The Manager, Regulatory Programs, Market Conduct & Privacy Oversight will provide advice and support to lines of businesses to ensure that Risk & Regulatory Programs operate in compliance with Enterprise policies, processes and standards. This position will support BMO Insurance Senior Management and Operating Group in the effective delivery of WM’s risk and regulatory programs including the Enterprise Privacy Principles, Enterprise Compliance Program (ECP) and Operational Risk Framework. Reporting to the Director, Business Unit Governance, this role will focus on developing, enhancing and sustaining processes to ensure compliance and manage regulatory programs related risks in a manner appropriate to the strategies of the business. This includes assisting with identifying Business Level and WM level issues and impacts of legislation, regulatory guidance, and developing timelines and action plans to respond to requirements. This position will advise and counsel BMO Insurance Senior Management, in order for the line of business (s) to implement procedures and controls to comply with risk and regulatory expectations while leading in the monitoring and oversight of distribution channels and fulfilling CLHIA G8 and CLHIA G18 requirements.
In order to be successful in this role, you should have:
- a strong sense of urgency
- high-level analytical skills
- demonstrated experience in control frameworks
- outstanding verbal and written communication skills
- outstanding interpersonal skills and the ability to communicate with and deal with not only external clients, but internal clients and all levels of clients, and uphold privacy legislation
- Distribution Monitoring & Oversight
- Privacy Risk Management & Support
- Relationship Management
- Regulatory Management & Reporting
Distribution Monitoring and Oversight
- Support BMO Life Assurance (BMOLA) on Regulatory Compliance by leading and executing the Distribution Monitoring and Oversight program (CLHIA G8 and CLHIA G18) while identifying, analysing and addressing resultant gaps and issues, including those raised through the review of escalated complaints and investigations. Understand the identified risk exposures and support the development of action plans required to mitigate identified risks while ensuring all regulatory reporting obligations are met
- Monitor new, emerging and evolving Guidelines and Regulatory expectations by working with experts in the across the enterprise and Industry. Raise awareness with impacted business areas and provide appropriate advice and guidance to mitigate exposures and risk.
- Liaise with Corporate Compliance and Senior Leadership teams regarding the interpretation of requirements and the adequacy of Distribution Monitoring and Oversight program design, execution, processes and controls in addressing those requirements.
- Ensure coordinated and integrated approach with our Compliance, Legal, Technology, and Line of Business areas.
- Work with Business Development, Product Management, Contracting and Compensation, and Risk Teams, to ensure all relevant teams understand the implication of existing and new requirements.
- Support BMOLA through regulatory examinations and assist in investigation as well as the development of action plans to resolve any issues, as needed.
- Assist in establishing, operating and maintaining Distribution Monitoring and Oversight program procedures, risk and control frameworks for the line of business, including implementing KRI’s to trigger reviews of MGA’s and Agents, in accordance with the program.
- Validate that issues identified through Dispute Resolution, MGA and Agent Monitoring review processes are promptly addressed. Provide guidance and recommendations to Senior Management in developing and implementing solutions to address identified issues and gaps.
- Provide subject-matter expertise, interpretation and independent advice on market conduct compliance activities, requirements, and controls within the business context to assist management in understanding the risks and associated controls, and the evaluation of risk acceptance or mitigation actions. (e.g. Key risk behaviours, monitoring, due diligence, etc.)
Privacy Risk Management and Support
- Assist in ensuring that requirements of the policies and programs are maintained at a level commensurate with regulatory expectations and Privacy Program objectives.
- Assist in the oversight of Business unit policies and procedures to ensure appropriate governance and control.
- Participate in the identification, framing and management of issues/risks associated with Privacy, the Enterprise Compliance Framework and Operational Risk Frameworks.
- Continuously evaluate established procedures and processes to determine effectiveness and identify areas for enhancement. Recommend enhancements to LOB management.
- Identify and assess any issues or concerns with relation to policies, procedures, reputational or compliance risk and provide recommendations
- Monitor the implementation of corrective action and escalate outstanding concerns appropriately
- Aid and drive in the calibration, ranking, and socializing of emerging regulations and required action plans as well as incident and breach response reporting.
- Liaise with Wealth Management Headquarters, Legal Counsel, 2nd level Compliance, AML, Privacy and Operational Risk Teams, IFL, and other senior management within BMO Financial Group.
- Provide advice and guidance to line of business on regulatory matters
- Develop streamlined processes to infrastructure to enhance regulatory compliance interactions
- Develop and nourish partnerships with all governance and leadership teams.
- Active participation in relevant Industry Associations and Committees.
- Assist in the development, management and maintainance of enchanced issue logs for review sessions on a monthly and quarterly basis.
- Monthly / Quarterly reporting to Management on Market Conduct reviews, Privacy incidents, and other trends.
- Assist in the research of regulatory investigations and inquiries as required
- Strengthen BMOLA’s 1st line of defense by offering process expertise, program management and streamlined infrastructure.
- Evaluate and contribute to Regulatory training programs for LOB employees.
- Promote continuous education and training.
- Raise awareness within impacted business areas and provide appropriate advice and guidance to mitigate exposures and risk.
- Advisory – This role provides advice to senior executives on regulatory issues.
- Information Access – Authority to use and access confidential information related to employee information, customer information, product and financial information.
- Monitoring – This role has the authority to collect or require information from others when reviewing and reporting on all compliance and regulatory requests.
- Recommending – This role has the authority to recommend procedural changes with respect to regulatory requirements in order to meet business objectives and or enhance business procedures and mitigate risk.
- Issue Resolution – Provide potential ideas to resolve a diverse range of related issues/situations/problems arising from Self-Identified issues or those arising through the Enterprise Privacy Office, Regulator, or Audit. Has the authority to call people together to discuss/resolve issues. Can persuade people to change course and/or act in concert with each other.
- Escalation Process – May escalate to the COO, Vice President or CEO as required.
KNOWLEDGE & SKILLS:
- University Degree with 5 years + experience in risk or compliance related function, regulatory body or equivalent business experience.
- In-depth knowledge of Life and Health Insurance products, services and systems.
- In-depth knowledge of Privacy regulations and regulatory expectations.
- Advanced expertise in developing Policies & Procedures.
- LOMA Designations would be considered an asset.
- In-depth research and analytical skills.
- Must possess excellent stakeholder engagement and listening skills
- Must be very organized, capable of handling changing and multiple priorities and work to strict tight time schedules
- Must be able to work independently and as a contributory member of a team.
- Communication skills, both oral and written, must be exceptional.
- Good conflict resolution and interpersonal skills.
- Able to recognize and handle sensitive and confidential information
- Bilingualism – French – English, would be an asset
Closing Date 30 April 2017