---
title: 'Director, Payments Risk and Compliance at EQ Bank | Canada''s Challenger Bank'
canonical: 'https://feeny.ai/job/director-payments-risk-and-compliance-eq-bank-canada-s-challenger-bank-toronto-bqhy3gfpdete'
type: 'job'
last_seen: '2026-09-15'
---

# Director, Payments Risk and Compliance at EQ Bank | Canada's Challenger Bank

- **Company:** EQ Bank | Canada's Challenger Bank
- **Location:** Toronto, Canada
- **Employment:** full-time
- **Work type:** hybrid
- **Posted:** 2026-08-06
- **Last confirmed live:** 2026-09-15
- **Apply:** https://jobs.lever.co/eqbank/6f12a495-5d94-4542-bfe8-f30ef8e08ed2

## Job description

Join a Challenger At EQ, we're remaking banking so every Canadian gets ahead, every day. Serving nearly 4 million Canadians from coast to coast, we offer a wide variety of financial services from banking and lending, to trust and credit union solutions.

We've been at this since 1970, challenging the conventions of traditional banking with smarter, faster, and more connected financial experiences.

What's kept us moving?  The people behind it all: challengers who ask better questions, push back on old assumptions, and look for a better way forward.

If you're driven to help reshape how banking works for Canadians and the businesses that power our economy, this could be your next big opportunity.

We can’t wait to get to know you!

The Work

The Director, Payments Risk & Compliance is the first-line accountability leader for all risk and compliance activities across the bank’s B2B Payments & Partnerships business line, including BIN Sponsorship, program management, and strategic fintech partnerships. This role is responsible for establishing and leading a comprehensive first-line risk framework, ensuring that all payment activities operate within the bank’s risk appetite, regulatory expectations (e.g., RPAA, FINTRAC, network rules), and contractual obligations. The Director plays a critical leadership role in balancing growth and risk, partnering closely with Product, Legal, Compliance (2nd line), and external partners to enable compliant innovation while maintaining robust controls across third-party risk, credit/financial risk, operational risk, regulatory/reputational risk, and exit planning. This role ensures that all activities operate within the bank’s established risk appetite, comply with applicable regulatory and network requirements, and are supported by sound controls and governance. The Risk Manager works closely with second-line functions to ensure that risks are effectively identified, assessed, mitigated, and monitored. The ideal candidate combines deep payments industry knowledge with strong risk management, governance, and control capabilities, and can navigate the intersection of traditional banking oversight and modern fintech partnerships.

The Core Responsibilities

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.

1. 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.

1. 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.

1. 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.

1. 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.

1. 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.

1. 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.

Let's Talk About You

- 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).

## What we offer [For full-time permanent roles]

💰 Competitive discretionary bonus ✨ Market leading RRSP match program 🩺  Medical, dental, vision, life, and disability benefits 📝  Employee Share Purchase Plan 👶🏽 Maternity/Parental top-up while you care for your little one 🏝 Generous vacation policy and personal days 🖥  Virtual events to connect with your fellow colleagues 🎓  Professional development and comprehensive Career Development program 💛  A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience

The incumbent will be working hybrid and in office time will be spent working from EQ Bank’s additional office space located at 2200-25 Ontario Street, Toronto, ON.

Equity, Diversity & Inclusion EQ is committed to building an inclusive, accessible environment where every employee feels valued, respected, and supported. We believe our organization is stronger — and our people thrive — when we honour and celebrate diverse experiences, identities, and perspectives. We’re equally committed to supporting your growth, both professionally and personally. We provide a barrier‑free recruitment process and work environment. If you require accommodations at any stage, we will work with you to ensure you can bring your best self to the process and beyond. As part of our recruitment process, EQ uses AI to help screen, assess, and/or select applicants for this position. All AI-enabled outputs are reviewed and validated by our talent team. All candidates considered for hire must successfully complete a criminal background check and credit check. While we appreciate every application, an EQ recruiter will contact only those whose skills and experience most closely match the requirements of the role.

EQB Inc. (TSX: EQB) is the parent company of Equitable Bank, the country's seventh-largest Schedule I bank by assets, which operates EQ Bank, Canada's Challenger Bank™. EQB Inc. serves nearly 4 million Canadians and manages approximately $150 billion in combined assets under management and administration.

To learn more, visit eqb.investorroom.com and eqbank.ca.

