Under the direction of the A/Director, Control Framework & Policies (CF&P) – Independent Controls, the incumbent will be responsible for the development, implementation and evolution of aspects of a control and policy framework, which includes but is not limited to reporting, database management, corporate policy compliance, audit relationship management, and provide services and or support in one or more product/process/control subjects primarily for Project Delivery & Strategy (PD), Independent Controls (IC), and Business Management (BM) Product Operations, and ensure adherence to Bank policies and procedures (P&Ps). This role is responsible to:
• Develop, document and implement timely, relevant, analysis & reporting of Key Audit and Independent testing Metrics. Complete the monthly dashboard and quarterly reports within timelines, including findings ways to further analyze the data and enhance the reporting. Complete on going pillar specific reporting and ad hoc requests as they arise.
• Manage and enhance the current controls database which is also used as a repository for all testing results. Critically analyze the data to more effectively identify areas requiring additional focus and testing enhancements. Enhance testing tools to improve efficiency.
• Assist the Associate Director in executing the Policy Change Management Framework to ensure PO is included in policy reviews, necessary stakeholders review and provide feedback, their feedback is incorporated as appropriate, and PO is advised once the revised policy is published.
• Execute independent testing of financial, SOX, regulatory & operational controls. Through this process, the incumbent will identify control gaps and deficiencies in design of controls and translate the results into issue management reporting.
• Execute Business Unit remediation validation assessments for PO Business Units to independently validate that issues (for example, Corporate Audit identified control deficiencies) have been remediated and are ready for closure / re-testing.
Specifically, this role provides leadership in major areas:
• Reporting on CF&P testing and initiatives. Analyzing data to provide meaning insights which will be used to improve efficiency and improve the control environment across Product Operations.
• Be knowledgeable about the business, policies, and standards that impact Project Delivery (PD), Independent Controls (IC), Business Management (BM) PO to enable and ensure compliance. Interpret corporate policies and advise PO stakeholders as and when required.
• Perform testing of financial & operational controls in PO Business Units, as required, including identification of control gaps and deficiencies in design and operational effectiveness of controls. Translation of results into issue management reporting.
• Perform remediation validation of issues in PO Business Units, as required.
This role meets operational objectives within a twelve-month time horizon.
• Develop, document and implement timely, relevant, analysis & reporting of Key Audit and Independent testing Metrics. Complete the monthly dashboard and quarterly reports within timelines, including findings ways to further analyze the data and enhance the reporting.
• Manage and enhance the current controls database which is also used as a repository for all testing results. Critically analyze the data to more effectively identify areas requiring additional focus and testing enhancements.
• Provide deep knowledge and technical expertise in responding to inquiries/issues related to control framework and policy support process, technical design, and provide consultative services within PO and/or to internal business partners.
• Provide professional/ technical advice and counsel to internal business partners and PO colleagues.
• Manage quality and continuous improvement of existing processes, including enhancing testing tools to improve efficiency.
• Assess the operating unit’s strengths/ weaknesses/capabilities in comparison to competitors, emerging trends, including benchmarking, where appropriate.
• Complete on going pillar specific reporting and ad hoc requests as they arise.
• Assist the Associate Director in executing the Policy Change Management Framework to ensure PO is included in policy reviews, the necessary stakeholders review and provide feedback, their feedback is incorporated as appropriate, and PO is advised once the revised policy is published.
• Implement continuous improvement and change initiatives within the team.
• Assess and analyze current data and make suggestions to continuously improve reporting.
• Foster an environment of continuous improvement and encourage the team to identify process improvements/ new ideas, and adopt best practices.
• Develop and implement business performance measures, providing reports and presentations, as appropriate.
• Prepare audit and testing metrics for CF&P Management review and respond to deficiencies identified by Internal Audit and Independent testing teams, which would include performing re-tests of major/minor Corporate Audit Division (CAD) control deficiencies, as required. .
• Build, develop and maintain effective relationships with internal business partners / stakeholders for the purposes of enhancing team effectiveness.
• Assess risks and key controls in consultation with the business units (BUs)
• Provide leadership and guidance in implementing, administering and maintaining an effective and efficient integrated independent testing plan in compliance with the Internal Control Framework and applicable Bank policies and standards
• Provide subject matter expertise to PO Business Units in identifying and documenting key controls to mitigate key risks
• Accountable for monitoring, tracking and reporting on control issues.
• Drive positive change in Product Operations based on high quality work and thought leadership in the control testing approach
• Review testing results in appropriately evaluating the design and operational effectiveness of controls
• Identify control gaps and deficiencies in design and operating effectiveness of controls
• Communicate gaps and deficiencies and escalate issues to Director and Product Operations senior management on a timely basis
• Review the testing approach to ensure compliance with Generally Accepted Auditing Standards and Institute of Internal Auditors guidelines
• Facilitate discussions and provide subject matter expertise to PO Business Units to mitigate gaps and remediate efficiencies
• Manage relationships with business unit management and SMEs through the Management Control Assessment engagements including engaging in opening and closing meetings between Independent Controls and Assessable Business Units
• Update Director or A/Director – CF&P, Independent Controls on identified issues
• Undergraduate degree or equivalent 5+ years of direct relevant experience in the financial services industry, business control function or related business function
• Accounting designation highly desirable (CGA, CA) and/or audit experience
• 5+ years of related experience in audits, control reviews, data analysis, operational risk or governance/compliance related area
• Advanced knowledge of risk metrics analysis and reporting, operational and financial risk and controls and governance and oversight frameworks;
• Advanced knowledge and understanding of the business unit’s key products and services, processes and controls
• Advanced understanding of the business unit’s risk
• Advanced knowledge of departmental systems and applications
• Knowledge of BMO Policies/standards and best practices is an asset
• Exceptional knowledge of MS Office and database management systems / softwares
• Ability to work in a fast paced, highly demanding and dynamic environment
• Advanced analytical and reporting skills
• Strong interpersonal, relationship management and communication skills
• Strong problem solving skills
• Strong prioritization skills
• Strong risk management skills
• Ability to manage multiple priorities
• Strong negotiation, influencing and conflict resolution skills
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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.
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.