Head of Business Risk & Solutions

Reporting to the Chief Operating Officer (COO), Wealth Management, the Head, Business Risk and Solutions leads the first line of defence (1B) for Wealth Management...

Risk Management

• Understands the relevant regulatory frameworks that have an impact on the business and leads a team to coordinate the business unit’s “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.

• Provides an integrated view and reporting of risks across the unit they support, fosters awareness, and, as regulations change or as regulatory issues are identified, provides expert advice and counsel to the business unit on requirements, facilitates the related action planning, and provides oversight to ensure successful implementation of necessary changes.

• Develops/maintains an in-depth understanding of the business unit’s 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.

• Identifies risks and systemic issues, investigates, and develops risk mitigation strategies including the design and implementation of controls, monitoring, and testing where needed, managing/monitoring these risks on an ongoing basis, and making recommendations to business unit Executive with respect to the business unit’s risk profile. Provides support for attestation requirements if any (e.g., SOX attestations).

• Executes Non-Financial Risk Framework including Risk Assessments, Event and Issues Management, Stress Testing and Risk Appetite Setting / Management. Manages business unit risk in keeping with the Enterprise Risk Appetite as well as within the Risk Appetite statements of each BMO Operational Risk Type.

• Implements risk management programs within the business unit (including business unit products and services and Business Continuity), developing and maintaining an in-depth understanding of the applicable regulatory requirements and internal risk management requirements and interpreting the application of those requirements for the business unit.

• Adheres to business-specific risk management standards and guidelines and where needed, designs, develops, implements, and manages a set of business-specific processes, tools and templates to support these standards and proactive diagnostic assessment of all potential quality control ‘problem points’ within product/process/procedure related systems, legal forms, documentation, etc.

• Performs active Issue/Event Management, including issue identification, development of action plans, tracking, ongoing monitoring, and reporting. Ensures issues are escalated to the appropriate level of management within the business unit, and corporate support areas as appropriate. Establishes and Chairs first line Operating Forum to facilitate ongoing tracking and monitoring of issues.

• Provides governance and oversight of risk management activities within the business unit and works with business unit Product and Service Managers and internal/external business partners in technology and product operations to design and implement appropriate end-to-end product/segment level risk management controls, metrics and quality controls for each product or service. This includes customer communications, social media monitoring and marketing materials where applicable.

• Develops monitoring and testing programs (including sampling) ensuring that controls supporting compliance with Policies and Procedures for all BMO Operational Risk Types are in place and operating as intended. This includes development and monitoring of key risk indicators associated with those controls to identify trends and issues impacting the risk profile within the business.

• Ensures required internal regulatory, compliance reporting is carried out on a timely basis as required by relevant regulatory bodies and the Bank.

• Develops, maintains, and reports a key risk dashboard to monitor current and future financial and non-financial risk management activities and key risk indicators within the business unit in order to provide comprehensive overview of all on-going and upcoming activities impacting the line of business.

Business Enablement

• 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.

• Implements, manages, and sustains the enterprise event management recovery framework to support resolution of problems and issues as they may be identified through both external and internal forces.

• Provides leadership, subject matter expertise and guidance for specific issue/event management requirements/initiatives as required. This accountability, depending on the size/complexity/risk rating of the event, may be on a ‘stand-alone’ basis or in partnership with other cross-functional groups from within the business delivery system or with external, third-party consultants and suppliers.

• Develops and delivers training and awareness programs within the business unit to increase awareness of and compliance to risk management requirements. Builds awareness, knowledge, and skills internally and, as necessary, provides communication, practical tools and ongoing support including making presentations, to promote a culture of compliance risk identification and management.

• Maintains current knowledge of best-in-class risk management, monitoring and testing and control execution methodologies. Drives continuous improvement in 1B processes for greater effectiveness in managing risks and efficiency / scalability to support business growth.

Relationship Management

• Represents the business unit as the AML Reporting Officer (AMLRO) and complies with all requirements of the AMLRO Handbook.

• Represents the business unit as the Business Unit Compliance Officer (BUCO) and complies with all requirements of the BUCO program.

• Represents the business unit to the business line Governance Specialist in support of implementation and execution of Country-level Governance programs.

• Builds relationships with other group level Operational Risk & Compliance functions and other BUCO/AMLROs to ensure consistent and comprehensive implementation of performance of Operational Risk, Compliance and AML accountabilities.

• 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 (e.g., Regulators), Corporate Audit, Finance, Legal, ERPM and other Corporate groups as needed.

• Proactively supports and monitors teams performing 2nd line assessments (ex: RCA, AML QA/RA, Compliance, GLBA, etc.), regulatory audits and examinations (both internal and external).

• Serves as line of business liaison to any special risk initiatives or task forces.

People Leadership

• 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.

• Ensures the effective implementation of Bank initiatives and programs through the establishment of appropriate context and setting of direction for direct reports by providing relevant information, establishing goals, and setting limits with the context and prescribed limits of the Group Head.

• Develops, implements, reviews, and revises a 1–2-year work plan including: vision, mission, values, operational and resource plans.

• Establishes goals, plans and assignments for each direct report to achieve the plan.

• Reviews progress to plans, and develops, communicates, delegates, and actively participates in the implementation of actions necessary to correct internal and external issues. Escalates significant issues to the business unit head and second line risk areas as appropriate.

• Develops, implements, and reviews a plan to complete all assigned tasks in a timely manner to acceptable quality standards.

• Role models driving simplicity and productivity enhancements for optimization across groups driving continuous improvement on key measures.

• Activates our winning culture, aligned with Purpose. Ignites engagement by aligning our culture to our strategy and fueling exceptional execution.

• Fosters diversity, equity and inclusion and creates an inclusive environment for all employees by eliminating barriers to inclusion.

• Develops leaders, plans for succession, and fosters a high-performance culture.

• Drives top talent acquisition and retention, developing organizational capabilities to drive competitive advantage.

• Leads and mentors a team with diverse risk and business experience, skills, and orientation.

• Leads, promotes, and reinforces the Bank’s Ambition; personally, role models One Bank leadership; drives sustainable improvements in customer loyalty and business growth; adheres and supports enterprise customer experience and brand standards.

Qualifications

• Graduate degree

• Minimum of 10+ years in financial services industry experience

• Broad risk management experience including Credit Risk, Market Risk, Non-Financial Risk Management, AML, and Regulatory Compliance

• Technical expert viewed as a thought leader for process modernization and innovation

• Proven project leadership capabilities and an ability to coordinate the efforts of people and resources not under their direct control.

• Verbal & written communication skills - Expert.

• Analytical and problem-solving skills - Expert.

• Influence skills - Expert.

• Large team leadership (leader of leaders) & coaching to performance – Expert

• Collaboration & team skills; with a focus on cross-group collaboration - Expert.

• Able to manage ambiguity.