This opportunity will allow you to work on exciting projects within operational risk and have direct visibility to top leaders within our organization. If you have Third-Party risk management experience especially experience implementing and overseeing FRB, OCC and FDIC Third-Party related regulatory requirements, engaging with regulators or regulatory matters, consider applying to this dynamic opportunity. This is a 2nd line of defence role for Third-Party Risk Management (TPRM) within the Operational Non-Financial Risk (ONFR) practice at BMO. Working within a dynamic team, and with engaged 1st and 2nd line subject matter experts (SMEs), you will be responsible for supporting and overseeing Third-Party Risk Management practices at BMO, acting as the central point of contact for 2nd line Third-Party Risk Management in the US. Skills and experience in identification, analysis, monitoring and reporting of risks posed by Third-Parties are key to succeeding in this role and we look forward to hearing about your experience in this area.
Mandate:
As part of the 2nd line of defense, this role supports the following primary accountabilities of the Enterprise Third-Party Risk Management team:
Provide strategic input into business decisions as a trusted advisor
Make recommendations to senior leaders on strategy and new initiatives, based on an in-depth understanding of the business/group.
Develop, implement and maintain the Third-Party Risk Management Directive, Framework and other related requirements that are used across the enterprise to ensure Third-Party Risks are appropriately identified, assessed, managed, monitored and reported;
Provide oversight and 2nd line effective challenge to ensure the Third-Party Risks, especially Third-Party Cyber Security and Technology risks are being identified, assesses, managed and reported in accordance with applicable Regulatory and Governance requirements
Act as subject matter expert on relevant Third-Party regulations and policies
Responsibilities:
Provide thought leadership in development of sound Third-Party Risk Management practices
Promote and support BMO’s risks culture and operational resilience ensuring employees understand their accountabilities for risk-taking activities related to Third-Party Risk, promoting an environment of open communication and effective challenge
Support development of Third-Party Risk Appetite Statements and related metrics for the Enterprise, ensuring compliance with Risk Appetite Framework;
Support development and implementation of relevant policies, standards, directives, frameworks and requirements relating to management of Third-Party Risk
Support oversight and effective challenge of Third-Party risk assessment and management activities for High Risk engagement
Research and provide thought leadership on current and emerging methodologies to quantify Third-Party Risk (and other non-financial risks)
Support 1st and 2nd Lines to appropriately identify, assess, measure and manage Third-Party Risk across their portfolios
Collaborate with all risk experts and stakeholders to ensure appropriate coverage and scrutiny of Third-Party Risk (especially Third-Party Cyber Security and Technology Risks) across all risk registers, libraries, forums and committees
Support remediation of Audit and Regulatory issues and findings relating to the design of the Third-Party Risk Management policies, standards, frameworks, and requirements
Provide 2nd line oversight and effective challenge to ensure sound management of Third-Party Risk
Provide oversight to ensure that Third-Party Risk across the Enterprise remains within the established risk appetite, and that internal controls are appropriately designed and implemented, and are operating effectively
Support development, enhancement and implementation of oversight methodologies that rely on data analysis, data aggregation, trend analysis to monitor the control environment related to Third Parties
Support development and implementation of testing methodologies to maintain oversight over Third-Party risk-taking activities across all stages of the Third-Party lifecycle
Provide input and effective challenge to ensure projects, initiatives and other change activities appropriately consider Third-Party Risks
Provide input and effective challenge over Key Risk Indicators used to monitor Third-Party Risks
Provide input and effective challenge to ensure that issues and operational risks events relating to Third-Party Risks are appropriately remediated within set timelines
Provide subject matter expertise and guidance on specific operational risk events, recommending solutions for management of Third-Party Risks that are commensurate with the materiality and complexity of the event
Provide effective 2nd line oversight and effective challenge to ensure sound Operational Risk Management within the Procurement
Understand industry trends and regulatory requirements relating the Vendor Management, and articulate 2nd Line of Defense positions on these (to share with Senior Leadership and 1st Line Risk Experts of these functions)
Provide thought leadership and subject matter expertise on all Operational Risk Categories (AML, Legal, Compliance etc.) for Procurement
Provide oversight and 2nd line effective challenge to ensure all operational risks within the Procurement functions are appropriately managed
Ensure Operational Risks from risk taking activities within Procurement functions are identified, assessed, measured, managed and reported within a consistent framework of robust internal controls
Support development of, and provide effective challenge over development of Process, Risk and Control Libraries for Procurement
Provide subject matter expertise and unique insights
Work with Cyber Risk Management, Technology Risk Management and other subject matter experts to provide subject matter expertise on Third-Party related elements relating to these risks
Gather, assemble and analyze internal and external data to drive unique insights to identify risks, and recommend improvements TPRM management programs
Develop and implement relevant parameters for reporting of the Third-Party Risk profiles for individual operating groups and the Enterprise
Relationship Management and Internal Integration
Develop and maintain effective relationships with 1st and 2nd line business partners involved in management and oversight of Third-Party Risks
Build collaborative relationships with Senior Operational Risk Officers, and other risk management groups and subject matter experts across the organization
Promote effective working relationships with Regulators
Anticipate and prepare for emerging regulatory developments, and support maintenance effective relationships with regulators
Promote communication of regulatory engagement standards and best practices
Participate in industry groups to influence development of regulatory requirements
Support efficient management of regulatory audit and exam activities related to Third-Party Risk
Qualifications:
Undergraduate university degree, and Graduate degree or Professional Designation
7-10 years of relevant experience in financial services or supply chain management in other industries
In-depth knowledge of Third-Party Management lifecycle and related risk management standards, methodologies, and practices
Experience with policy writing, data analysis or risk reporting is an asset
Experience with business intelligence tools e.g. Microsoft BI is an asset
Experience in supporting relationship management with regulators is an asset
Experience in oversight of Vendor Cyber and Technology Risk is an asset
Sound knowledge of multi-jurisdictional regulatory environments and trends related to Third-Party Risks
Exposure to retail/wholesale banking is an asset
Skills:
Leadership, organization, and planning ability
Relationship management, communication and presentation skills
Strong ability to influence others
Consistent ability to produce exceptional quality output and manage competing deadlines, priorities, accountabilities and constraints.
Excellent execution skills and change management capabilities.
Ability of identify and effect appropriate risk governance and control mechanisms
About Us
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.
Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.
We are committed to hiring military and Veteran spouses and encourage you to identify your connection with the MSEN when reaching out to us or applying to any of our open roles.
Have questions or want to learn more about us? We would love to hear from you!
Diversity and Recruitment Team
E mail: diversity.recruitment@bmo.com
Introduce Yourself to BMO (Military/Veterans)
Careers for service members, veterans and their families
We’re proud to be the official bank of the Canadian Defence Community – and that goes beyond supporting your financial well-being. We value the skills you’ve earned in the military, and we’re here to help as you move into the next stage of your professional life.
BMO is a Poppy Campaign partner and invests over $265k per year in 3+ signature sponsorship properties, including the Canada Army Run, the Navy Bike Ride, and the RCAF Run.
At BMO, you’ll have the opportunity to use your commitment, discipline, and dedication to teamwork to make a difference. Come and grow your career with us.