Compliance Officer

BMO•Toronto, ON

2d•Hybrid

About The Position

The Canadian Regulatory Compliance Testing (RCT) team within the Legal, Regulatory and Compliance Group (LRC) has an opening for a Compliance Officer who will be responsible for designing, supporting and executing regulatory compliance testing engagements. The Testing team is responsible for performing independent regulatory compliance Testing activities across various business lines and Corporate Areas. The Compliance Officer will be responsible for planning and executing independent second line of defence regulatory compliance testing activities and reporting exceptions identified to Compliance senior management and the associated Business or Corporate Area. The testing activities performed validate that the Enterprise Compliance Program (ECP) is being applied appropriately, and that lines of business are meeting their overall legislative and regulatory requirements. The position works closely with Compliance Senior Management and internal stakeholders, supporting and assisting in the development of an effective Testing Program across the Enterprise. To be effective in the role, the Compliance Officer must maintain current knowledge of applicable regulatory requirements and developments, monitor and identify risks, and, when required, support the timely remediation of possible gaps and weaknesses. This is a hybrid role requiring 3 days in the office at 100 King Street West, Toronto.

Requirements

1+ years in compliance, operational risk management or financial services (includes audit, legal, credit risk, market risk, or the management of a process or business with accountability for compliance or operational risk)
Bachelor’s degree required
Sound and continued knowledge of the Compliance Risk Assessment process across different lines of business and the Corporation
Knowledge of regulatory requirements, codes and standards applicable to both business and Corporate Areas (e.g. OSFI Guidelines)
Ability to provide management current information regarding standards of compliance with applicable rules/legislations
Strong working knowledge of audit principles including sampling methods
Demonstrated understanding of regulatory compliance and/or risk management policies and procedures
Ability to multi-task between multiple and ongoing responsibilities and assignments
Proven ability in exercising independent judgment and applying prudent risk mitigation principles
Excellent verbal and written communication skills
Strong critical thinking, relationship management, research and project management skills
Ability to meet deliverables in tight timeframes
Exhibits flexibility and adaptability

Nice To Haves

recognized compliance certifications or equivalent a plus

Responsibilities

Execute on assigned independent compliance reviews / tests. Key activities include, but not limited to: engagement scoping, execution of testing program, issue communication / resolution, and presenting results.
Support the development and design of testing strategies and methodologies in accordance with the ECP, Business Processes, Policies and Procedures.
In accordance with the approved RCT testing schedule, initiate activities for upcoming Regulatory Compliance Testing reviews.
Where required, determine scope, understand current risk assessment for relevant business group, and develop appropriate test steps and timelines.
Execute detailed test script procedures, research and obtain supporting documentation relating to the work performed and document the results of the analysis process.
Maintain accountability for adherence to established workpaper standards for consistent and detailed documentation.
Ensure that Compliance reviews are proficiently and efficiently performed; accurately interpret results against distinct criteria.
Evaluate the adequacy and effectiveness of policies, procedures, processes, and internal controls.
Communicate any potential review findings to senior management in Compliance.
Follow-up to support and verify appropriate response to issues identified before remediation begins.
Prepare comprehensive reports of test conclusions by process and/or mandatory requirements.
Effectively report findings, providing constructive recommendations, proposing areas for improvement and presenting/communicating to lines of business, Corporate Areas, and internal stakeholders.
Ensure that testing and quality assurance reviews are delivered in alignment with the annual Compliance M&T Plan.
Develop Compliance Testing expertise in identification of risks, assessing and reporting on the effectiveness of controls ensuring compliance with Federal, Provincial, Agency, Legal, Regulatory, Policy and Procedural requirements.
Develop and maintain a strong level of expertise in compliance regulations, directives and guidance which apply to the supported Business and Corporate Areas.
Provide support in the development and design of testing strategies and methodologies in accordance with Corporate Regulatory Compliance, Business Processes, Policies and Procedures.
Support the provision of compliance information in regards to emerging issues and interpretation of regulations.
Assist and support senior management in providing regular updates for Compliance Senior Leadership on the status of compliance testing, quality assurance reviews, and results of data analytics.