Head of Risk Identification and Emerging Events & Scenarios

The role of Head of Risk Identification and Emerging Events & Scenarios is crucial for effective risk management. This is led by:–Strategic Insights: This role provides strategic insight by identifying potential risks that could impact BMO’s objectives. This involves understanding and assessing internal and external factors that effect BMO’s earnings, capital and liquidity resources–Board level visibility: The key stakeholder are the Board and Executive Committee. They require the organisation to document, track and more regarding the risks. The Risk ID inventory is key to bring together the 9 types of risks that BMO is exposed to. The role is key to look across Risks and Operating Groups, and assess potential vulnerabilities to BMO. The stakeholders are also looking for insights to potential internal or external events on the horizon that could harm BMO’s strategic objectives and financial resources–Regulatory requirements: This role will inform regulatory required stress tests and scenarios for capital planning purposes and for assessing vulnerabilities to severe yet plausible events, eg Geo-political risk impactThe is a newly developed role with breadth of coverage across all Operating Groups and Corporate Service Areas across North America as well integrating across BMO’s 9 Risk Types.Provides oversight, monitoring and reporting on the identification, assessment, monitoring and control of all categories of risk (Market, Operational, Credit, and Liquidity risks) across the enterprise including Operating Groups and Corporate Areas. Develops and maintains the risk management framework that includes the governance framework and practices leveraged across the assigned portfolio to manage all risks taken. Provides policies, standards, methodologies, and controls that increase transparency, accuracy, and consistency across groups. Executes decision rights within the governance framework and works with stakeholders to implement the methodology, metrics, and program standards for the assigned portfolio to ensure compliance as well as effective timely reporting and identification of action plans.

Owns the Risk Identification Framework

Owns the Quarterly Refresh Cycle Process to update the Enterprise and US inventories including Enterprise-wide review & challenge.

Manages and reports the Enterprise and US Risk ID Inventories.

Provides advice, tools, and training to Risk ID leads from 1st and 2nd line.

Develops Emerging Event & Scenarios informed by Risk ID.

Executes Risk assessment and scenario analysis of Events.

Leads and integrates the monitoring, measurement & reporting on the status of the risk governance program to internal & external stakeholders.

Leads the management of governance meetings and maintenance of governing body mandates, oversight, and approval guidelines.

Administers and maintains risk program activities in adherence to all policies, procedures and established processes for risks taken within the Risk Appetite of the Bank.

Identifies potential risk situations/ impacts and make recommendations or escalates as per decision rights frameworks and guidelines.

Assists with the interpretation of new or changing regulations and assessing impacts to the risk programs and governance frameworks; recommends and implements solutions based on analysis of issues and implications for the business.

Develops and maintains in-depth knowledge of business and related risk management requirements and legislative/ regulatory directives and guidance.

Researches existing or emerging requirements & related best practices to assist and develops recommendations for changes/enhancements.

Initiates and facilitates productive forums, where stakeholders can discuss, debate, and decide on key risk concerns.

Builds effective relationships with internal/external stakeholders e.g., business stakeholders and Corporate Support Areas (CSAs) in providing ‘second line of defense’ information and risk management support.

Analyzes data and information to provide insights and recommendations; includes identification of risk impacts for new processes and workflows related to initiatives.

Maintains tools and templates for risk programs and standards as required (e.g., Risk Control Self Assessment (RCSA), Sarbanes-Oxley (SOX); business continuity planning standards and policies, etc.)

Identifies the impact of proposed process/program/technology changes on current processes, to optimize efficiency and minimize disruption.

Within the mandate of this role, promotes and supports the Bank’s risk culture including ensuring employees understand their accountabilities for risk-taking activities, promoting an environment of open communication and effective challenge, and establishing the “tone from the top” through leading by example.

Complies with the Bank’s Risk Appetite framework and ensures risk-taking activities remain within agreed limits and comply with all regulatory requirements.

Role models driving simplicity and productivity enhancements for optimization across groups driving continuous improvement on key measures.

Activates our winning culture, aligned with Purpose. Ignites engagement by aligning our culture to our strategy and fueling exceptional execution.

Fosters diversity, equity and inclusion and creates an inclusive environment for all employees by eliminating barriers to inclusion.

Develops leaders, plans for succession, and fosters a high-performance culture.

Drives top talent acquisition and retention, developing organizational capabilities to drive competitive advantage.

Leads and mentors a team with diverse risk and business experience, skills, and orientation.

Leads, promotes, and reinforces the Bank’s Ambition; personally, role models One Bank leadership; drives sustainable improvements in customer loyalty and business growth; adheres and supports enterprise customer experience and brand standards.

Qualifications:

Post secondary education.

10+ years experience in financial services

Credit Qualifications and associated credit knowledge and skills according to the established qualification standards.

Experience developing and implementing high level strategy.

Technical leader viewed as a thought leader for innovation.

Verbal & written communication skills - Expert.

Analytical and problem-solving skills - Expert.

Influence skills - Expert.

Collaboration & team skills; with a focus on cross-group collaboration - Expert.

Data driven decision making - Expert.

Expert knowledge of risk management, audit, compliance, governance practices.

Expert knowledge of business and regulatory environment and understanding of risk issues / trends and best practices.

Expert knowledge of banking products, including credit and non-credit experience, economics, and financial markets.

Ability to manage multiple priorities with effective planning and organizing skills.

Seasoned expert with extensive industry knowledge.

Please note the target base salary range for this specific position is noted as a range from $200,000 USD to $260,000 USD depending on experience.Salary:Pay Type:SalariedThe above represents BMO Financial Group’s pay range and type.Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group’s expected target for the first year in this position.BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-RewardsWe’re here to helpAt 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/us/enBMO 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. BMO is an equal opportunity/affirmative action employer. All qualified applicants will receive consideration for employment without regard to sex, gender identity, sexual orientation, race, color, religion, national origin, disability, protected Veteran status, age, or any other characteristic protected by law. 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.