Risk and Control Associate

Address:

Corporate Actions Entitlement area is part of BMO Wealth Management Operations line of business. We are seeking a Risk and Control Associate to join our Operations team to provide support and deliver specific processes. Asset Servicing Unit supports a variety of lines of business, including Nesbitt Burns Mutual Funds distribution channels, BMO Nesbitt Burns, BMO Global Asset Management, BMO Capital Markets and InvestorLine. The role will report directly into the Associate Director of Corporate Action Entitlement and Re-Org.
 

Opportunity:

The role will provide support and delivery on specific operational processes to ensure timely and accurate settlement of Security, Dividend, Interest, Maturity, Foreign Exchange and Money Market transactions executed globally, and confirms the activity is accurately recorded in the bank's book of records. Specific operational processes include supporting the Entitlement team with Escalations and Queries, Audit requirement, and BCP activity for the overall Corporate Actions and Entitlement team.  The role will also include tasks related to in depth review of account related activities, confirmation, cash management, margin, and collateralization.
 

Also provides support for specialized operations - Asset Servicing (corporate actions/entitlements), Correspondent Banking Services, and the Wire Payment Operations hub for the bank.

In doing so, you will ensure an appropriate level of operational efficiency is maintained and effective procedural, compliance and management controls are in place and followed, in accordance with the established policy/procedures of the unit.

Day-to-Day Functions

Daily KPI Submissions

CIC Log review of incoming Quires

Weekly GEM Reporting

• Review reconciliation report for aged items – follow up with teams to resolve.

Month End Reconciliation Review and submission in SharePoint

• Write Off Account Review – Entitlements and Fixed Income
• Unclaimed Accounts

Audit Reviews

• KPMG Year End
• KPMG Yearly Audit
• Corporate Audit
• PRC Audit

Year End Reconciliation and submission to Finance

• Included review and journaling of claims rec’d during the year for previously remitted balances.

BCP Co-Ordination Activities            

• Maintain/update applications/systems for all processes.
• Multiple BCP testing throughout the year – includes Vendor and inhouse testing – at minimum 4-8 tests a year.
• Pretest meetings
• Organizing Testers
• Completing registration forms
• Completing process steps
• Test day management
• Liaison between BCM group and testers
• Attend meeting throughout the day for updates.
• Troubleshoot/manage issues reported by testers.
• Update Fusion with test results on test day
• Annual BIA/BCP/RA review
• Annual Call Tree test (current FTE total is 270+ to manage)
• Annual AWA testing
• Attend Quarterly BCM meetings.
• Updating Fusion with any changes throughout the year
• Any additional asks from BCM
• Yearly QA review of plan

Risk and Compliance

• Quarterly Review and Attestation of various accounts used to process CA and Entitlements
• Yearly Review of Iron Mountain Files (Record Retention Review)
• Yearly Deletion of files
• Yearly Review of Safe Controls

Ad hoc projects

Support for Entitlements - DRIPs, inquiries etc.

Daily Operation

• Manage workflows giving priority to urgent instructions and oversight of other critical team tasks that ensure all instructions are reconciled, balanced, and accounted daily.
• Oversight on review daily DRIP expiries to ensure timely and accurate tender to agents where applicable and all associated tasks are completed and ensure all files are appropriately documented and presented to Senior Management.
• Fulfill routine and frequently non-routine transactions, internal business partner and/or external customer inquiries/requests, and/or audit/reconciliation activities.
• Support & Assist in the implementation of operational changes/improvements in order to streamline procedures and enhance customer service and identify and recommend areas for improved efficiency and simplification Risk Control.
• Escalate all critical issues identified immediately to ensure risk mitigation and control and ensure errors and omissions are maintained at an absolute minimum, or where occurring are not repetitive in nature as part of managing key risk indicators.
• Complete and sign all checklists with integrity and supporting documentation if required and maintain of satisfactory internal and external Audit/Regulatory/Risk ratings and reviews.

Client Services

• Respond to all client queries in a timely manner providing all necessary information and backup for quick resolution and ensure the Entitlement Team is notified and updated of all potential client impacting issues.
• Collaborate with internal and external stakeholders ensuring risk adverse best service to our clients.
• Communicates and collaborates with internal and external stakeholders in order to deliver on business objectives and non-standard inquiries.

Overall Accountability

• Responsible for oversight on the daily operations of the business; is knowledgeable in the Entitlement unit’s functions to ensure the teams resources are managed efficiently and most effectively.
• Ensure Entitlements team’s performance is focused on achieving and exceeding quality and productivity goals. Support team members on their path to proficiency as they progress through the department training of new employees.
• Identifying optimization in a collaborative manner. Work in close collaboration with internal and external business partners to execute and continuously improve the processes.
• Continually assess productivity and quality results and provide timely coaching to team members. Ensure Entitlement team is aligned with and progressing through the training framework, achieving proficiency within designed timeframes.
• Providing an effortless experience for our front lines. Ensure Entitlement team has a strong understanding of the client experience and how they can positively impact it. Proactively maintain knowledge of business unit and policy and procedures, and to communicate changes as required.
• The Risk and Control Associate will work collaboratively within the supervisory & management group to coordinate the activities of the Corporate Actions and Entitlement Analysts to successfully meet the business needs. They monitor service quality to ensure service levels are consistently achieved by resolving issues efficiently and effectively, and collect, interpret and report on metrics. In addition, the Risk and Control Associate acts as a key escalation point for Entitlement Analysts for issues.
• Participates/leads process/system continuous improvement initiatives.

Other Activities/Functions

Culture

• Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviors in all that they do.
• Ensures alignment between values and behavior that fosters diversity and inclusion.

Team

• Attracts, retains, and enables the career development of top talent.
• Improves team performance, recognizes and rewards performance, coaches’ employees, supports their development, and manages poor performance.
• Monitors and tracks performance and address any issues.

What do you need to succeed?

Must Have

• Between 5 - 7 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
• Knowledge and understanding of the business unit’s key products and services, processes, and controls.
• Knowledge of the risk and regulatory requirements of the business.
• Customer service skills.
• Deep knowledge and technical proficiency gained through extensive education and business experience.
• Strong prioritization skills, ability to multi-task in a fast-paced environment.
• Strong analytical, organizational, and problem-solving skills.
• Data driven decision making.
• Experience in: Broadridge ADP, various depos (CDS, DTC, BNP, Citi, BONY, Euroclear).

The 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-Rewards

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.