Chief Financial Officer, BMO Insurance

Responsibilities

• Builds and sustains a team of direct reports who can deliver the performance required for the group, including coaching and the creation and implementation of training and development plans.

• Manages the financial reporting and planning processes to serve as effective foundation of effective financial management for the Insurance entities: manages the process of monitoring the unit performance against business objectives with the appropriate set of multi‑dimensional metrics, and ensures that monitoring approaches are aligned with the requirements of all BMO Wealth Management stakeholders (internal and external). Provides financial evaluation and analytics in the development and evaluation of strategic plans and associated objectives for the Insurance entities. Actively participate in issue identification and analysis to ensure alignment with BMO Wealth Management and enterprise business strategies. Working in partnership with BMO Insurance’s Appointed Actuary, develops appropriate financial reporting, planning and overall financial management strategies and supporting processes.

• Leads and directs the overall financial operations of the Insurance entities, including but not limited to the following accountabilities: ensures all reporting requirements are met as required for financial reporting, regulatory reporting and management reporting and that all required accounting entries are completed as required to support business operations. Ensures internal controls, legal entity reporting requirements and regulatory needs are met. Ensures accounting functions are handled effectively and in accordance with policies and procedures. Ensures management that all internal and external audit processes are handled effectively, and that operational accounting systems and subsystems are supporting the business in the most optimal manner. Ensures new products, investments and other financial undertakings are reviewed and vetted prior to integration into a product suite (in conjunction with Marketing, Legal and Actuarial). Represents BMO Insurance with the Office of the Superintendent of Financial Institutions and other regulatory and industry organizations on company specific or industry matters. Ensures external audits are managed effectively.

• Sets expectations for financial governance and stewardship for the Insurance entities, in conjunction with requirements by BMO Wealth Management Finance. Manages the overall attestation process for the Insurance entities.

• Leads the planning process for the development of the five‑year financial and capital plans. Supports communication of financial strategy and business results with all stakeholders (internal to BMO Insurance and external parties such as regulators), to manage stakeholder relationships and to advance the BMO Insurance and BMO Wealth Management agendas. Oversees the planning process for the development of the five‑year financial and capital plans and ensures that plans are aligned with BMO Wealth Management’s longer‑term growth goals. Oversees the development and implementation of longer‑term targets for the Insurance entities. Oversees reporting of performance against plans for the Insurance entities. Recommends corrective actions required to meet Plan and negotiate solutions with businesses.

• Acts as a key member of the BMO Insurance leadership team by providing strategic, business and financial expertise and thinking, and supports decision making with financial information and business acumen. Provides financial expertise and business decision support to the President & CEO, BMO Insurance and his leadership team on various issues including all key business initiatives, financial governance, Board, legal, audit, treasury and taxation, and inputs on asset liability matching for the Investment Committee.

• Acts as a key member of various business‑led Committees to ensure the ongoing health of the Insurance entities’ operations and risk management.

• Presents financial results to the Insurance entities’ Boards of Directors and address any questions or comments related to the financial details of the business.

• Working in partnership with HR, ensures that compensation plans and accruals for BMO Insurance are aligned with business plans and performance.

• Working in partnership with Investor Relations, develops communications regarding BMO Insurance performance to external stakeholders and other external parties, and prepares responses to external enquiries regarding BMO Insurance and its performance.

• Overall, as Chief Financial Officer for the Insurance entities, this role is accountable for: solid decision making based on a strong understanding of risk, robust metrics and forward‑looking activities including maintenance of management frameworks that consider the balance of risk and reward, alignment to business strategy; adequate diversification of risk; pricing that is appropriate for risk; mitigation through preventive controls. Adherence and management of businesses and/or processes within established limits structures or frameworks contained in corporate policies, standards or operating guidelines. Working in partnership with Chief Risk Officer, Insurance, to ensure the financial risks assumed by the Insurance entities fall within BMO’s corporate insurance risk appetite. Ensures adherence to all aspects of First Principles our code of Business Conduct and Ethics including individual accountability as it relates to potential conflicts of interest, safeguarding of customer information, trading in securities, anti‑money laundering, privacy and disclosure of outside business activities.

Qualifications

• University degree.

• Professional accounting designation, e.g. CPA CA, CPA CMA, CPA CGA or Actuarial designation.

• Minimum 10 years of specific insurance industry experience gained through progressively responsible finance positions or in Finance environment.

• High level of technical and functional knowledge required to provide guidance and direction to professional function.

• Strong Financial understanding and knowledge of key business fundamentals, drivers of financial health and viability.

• Communications skills (Expert). Able to translate vision and communicate to support achievement of business goals.

• Analytical thinking (In-depth).

• Strong judgment and decision‑making (Expert).

• Conceptual/Strategic capabilities (Expert).

• Change Leadership (In‑depth).

• Impact and influence (In‑depth).