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Head of Analytics and AI Risk Oversight
3 months ago
Position Overview:
The Director of Analytics and AI Risk Management is tasked with establishing and sustaining BMO's frameworks for Analytics Risk and Artificial Intelligence (AI) Risk. This role is integral to the Data, Analytics, and AI Risk team, functioning within the second line of defense. The Director will be pivotal in the identification, evaluation, management, monitoring, and reporting of Analytics and AI risks associated with BMO's operations.
Key Responsibilities:
- Enhance the capabilities for managing Analytics and AI risks within the second line of defense to ensure the responsible integration of innovative technologies.
- Lead the development and upkeep of the Analytics Risk Directive and AI Risk Directive, ensuring coherence among key stakeholders and alignment with Operational Non-Financial Risk initiatives.
- Collaborate closely with other second line of defense functions to delineate clear responsibilities for Analytics and AI risk management relative to other frameworks, such as model risk management and technology risk.
- Establish centralized expertise within the second line of defense to critically assess individual AI deployment use cases at BMO. Participate in various forums and working groups to evaluate risks associated with new AI solutions, including generative AI.
- Coordinate reviews and contributions from multiple second line of defense partners to evaluate risks presented by new AI and generative AI applications.
- Engage with industry contacts to acquire competitive insights and best practices.
- Monitor and interpret emerging regulations, assessing their implications for the framework and formulating action plans to adapt to evolving regulatory demands.
- Conduct independent assessments of the analytics and AI risk landscape, including exposures, significant initiatives, and weaknesses in the control environment.
- Advise on business priorities, resource needs, and develop a strategic roadmap for execution.
- Evaluate the effectiveness of first line of defense compliance with risk frameworks, identifying issues and recommending necessary adjustments.
- Represent the analytics and AI risk program during internal and external evaluations, including audits and regulatory reviews.
- Assess and refine existing operational programs while developing new capabilities to ensure ongoing success.
- Oversee the evaluation of analytics and AI risks related to new business initiatives and third-party engagements, identifying potential risks and making recommendations as per established guidelines.
- Provide guidance to the first line of defense on the implementation of the analytics and AI risk framework, ensuring effective challenge.
- Additional responsibilities may be assigned as required.
Qualifications:
- Typically requires 9+ years of relevant experience in a senior leadership role within technology, along with a post-secondary degree in a related field or an equivalent combination of education and experience.
- A graduate degree in a quantitative discipline, Computer Science, Business Administration, or a related field is preferred.
- In-depth knowledge of the implications of analytics and AI on risk management practices and the evolving landscape in this domain.
- Comprehensive understanding of regulatory requirements affecting analytics and AI.
- Extensive industry expertise and recognition as a technical leader and innovator.
- Exceptional verbal and written communication skills.
- Strong analytical and problem-solving capabilities.
- Proven ability to influence and collaborate effectively across teams.
- Adept at managing ambiguity and making data-driven decisions.
Compensation and Benefits:
The compensation package includes a competitive salary and may encompass performance-based incentives, discretionary bonuses, and additional perks. BMO also provides health insurance, tuition reimbursement, life insurance, and retirement savings plans.
Company Commitment:
BMO is dedicated to fostering an inclusive, equitable, and accessible workplace. We believe that learning from our diverse perspectives strengthens our organization. Accommodations are available upon request for candidates participating in all aspects of the selection process.
