Head, Insurance Governance
Head, Insurance Governance
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Job Description
Application Deadline:
Address:
250 Yonge StreetJob Family Group:
Responsible for the effective implementation maintenance and administration of the Compliance Operational Risk AML Privacy and Escalated Complaint Handling programs supporting the Insurance business. Ensures that internal control systems identify and mitigate emerging risk safeguard assets and comply with Bank policy and procedures regulatory requirements and voluntary codes of conduct and public commitments within the business unit. Develops a culture of compliance. Advises leadership within the business on risk management and the implications of applicable risks including existing and emerging regulatory developments. Identifies risks and leads the implementation of appropriate actions to mitigate them. Maintains current knowledge of regulatory requirements and developments and Enterprise obligations. Maintains functional and regulatory expertise specific to the business group and aligns to Policies & Procedures governing the applicable risk functions. Contributes to business results by providing oversight and making recommendations that significantly impact the business ability to monitor risk programs minimize operational risk and align with regulatory agencies.
- Understands the relevant regulatory frameworks that have an impact on the business and leads a team to coordinate the business units first line of defense activities by developing implementing supporting and maintaining programs which enable the business to operate within the approved risk appetite and optimize results while meeting internal and external requirements across the Operating Group.
- Provides support and subject matter expertise for the evaluation and development of effective internal controls including process improvements metrics and governance & reporting to support value-added cost-effective management of internal and external function requirements for the business unit.
- Leads the resolution of issues for the business unit including providing ongoing leadership subject matter expertise and guidance to support specific event management recovery initiatives.
- Develops/maintains an in-depth understanding of the business units strategies and objectives products and services internal and external business partners and business processes as well as the underlying infrastructure to identify and manage implications and risk exposures for the business.
- Provides risk management direction and subject matter expertise to key line of business initiatives to support appropriate assessment of Operational Compliance AML other risk types and implementation of controls metrics monitoring and testing appropriate to those risks.
- Maintains current knowledge of best-in-class risk management and control execution methodologies as well as emerging risks regulatory developments and interpretation of regulations. Drives continuous improvement in risk programs for greater effectiveness in managing risks and efficiency / scalability to support business growth.
- Builds relationships with 2nd line of defense to provide insights into the business and to understand emerging issues and expected regulatory changes.
- Builds relationships with external stakeholders including Regulators and industry participants Corporate Audit Finance Legal ERPM and other Corporate groups as needed.
- Contributes to a strong risk management culture through collaboration with first second- and third-line functions to ensure risks related to products services and processes are identified mitigated monitored and reported on an ongoing basis.
- Attracts retains and enables the career development of top talent. Regularly connects work to BMOs purpose sets inspirational goals defines clear expected outcomes and ensures clear accountability for follow team performance recognizes and rewards performance coaches employees supports their development and manages poor performance.
- Represents BMO Insurance interests while serving on various industry committees.
- Operates effectively within a high stress environment with constantly changing expectations and regulatory & audit scrutiny.
- 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 preferably within Insurance.
- Technical leader viewed as a thought leader for innovation.
- 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 Groups 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 Groups expected target for the first year in this position.
BMO Financial Groups 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: 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. Well 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 well help you gain valuable experience and broaden your skillset.
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.
Employment Type
Full-Time
