Manager, Business Compliance

BMO•Toronto, ON

10d

About The Position

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. This position is also accountable to lead and support the implementation and execution of the Enterprise Compliance Program (ECP), advising LOB management on implications of new/changing regulatory requirements on business products, processes, and controls. Works with business/group leaders (Wealth and P&BB), 2nd Line Compliance (Wealth and P&BB), and Legal to implement and maintain 1st Line compliance programs to meet the requirements of BMO’s ECP. Manages/supports large/complex compliance programs/frameworks /projects/initiatives to ensure compliance risks are appropriately identified, risk assessed, mitigated and regulations adhered to. To effectively achieve compliance goals, the Compliance Specialist must have an in-depth understanding of the businesses, the ECP, as well as the applicable regulatory requirements, and developing/emerging regulatory requirements.

Requirements

Typically, between 5 - 7 years of relevant experience (i.e., Trust, Insurance Business Banking) and post-secondary degree in related field of study or an equivalent combination of education and experience.
Trust & Estate Practitioner (TEP) designation
Income Tax Act knowledge
Legal - Trust, Insurance, Banking
Insurance Business experience
Expert verbal and written communication skills
Expert presentation skills
Consulting, analytical, and technical support skills.
Builds effective relationships with internal/external 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.
Deep 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.

Nice To Haves

KNOWLEDGE OF TRUST AND ESTATES

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.
Collaborate and maintain positive relationships with individuals across the business listed below: Trust – Head of the Trust Canada Business and the Trust Leadership team, Legal, 2nd Line Compliance, BPIC Registered Plans Platinum Banking – Legal, 2nd Line Compliance, Wealth Regional Compliance Managers (RCMs) and Market Leaders, P&BB, Mutual Fund Governance, Banking Governance, P&BB 1st, and 2nd Line Compliance EIASI – Legal, 2nd Line Compliance, Nesbitt, BMO Life Assurance, EIASI Clients Registered Plans – Trust Canada Business, P&BB 1st and 2nd Line, GAM Fund Services
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.
Supports the business on regulatory compliance Issues: Identify Issues: Interpreting requirements (existing, new, and emerging) and identifying, analyzing, and addressing resultant gaps and issues, including those raised through the review of change initiatives. Work with the business to identify root cause of issues.
Develop/Assess Action Plans: Work with the business to establish/review action plans to ensure plans have sufficient level of detail and target dates are reasonable and supportable.
Oversees and/or monitors the satisfactory resolution of such complex, contentious, or sensitive regulatory compliance issues, keeping in mind significant business unit implications. Using professional judgement escalate concerns with respect to remediation to allow for sufficient time.
Provide regular updates to senior management in the business on the progress of remediation.
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.
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.
Develop, document, maintain and update business/group policies updating and obtaining approvals as regulations or the operating environment changes and communicates changes to the business/group & relevant stakeholder groups.
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.
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.
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.
Meet with EIASI clients to explain/describe the regulatory compliance framework supporting the business.
Provide compliance training to advisors on an annual basis.
Maintain/update compliance related policies and procedures.
Work with the business and other support functions to complete annual client attestations.
Meet with and support regional Platinum Banking executives in terms of explaining regulatory requirements, associated controls, policies and procedures and issue management.
Meet with P&BB to understand changes to policies affecting Platinum Banking and understand issues identified in P&BB that may also be an issue for Wealth.
Maintains the general Trust business mailbox and respond to requests or follow up with the business to obtain responses.
Support assessment of new trust clients/onboarding from business profitability, risk, and regulatory compliance perspectives
Identify individuals in the Trust business that are required to take the annual Volcker training and monitor to ensure 100% completion.
Participate in management/committee meetings: Trust & Estate Investment Committee Meeting (semi-annual) The Discretionary Committee (DC) (Monthly) New Business Acceptance Committee (Monthly)
Provide compliance support in the offering and administration of registered plans
Attending industry calls held by Canadian Bankers Association (CBA) and Investment Funds Institute of Canada (IFIC)
Socialize IFIC and CBA material when issues are raised by industry.
Collaborate with BMO Trust Company on upcoming changes at federal and provincial levels.
Responsible to maintain and amend Locked In Plan addenda
Subject matter expert in registered plans inquiries
Ability to outline risks and challenges from a compliance perspective for challenges to registered plan changes imposed by government or lines of business.
Maintaining Registered Plans Compliance SharePoint
Develop and maintain a high level of expertise in regulations, directives, and guidance.
OSFI Bank Act Ontario Securities Commission (OSC) CIRO AMF CHLIA Reg Plans: CRA for all reg plans (i.e. Income tax act) Reg Plans: ESDC (Employment and Social Development Canada) for RESPs and RDSPs. Reg Plans: Provincial regulators for pension/locked in plan perspective (ie LIRAs, LIFs, etc). General regulators/regulations: Volcker Privacy Competition Act Business specific regulators and associated regulations: EIASI - Insurance Agents and Adjusters Provincial Regulations Trust – Trust and Loan Companies Act, Bank Act, Registered Plans Platinum Banking – OSFI Registered Plans – Canada Education Savings Act, multiple Provincial