Payments Risk Analyst Jobs in Toronto, ON (NOW HIRING)

1. First-Line Risk Leadership & Governance
   Act as the designated first-line risk owner for all B2B Payments activities.
   Serve as the first-line risk owner for B2B Payments business activities, ensuring compliance with the bank's risk management framework and regulatory expectations.
   Lead ongoing risk assessments (including Third Party Risk Management, Regulatory Compliance Management) and control testing across all B2B payments processes.
   Partner with second-line functions to align business practices with enterprise risk frameworks, policies, and regulatory guidance.
   Guide the Risk and Control Self-Assessment (RCSA) process for all significant business activities and lines of business, assessing and challenging the inherent and residual risk. 
   Establish and maintain a comprehensive risk governance framework across Payments, aligned to enterprise risk management standards.
   Define and enforce risk appetite, tolerances, and escalation protocols specific to payments programs and partnerships.
   Lead RCSA, NIRA, and risk governance forums; ensure effective challenge of residual risk positions.
   Provide executive-level risk reporting and insights to senior leadership and Board committees.

2. End-to-End Risk & Control Framework
   Oversee design and execution of controls across: 
o    Third-Party Risk (TPRM) - onboarding, due diligence, ongoing monitoring
o    Credit & Financial Risk - partner financial health, reserve frameworks, exposure management
o    Operational Risk - processing, settlement, reconciliation, fraud controls
o    Regulatory & Compliance Risk - RPAA, AML/ATF, network compliance (Visa/Mastercard)
o    Legal & Reputational Risk - use case and program structure, branding, consumer protection
   Ensure all processes are supported by auditable, scalable, and technology-enabled controls.
   Work with product and implementation team on New Initiative Risk Assessment (NIRA) process and the New Initiative Approval Process (NIAP) for new initiatives to properly assess and mitigate high inherent risks and ensure residual risks are acceptable and within the Bank's risk tolerance levels.
   Drive continuous improvement in control effectiveness, automation, and standardization.

3. Partner & Ecosystem Risk Oversight
   Provide risk oversight across program managers, processors, fintechs, and third-party agents.
   Approve and challenge partner onboarding decisions, including risk ratings and mitigants.
   Establish robust frameworks for: 
o    Ongoing partner monitoring
o    Financial exposure management
o    Trigger-based escalations and interventions
   Lead cross-functional decisioning on high-risk partners or programs.

4. Product, Innovation & Growth Enablement
   Partner with product and business teams to enable new payments opportunities within a compliant framework.
   Lead risk assessment and approval (New Initiative Risk Assessment/New Initiative Approval Process) for: 
o    New products (e.g., prepaid, credit, embedded finance)
o    New partnership models (e.g., program manager, payment service provider, sponsorship)
   Act as a strategic advisor on structuring programs to optimize risk, compliance, and commercial outcomes.
   Support EQ Bank's strategy to scale PaaS and fintech partnerships safely.

5. Exit Planning & Incident Management
   Own and maintain comprehensive exit strategies for all critical partners and programs.
   Lead execution of partner exits, including: 
o    Network engagement and regulatory communication
o    Customer impact mitigation and fund safeguarding
o    Legal coordination and exposure management
   Oversee risk events, incidents, and near misses, ensuring root cause analysis and remediation.

6. Regulatory, Audit & Second-Line Engagement
   Act as the primary first-line interface for: 
o    Internal Audit
o    Second Line Risk & Compliance
o    Regulators and network reviews
   Ensure timely and effective remediation of audit and regulatory findings.
   Maintain ongoing awareness of evolving regulatory expectations and industry practices.
   Track, log, and manage risk events, issues, and near misses, ensuring root cause analysis and timely resolution.
   Conduct periodic self-assessments and internal gap analyses on 1st line business processes to validate control effectiveness, identify improvement opportunities, and ensure audit readiness. 
   Evaluate operational readiness and control adequacy prior to launch or material change of any partnership program.

7. Team Leadership & Capability Building
   Build and lead a high-performing first-line Payments Risk team.
   Define roles, accountabilities, and operating model for risk within Payments.
   Foster a strong risk culture aligned with accountability, transparency, and proactive escalation.
   Mentor team members and strengthen capabilities across risk disciplines.

   12+ years of experience in risk management, compliance, or payments, preferably within payments / banking or fintech. 
   Deep expertise in payments ecosystems, including BIN sponsorship, prepaid/credit programs, PaaS models. 
   Strong understanding of: 
o    Canadian regulatory environment (e.g., RPAA, FINTRAC/AML, FCAC, OFSI)
o    Network rules (Visa, Mastercard)
o    Third-party risk and fintech partnership models
   Proven experience managing multiple risk disciplines (TPRM, credit/financial risk, operational risk, reputational and compliance risk). 
   Experience leading audit/regulatory engagements and remediation programs. 
   Strong commercial acumen with ability to balance risk and growth objectives.
   Bachelor degree in Business Administration, Finance or related field. Masters degree preferred.
   Awareness of key trends in payments & financial services, particularly related to digital banking & fintech landscape. 
   Strong analytical and critical thinking skills with the ability to identify and mitigate complex operational and partner risks.
   Strong business acumen and passion for understanding and solving problems for consumers of financial services using rigorous data-driven methods and advanced analytical approaches 
   Ability to work independently and make decisions in a fast-paced environment.
   Strong analytical and problem-solving skills
   Strong attention to detail and time management skills
   Excellent communication and interpersonal skills.
   Experience, confidence, and maturity managing internal and external stakeholders
   Proficient in using MS Office (Excel, Access, PowerPoint).