Senior Compliance Manager, Regulatory Compliance Testing

Address:

Assists in the implementation, maintenance and administration of the regulatory compliance testing program. Independently conducts regulatory compliance testing engagements to critically assess management and internal processes/controls to ensure programs remains current and aligned with relevant regulatory requirements and the BMO Compliance Program. Works with business groups and internal partners to ensure regulatory, corporate and fiduciary obligations are met. Takes a consistent risk-based approach for evaluating the management and mitigation of regulatory risks across the Enterprise. Reports on results of testing activities to provide clear, concise and memorable insights on issues and potential issues to assist management in fulfilling mandates. Provide assurance that the Bank remains in compliance with regulatory requirements in accordance with risk appetite. 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 groups, 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.

Responsibilities:

• Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviors in all that they do.

• Ensures alignment between values and behavior 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.

• Provides proactive leadership and direction to team members as may be required.

• Provides feedback supporting or completing performance assessments.

• Improves team performance, recognizes and rewards performance, coaches employees, supports their development, and manages poor performance.

• Continues to develop a highly engaged team with specialized expertise.

• Ascertains training needs and helps develop training based on gaps identified.

• Hires and onboards new team members.

• Communicates the roles and importance of each of the three lines of defense, and proactively identifies regulatory risk.

• Advises first line of defense management and employees on compliance matters.

• Develops and maintains a high level of expertise in all regulations, directives and guidance which apply to the group(s) supported.

• Provides input on emerging risks, regulatory developments and interpretation of regulations.

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

• Represents the Regulatory Compliance Testing team and interacts with examiners/auditors during internal, external and regulatory audits and examinations.

• Builds effective professional relationships with business groups, internal/external stakeholders and trust with regulators.

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

• Maintains working knowledge of the industry, regulatory, broad economic environment, and internal environment, to obtain an understanding of risks across the testing landscape.

• Develops an annual test plan which is well aligned to business strategies and encompasses appropriate areas of focus based upon top and emerging business and regulatory risks.

• Analyses, reviews and reports compliance data and associated data to Compliance and business group management.

• Anticipates, identifies and analyses risk and consequences of unaddressed risk factors, compliance gaps, and the appropriateness of controls.

• Effectively challenges risk assessments for business/group and assists to identify more effective compliance controls.

• Assesses and effectively challenges monitoring and testing activities to ensure compliance controls are operating and aligned to regulatory requirements.

• Develops insightful discussion points contributing to compliance testing reports that provides fair and balanced assessment of governance, regulatory risk and control processes based on the work performed. Deliverables must be objective, clear, concise and timely.

• Influences business groups on implementation of solutions aligned to regulatory risk appetite based on an understanding of business operations and stakeholder needs.

• Performs root cause analysis to material process and control deficiencies causing or leading to regulatory compliance risk.

• Identifies, assesses, effectively challenges and oversees the satisfactory resolution of issues, including ensuring adequate management remediation plans.

• Ensures that all testing procedures executed are conducted in accordance with Regulatory Compliance Testing methodology as confirmed by quality reviews, Corporate Audit and/or regulatory examination results.

• Maintains the independence of compliance testing practices and its personnel.

• Elevates high profile issues/risk cases to Compliance and business group management for prompt resolution.

• Supports compliance program monitoring, testing, reporting initiatives and provides advice/rulings as necessary, for one or multiple complex function(s)/activity(ies).

• 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.

• 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:

• Typically 8+ 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, certified internal auditor, or equivalent preferred.

• Detailed knowledge of consumer protection regulations and related marketing and advertising guidelines.

• Serves as a specialist resource to senior leaders and stakeholders with advanced knowledge of regulatory/ compliance requirements and the operations of a single or multiple business/groups.

• May require experience at regulatory body for one or more compliance area(s).

• Strong communication, critical thinking, negotiation, relationship management and project management skills.

• 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.

The above represents BMO Financial Group’s pay range and type.

Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group’s expected target for the first year in this position.

BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards

About Us

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.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.