Director-PM Compliance

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Private Wealth Canada | Legal & Regulatory Compliance

Grade 9 | People Manager

Role Overview

We are seeking a Chief Compliance Officer (CCO), BMO Private Investment Counsel Inc. (BPIC) and Director, Compliance, BMO Private Wealth Canada to provide compliance leadership and oversight for BPIC, a registered Portfolio Manager, Investment Fund Manager and Exempt Market Dealer, and support priorities and initiatives across Private Wealth Canada.

Reporting directly to the Managing Director and Chief Compliance Officer, BMO Nesbitt Burns Inc., Private Client Division and Private Wealth Canada, the successful candidate will have primary responsibility for carrying out the CCO mandate for BPIC and leading its second-line compliance program.

While the BPIC CCO mandate is the role’s primary accountability, the position will have a broader mandate. The successful candidate will also support priorities and initiatives across Private Wealth Canada and may be assigned other responsibilities or tasks from time to time within Wealth or elsewhere across the enterprise. These assignments may extend beyond BPIC and may not be limited to compliance matters.

Key Accountabilities

• Fulfill the responsibilities of BPIC's CCO in accordance with NI 31-103 and other applicable securities laws and regulatory requirements, including NI 81-102, NI 81-106 and NI 81-107, as applicable to BPIC's activities as Portfolio Manager, Investment Fund Manager and Exempt Market Dealer.
• Oversee the compliance framework supporting BPIC's obligations under NI 81-107 and act as a key Compliance liaison with the Independent Review Committee in connection with conflict-of-interest matters relating to the BMO Private Portfolios.
• Oversee compliance with regulatory requirements applicable to BPIC's investment fund management activities, including investment restrictions and practices, conflicts of interest, fund governance, disclosure and reporting, valuation/NAV oversight and other applicable investment fund requirements.
• Oversee the identification, assessment, escalation and management of material conflicts of interest, including conflicts arising from BPIC's investment management and investment fund activities and interactions with affiliates.
• Maintain appropriate access to BPIC's records, systems, management and business information necessary to independently assess the effectiveness of the firm's compliance program.
• Lead and oversee BPIC's second-line compliance program, including the identification, assessment, monitoring and escalation of regulatory compliance risks.
• Assess the adequacy and effectiveness of BPIC's compliance policies, procedures and controls and oversee appropriate remediation where required.
• Advise and provide effective challenge to senior management and the business on regulatory requirements, compliance risks and proposed business or regulatory changes.
• Oversee regulatory examinations, inquiries, filings and other engagements with securities regulators.
• Provide regular reporting to BPIC senior management and the Board on significant compliance matters and the effectiveness of the compliance program.
• Lead, develop and manage the BPIC Compliance team.
• Collaborate with Legal & Regulatory Compliance colleagues and partners across Private Wealth Canada and BMO.
• Contribute to broader Private Wealth Canada and enterprise priorities and initiatives, including responsibilities and assignments beyond BPIC or the traditional scope of Compliance, as assigned by the manager.
• Demonstrate flexibility and adaptability by taking on new or evolving mandates, projects and responsibilities based on business and organizational needs.

Qualifications

• Must be able to satisfy the applicable proficiency, experience and registration requirements for a CCO of an Exempt Market Dealer, Portfolio Manager and Investment Fund Manager under NI 31-103.
• Bachelor’s degree and 8+ years of compliance, regulatory or securities-industry experience, with strong knowledge of Canadian securities regulation and the regulatory framework applicable to portfolio managers, investment fund managers and exempt market dealers, including NI 31-103 and the investment fund regulatory framework, including NI 81-102, NI 81-106 and NI 81-107.
• Experience with investment fund governance, Independent Review Committees and regulatory examinations or interactions with Canadian securities regulators is an asset.
• Demonstrated experience leading compliance programs and providing effective challenge and advice to senior business leaders. Prior experience as an Approved Person under CSA or CIRO rules or experience at a regulator preferred.
• Strong people management and leadership skills and experience developing and managing professionals.
• Strong judgment, analytical and problem-solving skills, with the ability to assess complex regulatory matters and develop practical solutions.
• Excellent written and verbal communication skills, including the ability to communicate effectively with senior management, Boards and regulators.

• Ability to manage multiple and evolving priorities, adapt quickly to changing organizational needs, and operate effectively across different businesses, subject matters and functional teams.
• A collaborative and adaptable leadership style, with a willingness to contribute beyond the individual’s core area of responsibility.

• High standards of integrity and professionalism.

Assists in the implementation, maintenance and administration of a specific compliance program. Coordinates and performs risk assessment, monitoring, testing and surveillance activities to ensure program remains current and aligned with BMO Compliance Program. Works with business/group and internal partners to ensure regulatory, corporate and fiduciary obligations are met. Advises business/group on implications of new regulatory developments or internal products, and assists to implement new/revised policies and programs to address them. Identifies risks and implements appropriate actions to mitigate them. Develops and maintains compliance information for analysis and reporting. Achieves compliance goals by maintaining current knowledge of regulatory requirements and developments. Maintains functional and regulatory expertise specific to business group, and refers to Compliance Policies & Procedures manuals for requirements. Contributes to business/group results by providing oversight and making recommendations that significantly impact the Bank’s ability to monitor regulatory compliance programs, minimize operational risk and align with regulatory agencies.

• Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviours in all that they do.
• Ensures alignment between values and behaviour that fosters diversity and inclusion.
• Regularly connects work to BMO's purpose, sets inspirational goals, defines clear expected outcomes, and ensures clear accountability for follow through.
• Builds interdependent teams that collaborate across functional and operating groups to create the highest value for all stakeholders.
• Attracts, retains, and enables the career development of top talent.
• Improves team performance, recognizes and rewards performance, coaches employees, supports their development, and manages poor performance.
• Advises and influences senior leaders on managing regulatory risk associated related to business decisions and strategic initiatives.
• Develops an expert understanding of business/group challenges.
• Networks with industry contacts to gather competitive insights and best practices.
• Recommends measures to improve organizational effectiveness.
• May consult to or serve on various committees.
• Oversees strategy, design, implementation, and monitoring/reporting of all compliance policies and programs that have implications within the function across business groups or jurisdictions.
• Acts as the prime contact for senior management, other internal/external stakeholders relationships and regulators.
• Reviews and reports insights on regulatory risk based on compliance data to Compliance and business/group senior management.
• Oversees the implementation, sustainability and assesses operating effectiveness compliance programs, providing advice/rulings as necessary, for multiple complex function(s) / activity(ies) across a business group or jurisdiction or deep within a functional area.
• Reports to Compliance and business/group senior management on regulatory risk and compliance program effectiveness.
• Management oversight for establishing and reinforcing compliance programs & protocols for functional area of responsibility.
• Develops and maintains a high level of expertise in all regulations, directives and guidance which apply to the group(s) supported.
• Provides input to business/group on emerging risks, regulatory developments and interpretation of regulations.
• Conducts and/or effectively challenges risk assessments for business/group and assists to identify more effective compliance controls.
• Performs and/or effectively challenges monitoring and testing activities to ensure regulatory compliance controls are operating and aligned to regulatory requirements. Supports root cause analysis in response to material control failures in business/group.
• Identifies, assesses, effectively challenges and provides oversight on the satisfactory resolution of issues, including ensuring adequate management remediation plans and validation. Elevates high profile issues/risk cases to Compliance and business/group management for prompt resolution.
• Analyzes and reports compliance information to Compliance and business/group management.
• Advises first line of defense management and employees on compliance matters.
• Consults on new products, services and automated systems to assist with incorporating compliance requirements into these initiatives.
• Ascertains training needs and helps develop training based on gaps identified through the compliance monitoring and testing.
• Identifies enhancements to business group compliance tools and processes and communicates to required stakeholders.
• Assists business group management in communicating and implementing changes to applicable regulatory policies and procedures.
• Represents the business/group Compliance team and interacts with examiners/auditors during internal, external and regulatory audits and examinations.
• Provides regulatory perspective on business group’s sales and marketing materials.
• Anticipates/ identifies and analyses risk and consequences of unaddressed risk factors/ compliance gaps, and recommends appropriate controls.
• Builds effective professional relationships with business/groups.
• Operates effectively within a high stress environment with constantly changing expectations and regulatory & audit scrutiny.
• Accesses, monitors and reports on sensitive Bank, customer, transactional and employee information to ensure compliance with regulatory requirements.
• Communicates the roles and importance of each of the three lines of defense, and proactively identifies regulatory risk.
• Operates at a group/enterprise-wide level and serves as a senior specialist resource across BMO.
• Influences how teams/groups work together.
• Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to multiple, interdependent, complex problems.
• Communicates abstract concepts in simple terms.
• Fosters strong internal and external networks and works with and across multiple teams to achieve business objectives.
• Anticipates trends and responds by implementing appropriate changes.
• Broader work or accountabilities may be assigned as needed.

Qualifications:

• Typically 10+ years of relevant experience and a post-secondary degree in related field of study or an equivalent combination of education and experience.
• Recognized compliance certificate or equivalent preferred.
• Advanced knowledge of consumer protection regulations related marketing and advertising guidelines.
• Serves as a specialist resource within BMO with advanced knowledge of regulatory/ compliance requirements and the operations of multiple business/groups.
• Experienced at regulatory body with respect to multiple compliance areas.
• Exceptional communication, critical thinking, relationship management and project management skills.
• Seasoned expert with extensive industry knowledge.
• Technical leader viewed as a thought leader for innovation.
• Verbal & written communication skills - Expert.
• Analytical and problem solving skills - Expert.
• Influence skills - Expert.
• Collaboration & team skills; with a focus on cross-group collaboration - Expert.
• Able to manage ambiguity.
• Data driven decision making - Expert.

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:

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.

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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.