Supervision Associate_Business Compliance
- Shanghai, Shanghai Shi, China
- Permanent, Full time
- Bank of Montreal Asia
- 25 Sep 16
Business Unit Compliance is responsible for directing, leading and operating the First Line of Defense’s Operating Group Compliance Program (OGCP). Supervision is part of the overall Business Unit Compliance Organization and is specifically responsible for the monitoring of business (including trading floor) activities and ensuring these activities adhere to all applicable regulations. This is done through the utilization of various tools including daily checklists, transaction reviews, risk assessments and attestations. The incumbent will lead and be accountable for assigned areas of Supervision and other regulatory & control mandates.
Key Accountabilities – Business Compliance
In their assigned Assessable Unit(s), the incumbent’s primary responsibilities are to assist their Vice President’ in execution of assigned areas as the Operating Group’s primary day-to-day manager in championing and supervising the design and execution of the OGCP including:
• In consultation with the Compliance Group, ensuring that OGCP policies, processes and procedures to comply with the Bank Compliance Polices and guidelines, are established, executed and reviewed periodically.
• Ensuring the scope of their OGCP incorporates current AUs.
• Ensuring 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).
• Conducting and validating Operating Group Regulatory Compliance Risk Assessmentxs.
• Ensuring that applicable Operational Risk Management Framework Risk and Control Assessments maintained by the Operating Group accurately reflect the level of Regulatory and Related Risks.
• Assisting 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.
• Monitoring the resolution of Compliance Issue action plans.
• Escalating when they become aware of Operating Group developments which may impact the operation of the OGCP and/or Operating Group Regulatory Risk Profile.
• Identifying, 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.
• Identifying areas and methods for relying on existing control and assurance functions to streamline the Business Unit Compliance Program.
• Other internal control duties and responsibilities as assigned.
Key Accountabilities – Supervision
The Associate will be responsible for the monitoring and supervision of a set of business activities.
These activities will include some or all of the following:
Monitoring and Supervision of regulatory compliance across a range of businesses spanning both Banking and Capital Markets products and Legal Entity/Enterprise controls. Product lines may include but not limited to: Loans, Deposits, Trade Financing, FX, Treasury, Fixed Income, and Structured Products, etc.
Additionally, the Associate is accountable for helping to promote an inherent culture of compliance across Capital Markets Trading Products so that resources may be committed toward proactive rather than reactive gap analysis.
Additionally, the Associate is accountable for helping to promote an inherent culture of compliance across BMO so that resources may be committed toward proactive rather than reactive gap analysis.
The Associate will work closely with the business units as well as 2nd line Compliance, as assigned, to ensure adherence to all applicable regulations.
The Associate President will be expected to:
• E-mail and voice mail reviews of employees to ensure appropriateness of communications
• Provide consultation and advice to trading desks and Business Heads, in consultation with the Vice President as necessary
• Perform necessary functions and activities to ensure and demonstrate compliance with the Operating Group Compliance Program
• Partner closely with Compliance and Supervision colleagues in order to monitor Regulatory developments in the context of current rules and industry trends.
• Supervise trading activities to ensure compliance with all applicable regulations.
Mandate – Selected Business Compliance & Control Mandates
EBC & AML will own several important local regulatory mandates as assigned by senior executives in Asia. The incumbent will lead and manage any mandates as assigned, including but not limited to:
• Branch Governance Policy
• Bank-Wide and Branch Performance Management framework & measurement
• Chop/Seal Management
• Data Quality
• Policy & Procedure Management including localization monitoring (translation) and regulatory reporting
• Fee Management
• Interest Rate Management
• Deposit Insurance
• Ability to challenge others about any action in an appropriate and balanced manner. They shall also be able to follow-up on any concern, question or issue that may arise.
• 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 where Supervision management believes they are relevant for the effective execution of their compliance responsibilities;
• Attend meetings, as approved by Supervision management, the incumbent believes are relevant for an effective execution of the program.
• Appropriate access to all levels of Management in their assigned AU(s) as well as the OGL and the Compliance Group, as required
• Direct access to Business Managers for escalation &/or clarification of Trading Activities.
• Assist First Line colleagues with Regulatory Exam readiness, and when necessary interact directly with Regulators in coordination with First Line Executives.
Cross Functional Relationships
• Line of Business and functional unit personnel, management, and business unit heads
• Enterprise Business Continuity Management
• Product Operations Business Continuity, Capital Markets BCM, and PCG Headquarters Regulatory
• Enterprise Operational Risk
• Strong product knowledge and understanding of trading activities and applicable regulations.
• Solid knowledge of the CBRC, SAFE, PBOC and related banking regulations; MAS, HKMA, OSFI and US regulations a plus
• Advanced educational degree is desirable – MBA, CPA, JD or CFA
• Strong written and oral communication skills
• Strong relationship management skills; ability to establish and manage multiple stakeholder relationships with the business, within the three lines of defense and with corporate support functions
• Proven project leadership capabilities and an ability to co-ordinate the efforts of people and resources not under their direct control
• Ability to read technical compliance material and distil the applicability of the regulations to respective business unit(s)
• Demonstrated analytical, auditing, writing, communications and presentation skills
• Excellent judgment and interpersonal skills, who can consult, influence, collaborate, effectively challenge colleagues across first, second and third line and the business groups
• Strong analytical skills – analyze the evidence collected on remediated controls and determine if there is substantive conformance with requirements
• Ability to recognize material differences between planned execution and actual practice
• Ability to communicate questions and requests in a professional and clear manner
• Advanced written and verbal communications, both English and Mandarin; Cantonese a strong plus
• Strong planning skills (re finance, resource, strategy, business)
• Advanced risk management skills
• Advanced Business Continuity Planning/ Business Continuity Management / Disaster Recovery Planning skills
• Advanced influencing skills
• Advanced facilitation/ presentation 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, with the capability to present and articulate complex concepts