The Manager, Compliance and Operational Risk will provide advice and support to lines of businesses to ensure that Risk & Regulatory Programs operate in compliance with the Enterprise Compliance and Operational Risk Frameworks, policies, processes and standards.
This position is accountable for providing operational risk and regulatory compliance governance and support to BMO Insurance Senior Management and Businesses. They will assist in promoting management strong risk culture that ensures the fair treatment of customers.
Reporting to the Director, Insurance Governance, this role will assist in leading the management of regulatory compliance and operational risks and ensure risks are appropriately identified, measured, reported and managed in alignment with the organization’s risk tolerances while reporting and consulting the business on the resolution of any identified issues.
They will also play a role in proactively identifying and escalating compliance and operational opportunities for continuous improvement to strengthen our businesses as well as client and advisor experience.
Regulatory Compliance Program Execution, Advisory and Oversight (50%)
· Manage and Inform the Regulatory Compliance Program and Framework for BMO Insurance, Life, Creditor and Travel Insurance, portfolios and channels.
· Manage the identification, investigation, internal and external (where required) reporting and resolution of compliance issues.
· Identifying, Maintaining and Evaluating control design and effectiveness to mitigate risks in concert with Insurance Senior Management, Legal Corporate Compliance Group (LCCG), Corporate Service Areas, as well as BMO Bank and Wealth Management and Governance Teams (as needed).
· Designing and planning the fiscal monitoring plans within the Insurance Assessable Units.
· Consult and advise as appropriate on projects, including the introduction and changes to products, processes and procedures, for regulatory and operational risks and identify / update inherent risk, the sufficiency of controls as needed.
· Identify factors which may breach risk appetite or compliance with applicable regulatory requirements and communicate findings to Senior Management, Director of Business Unit Compliance, and LCCG as appropriate.
· Assist in formulating Action Plans to remediate Compliance Issues and Track follow-up activities to ensure they are promptly addressed including coordinating and ensure post implementation verification of remediated issues.
· Play an active, visible role in relevant industry association working groups and committees.
· Assist in the management and response to regulatory inquiries, reviews and internal or external audits, as needed.
Operational Risk Program Management and Governance (50%)
· Act in a consulting and oversight capacity, monitoring operational risk management and mitigation
Provide expert advice to BMO Insurance executives on matters within the Operating Group and involving other Operating Groups through participation on cross-functional teams for operational risk related work, ensuring appropriate involvement and assessment, as required
· Implement the Operational Risk Management Framework (ORMF), including the strategy and standards, processes and tools to facilitate the identification, measurement, management, monitoring and reporting of operational risks
· Organize, execute, and participate in the execution of the ORMF processes and tools including:
• Risk Control Assessments (RCA)
• Issue Updates, Tracking and Analysis
• Loss Analysis, Root cause Evaluation
• Process Risk Assessments (PRA)
• Initiative Risk Assessments
• Post Implementation Reviews For New Products
· Identify and recommend business improvement opportunities. Provide oversight on resolutions for operational problems
The incumbent will demonstrate an advanced understanding of:
Financial Services, including BMO Insurance products and services
Regulatory Compliance and Operational risk management and possesses the ability to analyze risk exposure
Industry practices, evolving trends and leading practices
The incumbent will demonstrate a solid understanding of
Strategy development and implementation
Concepts and application of change management
The incumbent will demonstrate advanced:
Facilitation/ presentation skills
Written and verbal communication skills
The incumbent will demonstrate solid:
Influencing and stakeholder relationship management skills
Critical analysis and problem-solving techniques
- University degree with 5 to 10 years post-academic experience, preferably in a financial institution
- 3+ years of front line business experience or first line of defense is considered an as an asset
- Experience in product and process management, implementation of governance and controls, operational risk management oversight or related functions
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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.
Manager, Compliance and Operational Risk-1700020155.