03/11/2024
Address:
100 King Street West
Audit, Risk & Compliance
The Senior Manager, Initiatives Assessment and Approval Process (IAAP) - Operational Non-Financial Risk (ONFR) is accountable for re-envisioning, leading and building an enterprise framework which supports the end to end risk assessment and management of all new initiatives, products and services offered across BMO. This opportunity will allow you to present ideas, solutions and process improvement efficiencies to senior leaders within the organization while executing on these deliverables. In this capacity your ability to think strategically and critically, manage relationships in a consultative and influencing manner will be critical. If you thrive in an ever changing, evolving and challenging environment this could be your dream job and we would like to hear from you.
This role is Hybrid (minimum 2-3 days per week in office @ First Canadian Place site, subject to change)
Key Accountabilities
Lead the Initiatives Assessment and Approval Process (IAAP) framework
- Provide thought leadership and strategic thinking in the evolution and development the existing governance supporting the banks COIAA (Control Over Initiative Assessment and Approval ) Directive and associated guidance surrounding the Initiatives Assessment and Approval Process (IAAP).
- The governance framework includes policies, guidelines and provides programs, practices and measures to promote transparency, accuracy, consistency across groups.
- Works with business/group and internal partners to ensure regulatory obligations are met and influences and negotiates across all groups within the bank with a direct or indirect impact to the IAAP to achieve business objectives.
- Act as the primary SME and contact person for all IAAP related guidance across the bank for both 1st and 2nd line teams across the enterprise.
- Advises business/group on implications of new regulatory developments and provide guidance on change management as applicable.
- Develop and lead training sessions across all groups on IAAP guidance on the current process and any changes related to framework changes, processes, systems, or regulatory requirements.
- The individual will be accountable for the annual assessment of the effectiveness of the program, methodology changes and program documentation updates as applicable
- Recommends and implements solutions based on analysis of issues and implications for effective management of IAAPs
- Participate in any ROE assessments that are conducted on the IAAP or initiative implementation for potential change in risk parameters
- Assist in the development and maintenance of other related operational risk programs
- Acts as the prime subject matter expert for internal/external stakeholders for the IAAP
- Promote an operational risk culture and create awareness of impacted risk programs
- Monitor, analyze, and communicate opportunities for operational risk management improvement, including recommending solutions
- Support and/or deliver change management
Risk Knowledge and Program Management
- Support the end-to-end operational risk programs, frameworks and technology that ensure designated unit/cross unit compliance with internal and external guidelines, policies and regulations in collaboration with ONFR team and leadership.
- Interpret outcomes from the OROs and identify potential issues for appropriate executive and senior management decision-making.
- Performs monitoring and testing activities on the end to end IAAP process to ensure regulatory controls are operating and aligned to regulatory requirements. Supports root cause analysis in response to material control failures in business/group.
- Report and escalate on instances of non-compliance with IAAP requirements across the enterprise.
- Contribute to knowledge repositories (e.g., libraries, documentation and support materials) ensuring completeness, accuracy, timeliness and security/integrity of information to support the advancement of risk management capability and proficiency
- Support end users across the enterprise through GRCE or IAAP workflow challenges
- Support the ONFR leadership as a SME and serve as a coordinator of contact points between external regulators and/or designated ORO groups, providing leadership, advice, guidance, consultation and direction in the area of expertise to executives and senior management to ensure operational risk management processes are in accordance with internal and external standards and guidelines
- Advise and counsel executives and senior management on risk exposures, programs and plans
- Oversee and report on ONFR related exceptions, identify any systemic trends/gap analysis, opportunity for guidance enhancements
- Conducts and/or effectively challenges risk assessments for business/group and assists to identify more effective framework controls.
- Performs and/or effectively challenges monitoring and testing activities to ensure regulatory controls are operating and aligned to regulatory requirements. Supports root cause analysis in response to material control failures in business/group.
- Identifies, assesses, effectively challenges and provides oversight on the satisfactory resolution of issues, including ensuring adequate management remediation plans and validation.
- Elevates high profile issues/risk cases to OROs, ONFR leadership and business management for prompt resolution.
- Operates effectively within a high stress environment with constantly changing expectations and regulatory & audit scrutiny.
- Communicates the roles and importance of each of the three lines of defense, and proactively identifies regulatory risk.
- Influences how teams/groups work together.
- Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to multiple, interdependent, complex problems.
- Communicates abstract concepts in simple terms.
- Fosters strong internal and external networks and works with and across multiple teams to achieve business objectives.
