Manager, Insurance Compliance

BMO Insurance; Toronto; On-site; CAD 70,000 - 150,000; Full time

Benefits offered by this job

Health insurance

Tuition reimbursement

Accident and life insurance

Retirement savings plans

Job summary

BMO Insurance is seeking a Manager, Insurance Compliance to advise on regulatory requirements, lead change management, and support enterprise compliance initiatives. The role coordinates regulatory responses and works with senior management to strengthen controls and customer experience.

The position reports to the Head, Insurance Governance and requires collaboration across Legal, Regulatory Compliance, and Governance Teams, with responsibilities for enhancing the compliance program and

Qualifications

• University degree with 5+ years post-academic experience, preferably in a financial institution.
• Prior Life Insurance experience would be an asset.
• 3+ years of front-line business experience or first line of defense is considered an asset.
• Experience in product and process management, governance and controls, operational risk management oversight or related functions.

Responsibilities

• Manage and inform the Regulatory Compliance Program and Framework for BMO Insurance.
• Provide leadership and project management to support regulatory changes impacting the business.
• Provide leadership and project management to support the implementation of changes to the compliance program.
• Act as the primary compliance point of contact and coordinate input for regulatory risks and controls for initiatives.
• Coordinate and assist in management and responses to regulatory inquiries, reporting, reviews and audits.
• Identify, maintain and evaluate control design and effectiveness to mitigate risks with stakeholders.
• Identify factors breaching risk appetite and communicate findings to senior management and LRC.
• Manage identification, investigation, reporting and resolution of compliance issues.
• Assist in formulating action plans and verify remediation post-implementation.
• Participate in industry associations and committees.
• Provide expert advice to executives on cross-functional matters.

Skills

Project management

Critical analysis

Written verbal communication

Facilitation/presentation

Influencing/stakeholder mgmt

Data analytics

Education

University degree

Job description

The Manager, Insurance Compliance will provide advice and support to Insurance lines of businesses to ensure that Regulatory Programs operate in compliance with legal and regulatory requirements the Enterprise Compliance Framework, policies, processes and standards. This position is accountable for providing regulatory compliance governance and support to BMO Insurance Senior Management. The role will assist in promoting a strong compliance culture that ensures the fair treatment of customers. This position will advise and counsel Insurance in order for the business to implement procedures and controls to comply with regulatory requirements. Reporting to the Head, Insurance Governance, this role will lead change management in relation to regulatory compliance. The role will actively support Enterprise compliance initiatives as well as Insurance business initiatives. In addition, the role will coordinate and lead the response to regulatory enquiries and applicable regulatory reporting. The Compliance Manager will also play a role in proactively identifying and escalating compliance opportunities for continuous improvement to strengthen our businesses as well as client experience.

Key Accountabilities:

• Manage and Inform the Regulatory Compliance Program and Framework for BMO Insurance
• Provide leadership and project management to support regulatory changes impacting the business
• Provide leadership and project management to support the implementation of changes to the compliance program
• Act as the primary compliance point of contact and coordinate compliance participation and input for initiatives within the business, including the introduction and changes to products, processes and procedures, for regulatory risks and identify / update inherent risk, the sufficiency of controls as needed
• Coordinate and assist in the management and responses to regulatory inquiries, regulatory reporting coordinated through Compliance, regulatory reviews and internal or external audits
• Identifying, maintaining and evaluating control design and effectiveness to mitigate risks in concert with Insurance Senior Management, Legal and Regulatory Compliance (LRC), as well as BMO Bank and Wealth Management and Governance Teams (as needed)
• Identify factors which may breach risk appetite or compliance with applicable regulatory requirements and communicate findings to Senior Management, Director of Insurance Governance, and LRC as appropriate
• Manage the identification, investigation, internal and external (where required) reporting and resolution of compliance issues
• Assist in formulating Action Plans to remediate compliance issues and track follow-up activities to ensure they are promptly addressed including coordinating and ensure post implementation verification of remediated issues
• Play an active, visible role in relevant industry association working groups and committees
• Provide expert advice to BMO Insurance executives on matters within the Operating Group and involving other Operating Groups through participation on cross-functional teams, ensuring appropriate involvement and assessment, as required
• Identify and recommend business improvement opportunities

Knowledge:

The incumbent will demonstrate an advanced understanding of:

• Financial Services, including BMO Insurance products and services
• Regulatory framework governing insurance
• Regulatory Compliance management and possesses the ability to analyze risk exposures
• Industry practices, evolving trends and leading practices

The incumbent will demonstrate a solid understanding of:

• Project management
• Strategy development and implementation
• Concepts and application of change management

Skills:

The incumbent will demonstrate advanced:

• Project management
• Critical analysis and problem-solving techniques
• Written and verbal communication skills
• Facilitation/ presentation skills

The incumbent will demonstrate solid:

• Influencing and stakeholder relationship management skills
• Data analytics

Experience:

• University degree with 5 + years post-academic experience, preferably in a financial institution
• Prior Life Insurance experience would be an asset
• 3+ years of front-line business experience or first line of defense is considered an asset
• Experience in product and process management, implementation of governance and controls, operational risk management oversight or related functions

Salary:

$70,000.00 - $150,000.00

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.