Cco Us Wealth Management
CCO US Wealth Management Chicago, IL, USA/en-US/External/job/Chicago-IL-USA/CCO-US-Wealth-Management_R200010230-1/apply
111 W Monroe - 115 S LaSalle
Job Family Group:
Audit, Risk & Compliance
The CCO, U.S. Wealth Management Compliance leads and directs the U.S. Wealth Management Compliance organization and serves as a member of the U.S. Compliance Leadership Team. This position is accountable for the effective compliance coverage of regulatory risks and oversight monitoring tools (e.g., surveillance, reviews and reports) of the groups which comprise the U.S. Wealth Management Line of Business. This position oversees the development, implementation and maintenance of a U.S. Wealth Management Compliance program that is in accordance with the BMO U.S. Compliance Risk Management program and meets all applicable U.S. regulatory requirements. The CCO, U.S. Wealth Management Compliance serves as trusted advisor to U.S. Wealth Management LOB senior management and applies in-depth understanding of U.S. Wealth Management LOB compliance needs to align the U.S. Wealth Management Compliance Risk Management Program with the first line of defense. This position directs the identification, evaluation, implementation and resolution of U.S. Wealth Management Compliance issues surfaced by the U.S. Wealth Management Compliance teams, LOB management, auditors and regulators. The Head, U.S. Wealth Management Compliance oversees the preparation and delivery of compliance reporting to U.S. Wealth Management LOB senior management and applicable internal governance committees.
Within the mandate of this role and BMOs three lines of defense model, ensure business decisions and activities fall within the risk appetite of the Bank, and that internal controls are in place and functioning effectively to support management decision-making that protects our assets and adheres to applicable corporate policies, operating directives, laws and regulations.
Head, U.S. Wealth Management Compliance is accountable to the (i) Senior Vice-President, U.S. Chief Compliance Officer, BMO Financial Corp. to provide input for key governance decisions for the US overall or specific to US Compliance corporate group as requested, and (ii) Senior Vice-President, Chief Legal & Compliance Officer, Wealth Management to provide input for key decisions for Wealth Management Compliance overall.
Compliance Oversight and Monitoring/Governance (Risk-Based Model) (50%)
- Oversee the development, implementation and maintenance of the BMO U.S. Wealth Management Compliance Risk Management program. Ensure that policies, procedures and programs comply with applicable U.S. regulatory requirements and mitigate risk of non-compliance across the U.S. Wealth Management LOB.
- Collaborate with U.S. Compliance and LOB management to develop and operationalize a strategic plan for oversight and monitoring of regulatory compliance by the U.S. Wealth Management LOB, recognizing the specific needs of the Wealth Management groups.
- Maintain current, complete knowledge of U.S. regulatory requirements that affect the U.S. Wealth Management LOB. Address changes in regulations and communicate how they affect the U.S. Wealth Management LOB to senior management.
- Collaborate with LOB management on the development and evolution of policies, procedures and programs as industry practices and applicable laws and regulations change.
- Oversee U.S. Wealth Management LOB compliance monitoring activities for all applicable regulatory and Bank compliance requirements, policies, procedures and programs. Timely communicate the discovery of any material non-compliance to senior management in Compliance and U.S. Wealth Management. Ensure appropriate steps are taken to address issues on the basis of a risk-based model, and verify appropriate and timely issue resolution.
- Report on the adequacy and effectiveness of controls over regulatory risk using appropriate metrics for U.S. Wealth Management to the U.S. Compliance Leadership team, the Vice-President & Chief Compliance Officer, Wealth Management and LOB management. Oversee the preparation of reports for various internal governance committees.
- Advise Compliance and LOB management on the design and delivery of Wealth Management U.S. Compliance regulatory training for LOB employees, and oversee the delivery and maintenance of training programs.
- Oversee the administration of applicable registrations for LOB legal entities and employees.
Regulatory and Executive Consultation (20%)
- Demonstrate confident leadership, sound judgment, creativity, a practical approach and commitment to achieving excellence in compliance risk management and the ability to do so on the basis of a risk-based model.
- Serve as a key contact for U.S. regulators on behalf of the U.S. Wealth Management LOB and Compliance team.
- Foster and maintain strong and trusted relationships with key regulators, including OCC, FRB, FINRA, SEC, and OSFI.