- Anticipates trends and responds by implementing appropriate changes.
- Provides specialized consulting, analytical and technical support.
Change Management
- In close engagement with the ONFR team, support the ONFR Change Management team by preparing change materials and communications related to the IAAP and associated projects and processes changed by this team. Conduct and facilitate multiple enterprise wide training sessions by jurisdiction, OG and skill set as appropriate.
- Represent the operational non-financial risk discipline during change impact analysis and assessment, technology and business requirements-gathering, business case development, solution development, review and sign-off, implementation planning and support, issue escalation and management, sustainment and change acceptance, leadership updates and recommendations, using advanced knowledge of operational risk function and processes
- Support operational non-financial risk improvements and initiatives to provide context, information and analysis on proposed changes. Initiatives may include the development and implementation of new/ revised products, new systems or enhancements, new/ revised processes in support of internal efficiencies and industry regulatory changes
General Accountabilities
- Builds interdependent teams that collaborate across functional and operating groups to create the highest value for all stakeholders
- Attracts, retains, and enables the career development of top talent.
- Improves team performance, recognizes and rewards performance, coaches employees, supports their development, and manages poor performance.
- Advises and influences senior leaders on managing regulatory risk associated related to business decisions and strategic initiatives.
- Develops an expert understanding of business/group challenges.
- May consult to or serve on various committees
- Exercises judgment to identify, diagnose, and solve problems within given rules.
- Works independently and regularly handles non-routine situations.
- Promote communication of regulatory engagement standards and best practices
- Participate in industry groups to influence development of regulatory requirements
- Broader work or accountabilities may be assigned as needed.
- Build and maintain relationships with industry contacts (internal and external), regulatory officials, and external consultants for the purpose of enhancing business effectiveness and efficiencies
- Support the delivery of exceptional customer service that builds trust through responsive, accurate, consistent, knowledgeable and available services and support.
- Align individual performance goals to team and organizational goals
- Broader work or accountabilities may be assigned as needed.
- Demonstrate behaviors that are consistent with “Being BMO” model and aligned with BMO values
Qualifications:
- Undergraduate university degree, and Graduate degree or Professional Designation
- 7+ years of relevant experience in financial services, experience in risk management, audit, compliance, governance and/or project management is preferred or in other industries
- Expert knowledge of knowledge of business and regulatory environment.
- Knowledge and ability to interpret regulatory expectations (OSFI, OCC, FRB), address and incorporate processes, controls, and mechanisms to align frameworks with regulatory expectations
- In-depth/expert knowledge & experience with risk management frameworks, RCSAs; quality control/testing frameworks.
- Strong knowledge and understanding of key products and services, processes, controls and organization
- Internal knowledge of the organization an advantage
- Strong understanding of operational risk concepts and related control frameworks and practices
- Advanced understanding of industry practices and risk reporting fundamentals
- Solid understanding and knowledge of the business planning process, reporting cycles and requirements, protocols for sign-offs and information sharing, and key business metrics
- Solid understanding of system design, databases and business intelligence techniques
- Expert ability to identify issues and implement controls for risk mitigation
Skills:
- Leadership, organization, and planning ability
- Advanced written and oral communication skills, with the capability to present and articulate complex concepts
- Advanced report design and writing skills, with ability to create and organize varying forms of business information while developing it into cohesive, meaningful, professional reports and presentations
- Advanced stakeholder relationship management skills
- Advanced prioritization skills
- Strong attention to detail and organizational skills
- Advanced planning skills (re finance, resource, strategy, business)
- Strong conflict management/ resolution skills
- Strong teamwork skills
- Strong logic and data integration skills
- Expert analytical and problem-solving skills
- Expert ability to manage ambiguity
- Excellent conceptual skills, with an ability to quickly understand concepts and translate them into meaningful information (incl presentation & communication skills to effectively execute change)
- Strong ability to influence others, with a focus on cross-group collaboration
- Consistent ability to produce exceptional quality output and manage competing deadlines, priorities, accountabilities and constraints.
- Ability of identify and effect appropriate risk governance and control mechanisms
Develops and maintains an effective internal control framework that defines the ways and methods governance is implemented, managed, and monitored in the designated business/group portfolio. The governance framework includes policies, guidelines and provides programs, practices and measures to promote transparency, accuracy, consistency across groups. Applies specialized knowledge of risk management, regulatory compliance and internal controls related to business processes and information.
- Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviours in all that they do.
- Ensures alignment between values and behaviour that fosters diversity and inclusion.
