Manager, Insurance Compliance

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

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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