VP, CM Supervision

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BMO Capital Markets is a leading, full-service financial services provider. We offer corporate and investment banking, treasury management, as well as research and advisory services to clients around the world. #bmocapitalmarkets

MANDATE

CM Supervision (CMS) is responsible for directing, leading and operating the First Line of Defence’s Operating Group Compliance Program (OGCP).

An OGCP is the system of policies, processes and controls established by the First Line of Defence to achieve and sustain its risk-based compliance with applicable laws and regulatory requirements and to ensure that the First Line of Defence 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. 

CM Supervision is part of the overall Risk and Regulatory Solutions team and is specifically responsible for the monitoring of all business activities and ensuring these activities adhere to all applicable regulations. This is achieved through the utilization of various tools including electronic communication surveillance systems, transaction reviews, Deal reports, risk assessments and attestations.

KEY ACCOUNTABILITIES

The Vice President, Investment Banking CMS will have responsibility for the performance of BMO Capital Markets Business Unit Compliance and business risk management functions. The incumbent will work closely with the Investment Banking Line of Business (LOB) to assess, analyze, update business risk matters, and ensure appropriate supervisory controls are in place to mitigate risk and support compliant revenue generating activities. The Vice President will act as a liaison between several groups within the first line of defence and the LOB, including Legal and Regulatory compliance, 2nd Line Compliance, Corporate internal audit, External auditors and various regulators (e.g., FINRA), Enterprise Risk, Operational Risk and other enterprise stakeholders to ensure risks have been appropriately assessed, and controls are adequately implemented and operating effectively. The role will have material responsibility for the design and administration of effective controls.

Additional accountabilities will include a robust understanding of the regulatory obligations associated with these products and personnel and the development and / or continued maintenance of a first line of defence (Supervision) protocol for monitoring controls around them.

The CMS VP is also accountable for helping to promote an inherent culture of compliance across Capital Markets Investment Banking so that resources may be committed toward proactive rather than reactive gap analysis.

The CMS VP will work closely with the other supervisors in the Investment and Corporate Banking area as well as with 2nd line Compliance to ensure adherence to all applicable regulations. The CMS VP will also cross train with colleagues to understand controls undertaken in Canada.

Activities include:

Risk Assessment

• Identification of regulatory requirements pertaining to the LOB based on established regulatory libraries.
• Completion of requisite annual Regulatory Compliance Risk Assessment for the group.
• Working closely with Regulatory Transformation and Compliance to analyze the impact of regulatory changes on the business and determination of efficient course(s) of action.
• Working proficiently to complete the annual Monitoring and Testing (M&T) Plan for the requisite group.

Monitoring Activities

• Review and monitor controls for various regulatory requirements (e.g., FINRA).
• Investigate and respond to regulatory inquiries from 2nd line Compliance and market surveillance regulators.
• Provide guidelines to the line of business for regulatory developments globally.
• Assist LOB and/or Compliance in regulatory audit preparations or targeted inquiries
• Address deficiencies discovered in 1st, 2nd and 3rd line Testing Programs and create/ document remediation plans.
• Monitor incoming / outgoing electronic communication to detect potential breaches of policies in relation to information barriers and inappropriate sales practices.
• Assist in documenting, implementing and revising Business Unit Compliance policies for Investment Banking.

AUTHORITIES: 

CM Supervision of Investment Banking will have the following authorities:

• Ability to challenge others about any action in an appropriate and balanced manner. They should also be able to follow-up on any concern, question or issue that may arise.
• Overall understanding of the Operating Group and / or assigned Assessable Unit(s) (“AU(s)”)
• Direct access to all operations within their assigned AU(s), which includes access to all documents if the Vice President believes are relevant for the effective execution of their compliance responsibilities
• Attend various meetings that are relevant for an effective execution of the program.
• Appropriate access to all levels of Management in their assigned AU(s) as well as the OGL and the Compliance Group, as required
• Direct access to Investment Banking Heads and Business Managers for escalation and / or clarification of Investment Banking Activities.

