at BMO Financial Group in Chicago, Illinois, United States
Job Description
Leads the implementation, maintenance and administration of the Corporate Areas Compliance program. Coordinates, performs, advises on regulation and control inventories, risk assessments, monitoring and testing activities and issues management to ensure program remains current and aligned with BMO’s Compliance Program. Works with business/group and internal partners to ensure regulatory, corporate and fiduciary obligations are met, both as traditional second-line Compliance and where other corporate areas provide oversight of regulatory requirements. Advises corporate areas on implications of/processes to assess new regulatory developments or internal products and processes, and assists to implement new/revised policies and programs to address them. Advises oversight functions on creation and maintenance of their own regulatory change management processes. Identifies risks and implements appropriate actions to mitigate them. Develops and maintains compliance information for analysis and reporting. Achieves compliance goals by maintaining current knowledge of regulatory requirements and developments. Maintains functional and regulatory expertise specific to business group, and refers to Compliance Policies & Procedures manuals for requirements. Contributes to business/group results by providing oversight and making recommendations that significantly impact the Bank’s ability to monitor regulatory compliance programs, minimize operational risk and align with regulatory agencies.
+ Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviours in all that they do.
+ Ensures alignment between values and behaviour that fosters diversity and inclusion.
+ Regularly connects work to BMO’s purpose, sets inspirational goals, defines clear expected outcomes, and ensures clear accountability for follow through.
+ Builds interdependent teams that collaborate across functional and operating groups to create the highest value for all stakeholders.
+ Attracts, retains, and enables the career development of top talent.
+ Improves team performance, recognizes and rewards performance, coaches employees, supports their development, and manages poor performance.
+ Advises and influences senior leaders on managing regulatory risk associated related to business decisions and strategic initiatives.
+ Develops an expert understanding of business/group challenges.
+ Networks with industry contacts to gather competitive insights and best practices.
+ Recommends measures to improve organizational effectiveness.
+ May consult to or serve on various committees.
+ Oversees strategy, design, implementation, and monitoring/reporting of all compliance policies and programs that have implications within the function across business groups or jurisdictions.
+ Acts as the prime contact for senior management, other internal/external stakeholders relationships and regulators.
+ Reviews and reports insights on regulatory risk based on compliance data to Compliance and business/group senior management.
+ Oversees the implementation, sustainability and assesses operating effectiveness compliance programs, providing advice/rulings as necessary, for multiple complex function(s) / activity(ies) across a business group or jurisdiction or deep within a functional area.
+ Reports to Compliance and business/group senior management on regulatory risk and compliance program effectiveness.
+ Management oversight for establishing and reinforcing compliance programs & protocols for functional area of responsibility.
+ Develops and maintains a high level of expertise in all regulations, directives and guidance which apply to the group(s) supported.
+ Provides input to business/group on emerging risks, regulatory developments and interpretation of regulations.
+ Conducts and/or effectively challenges risk assessments for business/group and assists to identify more effective compliance controls.
+ Performs and/or effectively challenges monitoring and testing activities to ensure regulatory compliance controls are operating and aligned to regulatory requirements. Supports root cause analysis in response to material control failures in business/group.
+ Identifies, assesses, effectively challenges and provides oversight on the satisfactory resolution of issues, including ensuring adequate management remediation plans and validation. Elevates high profile issues/risk cases to Compliance and business/group management for prompt resolution.
+ Analyzes and reports compliance information to Compliance and business/group management.
+ Advises first line of defense management and employees on compliance matters.
+ Consults on new products, services and automated systems to assist with incorporating compliance requirements into these initiatives.
+ Ascertains training needs and helps develop training based on gaps identified through the compliance monitoring and testing.
+ Identifies enhancements to business group compliance tools and processes and communicates to required stakeholders.
+ Assists business group management in communicating and implementing changes to applicable regulatory policies and procedures.
+ Represents the business/group Compliance team and interacts with examiners/auditors during internal, external and regulatory audits and examinations.
+ Provides regulatory perspective on business group’s sales and marketing materials.
+ Anticipates/ identifies and analyses risk and consequences of unaddressed risk factors/ compliance gaps, and recommends appropriate controls.
+ Builds effective professional relationships with business/groups.
+ Operates effectively within a high stress environment with constantly changing expectations and regulatory & audit scrutiny.
+ Accesses, monitors and reports on sensitive Bank, customer, transactional and employee information to ensure compliance with regulatory requirements.
+ Communicates the roles and importance of each of the three lines of defense, and proactively identifies regulatory risk.
+ Operates at a group/enterprise-wide level and serves as a senior specialist resource across BMO.
+ Influences how teams/groups work together.
+ Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to multiple, interdependent, complex problems.
+ Communicates abstract concepts in simple terms.
+ Fosters strong internal and external networks and works with and across multiple teams to achieve business objectives.
+ Anticipates trends and responds by implementing appropriate changes.
+ Broader work or accountabilities may be assigned as needed.
Qualifications:
+ Typically 10+ years of relevant experience and a post-secondary degree in related field of study or an equivalent combination of education and experience.
+ Recognized compliance certificate or equivalent preferred.
+ Advanced knowledge of consumer protection regulations related marketing and advertising guidelines.
+ Serves as a specialist resource within BMO with advanced knowledge of regulatory/ compliance requirements and the operations of multiple business/groups.
+ Experienced at regulatory body with respect to multiple compliance areas.
+ Exceptional communication, critical thinking, relationship management and project management skills.
+ Seasoned expert with extensive industry knowledge.
+ Technical leader viewed as a thought leader for innovation.
+ Verbal & written communication skills – Expert.
+ Analytical and problem solving skills – Expert.
+ Influence skills – Expert.
+ Collaboration & team skills; with a focus on cross-group collaboration – Expert.
+ Able to manage ambiguity.
+ Data driven decision making – Expert.
Salary:
$140,800.00 – $261,800.00
Pay Type:
Salaried
The above represents BMO Financial Group’s pay
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