidate Profile
The successful candidate is a detail-oriented compliance professional who combines strong analytical skills with a solid understanding of the Canadian life insurance industry. They are comfortable engaging with advisors and MGAs, reviewing complex documentation, assessing regulatory risk, and communicating findings in a professional and objective manner. They thrive in a structured environment, can manage multiple priorities, and possess the critical thinking skills necessary to identify issues and recommend practical solutions.