Managing Director, Enterprise Compliance Testing

6 months ago

Toronto, Canada BMO Financial Group Full time

100 King Street West Toronto Ontario,M5X 1A1

Additional Job Description

The Managing Director - Enterprise Compliance Testing (MD) leads and directs the second line compliance testing function, with an enterprise mandate for BMO Financial Group across all jurisdictions and legal entities that BMO operates. The MD leads a global team responsible for execution of second line regulatory compliance testing for U.S. and Canadian jurisdictions.

The MD ensures that second line testing practices meet or exceed regulatory expectations, and that second line testing plans are risk-based and designed to identify potential regulatory issues or other areas of improvement at the earliest practicable time. Prior to approving testing plans, the MD reviews the plans to ensure they have the appropriate coverage and cadence across regulatory requirements and business operations. Further, the MD ensures that individual tests performed by the second line testing team are appropriately scoped, timely executed, and results are promptly reported to senior management. Accountabilities also include providing education, sample templates and other support services to other second line groups and first line testing teams across the Bank, as requested.

As a senior member of the second line compliance group, the MD works with business/group and internal partners to ensure regulatory, corporate and fiduciary obligations are met. The MD supports the Enterprise and U.S. Chief Compliance Officers by identifying and escalating appropriate issues, supporting regulatory conversations and recommendations, and providing expertise as required about compliance programs.

**Key Accountabilities**:

- Implements and maintains an effective second line compliance testing program that aligns with regulatory requirements and expectations, and internal policies.
- Develops and executes second line compliance testing plans, including procedures, testing objectives and methodologies.
- Identifies, analyzes and reports testing results, and recommends appropriate corrective actions and controls to business/group management.
- Assesses, effectively challenges and provides oversight on the satisfactory resolution of issues identified by the second line compliance testing function, including ensuring adequate management of remediation plans and validation.
- May consult on new products, services and automated systems to assist with incorporating compliance requirements into these initiatives.
- Represents Second Line Compliance Testing in interactions with auditors and examiners during regulatory audits and examinations.
- Develops and maintains strong relationships with executives and senior management of lines of business (LOBs) across enterprise operations. Builds effective professional relationships with line of business, audit and second line advisory teams.
- Networks with industry contacts to gather competitive insights and best practices.
- Fosters and maintains strong and trusted relationships with key regulators in multiple jurisdictions, such as OSFI, OCC, FRB, CFPB, etc.
- Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviours in all that they do.
- Attracts, retains, and enables the career development of top talent. Improves team performance, recognizes and rewards performance, coaches' employees, supports their development, and manages poor performance.

**Qualifications**:

- Strong background in risk management, compliance, and testing with 10+ years relevant work experience in Risk/Compliance in financial services industry, including at least 8 years of experience leading projects or managing teams, and interacting with regulators. Relevant work should include leading a successful compliance testing program, and experience with financial institutions operating in US and Canada markets. Graduate level degree in risk, legal or business preferred.
- An understanding of the governing regulatory and industry standards globally that impact Regulatory Compliance Management Programs (including for non-revenue generating areas).
- Keen analytical skills and ability to proactively identify regulatory risk.
- Ability to foster and maintain strong positive relationships with senior management, key regulators, and industry contacts to ensure up-to-date knowledge of product, regulatory, technological and other developments.
- Effective leadership capabilities, including expert communication, change management, sound judgement, relationship management, and negotiation skills.
- Ability to build, motivate and lead a professional team attuned to enterprise culture and committed to contributing to ability of the business to meet its objectives.
- Ability to manage strategic long-term plans with day-to-day exigencies, including making nimble strategic adjustments as risks change.
- Please note the target base salary range for this specific position is noted as a range from $200,000 CAD to $220,000 CAD_

**Compens

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