Business Unit Compliance is responsible for directing, leading and operating the First Line of Defense’s Operating Group Compliance Program (OGCP).
An OGCP is the system of policies, processes and controls established by the First Line of Defense to achieve and sustain its risk-based compliance with applicable laws and regulatory requirements and to ensure that the First Line of Defense responsibilities outlined in the Legal Regulatory Compliance Risk Management (LRCRM) Policy, the Enterprise Compliance Program and the Global Compliance Manual (GCM) and supporting operating guidelines are met.
The Business Unit Compliance Group in consultation with the Compliance Group ensures OGCP policies, processes and procedures comply with the Legal Regulatory Compliance Risk Management (LRCRM) Policy, the Global Compliance Manual (GCM) and supporting operating guidelines are established, executed and reviewed periodically
Working directly with the Director of Regulatory Development and Policy supporting the First Line of Defense, Compliance & Supervision Functions, this role is responsible for monitoring, assessing, communicating and assisting various Capital Markets Lines of Business and the Anti-Money Laundering Reporting Office (“AMLRO”) to prepare for new and changing regulatory requirements. The Associate will also provide support to Business Unit Compliance Officers (“BUCO”) related to the Enterprise Compliance Program. The role requires an individual who has strong analytical capabilities, is an effective communicator and shows a willingness to acquire new skills and industry knowledge
REGULATORY DEVELOPMENT – US and UK/ Canada and Asia
- Monitor for legislative and regulatory changes and the regulatory environment applicable to BMO Capital Markets;
- Assess the potential impact of the legislative/regulatory change to Capital Markets and communicate a summary of the same to stakeholders in Compliance, the Legal Group, the Regulatory Transaction Office, the Regulatory Initiatives Team and relevant BUCOs and to the AMLRO for AML developments;
- Actively participate in the monthly Regulatory Development Committee, including
- Presenting the regulatory change/proposed amendment to members of the Committee and the potential impact to the Bank;
- Recommending the potential course of action the Bank should adopt (e.g. change in processes, new policies/procedures…etc.);
- Tracking positions taken by the members of the Committee and document the action (s) taken by the Bank;
- Once the impact assessment is completed and the proposed new rule or amendment is finalized, assist with the transition of the preliminary plan to address the rule/amendment to the Regulatory Transition Office or the Regulatory Initiatives Team;
- Provide advice to the Lines of Business on potential regulatory changes and emerging regulatory trends;
- Lead the Requests for Comments response process to regulators on behalf of BMO Capital Markets First Line by:
- Meeting with affected and interested stakeholders in the LOBs (including the BUCOs) to ensure BMO Capital Markets’ views are reflected in the response;
- Liaise with the Legal and Compliance Groups to capture the Legal, Corporate & Compliance Group’s view are captured; and
- Draft the Response on behalf of BMO Capital Markets where applicable and obtain the required approvals before providing the response to the regulator.
- Assist with management reporting on regulatory development matters where required.
KNOWLEDGE AND SKILLS AND REQUIREMENTS:
- 7+ years of relevant business experience, preferably in Capital Markets
- J.D. or equivalent preferred
- Ability to process complex legislative/regulatory matters and apply it operationally. .
- Excellent project management skills.
- Excellent oral and written communication skills.
- Excellent presentation, writing and analytical skills; able to understand and communicate industry rules and regulations effectively to employees at all levels of the business.
- Ability to work with various jurisdictional regulations.
- Strong interpersonal skills; demonstrated ability to drive consensus across business groups and deal with challenging situations at all levels of the business in a resilient, confident and practical manner.
- Excellent problem-solving skills.
- Demonstrated success of obtaining results in a complex global organization, including evidencing the ability to influence others.
- Familiarity with risk management principles and philosophies.
- Self-motivated and well-organized.
- Able to prioritize tasks and work well under pressure.