BMO Financial Group Senior Manager, Private Wealth - Client Tax Compliance in Toronto, Ontario
100 King Street West
Job Family Group:
The Senior Manager, Private Wealth - Client Tax Compliance, supports the Director in the effective implementation, maintenance and administration of client tax programs, 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 and third line functions to ensure Compliance or operational risks are identified, mitigated, monitored and reported on an ongoing basis.
The role is responsible for accurate tax withholding and reporting with our regulatory bodies, such as CRA and IRS. We build strong client relationships with and partner with technology and operations to realize the full potential of various solutions to help support our clients and the firm.
The Client Tax Reporting Program is responsible for ensuring that all documentation, withholding, reporting and filing obligations of the Firm are met. The Senior Manager position is required to perform numerous supervisory reviews of processes, manage the team to ensure accurate reporting and work side by side with other client tax team members to ensure consistency across business units and provide a great end client experience.
Assist in managing various projects for integration and process creation/documentation
Work closely with operations, technology and vendors to implement various system enhancements and coordinate new system projects
Ensure year-end tax forms, are reviewed and accurate prior to releasing to participants and filing with the CRA, IRS
Create and review QI, FATCA and CRS Reporting for various jurisdictions
Ensure service level agreements are met
Participate in implementing new CRA, IRS, FATCA/CRS regulations
Work closely with Corporate Tax on interpretations, tax compliance requirements and or changes that need to be implemented in the withholding and reporting streams
Participate in industry groups
Expected to highlight inefficiencies that may be found throughout the process and provide recommendations
Accountable for creating and reviewing desktop and written supervisory procedures
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.
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
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 tax 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 program and framework, 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.
Typically 7+ years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
Strong project management skills and vendor management experience .
Knowledge in CRA and FATCA/CRS, regulations with prior tax experience
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.