BMO Financial Group Compliance Officer, Insurance Compliance Program Full Time in Toronto, ON

BMO Financial Group

Branch Toronto ON CA

Compliance Officer, Insurance Compliance Program
Toronto, ON

Knowledge of Insurance and financial services. Support Insurance compliance implementation of evolving ECP methodology….

As a member of BMO’s Insurance Compliance second line of defense team, you will support the Head of Insurance Compliance in building a strong culture of compliance while managing the administration of BMO Financial Group’s Enterprise Compliance Program (ECP) and Operating Directive within the insurance business. In this role you will establish, maintain, manage and monitor key procedures supporting the BMO Insurance second line of defence Compliance Program. You will also advise first line of defence business partners on regulatory risks, as well as ensuring proper processes are in place to monitor, assess and report on regulatory risk. Key elements of the Compliance program include the maintenance, monitoring and review of regulatory requirements, regulatory risk and control ratings, ensuring first line defence control documentation recordsare in place to meet these requirements, maintenance of second line of defence compliance policies and procedures, development of monitoring checklists, reports and other tools to assess analyse and report on the effectiveness of the BMO Insurance compliance program.

Key Accountabilities:
Regulatory Compliance Risk Management 20%

Identify and understand regulatory and reputational risks applicable to the business

Work with Specialist Compliance Managers to ensure that current and appropriate policies are in place to support regulatory compliance requirements

Proactively monitor the environment for new regulations and be able to discuss and assess the impact on the business of new emerging regulatory risks

Ensure that CORE/ Accelus is up to date and the inventory of regulatory requirements are current at all times

Provide guidance and support to Second line of defence Specialist Compliance Managers and first line of defence Business Unit Compliance Officers (BUCO) and BUCO Delegates to ensure that documented procedures address compliance policy requirements

Ensure that all compliance accountabilities applicable to the business are appropriately risk rated, assigned and supported by clearly documented controls or polices

Review, update, and where necessary draft new Second Line Compliance policies that are in line with the ECP

First and Second line CORE/ Accelus and ECP methodology support

Conduct of routing compliance monitoring and surveillance activities

Being the Business Continuity plan Coordinator and ensuring the Business Continuity Plan is up to date at all times

Regulatory advice and training 15%

Recommend, as appropriate, to the business effective and efficient means of compliance with ECP

Support Insurance compliance implementation of evolving ECP methodology

Provide concise briefings to management and Business Unit Compliance Officers on emerging regulatory and industry association developments

Ensure that the database library of applicable compliance precedents is up to date and current at all times

Support the business in the development and updating of specific compliance training programs related to the business

Working with internal and external resources, support the development and delivery of insurance specific training programs

Supports Subject Matter Experts (SMES) by reviewing and making recommendations about marketing material

Monitor training delivery with respect to business specific and enterprise compliance training to both the First and Second Line of Defence.

Support CCO with investigation and recommendations on employees outside business activities

Compliance Monitoring 25%

Establish, document and manage a risk based compliance monitoring and oversight program

Ensure that appropriate action plans are developed with respect to any identified issues or gaps requiring attention Monitor progress against agreed action plans

Conduct periodic compliance risk assessments and reviews

Track completion of periodic level-one and level-two compliance policy reviews

Manage and prepare reports supporting daily, monthly and quarterly compliance monitoring activities

Manage quarterly reviews and reporting on related-parties transactions

Monitor the maintenance of documented procedures for activities that have specific reporting requirements.

Assists with monitoring, investigating and liaising with the Privacy Officer with regards to Escalated Complaints addressed to the Office of the President

Support Annual RCRA Refresh Process.

Support the CCO in reviewing all outside business activities that are submitted through the Conflict of Interest tool.

Compliance Program Administration 30%

Ensure that key elements of the compliance program are appropriately documented and up to date

Assists the Chief Compliance Officer (CCO) with the overseeing the Business Unit Compliance officer (BUCO) program, including planning and managing the agenda for monthly BUCO meetings

Assist with the management of scheduled second line of defence compliance reviews, oversight and reporting activities

Support the Chief Compliance Officer in preparing for and managing third line of defence compliance program reviews by Corporate Audit and external regulators.

Monitor ECP deliverables and complete tasks associated with the ECP in the prescribed timelines.

Support the Chief Compliance Officer in the preparation of Senior Management and Board Reports

Build and maintain procedures for managing the lifecycle of all compliance Department records in accordance with enterprise policy

Take concise minutes and notes for Compliance Team Meetings.

Provide technical /functional assistance to new hires

Identify and resolve moderately complex issues, determine root causes of issues, report and negotiate complex issues resolution.

Compliance Projects 10%

Participate in, lead or support compliance team in related projects as assigned from time to time


The ideal candidate will have an undergraduate degree and at least five years relevant compliance, risk management, Corporate Secretarial, complaints management, project management, junior audit or advisory experience in the Canadian Insurance Industry, OR will have a post graduate business degree or professional designation (legal or accounting), and at least two years relevant compliance, risk management, project management, audit or legal advisory experience.


To be fully effective in the role, the incumbent will need to quickly build and demonstrate:

Understanding and ability to communicate BMO FG Risk and Compliance principles and culture

Ability to learn and effectively manage and extract data within BMO’s ECP and Supporting Compliance Systems

Understanding and interpretation of relevant enterprise Policies, Standards and Procedures

Understanding and interpretation of applicable federal and provincial insurance and other related regulations and industry standards

Understanding of the BMO Compliance and BMO Insurance organizational structures

Knowledge of Insurance and financial services

Bilingualism (specifically French) would be an asset.


Well developed analytical and judgement skills

Strong Project management, facilitation, administrative and presentation skills

Strong Knowledge of supporting Compliance database systems (CORE/ Accelus and ALIAS)

Excellent verbal and written communication skills, with an ability to synthesize and clearly communicate emerging issues and related risks

Effective people and influence skills

Ability to research and synthesise relevant information from both external and internal BMO sources

At our company, we have been helping our customers and communities for over 195 years. Working with us means being part of a team of talented and passionate individuals with a shared focus on working together to deliver great customer experiences. We stand behind your success with the support you need to turn your potential into performance.

To find out more visit our website at



BMO Financial Group is committed to an inclusive, equitable and accessible workplace. By embracing diversity, we gain strength through our people and our perspectives.



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Employment Type: Full Time
Location: Toronto, ON, CA
Posted on: 2015-08-17
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