Head of Risk Identification and Emerging Events

100 King Street West Toronto Ontario,M5X 1A1

The role of Head of Risk Identification and Emerging Events & Scenarios is crucial for effective risk management. This is led by:

• Strategic Insights: This role provides strategic insight by identifying potential risks that could impact BMO’s objectives. This involves understanding and assessing internal and external factors that effect BMO’s earnings, capital and liquidity resources
• Board level visibility: The key stakeholder are the Board and Executive Committee. They require the organisation to document, track and more regarding the risks. The Risk ID inventory is key to bring together the 9 types of risks that BMO is exposed to. The role is key to look across Risks and Operating Groups, and assess potential vulnerabilities to BMO. The stakeholders are also looking for insights to potential internal or external events on the horizon that could harm BMO’s strategic objectives and financial resources
• Regulatory requirements: This role will inform regulatory required stress tests and scenarios for capital planning purposes and for assessing vulnerabilities to severe yet plausible events, eg Geo-political risk impact

The is a newly developed role with breadth of coverage across all Operating Groups and Corporate Service Areas across North America as well integrating across BMO’s 9 Risk Types.

Provides oversight, monitoring and reporting on the identification, assessment, monitoring and control of all categories of risk (Market, Operational, Credit, and Liquidity risks) across the enterprise including Operating Groups and Corporate Areas. Develops and maintains the risk management framework that includes the governance framework and practices leveraged across the assigned portfolio to manage all risks taken. Provides policies, standards, methodologies, and controls that increase transparency, accuracy, and consistency across groups. Executes decision rights within the governance framework and works with stakeholders to implement the methodology, metrics, and program standards for the assigned portfolio to ensure compliance as well as effective timely reporting and identification of action plans.

• Owns the Risk Identification Framework
• Owns the Quarterly Refresh Cycle Process to update the Enterprise and US inventories including Enterprise-wide review & challenge.
• Manages and reports the Enterprise and US Risk ID Inventories.
• Provides advice, tools, and training to Risk ID leads from 1st and 2nd line.
• Develops Emerging Event & Scenarios informed by Risk ID.
• Executes Risk assessment and scenario analysis of Events.
• Leads and integrates the monitoring, measurement & reporting on the status of the risk governance program to internal & external stakeholders.
• Leads the management of governance meetings and maintenance of governing body mandates, oversight, and approval guidelines.
• Administers and maintains risk program activities in adherence to all policies, procedures and established processes for risks taken within the Risk Appetite of the Bank.
• Identifies potential risk situations/ impacts and make recommendations or escalates as per decision rights frameworks and guidelines.
• Assists with the interpretation of new or changing regulations and assessing impacts to the risk programs and governance frameworks; recommends and implements solutions based on analysis of issues and implications for the business.
• Develops and maintains in-depth knowledge of business and related risk management requirements and legislative/ regulatory directives and guidance.
• Researches existing or emerging requirements & related best practices to assist and develops recommendations for changes/enhancements.
• Initiates and facilitates productive forums, where stakeholders can discuss, debate, and decide on key risk concerns.
• Builds effective relationships with internal/external stakeholders e.g., business stakeholders and Corporate Support Areas (CSAs) in providing ‘second line of defense’ information and risk management support.
• Analyzes data and information to provide insights and recommendations; includes identification of risk impacts for new processes and workflows related to initiatives.
• Maintains tools and templates for risk programs and standards as required (e.g., Risk Control Self Assessment (RCSA), Sarbanes-Oxley (SOX); business continuity planning standards and policies, etc.)
• Identifies the impact of proposed process/program/technology changes on current processes, to optimize efficiency and minimize disruption.
• Within the mandate of this role, promotes and supports the Bank’s risk culture including ensuring employees understand their accountabilities for risk-taking activities, promoting an environment of open communication and effective challenge, and establishing the “tone from the top” through leading by example.
• Complies with the Bank’s Risk Appetite framework and ensures risk-taking activities remain within ag