Manager - Enterprise Third-Party Risk Management

3 weeks ago

Toronto, Canada BMO Full time
Application Deadline:

04/18/2024

Address:
100 King Street West

BMO is looking for a Manager - Enterprise Third-Party Risk Management (ETPRM) to join our team. This is an individual contributor role. As the Manager - Enterprise Third-Party Risk Management, you will play a pivotal role in establishing and enhancing our third-party risk management frameworks. Reporting to the ETPRM Director, you will lead the charge in 2nd Line monitoring program, quarterly risk reporting and annual board-level reporting, and the development and automation of cutting-edge data visualization and dashboard tools. You will drive the management of third-party risks, ensuring compliance with regulatory bodies such as OSFI, OCC, and FRB, and spearhead initiatives to improve supplier relationship management and issue resolution processes.

Key Responsibilities:
- Risk Reporting: Oversee the lifecycle of risk reporting from monthly, quarterly monitoring to board-level annual reports, ensuring accuracy, timeliness, and relevance. Your expertise will help senior leadership make informed decisions through comprehensive risk profiles.
- Third-Party Risk Management: Develop and manage end-to-end third-party risk processes, including regular issue management and supplier relationship oversight. Your work will ensure that BMO adheres to the highest standards of regulatory compliance and operational integrity.
- Innovative Automation: Lead initiatives to automate and streamline risk reporting processes, enhancing efficiency and effectiveness across the board. Your efforts in building and maintaining advanced data-driven reporting tools and dashboards will set new standards in risk management practices.
- Strategic Leadership: As a key member of a growing team, you will have the chance to mold the future of third-party risk management at BMO. Your strategic insight and passion for change will be critical in building a robust framework from the ground up.

Who You Are:
- Experienced in third-party risk management, regulatory compliance, and supplier relationship management, preferably within the banking or financial services industry.

- Proficient in data visualization and reporting, with a knack for turning complex data into actionable insights.
- A self-starter comfortable navigating ambiguity and building new processes and frameworks, requiring a proactive approach.
- Excellent at communication and collaboration, able to work independently and effectively. Professional acumen in presenting and explaining complex risk scenarios is essential

Qualifications:
- Proven experience in risk management, particularly in third-party risk management, regulatory compliance, issue management and reporting.
- Strong analytical and data management skills, with experience in automation and dashboard creation and execution.
- Familiarity with North America regulatory landscapes (e.g., OSFI, OCC, FRB) and third-party lifecycle management.
- Audit background or similar is considered an asset.
- Professional acumen to produce and present detailed reports for decision-making at senior leadership levels.

This position is located in Toronto and offers a hybrid work arrangement with at least 2 days per week designated for in-office collaboration, while other days remote.

If you're looking for your next dream job, consider this one in BMO's Enterprise Risk Group where every colleague helps protect and grow the bank by providing independent review and oversight of enterprise-wide risks, working together to maintain a risk management framework and fostering a strong risk culture. #ERPMDreamJobs

This opportunity will allow you to work on exciting initiatives within operational non-financial risk with visibility to leaders within our organization. Working within a dynamic team focused on Third-Party Risk Management, and with 1st and 2nd line subject matter experts (SMEs), you will be responsible for supporting the development and maintenance of 2nd line Third-Party risk related reporting, the creation, maintenance and monitoring of risk metrics, and other oversight activities across the Third-Party Risk Management portfolio.

Mandate:

As part of the 2nd line of defense, this role supports the following primary accountabilities of the Enterprise Third-Party Risk Management Team:
  • Provide input into business decisions as a trusted advisor.
  • Make recommendation to leaders on strategy and new initiatives, seeking understanding of business/group to support recommendations.
  • Support maintenance and oversight of the Third-Party Risk Management Framework and other related requirements used across the enterprise to ensure Third-Party Risks are appropriately identified, assessed, managed, monitored, and reported.
  • Support maintenance of regulatory oversight over Third-Party risk.

Responsibilities:
  • Foster a culture aligned to BMO purpose, values and strategy and role model BMO values and behaviors in all that they do.
  • Ensure alignment between values and behavior that foster diversity and inclusion.
  • Regularly connect work to BMO's purpose, set inspirational goals, define clear expected outcome, and ensure clear accountability for follow through.
  • Develop and maintain in-depth knowledge of third-party risk management and applicable legislative/ regulatory requirements and guidance.
  • Performs and/or effectively challenges across various programs including third-party issues & events, 1st Line monitoring & testing activities, and 1st Line reporting metrics.
  • Manage 2nd Line independent monitoring program which includes reporting against various metrics across the third-party lifecycle.
  • Conduct targeted reviews with accompanying analysis for any metrics outside of tolerance and/or with worsening trends.
  • Support with the completion quarterly and annual risk reporting scorecards with accurate data driven insights for internal/external stakeholders.
  • Analyze data and information on a continuous basis to provide insights and recommendations; includes identification of risk impacts for new processes and workflows related to initiatives.
  • Identifies potential risk situations/ impacts and make recommendations or escalates to the team.
  • Develops and maintains TPRM visualizations/dashboards to improve visibility of information and support data driven decision making.
  • Support with the review of new/updated metrics (KRMs, KRIs and risk drivers) and associated thresholds.
  • Support TPRM Committee with materials and minutes, and shared mailbox.
  • Coordinate and monitor the review and sign-off of reporting, where required.
  • Participate in initiatives and recommend opportunities for improved efficiency, effectiveness and/or risk mitigation.
  • Supports team with any ad hoc requests, internal and external examination requests, and projects.
  • Maintain documentation of all 2nd Line TPRM processes and procedures including tools and templates for operational risk programs, as required.
  • Support activities for emerging regulatory developments, and support maintenance effective relationships with regulators.
  • Build effective relationships with internal/external stakeholders.
  • Coordinate the management of databases; ensures alignment and integration of data in adherence with data governance standards.
  • Provide specialized consulting, analytical and technical support.
  • Exercise judgment to identify, diagnose, and solve problems within given rules.
  • Work independently and regularly handles non-routine situations.
  • Broader work or accountabilities may be assigned as needed.


Qualifications:
  • Between 5 - 7 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
  • Deep knowledge and experience with segmenting, analyzing, and reporting risk related data.
  • Strong analytical skills to gather relevant information, compare and identify trends, develop conclusions with well-supported recommendations.
  • Experience with compiling and validating materials for updates at senior level forums and/or committees
  • Experience in report automation and efficiency through visualization tools such as Microsoft PowerBI
  • Familiar with operational risk management practices and methodologies
  • Familiar with financial products and services
  • Deep knowledge and technical proficiency gained through extensive education and business experience.
  • Strong communication skills, both verbal and written.
  • Ability to build and foster stakeholder relationships.
  • Excellent analytical and problem-solving skills, with any eye for detail.
  • Experience with TPRM and Sourcing tools, ie: Coupa
  • Strong proficiency with PowerBI, Python, PowerPoint, Excel, and SharePoint.
  • Ability for work on multiple tasks accurately and with attention in fast paced environment.
  • In-depth knowledge of data driven decision making.

Grade:
7
Job Category:
Individual Contributor / Collaborateur
We're here to help

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.

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.

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