Head, Insurance Governance

Bank of Montreal; Toronto; On-site; CAD 113,000 - 212,000; Full time

Job summary

The Bank of Montreal seeks a skilled professional in the Audit, Risk & Compliance sector to oversee and enhance the compliance and risk management framework for their Insurance business. This role requires extensive experience and a solid understanding of regulatory requirements, aimed at safeguarding assets and ensuring adherence to standards. Join a team dedicated to fostering a culture of compliance while making a significant impact on business operations through effective risk management and collaboration with various stakeholders.

Benefits

Health insurance

Tuition reimbursement

Retirement savings plans

Performance-based incentives

Discretionary bonuses

Qualifications

• Typically, 10+ years of relevant experience.
• Advanced knowledge of consumer protection regulations.
• Seasoned expert with extensive industry knowledge, preferably within Insurance.

Responsibilities

• Ensures compliance with regulatory requirements and internal controls.
• Leads the resolution of issues related to risk management.
• Develops and maintains effective internal controls and process improvements.

Skills

Communication

Critical Thinking

Project Management

Relationship Management

Data Driven Decision Making

Education

Post-secondary degree

Compliance certificate or equivalent

Job description

Application Deadline:

06/29/2025

Address:

250 Yonge Street

Job Family Group:

Audit, Risk & Compliance

Responsible for the effective implementation, maintenance and administration of the Compliance, Operational Risk, AML, Privacy and Escalated Complaint Handling programs supporting the Insurance business. Ensures that internal control systems identify and mitigate emerging risk, safeguard assets and comply with Bank policy and procedures, regulatory requirements and voluntary codes of conduct and public commitments within the business unit. Develops a culture of compliance. Advises leadership within the business on risk management and the implications of applicable risks, including existing and emerging regulatory developments. Identifies risks and leads the implementation of appropriate actions to mitigate them. Maintains current knowledge of regulatory requirements and developments and Enterprise obligations. Maintains functional and regulatory expertise specific to the business group and aligns to Policies & Procedures governing the applicable risk functions. Contributes to business results by providing oversight and making recommendations that significantly impact the business’ ability to monitor risk programs, minimize operational risk and align with regulatory agencies.

• Understands the relevant regulatory frameworks that have an impact on the business and leads a team to coordinate the business unit’s “first line of defense” activities by developing, implementing, supporting and maintaining programs which enable the business to operate within the approved risk appetite and optimize results while meeting internal and external requirements across the Operating Group.
• Provides support and subject matter expertise for the evaluation and development of effective internal controls including process improvements, metrics and governance & reporting to support value-added, cost-effective management of internal and external function requirements for the business unit.
• Leads the resolution of issues for the business unit including providing ongoing leadership, subject matter expertise and guidance to support specific event management recovery initiatives.
• Develops/maintains an in-depth understanding of the business unit’s strategies and objectives, products and services, internal and external business partners, and business processes as well as the underlying infrastructure to identify and manage implications and risk exposures for the business.
• Provides risk management direction and subject matter expertise to key line of business initiatives to support appropriate assessment of Operational, Compliance, AML other risk types and implementation of controls, metrics, monitoring and testing appropriate to those risks.
• Maintains current knowledge of best-in-class risk management and control execution methodologies as well as emerging risks, regulatory developments and interpretation of regulations. Drives continuous improvement in risk programs for greater effectiveness in managing risks and efficiency / scalability to support business growth.
• Builds relationships with 2nd line of defense to provide insights into the business, and to understand emerging issues and expected regulatory changes.
• Builds relationships with external stakeholders, including Regulators and industry participants, Corporate Audit, Finance, Legal, ERPM and other Corporate groups as needed.
• Contributes to a strong risk management culture through collaboration with first, second- and third-line functions to ensure risks related to products, services and processes are identified, mitigated, monitored, and reported on an ongoing basis.
• Attracts, retains, and enables the career development of top talent. Regularly connects work to BMO's purpose, sets inspirational goals, defines clear expected outcomes, and ensures clear accountability for follow through.Improves team performance, recognizes and rewards performance, coaches employees, supports their development, and manages poor performance.
• Represents BMO Insurance interests while serving on various industry committees.
• Operates effectively within a high stress environment with constantly changing expectations and regulatory & audit scrutiny.
• Broader work or accountabilities may be assigned as needed.

Qualifications:

• Typically, 10+ years of relevant experience and a post-secondary degree in related field of study or an equivalent combination of education and experience.
• Recognized compliance certificate or equivalent preferred.
• Advanced knowledge of consumer protection regulations related marketing and advertising guidelines.
• Serves as a specialist resource within BMO with advanced knowledge of regulatory/ compliance requirements and the operations of multiple business/groups.
• Experienced at regulatory body with respect to multiple compliance areas.
• Exceptional communication, critical thinking, relationship management and project management skills.
• Seasoned expert with extensive industry knowledge, preferably within Insurance.
• Technical leader viewed as a thought leader for innovation.
• Collaboration & team skills; with a focus on cross-group collaboration - Expert.
• Able to manage ambiguity.
• Data driven decision making - Expert.

Salary:

$113,900.00 - $211,800.00

Pay Type:

Salaried

The above represents BMO Financial Group’s pay range and type.

Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group’s expected target for the first year in this position.

BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit:https://jobs.bmo.com/global/en/Total-Rewards

About Us

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.

To find out more visit us at https://jobs.bmo.com/ca/en.

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.