Manager of Regulatory Compliance, BMO Wealth Management
4 weeks ago
This position is responsible for providing expert regulatory compliance guidance and strategic direction to the Wealth Management divisions. The Manager interprets compliance regulations and offers insights on how these requirements apply to business operations and internal controls. This individual serves as the primary subject matter expert for first-line compliance within the organization.
The Manager is tasked with leading and facilitating the execution of the Enterprise Compliance Program (ECP), advising line of business management on the impacts of evolving regulatory requirements on products, processes, and controls. Collaborates with business leaders, second-line compliance teams, and legal advisors to establish and uphold first-line compliance initiatives that align with BMO's ECP.
This role involves managing and supporting extensive compliance programs, frameworks, projects, and initiatives to ensure that compliance risks are effectively identified, assessed, mitigated, and that all regulations are followed. Additionally, the Manager is responsible for executing certain compliance-related controls on behalf of the business.
To successfully meet compliance objectives, the Compliance Manager must possess a comprehensive understanding of the business operations, the ECP, and relevant regulatory requirements, including those that are developing or emerging.
Key Responsibilities:
- Assist business leaders in the effective implementation, maintenance, and administration of first-line compliance programs.
- Maintain a comprehensive inventory of regulations and associated controls in the Governance, Risk, and Compliance Environment (GRCE) to ensure all regulations are accurately mapped to the business and that controls supporting regulatory compliance are documented and appropriately assessed for risk.
- Develop and sustain an understanding of the business strategies, objectives, products, services, internal and external stakeholders, and operational processes, along with the underlying technology infrastructure to identify and manage compliance risk exposures.
- Engage in discussions with relevant stakeholders to review, modify, and approve changes to policies, processes, procedures, controls, and technology requirements to ensure compliance with regulatory developments.
- Create change management plans of varying scope; lead or participate in various change management activities, including regulatory readiness assessments, planning, stakeholder engagement, execution, evaluation, and sustainability of initiatives.
- Conduct supplier compliance risk assessments.
Relationship Management:
Foster and maintain positive relationships with individuals across the organization, including business leaders, second-line compliance teams, and legal advisors.
Regulatory Compliance Issue Management:
- Identify, investigate, analyze, document, and establish plans to mitigate compliance program risks, considering jurisdictional requirements, and escalate any issues or concerns to senior management and other stakeholders.
- Deconstruct strategic challenges and analyze data to provide insights and recommendations.
Support the business in addressing regulatory compliance issues, including identifying problems, developing and assessing action plans, monitoring remediation efforts, and reporting to senior management.
Regulatory Compliance Risk Assessment (RCRA):
- Lead the annual and trigger-based Regulatory Compliance Risk Assessment (RCRA), which includes identifying and assessing regulatory risks across the enterprise.
- Document rationales to support risk assessments and address inquiries or challenges raised by oversight functions.
- Conduct separate risk assessments for different regulatory aspects.
Compliance Policy and Procedure Support:
- Provide compliance feedback on policies, participate in regular reviews of policies, and support the evaluation, development, and implementation of internal compliance control systems.
Conflicts of Interest:
Maintain the Conflicts of Interest Log through annual reviews and updates based on business and regulatory changes to identify and assess new conflicts of interest.
Regulatory Development:
Offer recommendations and solutions to adapt to regulatory changes and support the implementation of regulatory initiatives by monitoring industry and regulatory developments.
Compliance Training:
- Assist in the development and delivery of compliance training and awareness programs within the organization.
- Ensure that employees fully understand regulatory requirements and associated controls.
Compliance Review Support:
- Support compliance-related information requests associated with investigations, reviews, or examinations conducted by internal and external stakeholders.
- Participate in compliance reviews and walkthroughs of key processes and controls.
Business-Specific Support:
- Provide support to various business areas, including issue management, compliance-related policy reviews and updates, personal trade monitoring, and compliance reporting.
Regulatory Knowledge:
Develop and maintain expertise in regulations, directives, and guidance affecting the business areas, including CIRO, UMIR Trading rules, and Privacy.
Qualifications:
- 5 to 7 years of relevant experience and a post-secondary degree in a related field or an equivalent combination of education and experience.
- Specific education or designation in Canadian Securities Courses would be an asset.
General Knowledge/Skills:
- Strong verbal and written communication skills, presentation skills, analytical and technical support skills, sound judgment, program management capabilities, ability to multitask, collaboration, teamwork, influence, motivation, and proficiency in information technology.
Salary:
$68,126,000.00
Pay Type:
Salaried
BMO Financial Group offers a comprehensive compensation package, including performance-based incentives, discretionary bonuses, health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans.
BMO is dedicated to fostering an inclusive, equitable, and accessible workplace. Accommodations are available upon request for candidates during the selection process.
BMO does not accept unsolicited resumes from any source other than directly from candidates. Any unsolicited resumes sent to BMO will be considered BMO property.
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