BMO Financial Group Senior Compliance Officer - Broker Dealer in Chicago, Illinois
The Sr. Compliance Officer assistsin overseeing the compliance risk management program for one of BMO’s retailbroker-dealer and reports directly to the Chief Compliance Officer. Thisposition works within the U.S. Wealth Management Compliance team to identifyareas of risk, current trends and cross-divisional issues. This position isaccountable for the effective second-line oversight of the implementation,maintenance and administration of the compliance risk management program,including oversight of the broker-dealer compliance risk assessment process. TheSr. Compliance Officer applies expertise in applicable regulatory standards andin-depth knowledge of the business to deliver effective challenge to thebusiness and to ensure that second-line compliance monitoring and surveillanceactivities adequately mitigate risk to the broker-dealer and other areas of theBank. This position helps direct the monitoring, evaluation, evolution andenhancement of compliance policies, procedures and programs. The Sr. ComplianceOfficer ensures exceptions identified during second-line compliancesurveillance and reviews are corrected by the line of business in a timely andeffective manner, and addresses escalated issues. This position may act as aliaison between regulators, auditors, and senior management to ensurebroker-dealer compliance activities are consistent and aligned with the bank’scompliance risk management program and its compliance risk appetite statement. Thisposition advises line of business management on the impact of regulatorystandards on policies and procedures, and regularly reports the status of thecompliance risk management efforts to senior management.
Compliance Oversight and Monitoring/Governance(Risk-Based Model) (75%)
Oversee thedevelopment, implementation, and maintenance of the compliance risk managementprogram. Collaborate with line of business management to ensure that policies,procedures and programs comply with applicable U.S. regulatory requirements,mitigate risk of non-compliance across the line of business, and are within theestablished compliance risk appetite.
Provide input to the CCO onstrategies for oversight and monitoring of regulatory compliance program andappropriate metrics to measure the effectiveness of the program.
Maintain current knowledge of U.S.regulatory requirements applicable to retail broker dealers (DOL, TrustedContact, 529 Plans, sales practices, etc.). Direct the business in the analysisof changes in regulations and evaluation of their impact on broker-dealeroperations. Collaborate with line of business management on the development andenhancement of policies, procedures and programs as industry practices andapplicable laws and regulations change. Advise compliance and line of businessstaff on how to integrate new or changed regulatory standards into the designand delivery of regulatory training.
Oversee monitoring activities forthe compliance program, including oversight of the broker-dealer compliancerisk assessment process, surveillance monitoring program, branch examinationprogram, and effectively challenge the business on regulatory complianceissues. Communicate the discovery of any non-compliance to the CCO. Developsolutions for addressing regulatory issues and recommend appropriate steps toaddress them. Follow-up with the business to verify the appropriate and timelyresolution of issues and report results as appropriate. Design and implement orenhance additional surveillance monitoring functions when necessary
Report on the adequacy andeffectiveness of controls over regulatory risk using established metrics. Ensurethat reports provide thorough, concise information for U.S. Compliance and lineof business management. Assist in the preparation of reports for use by theHead of U.S. Wealth Management Compliance in reporting to internal governancecommittees.
Oversee the administration ofapplicable registrations for broker-dealer employees.
Regulatory and ManagementConsultation (25%)
Demonstrate capable leadership,sound judgment, creativity, a practical approach and commitment to achievingexcellence in compliance risk management, on the basis of a risk-based model.
Collaborate with senior managementto promote understanding of specific compliance risks, regulatory requirementsand their impact upon operations.
Advise the line of business andcompliance management on the implementation and resolution of regulatorypolicies and issues. Provide regulatory expertise on new product and serviceswithin the business group.
Provide input to legal and line ofbusiness management to advocate for the interests of the group in public policypositions through industry. May direct submissions to governmental andregulatory organizations.
* Knowledge & Skills*
Post graduate level degree in risk, legal or finance or related field of study, with related compliance certifications a plus.
10 years relevant work experience in risk/compliance in financial services industry, including compliance experience in retail broker-dealer compliance or equivalent regulatory experience. Prior experience in compliance for a dually registered broker-dealer/investment adviser a plus.
FINRA Series 7 required, additional FINRA licenses are preferred
Experience with handling customer complaints in a broker dealer setting a plus.
Experience performing Branch Exams.
Experience with FINRA filings a plus.
Demonstrated expertise in effectively communicating the roles and importance of each of the three lines of defense, as well as proactively identifying regulatory risk.
Effective leadership capabilities, including strong communication, project management, change management, sound judgement, relationship management, and negotiation skills.
Expert knowledge of applicable U.S. regulatory requirements, including broker-dealer regulations and standards, banking laws, fiduciary laws and ERISA, and how they apply to bank operations.
We’re hereto help
AtBMO Harris Bank we have a shared purpose; we put the customer at the center ofeverything we do – helping people is in our DNA. For 200 years we have thoughtabout the future—the future of our customers, our communities and our people.We help our customers and our communities by working together, innovating andpushing boundaries to bring them our very best every day. Together we’rechanging the way people think about a bank.
Asa member of the BMO Harris Bank team you are valued, respected and heard, andyou have more ways to grow and make an impact. We strive to help you make animpact from day one – for yourself and our customers. We’ll support you withthe tools and resources you need to reach new milestones, as you help ourcustomers reach theirs. From in-depth training and coaching, to manager supportand network-building opportunities, we’ll help you gain valuable experience,and broaden your skillset.
Tofind out more visit us at https://bmoharriscareers.com .
BMOHarris Bank is committed to an inclusive, equitable and accessible workplace.By learning from each other’s differences, we gain strength through our peopleand our perspectives. BMO Harris Bank is an Equal Opportunity Employer for all,inclusive of Minorities, Women, Veterans, and Persons with Disabilities.