Senior Compliance Officer, First Line Monitoring & Testing (R210023858_Chicago)
Address:111 W Monroe - 115 S LaSalle
Job Family Group:Business Management
Supports the business/group leader in the effective implementation, maintenance and administration of first line of defense (1st LOD) compliance program, including overseeing business operations within the jurisdiction to ensure adherence and efficiency. Contributes to a strong risk management culture through collaboration with other first line employees, and second & third line functions to ensure Compliance risks are identified, mitigated, monitored, tested and reported on an ongoing basis.
Supports multiple, varied business units with corresponding number of regulators.
Monitors and advises on management of compliance risk requirements within the defined risk appetite.
Manages/supports large/complex risk programs/frameworks /projects/initiatives to ensure risks are appropriately mitigated and regulations adhered to.
Monitors industry and legislative developments and continuously updates programs to ensure they are competitive and effective
Supports the position on regulatory compliance Issues by interpreting requirements (existing, new and emerging) and identifying, analyzing and addressing resultant gaps and issues, including those raised through the review of change initiatives. Understands the identified risk exposures and supports the development of action plans required to mitigate identified risks.
Acts as a subject matter expert in the evaluation, development and implementation of an internal control system.
Supports the execution of strategic initiatives in collaboration with internal and external stakeholders.
Builds effective relationships with internal/external stakeholders.
Breaks down strategic problems, and analyzes data and information to provide insights and recommendations.
Builds change management plans of varying scope and type; leads or participates in a variety of change management activities including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
Monitoring and testing to ensure that 1st line controls are performed following defined processes and procedures.
Develops, documents and maintains business/group procedures updating and obtaining approvals as regulations or the operating environment changes and communicates changes to the business/group & relevant stakeholder groups.
Designs measurable sustainment strategies including assessing and recommending mitigations for industry/ segment-specific risks and prioritizing opportunities presented by internal and external stakeholders.
Tracks exception/exemption requests and corresponding approvals.
Facilitates training to ensure business unit employees fully understand requirements.
Provides quality control for investigations, self-reports, examinations and independent reviews conducted by internal and external stakeholders, including regulators, providing verbal and written responses to requests for positions, action plans, information and/or documentation
May act as the designated Primary Business Unit Compliance Officer (BUCO) for the operating group and is accountable to meet all compliance program requirements.
Builds awareness, knowledge, and skills and, as necessary, provides communication, practical tools and ongoing support including making presentations, to promote a culture of compliance risk identification and management.
Supports the management of 1st LOD program for the business/group in compliance with appropriate principles, standards & direction from the second line of defense groups. Includes developing and promoting program and ensuring the execution of all program components.
Works with assigned business/group leaders to implement 1st LOD programs and frameworks, developing and maintaining an in-depth understanding of the applicable regulatory and internal risk management requirements. Interprets and provides advice on the application of the requirements for the business/group.
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 infrastructure to identify and manage implications and risk exposures for the business/group.
Identifies, investigates, analyzes, documents & mitigates program compliance risks, taking into account jurisdictional issues, and raises any issues or concerns to senior leaders and other stakeholders.
Analyzes the impact and effectiveness of the program through periodic reviews.
Recommends adjustments to the overall program, policy or processes within the business/group in accordance with the Compliance Risk Appetite Statement, Governance and Corporate Policy.
Supports the business/group through internal/external audits or regulatory examinations and assists in development of action plans to resolve any identified issues.
Provides support to the development and delivery of training and awareness programs within the business/group to increase awareness of and compliance to risk management requirements.
Focus is primarily on business/group within BMO; may have broader, enterprise-wide focus.
Provides specialized consulting, analytical and technical support.
Exercises judgment to identify, diagnose, and solve problems within given rules.
Works independently and regularly handles non-routine situations.
Broader work or accountabilities may be assigned as needed.
Typically between 5 - 7 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
Program management skills - In-depth.
Deep knowledge and technical proficiency gained through extensive education and business experience.
Verbal & written communication skills - In-depth.
Collaboration & team skills - In-depth.
Analytical and problem solving skills - In-depth.
Influence skills - In-depth.
Data driven decision making - In-depth.
We’re here to help
At BMO Harris Bank 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 Harris Bank 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.
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BMO Harris Bank 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. BMO Harris Bank N.A. is an equal opportunity/affirmative action employer. All qualified applicants will receive consideration for employment without regard to sex, gender identity, sexual orientation, race, color, religion, national origin, disability, protected Veteran status, age, or any other characteristic protected by law. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.