- Develop and maintain strong relationships with executives and senior management of the U.S. Wealth Management LOB. Collaborate with senior management to promote understanding of LOB-specific risks, regulatory requirements and their impact upon Wealth Management operations.
- Advise U.S. Wealth Management LOB and U.S. Compliance management on the implementation and resolution of regulatory policies and issues.
- Collaborate with Legal to advocate for the interests of the U.S. Wealth Management LOB in public policy positions through industry and direct submissions to governmental and regulatory organizations.
- Serve on the extended leadership team for the U.S. Chief Compliance Officer, BMO Financial Corp. and participate on Bank-wide committees to provide the U.S. Wealth Management Compliance perspective to senior management.
Development of High-Performing Team (30%)
- Recruit, lead, manage and develop a diverse U.S. Wealth Management Compliance team using effective training, performance assessment and coaching techniques.
- Provide planning, leadership and direction to employees in order to align tasks and assignments with Compliance and Bank goals and objectives.
- Provide leadership and oversight in the recruitment, selection, retention, rewarding and development of employees.
- Ensure fair administration of Human Resources policies and procedures.
- Apply the Bank's performance management system to subordinates, including establishing goals and objectives, assessing skills and knowledge gaps, allocating resources to achieve objectives and close gaps, and assessing personal effectiveness.
US Governance Accountabilities
- Support the U.S. Chief Compliance Officer, BMO Financial Corp. and the Vice-President & Chief Legal & Compliance Officer, Wealth Management, Bank of Montreal, by identifying and escalating appropriate issues, supporting regulatory conversations and recommendations and providing expertise as required about U.S. Wealth Management Compliance
- Oversee the development of regular updates for the U.S. Chief Compliance Officer, BMO Financial Corp. and the Senior Vice-President & Chief Legal & Compliance Officer, Wealth Management, Bank of Montreal, on the status of U.S. Wealth Management Compliance and provide analysis and assistance in the development of any solutions required to support effective management
- As requested, provide input to the U.S. Chief Compliance Officer, BMO Financial Corp. and the Senior Vice-President & Chief Legal & Compliance Officer, Wealth Management, Bank of Montreal, on key governance decisions that support the management of Compliance within BMO US.
Knowledge & Skills
- Post graduate level degree in risk, legal or finance or related field of study, with related compliance certifications a plus
- 12+ years relevant work experience in Risk/Compliance in financial services industry, including management experience in wealth management compliance, including:
- Private Banking
- Asset Management
- Trust and Investments, both Retail and Institutional
- Retirement Services
- Registered Investment Advisers
- Investment Advisors Act, Investment Company Act, Exchange Act of 1934 and applicable self-regulatory rules
- Mutual Funds
- 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 expert communication, change management, sound judgement, relationship management, and negotiation skills
- Expert knowledge of applicable U.S. regulatory requirements and how they apply to Bank operations
- Ability to manage strategic long-term plans with day-to-day exigencies, including making nimble strategic adjustments as risks change
Were here to help
At BMO Harris Bank 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 Harris Bank 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.
To find out more visit us at .
BMO Harris Bank is committed to an inclusive, equitable and accessible workplace. By learning from each others differences, we gain strength through our people and our perspectives. BMO Harris Bank N.A. is an equal opportunity/affirmative action employer. All qualified applicants will receive consideration for employment without regard to sex, gender identity, sexual orientation, race, color, religion, national origin, disability, protected Veteran status, age, or any other characteristic protected by law. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.
Posted 7 Days AgoFull timeR200010230 BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider the 8th largest bank, by assets, in North America. With total assets of $728 billion as of October 31, 2018, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
We serve Canadian clients through BMO Bank of Montreal®, our personal and commercial banking business, BMO Nesbitt Burns®*, one of Canada's leading wealth management firms, and BMO Capital Markets, our North American investment and corporate banking division.
In the United States, clients are served through BMO Harris Bank, a major U.S. Midwest personal and commercial bank, and BMO Private Bank, with wealth management offices across the United States, as well as BMO Capital Markets, our North American investment and corporate banking division.
We help our customers make money make sense by delivering the broadest range of financial services through a single point of contact. Our financial service professionals provide access to any services our customers require across the entire enterprise.