Compliance Specialist, Advisory Insurance

BMO•Toronto, ON

4d•Onsite

About The Position

The Compliance Specialist, Advisory Insurance is a 1LOD role, assisting with the implementation, maintenance and administration of the BMO Insurance compliance program. This role coordinates and performs risk assessments and surveillance activities to ensure the program remains current and aligned with the BMO Enterprise Compliance Program. The Compliance Specialist works with the business and internal partners to ensure regulatory, corporate and fiduciary obligations are met. This includes advising the business on implications of new regulatory developments or internal products and assists to implement new/revised policies and programs to address them. This also includes identifying regulatory risks and implementing the appropriate actions to mitigate them. The Compliance Specialist develops and maintains compliance information for analysis and reporting and achieves compliance goals by maintaining current knowledge of regulatory requirements and developments. This role also maintains functional and regulatory expertise specific to Insurance and refers to Compliance Policies & Procedures manuals for requirements. This role will also contribute to business results by providing oversight and making recommendations that significantly impact BMO Insurance’s ability to monitor regulatory compliance programs, minimize regulatory risk and align with regulatory agencies. Provides advice and guidance to the business on implementation of solutions to manage regulatory risk based on an understanding of business operations and stakeholder needs. Builds effective professional relationships with the Insurance line of business, other internal/external stakeholders and regulators on the initial stages of investigations. Conducts risk assessments for the business and assists to identify more effective compliance controls. Supports root cause analysis in response to material control failures in the business. Identifies, assesses, and oversees the satisfactory resolution of issues, including ensuring adequate remediation plans and validation. Elevates high profile issues/risk cases to Insurance Governance and management for prompt resolution. Analyzes and reports compliance information to Insurance Governance and business management. Develops and maintains a high level of expertise in all regulations, directives and guidance which apply to the business. Provides input to the business on emerging risks, regulatory developments and interpretation of regulations. Advises 1LOD management and employees on compliance matters. Consults on new products, services, and other strategic projects to assist with incorporating compliance requirements into these initiatives. Ascertains training needs and helps develop training based on gaps identified through the compliance framework. Identifies enhancements to business group compliance tools and processes and communicates them to the appropriate stakeholders. Assists management in communicating and implementing changes to applicable regulatory policies and procedures. Represents the compliance function of BMO Insurance Governance and interacts with examiners/auditors during internal, external and regulatory audits and examinations. Provides regulatory perspective on the business’ sales and marketing materials. Anticipates/identifies and analyzes risk and consequences of unaddressed risk factors or compliance gaps, and recommends appropriate controls. Operates effectively within a high stress environment with constantly changing Enterprise expectations and regulatory & audit scrutiny. Communicates the roles and importance of each of the three lines of defense and proactively identifies regulatory risk. Focus is primarily on the Insurance line of business; may have broader, enterprise-wide focus. Exercises judgment to identify, diagnose, and solve problems within given rules. Works independently on a range of complex tasks, which may include unique situations. Broader work or accountabilities may be assigned as needed.

Requirements

Typically between 3 - 5 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
3+ years of front-line business experience or first line of defense is considered an asset.
Technical proficiency gained through education and/or business experience.
Critical thinking, analytical, and problem-solving techniques - in-depth.
Written and verbal communication skills - in-depth.
Relationship management skills - in-depth.
Collaboration and team skills - in-depth.
Project management skills - in-depth.
Influence skills - in-depth.
Data-driven decision-making skills - in-depth.
Proficient understanding of Financial Services, including BMO Insurance products and services, business operations & procedures, and activities involving documented practices.
Proficient understanding of Regulatory framework governing insurance.
Proficient understanding of Regulatory Compliance management and possesses the ability to analyze risk exposures.
Proficient understanding of Industry practices, evolving trends and leading practices.
Proficient knowledge of consumer protection and related marketing and advertising guidelines.
Proficient knowledge of Project management.
Proficient knowledge of Concepts and application of change management.

Responsibilities

Coordinates and performs risk assessments and surveillance activities.
Works with the business and internal partners to ensure regulatory, corporate and fiduciary obligations are met.
Advises the business on implications of new regulatory developments or internal products.
Assists to implement new/revised policies and programs.
Identifies regulatory risks and implements appropriate actions to mitigate them.
Develops and maintains compliance information for analysis and reporting.
Maintains current knowledge of regulatory requirements and developments.
Maintains functional and regulatory expertise specific to Insurance.
Provides oversight and makes recommendations to monitor regulatory compliance programs, minimize regulatory risk and align with regulatory agencies.
Provides advice and guidance on implementation of solutions to manage regulatory risk.
Builds effective professional relationships with the Insurance line of business, other internal/external stakeholders and regulators.
Conducts risk assessments for the business and assists to identify more effective compliance controls.
Supports root cause analysis in response to material control failures in the business.
Identifies, assesses, and oversees the satisfactory resolution of issues, including ensuring adequate remediation plans and validation.
Elevates high profile issues/risk cases to Insurance Governance and management for prompt resolution.
Analyzes and reports compliance information to Insurance Governance and business management.
Develops and maintains a high level of expertise in all regulations, directives and guidance which apply to the business.
Provides input to the business on emerging risks, regulatory developments and interpretation of regulations.
Advises 1LOD management and employees on compliance matters.
Consults on new products, services, and other strategic projects to assist with incorporating compliance requirements into these initiatives.
Ascertains training needs and helps develop training based on gaps identified through the compliance framework.
Identifies enhancements to business group compliance tools and processes and communicates them to the appropriate stakeholders.
Assists management in communicating and implementing changes to applicable regulatory policies and procedures.
Represents the compliance function of BMO Insurance Governance and interacts with examiners/auditors during internal, external and regulatory audits and examinations.
Provides regulatory perspective on the business’ sales and marketing materials.
Anticipates/identifies and analyzes risk and consequences of unaddressed risk factors or compliance gaps, and recommends appropriate controls.
Operates effectively within a high stress environment with constantly changing Enterprise expectations and regulatory & audit scrutiny.
Communicates the roles and importance of each of the three lines of defense and proactively identifies regulatory risk.