Payment Risk Oversight - Manager

BMO•Chicago, IL

2d•Hybrid

About The Position

The Manager, Operational Risk – Payments is a second line of defense role responsible for providing independent oversight, challenge, and advisory support over payments-related operational risks. The role partners closely with first line payments businesses to assess, monitor, and mitigate risks associated with payment processing, systems, vendors, and regulatory requirements, ensuring alignment with the firm’s risk appetite and operational risk framework. Develops and monitors the operational management framework that includes the governance framework & practices leveraged across BMO to manage operational risks. Provides policies & standards, methodologies and controls that increase transparency, accuracy and consistency across groups. Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviours in all that they do.

Requirements

Bachelor’s degree in Finance, Business, Risk Management, or a related field (or equivalent experience).
7 years of experience in operational risk management, payments operations, or financial services risk oversight.
Strong understanding of payments ecosystems (e.g., wires, ACH, RTP, cards, SWIFT) and associated operational and regulatory risks.
Demonstrated experience working in a second line of defense or independent risk oversight role.
Strong analytical, communication, and stakeholder management skills.
Ability to provide constructive challenge while maintaining effective partnerships with the business.
Strong Verbal & written communication skills

Responsibilities

Provide independent second line oversight and effective challenge of payments-related operational risks, controls, and risk mitigation strategies.
Review and challenge first line risk assessments (e.g., RCSAs), control testing results, and issue remediation plans related to payment processes and platforms.
Understand FMI requirements and oversight
Monitor and analyze operational risk events and losses across enterprise payments functions and products, identifying root causes, trends, and emerging risk themes.
Assess risks associated with changes to payments products, systems, processes, and third-party arrangements, including participation in governance forums.
Maintain Payment Risk Directive, and advise the business on adherence to internal policies, operational risk standards, and applicable regulatory law, rules and regulation expectations impacting payments (e.g., resiliency, fraud, sanctions, changes and settlement risk).
Oversee timely identification, escalation, and reporting of payments-related operational risk issues, breaches, and key risk indicators (KRIs).
Prepare risk reporting and dashboards for internal and external stakeholders (e.g. senior management, regulators, and risk committees) clearly articulating risk exposures and control effectiveness.
Contribute to the ongoing enhancement of the operational risk framework, methodologies, and tools as they relate to payments.
Builds interdependent teams that collaborate across functional and operating groups to create the highest value for all stakeholders.
Improves team performance, recognizes and rewards performance, coaches employees, supports their development, and manages poor performance.
Acts as a trusted advisor to assigned business/group.
Identifies emerging issues and trends to inform decision-making.
Researches existing or emerging requirements & related best practices to assist and develops recommendations for changes/enhancements.
Helps determine business priorities and best sequence for execution of business/group strategy.
Conducts independent analysis and assessment to resolve strategic issues.
Develops and maintains in-depth knowledge of business and related risk management requirements and legislative/ regulatory directives and guidance.
Works independently and regularly handles non-routine situations.