## About EQ Bank | Canada's Challenger Bank

## Company Overview
- **One-liner**: A Canadian challenger bank providing digital-first personal and commercial banking, lending, and asset management through its EQ Bank platform and parent company EQB Inc.
- **Entity Type**: Public (TSX: EQB)
- **Headquarters**: Toronto, Ontario, Canada
- **Founded**: 1970
- **Founders**: Not publicly available

## Core Business
- **Primary industries**: Banking, Financial Services, Digital Banking, Asset Management
- **Target customers**: B2C (Canadian consumers), B2B (small businesses, credit unions, commercial real estate borrowers)
- **Mission / purpose**: “Drive change in Canadian banking to enrich people’s lives” — challenging the status quo to bring more competition and better value to Canadians.

## Products & Services
- **EQ Bank**: Canada’s first all-digital, cloud-based bank offering high-interest savings, registered accounts, GICs, and everyday banking (SaaS-like digital platform)
- **Business Banking**: Recently launched all-digital banking platform for small businesses, offering greater value and a differentiated experience
- **Commercial Banking**: Lending focused on insured multi-unit residential securitization, serving builders and renovators of rental apartment supply
- **Insurance (Equitable Trust/Concentra)**: Home and auto insurance, estate and trust services
- **Asset Management (ACM Advisors)**: Alternative asset management for institutional investors
- **Credit Union Solutions**: Services for nearly 200 Canadian credit unions, serving approximately six million members

## Market Standing
- **Valuation / Market Cap**: Not directly disclosed in provided sources; combined assets under management and administration are $151 billion (company overview) – $138 billion (annual report). Market cap is not publicly available in the provided data.
- **Key Metric**: Annual revenue of $270 million (LinkedIn estimate); public company with SEC/TSX filings.
- **Notable Investors / Partners**: Exclusive financial partner of Loblaw Companies Limited’s PC Optimum™ loyalty program (18+ million members). Recognized as one of Forbes’ World’s Best Banks (2021‑2025) and named top bank in Canada and North America by The Banker (Financial Times, 2025).
- **Growth Signals**: 607,000 EQ Bank customers at end of Q4 2025 (18% YoY increase); directly serves over 779,000 customers; employee count grew to ~1,950 (from ~1,360 on LinkedIn, indicating significant hiring); moved into new national headquarters at EQ Bank Tower in Toronto (May 2025).

## Competitive Advantages
- **First-mover digital advantage**: Canada’s first all-digital bank, built on a proprietary cloud platform that enables rapid product development and fintech collaborations.
- **Challenger brand identity**: Distinct positioning as a “Challenger Bank™” that actively disrupts the big-five bank oligopoly, attracting customers seeking better value.
- **Massive embedded reach**: Exclusive partnership with PC Optimum (18M+ members) gives EQ Bank deep integration into daily Canadian spending.
- **Strong regulatory standing**: Operating as a Schedule I bank (7th largest by assets) with OSFI regulation, providing trust and stability.

## Strategic Focus
- **Open banking leadership**: Advocating for and integrating open banking to give customers control over their financial data and enable better choices.
- **Digital expansion**: Scaling the EQ Bank platform (record customer growth) and recently launching Business Banking to capture small business market.
- **Innovation & efficiency**: Leveraging cloud-native platform to drive best-in-class cost efficiencies and rapidly innovate new products.
- **Talent growth**: Investing in leadership development programs and building a pipeline of future leaders to sustain growth.

## Why Work Here
- **Culture**: Recognized on LinkedIn Top Companies list for workplace growth and career progression (2024) and Canada’s Best Workplaces™ (2023). Emphasizes authenticity, inclusion, and a “Challenger” mindset.
- **Work model**: Hybrid work model with flexible hours, generous vacation, and a “work from away” program.
- **Compensation & benefits**: Comprehensive medical, dental, vision, fertility, and mental health support; company equity via stock matching; retirement savings plan with matching; 12 weeks top-up pay for parental leave.
- **Growth & learning**: Annual learning budget; allowances for home office and wellness; structured internship, co-op, and Leadership Development Program (LDP) offering real responsibility, mentorship, and cross-functional rotations.
- **Wellness**: Employee assistance program, sick days, life and disability insurance.
- **Perks**: New national headquarters at EQ Bank Tower in downtown Toronto.

## Sources
1. [eqbank.ca - Company Overview](https://www.eqbank.ca/about-us/about/company-overview)
2. [eqbank.ca - Careers](https://www.eqbank.ca/about-us/about/careers)
3. [jobs.lever.co/eqbank - Job listings](https://jobs.lever.co/eqbank)
4. [linkedin.com/company/-eqbank - LinkedIn company page](https://linkedin.com/company/-eqbank)
5. [filecache.investorroom.com - EQB 2025 Annual Report](https://filecache.investorroom.com/mr5ircnw_eqbank2/1591/EQB-2025_Annual_Report_Final.pdf)

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