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BMO Financial Group Senior Manager, Business Unit Compliance & Control - Global Asset Management in Chicago, Illinois


111 W Monroe - 115 S LaSalle

Job Family Group:

Business Management

The GAM US Business Unit Compliance & Control Senior Manager supports corporate Enterprise Compliance Risk Framework by managing the execution of 1st line compliance initiatives. The GAM US Business Unit Compliance & Control Senior Manager executes and leads first line compliance responsibilities including compliance issue management, risk assessments, monitoring, testing planning, advisory, coordination, analysis, reporting and provides oversight of US GAM business lines. This position operates within GAM U.S. and aligns with Compliance framework to also input, analyze, and monitor compliance-related audit and regulatory examination issues and prepare reports for senior management and the Board of Directors. The GAM US Business Unit Compliance & Control Manager will also track the implementation of final laws, rules and regulatory guidance and summarizes and reports findings for US GAM.

Regulatory Inventory

Identify, research, understand and assess regulatory requirements for the U.S. GAM Assessable Units

Ensure that relevant regulatory requirements are mapped to the AUs

Maintain inventory of regulatory requirements for the various U.S. GAM assessable units

Regulatory Risk Assessments

Conduct and validate Operating Group RCRAs

Perform Compliance Control Effectiveness Assessments to determine whether controls properly mitigate the inherent regulatory and privacy risks of an AU. Evaluate the design and operating effectiveness of key compliance controls and determine a rating based on how effective they are for each regulatory requirement.

Ensure applicable Operational Risk Management Framework Risk and Control Assessments the Operating Group maintain accurately reflect the level of regulatory and privacy risks, and ensure the inventory of applicable regulatory requirements is accurate

Manage the 1st Line Compliance annual risk assessment refresh and ensure that 2nd Line Compliance deadlines are adhered to

Conduct and validate Operating Group (OG) or Corporate Support Area (CSA) Compliance Risk Assessments

Ensure the OGCP information in CORE is current and meets ECP standards

Mandate Compliance

Manage 1A Mandate Compliance function supporting GAM US, reporting to committees and executives the status of compliance activities.

Ensure the completeness and timeliness of the Mandate Compliance function

Issue Management

Identify, manage and summarize line of business issues, , raised by 2nd or 3rd line reviews, and/or regulatory and third party audit reviews and assess their potential impact on the US GAM.

Identify, assess the severity of, report and remediate Compliance Issues currently impacting, or with the potential to impact, the effectiveness of the Operating Group Compliance Program (OGCP) and ensure that they are documented and maintained in the Compliance Book of Record (CORE).

Monitor the resolution of Issue action plans

Update status of findings and related remediation activities and maintain supporting documentation of progress made. Identify and escalate issues for additional follow-up and resolution.

Assist in the review and analysis of issues reported by the Line of Business (LOB).

Monitoring & Testing (M&T)

Develop a first-line monitoring and testing plan that aligns with regulatory requirements and expectations and also meets 2nd Line Compliance standards

Plan the M&T Program in accordance with the ECF to ensure compliance controls are designed, implemented and aligned to regulatory requirements and the Compliance Risk Appetite


Ensure test plan that effectively evaluates the control environment for regulations to be reviewed during each cycle

Work with 2nd Line Compliance to address feedback provided

Work with the businesses to ensure that they understand the test plans, cycling and timing of execution


Prepare detailed reports used by the GAM Executives and Governance Committees in the US and Globally to inform and report on the state of 1st line compliance.

Develop dashboards and other analytical tools to display relevant trends. Serve as a key resource in the development and tracking of compliance risk metrics.

Prepare Governance Reporting (e.g. KRIs, M&T, Issue Monitoring & Reporting, mandate breaches)

Report status of initiatives to senior management. Prepare and deliver reports with appropriate content. Provide assistance to senior management and keep them informed of issues as necessary.

Regulatory Examination Support

Support regulatory examinations and laisse with regulators to support the review as required.

Cross Functional Relationship Management

Work with other areas of the bank to plan and coordinate compliance related activities. Other areas include but are not limited to BMO US GAM Business leads, US Enterprise Regulatory Office, US Governance Program Office, Compliance, Legal, Technology & Operations, and Operational Risk.

Participate in committees as required (e.g. Emerging Regulatory Development Committee)


Identify and ensure the fulfillment of any compliance-related train needs as appropriate; including the U.S. BUCO team

Work with 1st line US GAM leadership to determine annual Compliance training requirements.

Regulatory Development

Assist in tracking and reporting line of business regulatory development actions and follow-up activities, including training and reporting final legislative and regulatory changes.

Assist in educating the business with respect to the regulatory environment and emerging regulatory developments

Work with the assessable units to understand the impact of regulatory change on their business; perform gap analysis to identify process changes required to comply with new requirements

Develop summary reports for tracking applicability across GAM US assessable units.

Execution of Compliance Initiatives

Execute special BMO enterprise wide initiatives as requested by the Head, Global Business Unit Compliance & Control.

Assist in the resolution of open issues/initiatives to ensure progress consistent with project plans.

Properly document work according to documentation guidelines and policies.

Database Management

Manage databases and electronic tools on a day-to-day basis to input, extract, and analyze information from compliance issue tracking, regulatory implementation tracking, corporate audits, and regulatory examinations to identify trends.

Manage issue management database coordination and analysis.

  • Bachelors Degree required, industry certification or designations a plus [MBA or advanced degree preferred.]

  • 5 years or more experience in the financial services environment performing compliance, risk management, consulting or audit-related functions specifically in the Asset Management industry.

  • Highly attentive to detail with strong problem solving abilities

  • Expert Asset Management, fiduciary, RIA, industry knowledge

  • Understanding of regulatory compliance and its role within a broader risk management framework

  • Strong verbal and written communication skills, and demonstrated ability to prepare concise, accurate reports for management

  • Strong computer skills using Microsoft Word, Excel, Power Point and other standard database tools

  • Ability to multi-task, work independently, prioritize workload and meet deadlines

  • Strong project management and organizational skills

We’re here to helpAt BMO Harris Bank we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.As a member of the BMO Harris Bank 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

BMO Harris Bank 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. BMO Harris Bank N.A. is an equal opportunity/affirmative action employer. All qualified applicants will receive consideration for employment without regard to sex, gender identity, sexual orientation, race, color, religion, national origin, disability, protected Veteran status, age, or any other characteristic protected by law. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

BMO Financial GroupServing customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $728 billion as of October 31, 2018, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.We serve Canadian clients through BMO Bank of Montreal®, our personal and commercial banking business, BMO Nesbitt Burns®*, one of Canada's leading wealth management firms, and BMO Capital Markets™, our North American investment and corporate banking division.In the United States, clients are served through BMO Harris Bank, a major U.S. Midwest personal and commercial bank, and BMO Private Bank, with wealth management offices across the United States, as well as BMO Capital Markets™, our North American investment and corporate banking division.We help our customers make money make sense by delivering the broadest range of financial services through a single point of contact. Our financial service professionals provide access to any services our customers require across the entire enterprise.