We invite all experienced and aspiring First Nations / Metis / Inuit professionals to apply to roles featured on BMO’s Indigenous Careers landing page, as well as all of those on BMO's Careers page. Qualified First Nations / Metis / Inuit applicants applying through these postings will be considered for open job vacancies, where they exist, or added to our Indigenous Talent Network and matched to other upcoming opportunities.
This is part of BMO’s ongoing commitment to Indigenous applicants. Our recruitment team will reach out to those selected for further consideration.
The Compliance Management Professional, Legal and Regulatory Compliance (LRC), assists Compliance management in the effective implementation, maintenance and administration of a specific Compliance Program. The role coordinates risk assessment, monitoring and surveillance activities to ensure that the Compliance Program remains current and is aligned with the Enterprise-wide Compliance Program. The role works closely with the line of business (LOB) group(s) supported and other internal business partners to ensure regulatory, corporate and fiduciary obligations are met. To effectively achieve compliance goals, the Compliance Management Professional, LRC, maintains current knowledge of regulatory requirements and developments, monitors risk, identifies and corrects possible gaps and weaknesses. This role advises LOB management on implications of new regulatory policies or Bank products, and assists in the implementation of new or revised policies and programs to address them. The role develops and maintains compliance information for analysis and reporting.
Each Compliance Management Professional, LRC is responsible for maintaining specific LOB functional and regulatory expertise. Compliance Policies & Procedures manuals for each LOB group outline applicable requirements.
LOB Compliance Program Execution and Monitoring (60%)
- Coordinate risk assessments and compliance reviews to ensure compliance policies and risk controls are operating appropriately. Identify and escalate where factors which may affect risk mitigation and compliance with applicable regulatory requirements.
- Anticipate potential consequences of unaddressed risk factors or shortfalls in compliance and recommend appropriate controls.
- Elevate high profile or high risk cases to the Compliance and LOB management to ensure visibility and prompt resolution.
- Perform ongoing validation of monitoring strategies to ensure appropriate governance and control. Identify observations of trends and recommendations to optimize data.
- Execute appropriate testing and analyze key performance indicators to ensure requirements of the LOB policies and programs are maintained at a level commensurate with regulatory expectations. Support root cause analysis in response to material control failures in line(s) of business
- Prepare and complete, accurate documentation of compliance monitoring and surveillance activities. Report findings to Compliance and LOB management and provide timely follow-up on outstanding issues.
- Validate that issues identified through compliance monitoring and review processes are promptly addressed.
- Support operational activities, including but not limited to, escalated complaints management, monitoring, following up on status, preparing monitoring and testing workpapers, quarterly and ad hoc reporting
- Drive continuous analysis and identification of sales practices insights
Regulatory Consultation (20%)
- Work proactively with business line contacts and management toward ensuring that effective and efficient compliance risk management solutions are identified and implemented.
- Review various forms, disclosures and advertisements for compliance with applicable requirement and report findings to management.
Regulatory Governance (20%)
- Develop and maintain a high level of expertise in all regulations, directives and guidance which apply to the LOB Compliance group(s) supported.
- Provide input to LOB Compliance and LOB staff regarding emerging issues and interpretation of regulations.
- Identify possible enhancements to LOB Compliance tools and processes and communicate them to the Compliance management.
- Assist LOB management and staff in communicating and implementing changes to applicable regulatory policies and procedures.
- Collaborate and help others.
- Assist in preparing and organizing materials for audits and examinations.
- Strong interpersonal skills, including the confidence and ability to build rapport and connections with all levels
- An aptitude for listening, solving problems, and responding flexibly to new challenges
Authorities Scope & Impact
- Information Access – has authority to access, monitor and report on sensitive Bank, customer, transaction and employee information related to the position’s duties to ensure compliance with regulatory requirements This role contributes to one or multiple LOB’s business results by providing oversight and making recommendations that significantly impact the Bank’s ability to monitor regulatory compliance programs and minimize operational risk. Failure to comply with regulatory requirements and minimize operational risk may result in severe penalties from regulatory agencies and may damage the Bank’s reputation.
Desired Behaviours Key Performance Indicators
- Strong interpersonal and communications skills
- Solution oriented: Ability to identify risks and implement appropriate actions to mitigate them
- Strong Performance Management orientation
- Risk assessment
- Regulatory compliance, examination and audit findings
- Issue resolution
Cross Functional Relationships
- Compliance Management and Team
- Corporate Audit, Legal and Risk
- LOB Management
- Corporate Marketing
- Technology and Operations
- Regulatory Agencies
- Compliance professionals at financial institutions with a view to understanding the competitive landscape, keeping abreast of compliance developments, industry developments and new products
- Industry associations
Ability to effectively communicate the roles and importance of each of the three lines of defense, as well as proactively identifying regulatory risk
Strong communication, critical thinking, relationship management, and project management skills
Knowledge of consumer protection regulations
Intermediate to advanced skill in the use of MS Excel (pivot tables; macros; formulas)
Creative, self-starting, results-oriented, and highly motivated individual with excellent analytical skills
This role operates in a high stress regulatory environment, with constantly changing expectations and close regulatory and audit scrutiny. Limited travel may be required.
We’re here to help
At BMO we have a shared purpose; we put the customer at the centre of everything we do – helping people is in our DNA. For 200 years we have thought about the future—the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together we’re changing the way people think about a bank.
As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.
To find out more visit us at https://bmocareers.com.
BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.
Primary Location Canada-Ontario-Toronto
Job Posting 07/22/19
Unposting Date Ongoing