Manager, Business Compliance, BMO Wealth Management

Application Deadline:

08/30/2024

Address:

100 King Street West

Job Family Group:

Business Management

General:

This role provides regulatory compliance advice and direction to the Wealth businesses supported.  Specifically, this role interprets regulations, provides advice on the application of regulatory requirements to business processes and controls. This individual is the designated subject matter expert for 1st Line compliance supporting the business.

This position is also accountable to lead and support the implementation and execution of the Enterprise Compliance Program (ECP), advising LOB management on implications of new/changing regulatory requirements on business products, processes, and controls.  Works with business/group leaders, 2nd Line Compliance, and Legal to implement and maintain 1st Line compliance programs to meet the requirements of BMO’s ECP.

Manages/supports large/complex compliance programs/frameworks /projects/initiatives to ensure compliance risks are appropriately identified, risk assessed, mitigated and regulations adhered to.

In addition, this role is also responsible for executing some compliance related controls on behalf of the business.

To effectively achieve compliance goals, the Compliance Specialist must have an in-depth understanding of the businesses, the ECP, as well as the applicable regulatory requirements, and developing/emerging regulatory requirements.

Key Accountabilities:

Business Partner Engagement:

• Supports business leaders in the effective implementation, maintenance, and administration of 1st Line compliance programs.
• Maintains an inventory of regulations and associated controls in GRCE (Compliance book of record) to ensure the completeness of the regulations mapped to the business and ensure controls to support regulatory compliance are documented and appropriately risk assessed such that they can be tested by the Monitoring & Testing Team.
• 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 technology infrastructure to identify and manage compliance risk exposures for the business/group.
• Participates in discussions with relevant stakeholders to review, edit and approve changes to policies, processes, procedures, controls, and technology needs to ensure they comply with regulatory developments/requirements.
• Builds change management plans of varying scope and type; leads or participates in a variety of change management activities including regulatory readiness assessments, planning, stakeholder management, execution, evaluation, and sustainment of initiatives.
• Completes supplier compliance risk assessments.

Relationship Management:

Collaborate and maintain positive relationships with individuals across the business listed below:

• Primary Support: BPIC – Multiple individuals in the business including Regional Directors, Data Team Supervision and Governance team, Legal, 2nd Line Compliance
• Secondary Support: GAM – Investment Team (Portfolio Managers, Traders), Operations, Product, Sales & Distribution Team, 2nd Line Compliance, Legal

Regulatory Compliance Issue Management

• Identifies, investigates, analyzes, documents, and establishes plans to mitigate program risks, considering jurisdictional/provincial requirements, issues, and raises any issues or concerns to senior leaders and other stakeholders. 
• Breaks down strategic problems, and analyses data and information to provide insights and recommendations.

Supports the business on regulatory compliance Issues:

• Identify Issues: Interpreting requirements (existing, new, and emerging) and identifying, analyzing, and addressing resultant gaps and issues, including those raised through the review of change initiatives. Work with the business to identify root cause of issues.
  • Develop/Assess Action Plans: Work with the business to establish/review action plans to ensure plans have sufficient level of detail and target dates are reasonable and supportable.  Compliance issues can be identified by any of the following: self-identified by the business, 1st Line Monitoring & Testing, 2nd Line Monitoring & Testing, 2nd Line Chief Compliance Officer, Corporate Audit or Regulators
  • Monitor Remediation: Oversees and/or monitors the satisfactory resolution of such complex, contentious, or sensitive regulatory compliance issues, keeping in mind significant business unit implications. Using professional judgement escalate concer