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
- Data analytics
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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