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BMO Financial Group Director, Regulatory and Audit Management - BMO Private Wealth in Toronto, Ontario

Address:

100 King Street West

Job Family Group:

Business Management

Supports the business/group leader in the effective implementation, maintenance and administration of first line of defense (1st LOD) programs (e.g., operational risk, AML, compliance, regulatory, etc.), including overseeing business operations within the jurisdiction to ensure adherence and efficiency. Contributes to a strong risk management culture through collaboration with other first line employees, and second & third line functions to ensure Compliance, AML or operational risks are identified, mitigated, monitored and reported on an ongoing basis.

  • responsible for managing and coordinating internal and external audits, and risk assessments for Private Wealth.

  • you will serve as the point of contact for Private Wealth.

  • The team also coordinates communication with auditors during the end-to-end process, and reviews audit findings to assist with the development of management responses/action plans.

  • The group is tasked with providing credible independent challenge to corrective action plans and evidence of completion by monitoring progress and closure of all audit issues. In this role, you will get the opportunity to execute the Audit & Regulatory Interactions Framework, including planning through fieldwork to post audit support.

  • You will also support in the development and implementation of remediation action plans necessary to address audit, or risk assessment findings. While doing so, you will be able to develop and maintain strong working relationships with auditors (internal and external), and second line of defense partners.

  • The role is ideal for you if you would like to work and support from an audit perspective

  • Monitors and advises on management of risk requirements within the defined risk appetite.

  • Manages/supports large/complex risk programs/frameworks /projects/initiatives to ensure risks are appropriately mitigated and regulations adhered to.

  • Monitors industry and legislative developments and continuously updates programs to ensure they are competitive and effective

  • Supports the position on regulatory compliance Issues by interpreting requirements (existing, new and emerging) and identifying, analyzing and addressing resultant gaps and issues, including those raised through the review of change initiatives. Understands the identified risk exposures and supports the development of action plans required to mitigate identified risks.

  • Makes recommendations to senior leaders on strategy and new initiatives, based on an in-depth understanding of the business/group.

  • Acts as a subject matter expert on relevant regulations and policies.

  • Acts as a strategic partner in which the program elements become an integrated component of the overall business/group strategies and helps drive business impact.

  • Prepares and briefs senior leaders on regulatory matters across multiple businesses/groups.

  • Supports multiple, similar business units with moderate complexity & business transaction risk.

  • Represents the business/group on Governance/Risk Working Groups/Forums and provides regular updates.

  • Monitors and advises on management of risk requirements within the defined risk appetite.

  • Manages/supports large/complex risk programs/frameworks /projects/initiatives to ensure risks are appropriately mitigated and regulations adhered to.

  • Monitors industry and legislative developments and continuously updates programs to ensure they are competitive and effective.

  • Supports the position on regulatory compliance issues by interpreting requirements (existing, new and emerging) and identifying, analyzing and addressing resultant gaps and issues, including those raised through the review of change initiatives. Understands the identified risk exposures and supports the development of action plans required to mitigate identified risks.

  • Acts as a subject matter expert in the evaluation, development and implementation of an internal control system.

  • May network with industry contacts to gain competitive insights and best practices.

  • Recommends business priorities, advises on resource requirements and develops roadmap for strategic execution.

  • Manages resources and leads the execution of strategic initiatives to deliver on business and financial goals.

  • Conducts independent analysis and assessment to resolve strategic issues.

  • Builds effective relationships with internal/external stakeholders.

  • Ensures alignment between stakeholders.

  • Acts as the prime subject matter expert for internal/external stakeholders.

  • Breaks down strategic problems, and analyses data and information to provide insights and recommendations.

  • Monitors and tracks performance, and addresses any issues.

  • Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.

  • Leads the execution of operational programs; assesses and adapts as needed to ensure quality of execution.

  • Monitoring to ensure that 1st line jobs are following defined processes and procedures.

  • Develops, documents and maintains business/group procedures updating and obtaining approvals as regulations or the operating environment changes and communicates changes to the business/group & relevant stakeholder groups.

  • Designs measurable sustainment strategies including assessing and recommending mitigations for industry/ segment-specific risks and prioritizing opportunities presented by internal and external stakeholders.

  • Tracks exception/exemption requests and corresponding approvals.

  • Facilitates training to ensure business unit employees fully understand requirements.

  • Provides quality control for investigations, self-reports, examinations and independent reviews conducted by internal and external stakeholders, including regulators, providing verbal and written responses to requests for positions, action plans, information and/or documentation

  • May act as the designated Primary Business Unit Compliance Officer (BUCO) and/or Anti-Money Laundering Reporting Officer for the operating group and is accountable to meet all program requirements (e.g., Operating Group Compliance Program, AML Program Framework).

  • Builds awareness, knowledge, and skills and, as necessary, provides communication, practical tools and ongoing support including making presentations, to promote a culture of risk identification and management.

  • Supports the management of 1st LOD program for the business/group in compliance with appropriate principles, standards & direction from the second line of defense groups. Includes developing and promoting program and ensuring the execution of all program components.

  • Works with assigned business/group leaders to implement 1st LOD programs and frameworks, developing and maintaining an in-depth understanding of the applicable regulatory and internal risk management requirements. Interprets and provides advice on the application of the requirements for the business/group.

  • Develops and maintains an understanding of the business/group strategies and objectives, products and services, internal and external stakeholders and business processes as well as the underlying infrastructure to identify and manage implications and risk exposures for the business/group.

  • Identifies, investigates, analyzes, documents & mitigates program risks, taking into account jurisdictional issues, and raises any issues or concerns to senior leaders and other stakeholders.

  • Analyzes the impact and effectiveness of the program through periodic reviews.

  • Recommends adjustments to the overall program, policy or processes within the business/group in accordance with the Risk Appetite Statement, Governance and Corporate Policy.

  • Supports the business/group through internal/external audits or regulatory examinations and assists in development of action plans to resolve any identified issues.

  • Provides support to the development and delivery of training and awareness programs within the business/group to increase awareness of and compliance to risk management requirements.

  • Operates at a group/enterprise-wide level and serves as a specialist resource to senior leaders and stakeholders.

  • Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to problems that can be complex and non-routine.

  • Implements changes in response to shifting trends.

  • Broader work or accountabilities may be assigned as needed.

    Qualifications:

  • Strong knowledge and understanding of internal control over financial reporting, desired.

  • Knowledge of regulatory compliance requirements and understanding of operations business units in Wealth Management and experience with regulators like IIROC

  • Typically 7+ years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.

  • Program Management skills - Expert.

  • Seasoned professional with a combination of education, experience and industry knowledge.

  • Verbal & written communication skills - In-depth / Expert.

  • Analytical and problem solving skills - In-depth / Expert.

  • Influence skills - In-depth / Expert.

  • Collaboration & team skills; with a focus on cross-group collaboration - In-depth / Expert.

  • Able to manage ambiguity.

  • Data driven decision making - In-depth / Expert.

We’re here to help

At BMO 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 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://jobs.bmo.com/ca/en.

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.

BMO Financial Group Serving 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.

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