CROSS-FUNCTIONAL RELATIONSHIPS:

• CM Supervision of Investment Banking will work closely with the Compliance Group, who carries out the Second Line of Defence mandate of independent oversight and effective challenge.
• Participate in other projects as necessary to support the Supervision function

KNOWLEDGE AND SKILLS

Knowledge

• An undergraduate degree.
• Advanced educational degree is an asset – MBA, CPA, LLB or JD.
• The candidate should have several years of experience in a Compliance or Regulatory function covering a major Broker-Dealer.
• 5-7 years of relevant experience in the financial services industry in corporate and / or investment banking areas.
• In depth knowledge of BMO Capital Markets products and services including related functions and responsibilities of support groups and stakeholders (e.g., Compliance, Legal, Operations, etc.)
• Knowledgeable of the various risks and controls associated with Capital Markets’ business activities, including market risk, credit risk, operational risk.
• Knowledgeable regarding BMO Capital Markets structure, infrastructure, products, services and technology.
• Strong understanding of risk assessment and business continuity processes and issues both within and outside the organization.
• Good understanding of U.S. and Canadian regulations (e.g., FINRA, Bank Act, CIRO, OSFI, Federal Reserve).
• FINRA registrant preferred.

Skills

• Highly developed written and oral communication skills.  Proficiency in communicating policies and procedures in a clear and concise manner.
• Ability to advocate persuasively and to negotiate with influence to achieve change in areas without direct reporting status to the incumbent.
• Proven ability to conceptualize business initiatives and to guide those initiatives as daily business requirements for the group.
• Ability to have a clear outlook on the entire organization and view potential impact of business risks.
• Expertise in computer applications and database management tools including, but not limited to, MS Excel and MS Word. Skills in MS PowerPoint a plus.
• Strong relationship management skills: ability to establish and manage multiple stakeholder relationships with the business, within the three lines of defence and with corporate support functions
• Strong interpersonal and communication skills effectively applied within a demanding team environment.
• Excellent judgment, someone who can consult, influence, collaborate, appropriately escalate issues.
• Ability to read technical compliance material and distil the applicability of the regulations to respective business unit(s)
• Exceptional ability to independently manage multiple priorities and to proactively service multiple clients in a fast-paced environment.
• Ability to work independently to support achievement of Capital Markets business management objectives.
• Ability to work a demanding schedule under limited supervision.
• Excellent attention to detail and ability to learn and adapt quickly.
• Ability to review, assess, and provide detailed information daily as an independent thinker.
• Strong analytical skills – analyze the evidence collected on remediated controls and determine if there is substantive conformance with requirements.
• Demonstrated analytical, auditing, writing, communications and presentation skills.
• Ability to deal with sensitive issues with tact and discretion (i.e., employee matters)
• Ability to recognize material differences between planned execution and actual practice.
• Ability to communicate questions and requests in a professional and clear manner.

Additional Attributes

• Service oriented, team player
• Confident, leader
• Methodical approach, analytical
• Problem solver, decision maker, proposes solutions
• Motivated, self-directed
• Strong verbal, written and interpersonal communication
• Calm under pressure, ability to execute while manage competing priorities
• Humble, ability to laugh at self and learn from mistakes

The salary range for this role is $125,000 up to $160,000 USD (subject to negotiation and subject to the candidate meeting the specific skills, experience, education, and qualification requirements).

Salary:

Pay Type:

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

About Us

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 http://jobs.bmo.com/us/en

BMO is proud to be an equal employment opportunity employer. We evaluate applicants without regard to race, religion, color, national origin, sex (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, transgender status, sexual stereotypes, age, status as a protected veteran, status as an individual with a disability, or any other legally protected characteristics. We also consider applicants with criminal histories, consistent with applicable federal, state and local law.

BMO is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation because of a disability for any part of the employment process, please send an e-mail to BMOCareers.Support@bmo.com and let us know the nature of your request and your contact information.

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.

Salary : $79,800 - $148,000