12 Jan

Senior Compliance Manager Specialty Products And Channels Jobs Vacancy in Bmo Financial Group Chicago

Senior Compliance Manager Specialty Products And Channels
Bmo Financial Group
Chicago IL
12 Jan, 2018 30+ days ago

Bmo Financial Group Chicago urgently required following position for Senior Compliance Manager Specialty Products And Channels. Please read this job advertisement carefully before apply. There are some qualifications, experience and skills requirement that the employers require. Does your career history fit these requirements? Ensure you understand the role you are applying for and that it is suited to your skills and qualifications.

Follow the online directions, complete all the necessary fields, and provide all relevant information so your application is submitted correctly. When you click the 'Apply this Job' button (open in new window) you will be taken to the online application form. Here you will be asked to provide personal and contact details, respond to employment-related questions, and show how you meet the key selection criteria.

Senior Compliance Manager Specialty Products And Channels Jobs Vacancy in Bmo Financial Group Chicago Jobs Details:

The Senior Compliance Manager role is a leadership role with responsibility to independently oversee compliance risk within various BMO Harris Bank’s consumer and business banking products and channels. The role coordinates and works closely with Line of Business (LOB) compliance personnel to ensure prudent management of compliance risk through the following key activities:

  • conducting robust compliance risk assessments;
  • developing and maintaining a risk-based compliance monitoring and testing program;
  • reporting and remediating compliance issues;
  • assessing and implementing regulatory changes;
  • reviewing business initiatives and changes, including activities involving third-parties;
  • establishing and tracking compliance training; and
  • Supporting regulatory/supervisory activity.
The Senior Compliance Manager is required to have strong technical knowledge of applicable regulatory requirements and developments, an ability to build strong relationship with stakeholders and communicate effectively, while still being able to independently monitor risk and identify possible control gaps and weaknesses. This role advises LOB management and compliance personnel on implications of new regulatory policies or Bank products, and reviews the implementation of new or revised policies and programs to address them. The role develops, assesses and maintains compliance information for analysis and reporting and is expected to provide regular reporting to Senior Business and Compliance function executives on the overall state of the compliance program. This role will also directly manage Compliance personnel supporting assigned areas.

Key Accountabilities

Compliance Program Oversight (50%)
  • Oversee compliance risk assessments to ensure regulatory requirements have been identified, assessed and compliance controls are appropriately evaluated. Analyze risk assessments and challenge ratings and supporting information. Ensure action plans are in place to mitigate control weaknesses.
  • Perform ongoing validation of monitoring and testing strategies to ensure appropriate governance and control. Identify key risk/key performance indicators, trends and partner with the LOB to optimize strategies.
  • Prepare complete and accurate documentation of compliance monitoring and surveillance activities.
  • Ensure prompt reporting of material compliance control failures, ensure appropriate root-cause analysis is performed, and that appropriate corrective action plans are established. Monitor progress against plans.
  • Provide guidance to less experienced Compliance team members in developing and implementing solutions.
  • Elevate high profile or high risk matters to Compliance and LOB management to ensure visibility and prompt resolution.

Regulatory Consultation (30%)
    • Build strong working knowledge of business products, processes, systems and controls through engagement and relationships with LOB Executives, LOB Compliance personnel and supporting stakeholders. Consult on new products, services and automated systems to assist the LOB(s) with incorporating compliance requirements into these initiatives.
    • Provide advisory services on compliance matters to LOB management and staff. Work proactively with the LOB to promote robust compliance controls. Engage other Compliance and Legal subject matter experts as needed to provide sound guidance.
    • Review various forms, disclosures and marketing/advertisements for compliance with applicable requirements.
    • Provide guidance and support on remediation strategies and action plans.
    • Identify training needs based on gaps identified through the compliance monitoring process.
    • Participate and support regulatory/supervisory activity, as needed.
Governance and Reporting (20%)
    • Ensure appropriate approved policies, procedures and practices are in place for assigned responsibilities.
    • Participate in various LOB and Management oversight committees to report on current or emerging compliance risks associated with the assigned LOB
    • Prepare regular reports to governance bodies, Compliance management and LOB Executives on the status of the overall compliance program.
  • Compliance Program – role is empowered to review and approve activities related to the oversight of the compliance program.
  • Information Access – has authority to access, monitor and report on sensitive Bank, customer, transaction and employee information related to the position’s duties to ensure compliance with regulatory requirements
Scope & Impact
This role is critical to developing and supporting a strong and efficient compliance risk management program for the US Personal and Business Banking areas. Failure to comply with the letter and spirit of regulatory requirements and to minimize compliance risk may result in severe penalties from regulatory agencies and may damage the Bank’s reputation.

Desired Behaviors
  • Builds strong, credible relationships with stakeholders, including business partners, regulators, Legal colleagues and others
  • Communicates in a clear, concise and effective manner
  • Demonstrates excellent understanding of compliance risk management principles
  • Understands key technical compliance requirements related to retail and business banking areas
  • Shows strong leadership skills and has the ability to effectively coordinate and motivate stakeholders to manage compliance risks; results orientated
  • Excellent report development and writing skills; organized
  • Always acts in a highly ethical, professional and responsive manner
Key Performance Indicators
  • Effective compliance risk management program through strong oversight
  • Timely, accurate and concise reporting of key compliance activities
  • Policies are maintained current and approved as required
  • Positive feedback from employees, business partners, regulators and other stakeholders
Cross-Functional Relationships
  • Business Executives and Business Unit Compliance Officers
  • Compliance Management Team (US and Canada)
  • Corporate Audit
  • Legal (Business Support, Enterprise Regulatory Office)
  • Risk Management

  • Regulatory Agencies
  • Compliance professionals at financial institutions with a view to understanding the competitive landscape, keeping abreast of compliance developments, industry developments and new products
  • Industry associations

Knowledge & Skills
  • Minimum of 7 years direct Compliance experience supporting retail and/or business banking areas
  • A strong understanding of compliance risk management principles and strong technical knowledge of regulatory requirements applicable to retail banking products and services
  • Communicates in a clear, concise and effective manner
  • Works well in a team environment and capable of building sound relationships with stakeholders
  • Experience in managing compliance teams
  • Results and action orientated
  • Excellent report development and writing skills
  • Always acts in a highly ethical, professional and responsive manner
  • Bachelor’s degree required. Recognized compliance certification or equivalent a plus
We’re here to help

At BMO Harris Bank we have a shared purpose; we put the customer at the center 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 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.

To find out more visit us at https://bmoharriscareers.com .

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 is an Equal Opportunity Employer for all, inclusive of Minorities, Women, Veterans, and Persons with Disabilities.

Job Compliance
Primary Location United States-Illinois-Chicago

Organisation LCCG-X000076
Schedule full-time
Job Posting 01/12/18
Unposting Date Ongoing

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