BMO Financial Group Associate Compliance Officer, Trade Surveillance in Toronto, Ontario
The Associate Compliance Officer, Regulatory Trade Surveillance and Supervision, supports the management of BMO Investments Inc. (BMOII) with the efficient and effective handling of BMOII’s trade surveillance and supervision program, consistent with BMOII’s regulatory obligations and BMO’s Enterprise Compliance Program (ECP). The role involves collaborating with a team of Compliance Officers and Associate Compliance Officers to critically issue and assess – in a timely and efficient manner – a very high volume of inquiries and reviews of mutual fund and other investment transactions while ensuring branch and head office staff deliver on BMOII’s expectations and supervisory obligations. The role also supports risk assessment monitoring and trending activities to ensure that the Trade Surveillance pillar of BMOII’s Compliance Program remains current and aligned with both the Enterprise-wide Compliance Program and the goals of BMO’s Canadian Personal & Business Banking business (P&BB). The role works closely with various LOB groups in both P&BB and Canadian Wealth Management, as well as other internal business partners to ensure regulatory, corporate and fiduciary obligations are met. To effectively achieve compliance goals, the Associate Compliance Officer, Trade Surveillance and Regulatory Supervision maintains current knowledge of regulatory requirements and developments, monitors risk, identifies and corrects possible gaps and weaknesses. The Associate Compliance Officer, Trade Surveillance and Regulatory Supervision is also accountable for supporting the Manager, Trade Surveillance and Regulatory Supervision to identify opportunities to enhance the Trade Surveillance team’s key processes, and implementing policy and process changes guided by BMO’s Simplify, Unify, and Accelerate philosophy. The role also advises LOB staff on implications of new regulatory policies or Bank products, and assists in the implementation of new or revised policies and programs to address them, including by helping to develop and support frontline staff training materials where appropriate. The role also maintains compliance information for analysis and reporting.
Note: The Associate Compliance Officer, Trade Surveillance and Regulatory Supervision, 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 (70%)
Collaborate with a team of Compliance Officers and Associate Compliance Officers to critically issue and assess – in a timely and efficient manger – a very high volume of inquiries and reviews of mutual fund and other investment transactions while ensuring branch and head office staff deliver on BMOII’s expectations and supervisory obligations. This includes consistently delivering against clear metrics and related processes to ensure timely surveillance and supervisory activity and delivering the highest quality customer- and business-centric results. This may also involve liaising directly with the business.
Support the Manager, Trade Surveillance and Regulatory Supervision with the design, continuous monitoring, and effective challenge of branch, provincial, and national compliance programs and related controls.
Escalate higher profile and higher risk cases to Compliance and LOB management to ensure visibility and prompt resolution.
Advise LOB staff and internal partners in respect of the appropriate resolution of trade surveillance issues and support other pillars of BMOII Compliance in the effective and timely response to related inquiries from regulatory agencies.
Support other members of the BMOII Compliance Team coordinating and performing ongoing risk assessments and compliance reviews in order to ensure compliance policies and risk controls are operating appropriately. Help identify and analyze 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. In collaboration with the Manager, Trade Surveillance and Supervision, continually challenge LOB staff through ongoing dialogue and discussion to identify opportunities to implement more effective compliance-related policies and procedures.
Perform ongoing validation of monitoring strategies to ensure appropriate governance and control. Identify trends and recommendations to optimize data.
Help 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.
Help prepare complete, accurate documentation of compliance monitoring and surveillance activities. Report findings to the Manager, Trade Surveillance and Regulatory Supervision and other Compliance and LOB leaders and provide timely follow-up on outstanding issues.
Validate that issues identified through compliance monitoring and review processes are promptly addressed. Ensure that management remediation plans are adequate.
Regulatory Consultation and Governance (15%)
Develop and maintain a high level of expertise in all regulations, directives and guidance which apply to BMOII’s activities and P&BB Compliance.
Help provide advisory services on compliance matters to LOB management and staff (first line of defense). 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 requirements.
Provide input to P&BB Compliance and LOB staff regarding emerging issues and interpretation of regulations.
Identify training needs based on gaps identified through the compliance monitoring process.
Identify possible enhancements to LOB Compliance tools and processes and communicate them to the Compliance management.
Assist the Manager, Trade Surveillance and Regulatory Supervision and LOB staff in communicating and implementing changes to applicable regulatory policies and procedures.
Strategic Initiatives and Internal Governance (15%)
Collaborate with other members of the BMOII, P&BB, and WM Compliance Teams in respect of varied Compliance activities and initiatives where appropriate, including non-Complaints-related activities from time to time.
Participate in initiatives to advance LRC’s broader strategic priorities.
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
Customer focused Leadership: The BMO Way Expert (model customer focused behaviors)
Consultative Value Added Advisor to Employee (the “coach/mentor”): Sound interpersonal and communications skills
Solution oriented: Ability to identify risks and implement appropriate actions to mitigate them
Strong Performance Management orientation • Issue resolution
Regulatory compliance, examination and audit findings
Cross Functional Relationships
P&BB Canada Compliance Management and Team
WM Canada Compliance Management and Teams
BMO Office of the Ombudsman
Corporate Audit, Legal and Risk
Employee Relations and Human Resources
Investigative & Security Services
P&BB LOB Management
Technology and Operations
Regulatory agencies, including the Mutual Fund Dealers Association of Canada, the Chambre de la sécurité financière, and the Ombudsman for Banking Services and Investments
Compliance professionals at other financial institutions with a view to understanding the competitive landscape, keeping abreast of compliance developments, industry developments and new products
Knowledge & Skills Working Conditions
Bachelor’s degree preferred. Recognized compliance certification or equivalent a plus.
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 mutual fund and other investment industry regulations applicable to BMOII’s business. Knowledge of other regulations relevant to P&BB’s business, including the consumer protection regulations such as EFT Act (Reg E), Truth In Savings (Reg DD), Funds Availability Act (Reg CC), UDAAP, Reg D, FDIC Insurance Rules, E-SIGN Act and related marketing and advertising guidelines, a plus. 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.