Senior Compliance Officer, Lending

About the position

Assists in the implementation, maintenance and administration of a specific US lending compliance program. Coordinates and performs risk assessment, monitoring, testing issues management, and regulatory change management activities to ensure the program remains current and aligned with BMO’s Enterprise Compliance Program. Works with lines of business and internal partners to ensure regulatory and corporate obligations are met. Advises business/group on implications of new regulatory developments or new product initiatives, and assists to implement new/revised policies and controls to address risks. Identifies risks and implements appropriate actions to mitigate them. Develops and maintains compliance information for analysis and reporting. Achieves compliance goals by maintaining current knowledge of regulatory requirements and developments. Maintains functional and regulatory expertise specific to supported lines of business and refers to Compliance and NFR manuals for requirements. Provides continuous oversight and makes recommendations that significantly impact the Bank’s ability to monitor lending compliance program effectiveness, minimize risk and align with regulator expectations. Provides 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. Consults on new products, services and automated systems to assist with incorporating compliance requirements into these initiatives. Influences to achieve effective regulatory compliance controls that enable business objectives. Identifies and advises on emerging issues and trends to inform decision-making. Helps determine business priorities and best sequence for execution of business/group strategy. Builds effective professional relationships with business group, internal/external stakeholders and trust with regulators. Analyses and reports on compliance data, and related data to gain insights on regulatory risk. Oversees the development and maintenance of guidelines and procedures, providing advice/rulings as necessary, for a single function within a geographic area. Participates in the design, implementation and management of core business/group processes. Conducts and/or effectively challenges risk assessments for business/group and assists to identify more effective compliance controls. Performs and/or effectively challenges monitoring and testing activities to ensure regulatory compliance controls are operating and aligned to regulatory requirements. Supports root cause analysis in response to material control failures in business/group. Identifies, assesses, effectively challenges and oversees the satisfactory resolution of issues, including ensuring adequate management remediation plans and validation. Elevates high profile issues/risk cases to Compliance and business/group management for prompt resolution. Analyzes and reports compliance information to Compliance and business/group management. Develops and maintains a high level of expertise in all regulations, directives and guidance which apply to the group(s) supported. Provides input to business/group on emerging risks, regulatory developments and interpretation of regulations. Identifies, assesses, effectively challenges and provides oversight on the satisfactory resolution of issues, including ensuring adequate management remediation plans and validation. Elevates high profile issues/risk cases to Compliance and business/group management for prompt resolution. Analyzes and reports compliance information to Compliance and business/group management. Advises first line of defense management and employees on compliance matters. Consults on new products, services and automated systems to assist with incorporating compliance requirements into these initiatives. Ascertains training needs and helps develop training based on gaps identified through the compliance monitoring and testing. Identifies enhancements to business group compliance tools and processes and communicates to required stakeholders. Assists 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 is primarily on business/group within BMO; may have broader, enterprise-wide focus. Provides specialized consulting, analytical and technical support. Exercises judgment to identify, diagnose, and solve problems within given rules. Works independently and regularly handles non-routine situations. Broader work or accountabilities may be assigned as needed.

Responsibilities

• Assists in the implementation, maintenance and administration of a specific US lending compliance program.
• Coordinates and performs risk assessment, monitoring, testing issues management, and regulatory change management activities.
• Works with lines of business and internal partners to ensure regulatory and corporate obligations are met.
• Advises business/group on implications of new regulatory developments or new product initiatives.
• Identifies risks and implements appropriate actions to mitigate them.
• Develops and maintains compliance information for analysis and reporting.
• Maintains functional and regulatory expertise specific to supported lines of business.
• Provides continuous oversight and makes recommendations for compliance program effectiveness.
• Consults on new products, services and automated systems to incorporate compliance requirements.
• Identifies and advises on emerging issues and trends to inform decision-making.
• Builds effective professional relationships with business group, internal/external stakeholders.
• Analyzes and reports on compliance data to gain insights on regulatory risk.
• Oversees the development and maintenance of guidelines and procedures.
• Conducts and/or effectively challenges risk assessments for business/group.
• Supports root cause analysis in response to material control failures.
• Elevates high profile issues/risk cases to Compliance and business/group management.
• Advises first line of defense management and employees on compliance matters.
• Ascertains training needs and helps develop training based on compliance monitoring.

Requirements

• 6+ years of experience in consumer lending compliance or related field.
• Post-secondary degree in related field of study or an equivalent combination of education and experience.
• Recognized compliance certificate (e.g. CRCM) or equivalent preferred.
• Detailed knowledge of consumer protection regulations and related marketing and advertising guidelines.
• Strong communication, critical thinking, relationship management and project management skills.
• Deep knowledge and technical proficiency gained through extensive education and business experience.

Nice-to-haves

• In-depth verbal & written communication skills.
• In-depth collaboration & team skills.
• In-depth analytical and problem solving skills.
• In-depth influence skills.
• In-depth data driven decision making.

Benefits

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