Manager, Insurance Compliance
BMO · Toronto, Canada · 1d ago
Application Deadline:
Address:
250 Yonge StreetJob Family Group:
#bmoinsurance
Reporting to the Head, Insurance Governance, this role will lead change management in relation to regulatory compliance. The role will actively support Enterprise compliance initiatives as well as Insurance business initiatives. In addition, the role will coordinate and lead the response to regulatory enquiries and applicable regulatory reporting. The Compliance Manager will also play a role in proactively identifying and escalating compliance opportunities for continuous improvement to strengthen our businesses as well as client experience.
Key Accountabilities:
Manage and Inform the Regulatory Compliance Program and Framework for BMO Insurance
Provide leadership and project management to support regulatory changes impacting the business
Provide leadership and project management to support the implementation of changes to the compliance program
Act as the primary compliance point of contact and coordinate compliance participation and input for initiatives within the business, including the introduction and changes to products, processes and procedures, for regulatory risks and identify / update inherent risk, the sufficiency of controls as needed
Coordinate and assist in the management and responses to regulatory inquiries, regulatory reporting coordinated through Compliance, regulatory reviews and internal or external audits
Identifying, maintaining and evaluating control design and effectiveness to mitigate risks in concert with Insurance Senior Management, Legal and Regulatory Compliance (LRC), as well as BMO Bank and Wealth Management and Governance Teams (as needed)
Identify factors which may breach risk appetite or compliance with applicable regulatory requirements and communicate findings to Senior Management, Director of Insurance Governance, and LRC as appropriate
Manage the identification, investigation, internal and external (where required) reporting and resolution of compliance issues
Assist in formulating Action Plans to remediate compliance issues and track follow-up activities to ensure they are promptly addressed including coordinating and ensure post implementation verification of remediated issues
Play an active, visible role in relevant industry association working groups and committees
Provide expert advice to BMO Insurance executives on matters within the Operating Group and involving other Operating Groups through participation on cross-functional teams, ensuring appropriate involvement and assessment, as required
Identify and recommend business improvement opportunities
Knowledge:
The incumbent will demonstrate an advanced understanding of:
Financial Services, including BMO Insurance products and services
Regulatory framework governing insurance
Regulatory Compliance management and possesses the ability to analyze risk exposures
Industry practices, evolving trends and leading practices
The incumbent will demonstrate a solid understanding of:
Project management
Strategy development and implementation
Concepts and application of change management
Skills:
The incumbent will demonstrate advanced:
Project management
Critical analysis and problem-solving techniques
Written and verbal communication skills
Facilitation/ presentation skills
The incumbent will demonstrate solid:
Influencing and stakeholder relationship management skills
Data analytics
Experience:
University degree with 5 + years post-academic experience, preferably in a financial institution
Prior Life Insurance experience would be an asset
3+ years of front-line business experience or first line of defense is considered an asset
Experience in product and process management, implementation of governance and controls, operational risk management oversight or related functions
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 https://jobs.bmo.com/ca/en.
BMO 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. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.
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.