BMO Financial Group Business Unit Compliance Officer Delegate in Chicago, Illinois
The Business Unit Compliance Officer (BUCO) Delegate provides support to the multiple pillars under BMO’s Financial Crimes Unit (FCU) : Information Security; Fraud and Physical Security. The Delegate has accountability for providing regulatory research, guidance and advice to the unit’s BUCO and other stakeholders regarding applicable laws and regulations under these pillars in support of the organization’s global Enterprise Compliance Program.
The ECP consists of multiple processes for assessing regulatory risk, monitoring those risks over time, and helping demonstrate the organizations compliance readiness through the testing of internal controls. The objective of the Program is to be both ‘exam and audit ready’ by helping in identifying existing and emerging regulatory risks and gaps in associated control processes.
Working directly in coordination with the BUCO, the Delegate engages with the functional areas within the FCU (including Information Risk, Operational/Supplier Assessment Groups, Information Security Operations and Corporate Support Areas) to understand regulatory risks associated with their functions. The Delegate also engages outside the FCU, with other functional groups that are part of the bank’s “three lines of defense”, including Corporate Compliance, Enterprise Operational Risk Management, the Privacy Office, Outsourcing and Supplier Governance, Business Continuity, Operational Risk Officers and the Canadian / US Business Units to provide leadership for the effective management of the Canadian / US / International regulatory programs related to the FCU pillars.
Functionally, this role is responsible for ongoing communication and monitoring of issues with regulatory impact arising for examinations, inspections and internal audits; assisting with updating various books of record (Archer, ERCS, CORE) for tracking and reporting status through closure/remediation. They will also be responsible for monitoring changes in existing regulations and identifying and assessing new regulatory requirements in order to help maintain a fulsome compliance posture against the macro environment. The Delegate will also assist in periodic regulatory risk assessments and monitoring activities and controls testing, all of which are to be thoroughly documented to withstand effective challenge by various oversight groups (Corporate Service Areas and Audit). The Delegate will also lead or assist in other compliance related tasks, such as training assessments and compliance questionnaires related to internal policies and standards.
Provides support to the BUCO on the following activities:
Identifies regulatory requirements and determines the impact of those requirements
Ongoing review of regulatory requirements/changes
Updates program on new developments
Recommends actions to respond to new or changing requirements
Reviews and co-ordinates BMOFG’s position on proposed amendments to existing legislation and proposed new legislation, working within existing organization processes for responding to regulatory proposals
Implements new compliance programs or adjusts existing programs as required
Develops the framework and plans to ensure changes are appropriately implemented within FCU
Documents the programs as required by the regulatory guidance and/or bank policies/standards
Reviews all Corporate Policy and Standard changes to ensure the programs are current with Bank Policies and Standards
Drafts the program documentation for review by key stakeholders
Facilitates that review of the documentation by key stakeholders
Helps obtain necessary approvals for the programs
Helps ensure that an effective Risk Assessment Program is maintained that meets the requirements of any pillar related regulatory programs in Canada / US / International
Establishes criteria for Business Unit monitoring and testing controls
Establishes the annual monitoring and testing plans for the FCU compliance program
Manages the resolution of potential delays to the execution of the monitoring and testing plan by escalating issues
Review results of monitoring and testing programs that support or provide information related to the pillars related regulatory programs for Canada / US / International
Reviews reports from risk assessments to remain informed on the type of issues that are being identified in risk assessments
Analyzes reporting from Corporate Audit, Corporate Compliance, Information Security, Privacy, Information Management, Business Continuity and Business Units to ensure all components of the programs are being effectively administered
Identify systemic issues and make recommendations to the BUCO and Management
Monitors completion of corrective action plans for issues identified in risk assessments, audits and regulatory exams
Assesses and Reports on the state of compliance for pillar related regulatory programs
Prepare and provide as assigned updates as required to applicable steering committees, regulators, CSAs and risk management committees/forums
Reports on key developments and their application to the FCU programs
Represents as assigned on program matters internally and with external organizations
Performs special projects as assigned
a) Knowledge & Experience
Approximately 3-5 years industry experience in high risk operations
Working level knowledge of Information Security, Fraud operations, Privacy, Risk Management, Technology standards and support procedures, and understanding of industry best practices and audit requirements or external regulatory requirements including PCI and Sarbanes-Oxley (SOX).
University degree or equivalent
Ability to interpret the broad perspective of regulatory issues applicable to the multiple FCU pillars across the organization
Working business and industry knowledge
An understanding of the Global Regulatory environment
b) Skills and Abilities
Strong relationship management skills
Works independently and takes initiative
Creative, strategic thinker with ability to manage short, medium and long term goals
Strong project management and analytical skills
Strong written and verbal communication skills
Tolerant of diverse, complex and ambiguous issues and situations
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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.