Responsibilities include supporting the Enterprise Operational Risk mandate as it applies through the following key accountabilities:
Lead end to end and/or represent ORM, as a SME, on key operational risk projects to drive continuous improvement and key initiatives
Accountable for the development, documentation, maintenance and oversight of operations governance risk models, risk control frameworks and programs from end-to-end for large-size designated line of business (LOB) portfolios of high risk and/or complexity to ensure that operational risks are appropriately identified, measured, reported and managed in alignment with the organization's tolerances for risk and in compliance with laws, regulations and internal policies and standards
As required, act as primary contact for executives and senior management and as a subject matter expert (SME), providing guidance and advice in assigned area of operational risk management and change management, ensuring effective due diligence to facilitate awareness and mitigation of potential areas of risk
1. Lead Special Projects & Change Management
Lead and/or represent ORM, as SME, on key risk projects, deep dives and game plans to drive continuous improvement in operational risk management. This involves analyzing problems and generating creative solutions by collaborating with the team, providing leadership, as well as managing projects.
Consult to the development and maintenance of operational risk programs to ensure that new initiatives and and/or significant changes to business conduct/ operations are governed in accordance with the Bank's Initiative Assessment and Approval Process (IAAP) and new standards and policies.
Monitor changes in Corporate programs/ policies and regulatory changes to ensure compliance and that designated LOB is fully up to date; advise and provide guidance to appropriate business units, as required.
Anticipate and/or interpret the impacts of business changes and/or regulatory changes on controls and effective operational risk management; recommend mitigating actions, as necessary.
Represent area of expertise on large scale, enterprise projects and initiatives to provide context, information and analysis on proposed changes. Initiatives may include the development and implementation of new/ revised products, new systems or enhancements, new/ revised processes in support of internal efficiencies and industry regulatory changes.
Represent the operational risk discipline during change impact analysis and assessment, technology and business requirements-gathering, business case development, solution development, review and sign-off, implementation planning and support, issue escalation and management, sustainment and change acceptance, leadership updates and recommendations, using advanced knowledge of operational risk function and processes.
2. Risk & Control
Risk Program Management and Governance
Implement/ facilitate the end-to-end operational risk programs and frameworks that ensure designated LOB unit compliance with internal and external guidelines, policies and regulations; interpret implications, requirements and potential issues for appropriate executive and senior management decision-making.
Act as SME and relationship manager to designated LOB units, and as coordinator of contact points between external regulators and or designated LOB groups, providing leadership, advice, guidance, consultation and direction in the area of expertise to executives and senior management to ensure operational risk management processes are in accordance with internal and external standards and guidelines.
Act in an independent oversight capacity, monitoring operational risk management and mitigation, and regulatory compliance adherence in the area of expertise. Supp ort the 1st line business process for identifying and assessing the operational risk inherent in all material new products and processes. Facilitate enterprise change management processes (IAAP, RCA, loss reporting, etc.).
In line with the capital model, continue to build transparency around the end-to-end view of Operational Risk within the subject businesses.
Integrate appropriate information obtained from a variety of internal and external sources (e.g., Corporate Audit, Corporate Compliance, Shareholder Auditors, Corporate Support Areas [CSA], regulatory reports and governance frameworks), overseeing maintenance of risk within acceptable levels; analyze and produce timely reports for executives, senior management and key stakeholders. Provide guidance as needed.
Obtain sufficient information from impacted group(s) when potential significant deficiencies or material weaknesses or non-compliance are identified to ensure appropriate investigative groups are engaged (e.g., CSAs); ensure remedial activities are appropriately documented to satisfy external review.
Represent designated LOB interests and risk status in Corporate forums, as assigned, and influence Corporate policy related to area(s) of expertise; represent and review Corporate policy on behalf of designated LOB, consolidating responses and providing feedback and advice.
Identify the need for and monitor training and education, as SME, in program area(s).
Ensure strict confidentiality is maintained for both customer and Bank information to protect the customer and the Bank and to ensure compliance with Bank P&Ps.
