Compliance Specialist, Advisory Insurance

Address:

The Compliance Specialist, Advisory Insurance is a 1LOD role, assisting with the implementation, maintenance and administration of the BMO Insurance compliance program. This role coordinates and performs risk assessments and surveillance activities to ensure the program remains current and aligned with the BMO Enterprise Compliance Program. The Compliance Specialist works with the business and internal partners to ensure regulatory, corporate and fiduciary obligations are met. This includes advising the business on implications of new regulatory developments or internal products and assists to implement new/revised policies and programs to address them. This also includes identifying regulatory risks and implementing the appropriate actions to mitigate them. The Compliance Specialist develops and maintains compliance information for analysis and reporting and achieves compliance goals by maintaining current knowledge of regulatory requirements and developments. This role also maintains functional and regulatory expertise specific to Insurance and refers to Compliance Policies & Procedures manuals for requirements. This role will also contribute to business results by providing oversight and making recommendations that significantly impact BMO Insurance’s ability to monitor regulatory compliance programs, minimize regulatory risk and align with regulatory agencies.

• Provides advice and guidance to the business on implementation of solutions to manage regulatory risk based on an understanding of business operations and stakeholder needs.

• Builds effective professional relationships with the Insurance line of business, other internal/external stakeholders and regulators on the initial stages of investigations.

• Conducts risk assessments for the business and assists to identify more effective compliance controls.

• Supports root cause analysis in response to material control failures in the business.

• Identifies, assesses, and oversees the satisfactory resolution of issues, including ensuring adequate remediation plans and validation.

• Elevates high profile issues/risk cases to Insurance Governance and management for prompt resolution.

• Analyzes and reports compliance information to Insurance Governance and business management.

• Develops and maintains a high level of expertise in all regulations, directives and guidance which apply to the business.

• Provides input to the business on emerging risks, regulatory developments and interpretation of regulations.

• Advises 1LOD management and employees on compliance matters.

• Consults on new products, services, and other strategic projects to assist with incorporating compliance requirements into these initiatives.

• Ascertains training needs and helps develop training based on gaps identified through the compliance framework.

• Identifies enhancements to business group compliance tools and processes and communicates them to the appropriate stakeholders.

• Assists management in communicating and implementing changes to applicable regulatory policies and procedures.

• Represents the compliance function of BMO Insurance Governance and interacts with examiners/auditors during internal, external and regulatory audits and examinations.

• Provides regulatory perspective on the business’ sales and marketing materials.

• Anticipates/identifies and analyzes risk and consequences of unaddressed risk factors or compliance gaps, and recommends appropriate controls.

• Operates effectively within a high stress environment with constantly changing Enterprise expectations and regulatory & audit scrutiny.

• Communicates the roles and importance of each of the three lines of defense and proactively identifies regulatory risk.

• Focus is primarily on the Insurance line of business; may have broader, enterprise-wide focus.

• Exercises judgment to identify, diagnose, and solve problems within given rules.

• Works independently on a range of complex tasks, which may include unique situations.

• Broader work or accountabilities may be assigned as needed.

Qualifications:

• Typically between 3 - 5 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.

• 3+ years of front-line business experience or first line of defense is considered an asset.

• Technical proficiency gained through education and/or business experience.

• Critical thinking, analytical, and problem-solving techniques - in-depth.

• Written and verbal communication skills - in-depth.

• Relationship management skills - in-depth.

• Collaboration and team skills - in-depth.

• Project management skills - in-depth.

• Influence skills - in-depth.

• Data-driven decision-making skills - in-depth.

The incumbent will demonstrate proficient understanding of:

• Financial Services, including BMO Insurance products and services, business operations & procedures, and activities involving documented practices.

• Regulatory framework governing insurance.

• Regulatory Compliance management and possesses the ability to analyze risk exposures.

• Industry practices, evolving trends and leading practices.

• Proficient knowledge of consumer protection and related marketing and advertising guidelines.

• Project management.

• Concepts and application of change management.

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.