Senior Compliance Officer, Quality Assurance and Internal Audit
BMO Financial Group
The Compliance Management Professional, LCCG assists the Compliance management in the effective implementation, maintenance and administration of a specific Compliance Program. The role coordinates and performs risk assessment, monitoring and surveillance activities to ensure that the Compliance Program remains current and is aligned with the Enterprise-wide Compliance Program. The role works closely with the LOB group(s) supported and other internal business partners to ensure regulatory, corporate and fiduciary obligations are met. To effectively achieve compliance goals, the Compliance Management Professional, LCCG maintains current knowledge of regulatory requirements and developments, monitors risk, identifies and corrects possible gaps and weaknesses. This role advises LOB management on implications of new regulatory policies or Bank products, and assists in the implementation of new or revised policies and programs to address them. The role develops and maintains compliance information for analysis and reporting.
LOB Compliance Program Execution and Monitoring (60%)
Coordinate and perform ongoing risk assessments and compliance reviews to ensure compliance policies and risk controls are operating appropriately. Create analyses of risk assessments for LOB business group(s). Identify and analyze factors which may affect risk mitigation and compliance with applicable regulatory requirements.
Anticipate potential consequences of unaddressed risk factors or shortfalls in compliance and recommend appropriate controls. Continually challenge LOB staff through ongoing dialogue and discussion to identify opportunities to implement more effective compliance-related policies and procedures.
Elevate high profile or high risk cases to the Compliance and LOB management to ensure visibility and prompt resolution.
Perform ongoing validation of monitoring strategies to ensure appropriate governance and control. Identify observations of trends and recommendations to optimize data.
Execute appropriate testing and analyze key performance indicators to ensure requirements of the LOB policies and programs are maintained at a level commensurate with regulatory expectations. Support root cause analysis in response to material control failures in line(s) of business
Prepare complete, accurate documentation of compliance monitoring and surveillance activities. Report findings to Compliance and LOB management and provide timely follow-up on outstanding issues.
Validate that issues identified through compliance monitoring and review processes are promptly addressed. Ensure that management remediation plans are adequate.
Provide guidance to less experienced Compliance team members in developing and implementing solutions.
Regulatory Consultation (20%)
Provide advisory services on compliance matters to LOB management and staff (first line of defense). Work proactively with business line contacts and management toward ensuring that effective and efficient compliance risk management solutions are identified and implemented.
Review various forms, disclosures and advertisements for compliance with applicable requirements.
Consult on new products, services and automated systems to assist the LOB(s) with incorporating compliance requirements into these initiatives.
Regulatory Governance (20%)
Develop and maintain a high level of expertise in all regulations, directives and guidance which apply to the LOB Compliance group(s) supported.
Provide input to LOB Compliance and LOB staff regarding emerging issues and interpretation of regulations.
Identify training needs based on gaps identified through the compliance monitoring process.
Identify possible enhancements to LOB Compliance tools and processes and communicate them to the Compliance management.
Assist LOB management and staff in communicating and implementing changes to applicable regulatory policies and procedures.
Represent the LOB Compliance team and interact with examiners and auditors during internal, external and regulatory audits and examinations.
Provide regulatory perspective on appropriateness of LOB sales and marketing materials.
Knowledge & Skills
Bachelorâ€™s degree required. Recognized compliance certification or equivalent a plus.
Quality assurance or internal audit experience strongly desired
Ability to effectively communicate the roles and importance of each of the three lines of defense, as well as proactively identifying regulatory risk
Strong communication, critical thinking, relationship management, and project management skills
Detailed knowledge of consumer protection regulations such as EFT Act (Reg E), Truth In Savings (Reg DD), Funds Availability Act (Reg CC), UDAAP, Reg D, FDIC Insurance Rules, E-SIGN Act and related marketing and advertising guidelines
Weâ€™re here to help
At BMO Harris Bank we have a shared purpose; we put the customer at the center of everything we do â€“ helping people is in our DNA. For 200 years we have thought about the futureâ€”the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together weâ€™re changing the way people think about a bank.
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 â€“ for yourself and our customers. Weâ€™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, weâ€™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 otherâ€™s differences, we gain strength through our people and our perspectives. BMO Harris Bank is an Equal Opportunity Employer for all, inclusive of Minorities, Women, Veterans, and Persons with Disabilities.