Manager, Business Compliance
BMO
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Benefits offered by this job
Job summary
BMO Financial Group seeks a Regulatory Compliance Specialist to advise Wealth businesses on the application of regulatory requirements and to lead the 1st Line compliance functions. This role supports the Enterprise Compliance Program and oversees risk assessments across multiple regulatory domains.
The position requires deep regulatory knowledge, strong stakeholder collaboration, and the ability to implement compliant changes with business impact in mind. Location is Toronto, Ontario, Canada.
Qualifications
- Typically 5–7 years of relevant experience in Investment Fund Manager/Dealer.
- Canadian Securities Courses would be an asset.
- Excellent verbal and written communication skills.
Responsibilities
- Provide regulatory compliance advice to Wealth businesses and act as SME for 1st Line compliance.
- Lead and support Enterprise Compliance Program implementation and regulatory change.
- Manage and monitor regulatory compliance risks and remediation plans (RCRA).
- Support Compliance Review and Testing activities for regulatory purposes.
Skills
Education
Job description
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 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, 2nd Line Compliance, 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. In addition, this role is also responsible for executing some compliance related controls on behalf of the business. 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.
- 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:
- Primary Support: BPIC – Multiple individuals in the business including Regional Directors, Data Team Supervision and Governance team, Legal, 2nd Line Compliance
- Secondary Support: GAM – Investment Team (Portfolio Managers, Traders), Operations, Product, Sales & Distribution Team, 2nd Line Compliance, Legal
- 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.
- Breaks down strategic problems, and analyzes data and information to provide insights and recommendations.
- 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. Compliance issues can be identified by any of the following: self-identified by the business, 1st Line Monitoring & Testing, 2nd Line Monitoring & Testing, 2nd Line Chief Compliance Officer, Corporate Audit or Regulators
- Monitor Remediation: 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 escape concerns with respect to remediation to allow for sufficient time.
- Report to Senior Management: Provide regular updates to senior management in the business on the progress of remediation.
Manages and executes the personal trade monitoring program using the Personal Trading Application (PTA) including:
- On boarding and offboarding access persons to PTA
- Reviewing pre-clearance trade submissions and breaches
- Reviewing external broker statements
- Managing the annual certification of accounts by access persons
- Providing quarterly reporting to the Chief Compliance Officer (CCO) on violations and trading volumes
- 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.
- Separate risk assessments are required for:
- Volcker
- Privacy
- Anti-Corruption
- All other remaining regulations.
- 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.
- Participate in the regular cyclical review of policies that contain and/or address regulatory requirements.
Client Focused Reforms (CFR) requires a documented inventory of conflicts of interest.
This role maintains the COI Log i.e., initiates an annual review by engaging key stakeholders (Business, Tier 2 Compliance, 2nd Line Compliance and Legal) to review and to confirm accuracy.
This role understands and assesses business and regulatory change in order to identify and assess new and/or changing conflicts for materiality, outside of the regular annual review, and engage the appropriate stakeholders, along with Legal Regulatory Compliance (LRC) to update the COI Log accordingly.
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.
- Manage/execute personal trade monitoring.
- Compliance reporting - prepare monthly and quarterly reporting.
- Provide issue management support.
- Facilitate foreign jurisdiction.
- Review and update compliance related Policies
- Facilitate/lead monthly meetings with the 2nd Line Compliance to discuss various topics including regulatory development, compliance issue updates, control updates, RCRA updates, etc.
- Facilitate/lead monthly meetings with the 2nd Line Compliance to discuss various topics including regulatory development, compliance issue updates, control updates, RCRA updates, etc.
- Draft, review and update compliance related Policies
Develop and maintain a high level of expertise in regulations, directives, and guidance.
- Regulator Knowledge:
- OSC Investment Fund Manager (IFM), portfolio management and trading regulations. In-depth knowledge of National Instruments (e.g., NI 81-102, NI 31-103, NI 81-107, etc.)
- UMIR Trading rules
- Financial Planning Provincial requirements
- Unclaimed Balances Provincial Requirements
- General regulators/regulations:
- Volcker
- Privacy
- Competition Act
- Typically, between 5 - 7 years of relevant experience (i.e., Investment Fund Manager/Dealer) and post-secondary degree in related field of study or an equivalent combination of education and experience.
- Specific education/designation/experience that would be an asset:
- Canadian Securities Courses
- Expert verbal and written communication skills
- Expert presentation skills
- Consulting, analytical, and technical support skills.
- Builds effective relationships with internal 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.
- Ability to multi task and prioritize deliverables and time management
- 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.
$70,000.00 - $150,000.00
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
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.
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