Compliance Specialist

Job Description

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.

Key Responsibilities

• 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:

• InvestorLine – 2nd Line Compliance, Contact Centre, BIL HQ
• Nesbitt Burns – 2nd Line Compliance, Supervision, Support & Governance team
• BPIC - 2nd Line Compliance, Regional Directors, Data Teams

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.

Regulatory Compliance Risk Assessment (RCRA)

• Accountable for leading the annual and trigger based Regulatory Compliance Risk Assessment (RCRA) which encompasses the principles, accountabilities, expected outcomes, processes and procedures for the identification and assessment of Regulatory Risk across the Enterprise.
• Document rationales to support risk assessments and discuss/respond/address questions/challenge raised by 2nd Line oversight functions.
• Separate risk assessments are required for:VolckerPrivacyAnti-CorruptionAll other remaining regulations.

Compliance Policy and Procedure Support

• Provide compliance feedback on policies owned by the business: Acts as a subject matter expert in the evaluation, development, and implementation of a compliance internal control system.
• Participate in the regular cyclical review of policies that contain and/or address regulatory requirements.

Conflicts of Interest

Client Focused Reforms (CFR) requires a documented inventory of conflicts of interest.

This role maintains the COI Log i.e., initiates an annual review by engaging key stakeholders (Business, Tier 2 Compliance, 2nd Line Compliance and Legal) to review and to confirm accuracy.

This role understands and assesses business and regulatory change in order to identify and assess new and/or changing conflicts for materiality material, outside of the regular annual review, and engage the appropriate stakeholders, along with Legal Regulatory Compliance (LRC) to update the COI Log accordingly.

Regulatory Development

• Make recommendations and provide solutions and enhancements to existing practices to keep pace with regulatory changes and provide requisite support in the implementation of regulatory change initiatives:
• Understand, assess, and monitor industry and regulatory/legislative developments and continuously updates compliance programs to ensure they continue to be effective.
• Analyze new and pending laws, regulations and industry commitments that affect areas of business responsibility ensuring that relevant issues and organizational risks are identified and raised.
• Conduct and document impact assessments for new regulatory requirements and communicate conclusions to the business, 2nd Line Compliance and Legal.
• Participate in regulatory development project meetings as required.
• Attend industry association meetings on Compliance related matters.

Compliance Training

• Provides support to the development and delivery of compliance training and awareness programs within the business/group to increase awareness of and compliance to risk management requirements.
• Provides training to ensure business unit employees fully understand regulatory requirements and associated controls. Builds awareness, knowledge, and skills and, as necessary, provides communication, practical tools and ongoing support including making presentations – attend and communicate changes at national calls.

Compliance Review Support (Audit, 1st Line M&T, 2nd Line Regulatory Compliance Testing)

• Provides support for compliance related information requests associated with investigations, reviews, or examinations conducted by internal and external stakeholders, including regulators, providing verbal and written responses to requests for information and/or documentation.
• Meet with reviewers to execute walkthroughs of key processes/controls and answer questions.

Business Specific Support

BMO Nesbitt Burns (NB) – full service

• Provide issue management support.
• Facilitate foreign jurisdiction.
• Review and update compliance related Policies

BMO InvestorLine (BIL) – Self-directed

• Facilitate/lead monthly meetings with the business (BIL HQ and Client Contact Centre) and 2nd Line Compliance to discuss various topics including regulatory development, compliance issue updates, control updates, RCRA updates, etc.
• Review and update compliance related Policies.

BMO Private Investment Counsel (BPIC) – Discretionary Investment Management

• Execute personal trade monitoring.
• Compliance reporting - prepare monthly and quarterly reporting.

Regulatory Knowledge

Develop and maintain a high level of expertise in regulations, directives, and guidance.

Primary Regulatory Knowledge:

• CIRO (MFDA & IIROC)
• UMIR Trading rules

Secondary Regulatory Knowledge:

• Financial Planning Provincial requirements
• Unclaimed Balances Provincial Requirements

General Regulatory Knowledge:

• Volcker
• Privacy
• Competition Act

Qualifications

• Typically, between 5 - 7 years of relevant experience (i.e., Broker Dealer, Self-Directed Investing) and post-secondary degree in related field of study or an equivalent combination of education and experience.
• Specific education/designation/experience that would be an asset:Canadian Securities Courses

General Knowledge/skills

• Expert verbal and written communication skills
• Expert presentation skills
• Consulting, analytical, and technical support skills.
• Builds effective relationships with internal senior stakeholders.
• Breaks down strategic problems, and analyses data and information to provide insights and compliance related recommendations.
• Exercises judgment to identify, diagnose, and solve problems within given rules.
• Ability to demonstrate effective use of judgment, interpretation, knowledge, and skill in the application of regulations and compliance requirements.Works independently and regularly handles non-routine situations.Program management skills - In-depth.Ability to multitask and prioritize deliverables and time managementDeep knowledge and technical proficiency gained through extensive education and business experience.Collaboration and teamwork skills - In-depth.
• Influence skills - In-depth.
• Motivated individual who takes initiative and accepts personal accountability.
• Working knowledge of information technology tools required including MS Office.

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