- Regularly connects work to BMO's purpose, sets inspirational goals, defines clear expected outcomes, and ensures clear accountability for follow through.
- Builds interdependent teams that collaborate across functional and operating groups to create the highest value for all stakeholders.
- Attracts, retains, and enables the career development of top talent.
- Improves team performance, recognizes and rewards performance, coaches employees, supports their development, and manages poor performance.
- Provides strategic input into business decisions as a trusted advisor.
- Makes recommendations to senior leaders on strategy and new initiatives, based on an in-depth understanding of the business/group.
- Acts as a subject matter expert on relevant regulations and policies.
- May network with industry contacts to gain competitive insights and best practices.
- Interprets new regulations and assesses impacts to the internal controls governance framework/program.
- Develops reports on the status of the governance program or framework components to various internal & external stakeholder audiences.
- Influences and negotiates to achieve business objectives.
- Identifies emerging issues and trends to inform decision-making.
- Recommends business priorities, advises on resource requirements and develops roadmap for strategic execution.
- Manages resources and leads the execution of strategic initiatives to deliver on business and financial goals.
- Measures the effectiveness of risk governance system and framework; recommends changes as required.
- Conducts independent analysis and assessment to resolve strategic issues.
- Leads the development and maintenance of the internal controls governance system and framework.
- Acts as the prime subject matter expert for internal/external stakeholders.
- Designs and produces regular and ad-hoc reports, and dashboards.
- Develops and manages comprehensive information management systems; designs and/or leads initiatives to improve processes, analysis and reporting.
- Leads the development of the communication strategy focusing on positively influencing or changing behaviour.
- Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
- Leads the execution of operational programs; assesses and adapts as needed to ensure quality of execution.
- Manages the review and sign-off process for relevant regulatory reporting.
- Leads and integrates the monitoring, measurement & reporting on the status of the internal controls governance framework/program to internal & external stakeholders.
- Leads the management of governance meetings and maintenance of governing body mandates, oversight and approval guidelines.
- May provide specialized support for other internal and external regulatory requirements.
- Provides input into the planning and implementation of ongoing operational programs in support of the model validation/risk framework.
- Leads in the design, implementation and management of core business/group processes.
- Develops governance and control-related solutions and makes recommendations based on an understanding of the business strategy and stakeholder needs.
- Provides advice and guidance to assigned business/group on the implementation of the control framework, including effective challenge.
- Performs testing on design of controls as required e.g. observation, inspection, replication, recalculation to ensure risks are identified and controls are effective.
- Reviews processes and identifies opportunities for risk mitigation through proposing new controls or revising existing controls.
- Identifies where corrective actions are required and escalates per guidelines; ensures corrective action is taken as necessary.
- Coordinates and participates in the execution of oversight/governance activities including reporting; assessment of education & training needs, development/delivery of training; development and execution of regulatory administration processes & procedures; management of review/updates to policies, etc.
- Consults with stakeholders to improve consistency and transparency of control measurement/metrics and reporting.
- Assists with the interpretation of new or changing regulations and assessing impacts to the governance frameworks.
- Develops and maintains in-depth knowledge of business and related risk management requirements and legislative/regulatory directives and guidance.
- Builds effective relationships with internal/external stakeholders.
- Ensures alignment between stakeholders.
- Analyzes data and information to provide insights and recommendations.
- Documents the internal control governance system, processes and framework to describe compliance requirements, activities, processes, roles & responsibilities.
- Develops tools, checklists and communications to address gaps, issues and new requirements.
- Monitors and tracks performance; addresses any issues.
- Operates at a group/enterprise-wide level and serves as a specialist resource to senior leaders and stakeholders.
- Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to problems that can be complex and non-routine.
- Implements changes in response to shifting trends.
- Broader work or accountabilities may be assigned as needed.
Qualifications:
- Typically 7+ years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
- Experience in risk management, audit, compliance, governance and/or project management is preferred.
- In-depth knowledge of business and regulatory environment.
- In-depth/expert knowledge & experience with risk policy frameworks; quality control/testing frameworks. e.g. SOX 404, COBIT and COSO frameworks.
- Seasoned professional with a combination of education, experience and industry knowledge.
- Verbal & written communication skills - In-depth / Expert.
- Analytical and problem solving skills - In-depth / Expert.
- Influence skills - In-depth / Expert.
- Collaboration & team skills; with a focus on cross-group collaboration - In-depth / Expert.
- Able to manage ambiguity.
- Data driven decision making - In-depth / Expert.
Compensation and Benefits:
$92,400.00 - $171,600.00
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
We’re here to help
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.