Oversee risk with the intent to align losses to the LOB Risk Appetite through monitoring and controlling various reports and taking appropriate action, ensuring compliance requirements, audits and verifications are completed in accordance with Bank P&Ps.
Implement reporting that is sufficient to demonstrate designated LOB state of compliance, satisfy Corporate governance and external testing requirements by such bodies as Shareholders' Auditors and Regulators, and ensure effective due diligence in support of required attestations.
Analyze, produce and distribute timely key risk reporting within area of expertise for executives and senior management within designated LOB and/or at the enterprise level including BMO Board reporting which are used to make strategic decisions on meeting business objectives and to provide governance on the overall risk framework.
Monitor and report on impacts of deficiencies related to operational risk programs and requirements and overall effectiveness of controls; recommend mitigating solutions and actions.
Risk Knowledge Management
Identify, create, distribute and enable the adoption of risk knowledge (e.g., regulation, best practices, case studies, risk events, professional associations and consultant practices used) to facilitate a high degree of risk awareness that drives improved performance and knowledge transfer/ exchange, and is a key component of a risk governance framework.
Contribute to knowledge repositories (e.g., libraries, documentation and support materials) ensuring completeness, accuracy, timeliness and security/integrity of information to support the advancement of risk management capability and proficiency.
Ensure high quality, accessible information for staff, managers and executives.
Identify and recommend business improvement opportunities related to area(s) of expertise.
Advise and counsel executives and senior management on risk reporting, exposures, programs and plans.
Support education and awareness programs for operational risk within designated LOB. Sponsor operational risk education for new staff and executives.
3. Business Performance Management
Monitor and analyze opportunities for risk management improvement; recommend solutions.
Act as SME to translate laws, regulations, standards and policies into practical methodologies and approaches that can be implemented for multiple and/or larger initiatives/ projects of a more complex nature and/or the introduction of new/revised processes and systems, including process redesign to compliment the change management/ product support strategy for the business unit, adhering to and maintaining established standards and practices.
Provide coaching and/or training sessions to executives and senior management in area(s) of expertise, and provide feedback on gaps and opportunities.
Build and maintain relationships with industry contacts (internal and external), regulatory officials and external consultants for the purpose of enhancing business effectiveness within the scope of accountability.
Support the delivery of exceptional customer service that builds trust through responsive, accurate, consistent,knowledgeable and available services and support.
Align individual performance goals to team and organizational goals.
Demonstrate behaviours that are consistent with "Our Way" model and aligned with BMO values.
Qualifications Knowledge & Skills:
University degree/college diploma or equivalent
10+ years' experience in operational risk management, financial planning & strategy processes within the financial services industry
5+ years' experience working with financial products in the front line is preferred
Expert knowledge and understanding of the theories and concepts of strategy development, change management and implementation.
Knowledge and understanding of BMO's Initiative Assessment and Approval Process (IAAP).
Solid knowledge of standard desktop applications used by the business unit
Expert knowledge and understanding of the designated LOB unit's key products and services, processes, controls and organization
Expert understanding of operational risk and related control frameworks and practices from end-to-end
Expert understanding of the designated LOB unit's end-to-end risk and regulatory requirements
Advanced understanding of industry practices and risk reporting fundamentals
Solid knowledge of departmental systems and applications
Solid understanding and knowledge of the business planning process, reporting cycles and requirements, protocols for sign-offs and information sharing, and key business metrics
Solid understanding of system design, databases and business intelligence techniques
Expert understanding of end-to-end risks inherent in areas of expertise.
Strong leadership abilities
Strong project management skills
Advanced facilitation/ presentation and change management skills
Advanced written and oral communication skills, with the capability to present and articulate complex concepts
Advanced report design and writing skills, with ability to create and organize varying forms of business information while developing it into cohesive, meaningful, professional reports and presentations
At BMO we have a shared purpose; we put the customer at the centre of everything we do - helping people is in our DNA. For 200 years we have thought about the future-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 we're changing the way people think about a bank.
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://bmocareers.com .
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.
Internal Number: 6313519
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