Associate - Fixed Income Compliance Advisory

BMO (Bank of Montreal)•New York, NY

36d•Hybrid

About The Position

Our team is growing its Fixed Income, Commodities, and Currency Compliance ("FICC") team in New York with a focus on FINRA and SEC broker-dealer requirements and corresponding oversight. We are looking for someone to work closely with the Fixed Income Lines of Business ("LOBs") as well as ancillary interaction with Currencies, and Commodities LOBs and other internal business partners to ensure regulatory, corporate and fiduciary obligations are met. You will have a specific focus on compliance oversight over BMO's Fixed Income activities, and maintain current knowledge of regulatory requirements and developments, monitoring risk/trade surveillance, and identifying and corrects possible gaps and weaknesses. Our particular focus will be the Securitized Products Business. The ideal candidate will assist in the implementation, maintenance and administration of the Fixed Income compliance program. Coordinate and performs risk assessment, monitoring, testing and surveillance activities to ensure program remains current and aligned with BMO Compliance Program. Work with business units and internal partners to ensure regulatory, corporate and fiduciary obligations are met. Advise the business on implications of new regulatory developments or internal products and assists to implement new/revised policies and programs to address them. Identify risks and implement appropriate actions to mitigate them. Develop and maintain compliance information for analysis and reporting. Achieve compliance goals by maintaining current knowledge of regulatory requirements and developments. Maintain functional and regulatory expertise specific to business group, and refers to Compliance Policies & Procedures manuals for requirements. Contribute to business results by providing oversight and making recommendations that significantly impact the Bank's ability to monitor regulatory compliance programs, minimize operational risk and align with regulatory agencies. Additionally, the ideal candidate will: Focus on business/groups within BMO Capital Markets Corp but, also be involved in a broader, enterprise-wide focus. Provide specialized consulting, analytical and technical support. Work independently and exercise sound judgment to identify, diagnose, and solve problems within given regulations, laws, and internal policies. Provide advice and guidance to Fixed Income business units on implementation of solutions regarding regulatory risk based on business operations and stakeholder needs. Consult with the various business lines/units on new products, services and automated systems to assist with compliance requirements in these initiatives. Ensure effective regulatory compliance controls and monitoring. Identify and advise on emerging issues and trends to inform decision-making. Help determine business priorities and best sequence for execution of business strategy. Build effective professional relationships with business units, internal/external stakeholders, and trust with regulators. Analyze and report on compliance data, and related data to gain insights on regulatory risk. Oversee the development and maintenance of guidelines and procedures, providing advice/rulings as necessary, for a single function within a geographic area. Participate in the design, implementation and management of core business unit processes. Conduct and/or effectively challenge monitoring and testing, and risk assessments, for business units and assist to identify more effective compliance controls and alignment with regulatory requirements. Identify, assess, effectively challenge, and oversee the satisfactory resolution of issues, including remediation plans and validation. Elevate high profile issues/risk cases to Compliance and business/group management for prompt resolution. Develop and maintain a high level of expertise in all regulations, directives and guidance which apply to the business unit(s) supported. Provide input to the business on emerging risks, regulatory developments and interpretation of regulations. Advise first line of defense management and employees on compliance matters. Ascertain training needs and help develop training based on gaps identified through the compliance monitoring and testing. Assist business group management in communicating and implementing changes to applicable regulatory policies and procedures. Represent the Compliance team and interact with examiners/auditors during internal, external and regulatory audits and examinations. Provides regulatory perspective on business group's sales and marketing materials. Anticipate/ identify and analyze risk and consequences of unaddressed risk factors/ compliance gaps, and recommends appropriate controls. Operate effectively within a fast-paced, high-stress environment with regulatory & audit scrutiny.

Requirements

Functional knowledge of multiple FICC market activities including: Primary Dealer, GSEs, Trade reporting (TRACE), communications, supervision, best execution/order handling, and Market Access.
Strong knowledge of applicable regulatory/compliance requirements, securities laws, rules and regulations with the ability to assess firm impact. Series 7, 63, and/or 24 a plus.
Typically minimum of 3 years of relevant experience and secondary degree in related field of study or an equivalent combination of education and experience.
Strong communication, critical thinking, relationship management and project management skills.
Knowledge and technical proficiency in Microsoft Office products like Excel, Word, Teams, and PowerPoint
Strong verbal & written communication skills.
Collaboration, team skills, and ability to constructively influence is highly valued.
Deep analytical and problem-solving skills.
Data-driven decision making is valued.

Nice To Haves

Recognized compliance certificate or equivalent preferred.
Experience at a regulatory body for one or more compliance area(s) is desirable, but not required.

Responsibilities

Assist in the implementation, maintenance and administration of the Fixed Income compliance program
Coordinate and performs risk assessment, monitoring, testing and surveillance activities to ensure program remains current and aligned with BMO Compliance Program
Work with business units and internal partners to ensure regulatory, corporate and fiduciary obligations are met
Advise the business on implications of new regulatory developments or internal products and assists to implement new/revised policies and programs to address them
Identify risks and implement appropriate actions to mitigate them
Develop and maintain compliance information for analysis and reporting
Achieve compliance goals by maintaining current knowledge of regulatory requirements and developments
Maintain functional and regulatory expertise specific to business group, and refers to Compliance Policies & Procedures manuals for requirements
Contribute to business results by providing oversight and making recommendations that significantly impact the Bank's ability to monitor regulatory compliance programs, minimize operational risk and align with regulatory agencies
Focus on business/groups within BMO Capital Markets Corp but, also be involved in a broader, enterprise-wide focus
Provide specialized consulting, analytical and technical support
Work independently and exercise sound judgment to identify, diagnose, and solve problems within given regulations, laws, and internal policies
Provide advice and guidance to Fixed Income business units on implementation of solutions regarding regulatory risk based on business operations and stakeholder needs
Consult with the various business lines/units on new products, services and automated systems to assist with compliance requirements in these initiatives
Ensure effective regulatory compliance controls and monitoring
Identify and advise on emerging issues and trends to inform decision-making
Help determine business priorities and best sequence for execution of business strategy
Build effective professional relationships with business units, internal/external stakeholders, and trust with regulators
Analyze and report on compliance data, and related data to gain insights on regulatory risk
Oversee the development and maintenance of guidelines and procedures, providing advice/rulings as necessary, for a single function within a geographic area
Participate in the design, implementation and management of core business unit processes
Conduct and/or effectively challenge monitoring and testing, and risk assessments, for business units and assist to identify more effective compliance controls and alignment with regulatory requirements
Identify, assess, effectively challenge, and oversee the satisfactory resolution of issues, including remediation plans and validation
Elevate high profile issues/risk cases to Compliance and business/group management for prompt resolution
Develop and maintain a high level of expertise in all regulations, directives and guidance which apply to the business unit(s) supported
Provide input to the business on emerging risks, regulatory developments and interpretation of regulations
Advise first line of defense management and employees on compliance matters
Ascertain training needs and help develop training based on gaps identified through the compliance monitoring and testing
Assist business group management in communicating and implementing changes to applicable regulatory policies and procedures
Represent the Compliance team and interact with examiners/auditors during internal, external and regulatory audits and examinations
Provides regulatory perspective on business group's sales and marketing materials
Anticipate/ identify and analyze risk and consequences of unaddressed risk factors/ compliance gaps, and recommends appropriate controls
Operate effectively within a fast-paced, high-stress environment with regulatory & audit scrutiny

Benefits

BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans.
To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards

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