Senior Compliance Officer - Fixed Income

About the position

Our team is growing its Fixed Income Compliance team in New York with a focus on FINRA and SEC broker-dealer requirements and corresponding oversight. We are looking for someone to work closely with the Fixed Income, Currencies, and Commodities ('FICC') LOBs and other internal business partners to ensure regulatory, corporate and fiduciary obligations are met. You will have a specific focus on compliance oversight over BMO's Fixed Income activities, and maintain current knowledge of regulatory requirements and developments, monitoring risk/trade surveillance, and identifying and corrects possible gaps and weaknesses. Our particular focus will be the Securitized Products Business within FICC. Ideal candidate will assist in the implementation, maintenance and administration of the Fixed Income compliance program. Coordinate and performs risk assessment, monitoring, testing and surveillance activities to ensure program remains current and aligned with BMO Compliance Program. Work with business/group and internal partners to ensure regulatory, corporate and fiduciary obligations are met. Advise business/group on implications of new regulatory developments or internal products, and assists to implement new/revised policies and programs to address them. Identify risks and implements appropriate actions to mitigate them. Develop and maintain compliance information for analysis and reporting. Achieve compliance goals by maintaining current knowledge of regulatory requirements and developments. Maintain functional and regulatory expertise specific to business group, and refers to Compliance Policies & Procedures manuals for requirements. Contribute to business/group results by providing oversight and making recommendations that significantly impact the Bank's ability to monitor regulatory compliance programs, minimize operational risk and align with regulatory agencies.

Responsibilities

• Provide advice and guidance to assigned business/group on implementation of solutions aligned to regulatory risk appetite based on an understanding of business operations and stakeholder needs.
• Consult on new products, services and automated systems to assist with incorporating compliance requirements into these initiatives.
• Ensure effective regulatory compliance controls that enable business objectives.
• Identify and advise on emerging issues and trends to inform decision-making.
• Help determine business priorities and best sequence for execution of business/group strategy.
• Build effective professional relationships with business group, internal/external stakeholders and trust with regulators.
• Analyze and report on compliance data, and related data to gain insights on regulatory risk.
• Oversee the development and maintenance of guidelines and procedures, providing advice/rulings as necessary, for a single function within a geographic area.
• Participate in the design, implementation and management of core business/group processes.
• Conduct and/or effectively challenge risk assessments for business/group and assists to identify more effective compliance controls.
• Perform and/or effectively challenge monitoring and testing activities to ensure regulatory compliance controls are operating and aligned to regulatory requirements.
• Support root cause analysis in response to material control failures in business/group.
• Identify, assess, effectively challenge and oversee the satisfactory resolution of issues, including ensuring adequate management remediation plans and validation.
• Elevate high profile issues/risk cases to Compliance and business/group management for prompt resolution.
• Analyze and report compliance information to Compliance and business/group management.
• Develop and maintain a high level of expertise in all regulations, directives and guidance which apply to the group(s) supported.
• Provide input to business/group on emerging risks, regulatory developments and interpretation of regulations.
• Conduct and/or effectively challenge risk assessments for business/group and assists to identify more effective compliance controls.
• Perform and/or effectively challenge monitoring and testing activities to ensure regulatory compliance controls are operating and aligned to regulatory requirements.
• Identify, assess, effectively challenge and provide oversight on the satisfactory resolution of issues, including ensuring adequate management remediation plans and validation.
• Elevate high profile issues/risk cases to Compliance and business/group management for prompt resolution.
• Analyze and report compliance information to Compliance and business/group management.
• Advise first line of defense management and employees on compliance matters.
• Consult on new products, services and automated systems to assist with incorporating compliance requirements into these initiatives.
• Ascertain training needs and helps develop training based on gaps identified through the compliance monitoring and testing.
• Identify enhancements to business group compliance tools and processes and communicates to required stakeholders.
• Assist business group management in communicating and implementing changes to applicable regulatory policies and procedures.
• Represents the business/group Compliance team and interacts with examiners/auditors during internal, external and regulatory audits and examinations.
• Provides regulatory perspective on business group's sales and marketing materials.
• Anticipates/ identifies and analyses risk and consequences of unaddressed risk factors/ compliance gaps, and recommends appropriate controls.
• Builds effective professional relationships with business/groups.
• Operates effectively within a high stress environment with constantly changing expectations and regulatory & audit scrutiny.
• Accesses, monitors and reports on sensitive Bank, customer, transactional and employee information to ensure compliance with regulatory requirements.
• Communicates the roles and importance of each of the three lines of defense, and proactively identifies regulatory risk.
• Focus on business/groups within BMO Capital Markets Corp but understand that there may be broader, enterprise-wide focus.
• Provide specialized consulting, analytical and technical support.
• Exercise judgment to identify, diagnose, and solve problems within given rules.
• Work independently and regularly handles non-routine situations.

Requirements

• Functional knowledge of multiple FICC market activities preferred including: Primary Dealer, GSEs, Trade reporting (TRACE), communications, supervision, best execution/order handling, and Market Access.
• Strong knowledge of applicable securities laws, rules and regulations with the ability to assess firm impact. Series 7, 63, 24 a plus.
• Typically minimum of 6 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
• Recognized compliance certificate or equivalent preferred.
• Skilled knowledge of regulatory/ compliance requirements and the operations of a single client group.
• Experience at a regulatory body for one or more compliance area(s) is desirable, but not required.
• Strong communication, critical thinking, relationship management and project management skills.
• Deep knowledge and technical proficiency gained through extensive education and business experience.
• Strong verbal & written communication skills.
• Collaboration, team skills, and ability to constructively influence is highly valued.
• Deep analytical and problem-solving skills.
• Data-driven decision making is valued.

Benefits

• Health insurance
• Tuition reimbursement
• Accident and life insurance
• Retirement savings plans
• Bonus plan