Senior Operational Risk Testing Officer

BMO • Chicago, IL

1d • $75,000 - $160,000

About The Position

The Centralized Testing Team is a Second Line of Defense function responsible for developing, managing, and executing formal testing, monitoring, quality assurance, and reviews of First and Second Line activities. The team assesses the effectiveness of the control environment and adherence to the bank’s governance frameworks. This role develops testing plans and scripts, conducts testing at the transversal bank level and within business units, reports results, recommends actions for identified gaps, and works with Bank Groups to remediate those gaps.

The position also provides regulatory compliance and operational risk guidance, analyzes compliance and related data, challenges risk assessments and monitoring activities, supports root cause analysis for material control failures, and oversees issue resolution. It requires independent judgment, subject-matter expertise in the Bank’s control frameworks, and effective collaboration with business groups, stakeholders, and regulators.

Requirements

• Typically at least 6 years of relevant experience and a post-secondary degree in a related field, or an equivalent combination of education and experience.
• In-depth knowledge and experience in operational risk management within a financial institution.
• Ability to perform data analytics in Excel and derive meaningful analysis.
• Strong independent testing skills.
• Strong relationship-building skills and ability to work with stakeholders at all organizational levels.
• In-depth knowledge of the organization’s control frameworks.
• Knowledge of testing methodologies.
• Ability to work independently under tight time constraints with minimal oversight and peer review while adhering to the control framework.
• Ability to manage multiple high-priority projects simultaneously.
• Ability to quickly grasp complex strategies.
• Mastery of Microsoft Office products, including PowerPoint, Word, and Excel.
• Strong communication, critical-thinking, relationship-management, and project-management skills.
• In-depth verbal and written communication skills.
• In-depth collaboration and team skills.
• In-depth analytical and problem-solving skills.
• In-depth influence skills.
• In-depth data-driven decision-making skills.

Nice To Haves

• Master’s degree preferred.
• Industry certification preferred.

Responsibilities

• Design and develop testing strategies and methodologies to assess the effectiveness of the Bank’s control environment.
• Execute independent testing across the organization from transversal and business-unit perspectives.
• Determine testing samples through in-depth, risk-based analysis of domains.
• Identify issues and recommend actions to address gaps; work with issue owners to develop Management Action Plans and remediate gaps through closure.
• Ensure consistent control frameworks are implemented across the enterprise.
• Assess complex monitoring activities and ensure they are accurate, thorough, timely, and aligned with regulatory requirements, operational risk requirements, and industry best practices.
• Act as a subject matter expert on the Bank’s control frameworks.
• Build professional relationships with business groups and internal and external stakeholders, and build trust with regulators.
• Provide advice and guidance to assigned business or group on solutions aligned with regulatory risk appetite and stakeholder needs.
• Identify emerging issues and trends to inform decision-making.
• Analyze and report compliance and related data to gain insights on regulatory risk.
• Conduct or effectively challenge risk assessments and help identify more effective compliance controls.
• Perform or effectively challenge monitoring and testing activities to ensure regulatory compliance controls operate as intended and align with requirements.
• Support root cause analysis following material control failures.
• Identify, assess, challenge, and oversee satisfactory issue resolution, including management remediation plans and validation; escalate high-profile issues and risk cases for prompt resolution.
• Analyze and report compliance information to Compliance and business or group management.
• Maintain expertise in regulations, directives, and guidance applicable to supported groups.
• Provide input on emerging risks, regulatory developments, and interpretation of regulations.
• Access, monitor, and report on sensitive Bank, customer, transactional, and employee information to ensure regulatory compliance.
• Communicate the roles and importance of the three lines of defense and proactively identify regulatory risk.
• Provide specialized consulting, analytical, and technical support.
• Use judgment to identify, diagnose, and solve problems within established rules.
• Handle broader work or accountabilities as assigned.

Benefits

• Health insurance
• Tuition reimbursement
• Accident insurance
• Life insurance
• Retirement savings plans
• Performance-based incentives and discretionary bonuses may be included, depending on the position’s pay type.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Education Level: Associate degree