250 Yonge Street
Job Family Group:
Strategy & Change
Please note this role is open and posted for Canadian and US candidates alike
T&O Risk and Internal Controls is the Business unit accountable for all Regulatory & Compliance, Risk and Control activities associated with the execution of the T&O mandate. Reporting to the Head, T&O Risk and Internal Controls is the Head of T&O Control Testing Utility (CTU) who is responsible for overseeing the T&O CTU, quality, governance and execution. This position has a T&O mandate for BMO Financial Group across all jurisdictions and legal entities that BMO operates and acts as the single point of escalation and resolution for the CTU. The CTU may perform control testing for non-T&O groups with the appropriate agreements and funding in place with the requestor.
The T&O CTU sits within the First Line of Defense. First Line Operating Groups own and manage risks in keeping with bank Standards and Risk Appetite, including determining and communicating testing requirements to the CTU. The CTU performs testing of controls, as documented, on behalf of the First Line, reports on individual and aggregate outcomes, and supports the Second Line mandate to perform effective challenge, monitoring and oversight. Third Line/Regulators may audit/review both First Line (including CTU) and Second Line groups. The CTU also performs validation work to ensure timely and comprehensive remediation of T&O Issues rated Significant and above. Additionally, the CTU performs other types of risk and control type testing services as required.
The CTU is designed to drive an end to end business process view of control testing, develop expertise in control testing process lifecycle, utilize deep technical expertise (e.g. Technology, Cyber, AML, SOX), and leverage technology for efficiency and effectiveness. The CTU is organized in support of the control testing lifecycle:
Intake, Design & Develop: centralizes and optimizes test program design, streamlines requests to the business, and standardizes test program development
Testing Execution: centralizes the core competency for testing execution and provides insights and recommendations on test results, findings, identified issues, re-performance testing, and continuous improvement insights
Tools, Data & Analytics: provides aggregated reporting and insights across business lines or risk stripes and provides dedicated accelerator / continuous improvement resources focused on automation to reduce testing efforts and costs
Governance & Business Management: provides management oversight and governance including monitoring of internal Quality Assurance to drive consistency and quality
The Head of T&O Control Testing Utility (CTU) is accountable for the following:
Managing the full testing lifecycle presiding over an organization structure with the following sub functions:
Intake, Design & Develop
Tools, Data & Analytics
Governance & Business Management
Managing relationships across the Three Lines of Defense and external auditors and regulators:
T&O First Line Business Partners
First Line where requested or required for applicable US P&C, Wealth Management, Canadian P&C, Capital Markets and Asset Management
Second Line (includes but is not limited to Operational Risk, Credit Risk, Compliance, Finance)
Third Line (includes Internal Audit)
External Audit and Regulators
Managing requirements, when requested and agreed upon, from First Line Operating Groups through SLA, test inventory and cross charge processes to ensure optimal coverage, gap identification and full cost base allocation
Managing and authorizing exceptions to the T&O Control Testing Policies, Standards, Guidelines, and Frameworks, designing and reviewing metrics, managing the Test Inventory and overseeing the Testing Lifecycle
Define and set effective operations infrastructure and business model to be applied across all Utility functions
Act as single point of escalation and resolution for the Utility
Participate in defining the strategy goals and objectives for accountability, articulating phases for execution over a period of time
Stay abreast of testing trends and integrate where appropriate; building and maintaining robust testing architecture (including policies, analytics, systems support and reporting infrastructure) that is adequate to support the level and complexity of the areas the Control Utility supports
Establish and execute a best in class Regulatory Testing Programs ensuring comprehensive coverage through the development and completion of detailed test programs and scripts.
Understand and keep ahead of the evolution of the business while ensuring sustainability of BMO’s competitive advantage, including major process changes (short term and up to 5 years out).
Participate and contribute at management team level in business and strategic planning as a member of the GRCT (Governance, Risk, Compliance, Testing) leadership team. Represent the T&O Testing Utility interest in that forum and interpret information in the context of own business.
Review, approve, and monitor progress against financial, business and capital plans for all Control Testing Utility operating units and ensure alignment and consistency with Technology & Operations Risk and Internal Controls strategic direction.
Lead the operation towards continuous process improvements and high quality standards, with a focus on responsiveness to the internal/external customer, cost efficiencies and process controls. Areas of focus include: customizing processes and procedures to facilitate unique product/customer solutions; identifying and implementing internal and external “best practices”; rationalizing distribution points, locations, and premises; leveraging technology to enable efficiencies and improvements in delivery; optimizing organization structures/role design, resourcing levels, and resource allocation.
Understand and manage cross-border complexities
Oversee the design and management of governance processes and procedures that ensure the T&O Control Testing Utility performs with separation from the 1st line operating groups it supports and ensure effective operational infrastructure, standards and processes are in place to manage and mitigate risks associated with the utility
Anticipate and mitigate risks associated with management & people, process, systems & technology, market/competition and regulations.
Act as an escalation point to identify & protect T&O from the high risk inherent in the operational complexity
Manage all financial and budgetary processes within Bank policy, guidelines and annual objectives
Establish a culture and work environment that attracts, retains and motivates a diverse skilled workforce within testing and analytics
Translate the strategic picture for staff; provide regular feedback & coaching to direct reports and provide appropriate development opportunities.
Build a high performance culture where speedy execution and issue resolution, business value creation and collaborative working relationships are everyone’s objective
Maintain employee morale by providing continuity and support
Implement the HR strategy focused on developing and sustaining superior workforce performance, in order to achieve competitive benefits through leadership, organizational and cultural transformation and enhanced employee communications. Personally, accountable to ensure effective, ongoing succession is in place through coaching and mentoring the management team to provide continuous & seamless superior performance.
Coach and mentor the Utility management team members to provide continuous and seamless superior performance
10-15 years’ experience managing/directing a large, complex organization or 10-15 years Leading a Technology & Operations organization and Risk, Controls, Governance, Compliance, Testing functions
In-depth knowledge of Testing Standard best practices, along with the tools, technology, analytics, sampling, etc. used for testing
Experience in strategic planning and execution
Substantial exposure to Operations, Risk, Governance, Controls and Regulatory Compliance Management, Testing, key platforms and industry trends
Superior understanding of the organization’s goals and objectives
Demonstrated ability to build a team and lead through transformation and build
Excellent leadership ability with the capability of energizing and motivating people, leading to lasting culture change\
Ability to set and manage priorities judiciously
In depth Finance & Business Acumen
Balance Sheet and reporting
Influence and Negotiation
Multi-jurisdictional Compliance & regulatory
Governance & Control
We’re here to help
At BMO 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 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. We’ll 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, we’ll help you gain valuable experience, and broaden your skillset.
To find out more visit us at https://jobs.bmo.com/ca/en .
BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.