Business Unit and Compliance Officer (BUCO)

  • Competitive
  • Shanghai, Shanghai Shi, China
  • Permanent, Full time
  • Bank of Montreal Asia
  • 26 Sep 16

• The incumbent will be responsible for directing, leading and operating the First Line of Defense’s Operating Group Compliance Program (“OGCP”) for Asia Operations which includes jurisdictional responsibilities for China, Hong Kong and Singapore. • The incumbent will be the central point of contact for all Asia Operations Compliance. • The incumbent with Compliance experience will align with Enterprise Compliance Program to perform regulatory analysis, regulatory risk assessments, regulatory testing, and regulatory issue management (reporting, tracking, and follow-up) for Asia Operations.

Key Accountabilities

In their assigned Assessable Unit(s), the BUCO’s primary responsibilities are to serve as their Operating Group’s primary champion and supervise the design and execution of the OGCP including:
• In consultation with the Compliance Group, ensure that OGCP policies, processes and procedures to comply with the Bank Compliance Polices and guidelines, are established, executed and reviewed periodically.
• Ensure the scope of their OGCP incorporates current AUs.
• Ensure Compliance Controls are designed implemented and, in consultation with the 2nd Line of Defense Compliance team, aligned to Regulatory Requirements and the Enterprise Compliance Risk Appetite and Compliance Culture (i.e. testing).
• Conduct and validating Operating Group Regulatory Compliance Risk Assessments.
• Ensure that applicable Operational Risk Management Framework Risk and Control Assessments maintained by the Operating Group accurately reflect the level of Regulatory and Related Risks.
• Assist in identifying, assessing the severity of, reporting and overseeing remediation of Compliance Issues currently impacting, or with the potential to impact, the effectiveness of the OGCP.
• Monitor the resolution of Compliance Issue action plans.
• Advise the Operating Group Leader (“OGL”) and the Compliance Group when they become aware of Compliance Issues, changing regulations, new and/or changes to existing products/offerings, acquisitions, and other change management due diligence activities which may impact the operation of the OGCP and/or Operating Group Regulatory Risk Profile.
• Identify, ensuring and/or participating along with the Compliance Group in the delivery of and the fulfillment of any compliance-related OGCP training needs, as appropriate.
• Identify areas and methods for relying on existing control and assurance functions to streamline the Business Unit Compliance Program.
• Functions assigned to BUCO may be delegated to Management personnel including the other BUCO(s) provided that:
o The person(s) to whom such functions are delegated is qualified by virtue of training or experience or registration to properly execute the activities; and
o The BUCO conducts sufficient follow up and review to ensure that the person(s) to whom the functions have been delegated is properly executing them
o The BUCO will remain responsible for the performance of the functions delegated to others.

Authorities
For assigned Accessible Unit(s) in Asia:
• Ability to challenge others about any action in an appropriate and balanced manner and follow-up on applicable concerns. Overall understanding of the Operating Group and/or assigned AU(s);
• Direct access to all operations within their assigned AU(s), which includes access to all documents relevant for the effective execution of their compliance responsibilities (and escalating when disagreements arise);
• Appropriate access to assigned Accessible Unit Management, as required;
• Escalating any concerns over lack of expertise, time or resources required to carry out compliance responsibilities properly.
• Recommend major changes in standards and operational processes
• Recommend stopping a project/process because of significant operational compliance or risk exposure

Cross Functional Relationships 
• Line of Business and functional unit personnel, management, and business unit heads
• Compliance (local, regional)

Mandatory Competencies Required
• 3-4+ Years’ Experience in Compliance and/or audit function
• Advanced ability to read regulations and other compliance material applying to respective business unit
• Advanced written and verbal communications, both English, Mandarin Chinese; Cantonese desirable

Other Skills and Qualifications
• 5-7+ years of related experience in Operations Compliance/ Controls
• Experience with the Chinese regulatory environment with some knowledge of Hong Kong and Singapore
• Expert knowledge and understanding of the business unit’s product line
• Ability to prioritize multiple competing demands and ensure highest priority items are addressed first and priority responses are timely.
• Project coordination experience and capabilities an asset
• Advanced influencing skills
• Advanced stakeholder relationship management skills
• Advanced conflict management/ resolution skills
• Strong teamwork skills
• Strong report-writing skills, with ability to create and organize varying forms of business information while developing it into cohesive, meaningful, professional reports and presentations
• Advanced written and oral communication skills