Senior Manager, Initiative Assessment and Approval Process (IAAP)

Senior Manager, Initiative Assessment and Approval Process (IAAP)

Apply locations: Toronto, ON, CAN

Time type: Full time

Posted on: Posted 4 Days Ago

Job requisition id: R240031093

Application Deadline: 02/27/2025

Address: 100 King Street West

Job Family Group: Audit, Risk & Compliance

The Senior Manager, Initiatives Assessment and Approval Process (IAAP) - Operational Non-Financial Risk (ONFR) is accountable for re-envisioning, leading and building an enterprise framework which supports the end-to-end risk assessment and management of all new initiatives, products and services offered across BMO. This opportunity will allow you to present ideas, solutions and process improvement efficiencies to senior leaders within the organization while executing on these deliverables. In this capacity your ability to think strategically and critically, manage relationships in a consultative and influencing manner will be critical. If you thrive in an ever-changing, evolving and challenging environment this could be your dream job and we would like to hear from you.

This role is Hybrid (minimum 2-3 days per week in office @ First Canadian Place site, subject to change).

Key Accountabilities

1. Lead the Initiatives Assessment and Approval Process (IAAP) framework
   • Provide thought leadership and strategic thinking in the evolution and development the existing governance supporting the banks COIAA (Control Over Initiative Assessment and Approval) Directive and associated guidance surrounding the Initiatives Assessment and Approval Process (IAAP).
   • The governance framework includes policies, guidelines and provides programs, practices and measures to promote transparency, accuracy, consistency across groups.
   • Works with business/group and internal partners to ensure regulatory obligations are met and influences and negotiates across all groups within the bank with a direct or indirect impact to the IAAP to achieve business objectives.
   • Act as the primary SME and contact person for all IAAP related guidance across the bank for both 1st and 2nd line teams across the enterprise.
   • Advises business/group on implications of new regulatory developments and provide guidance on change management as applicable.
   • Develop and lead training sessions across all groups on IAAP guidance on the current process and any changes related to framework changes, processes, systems, or regulatory requirements.
   • The individual will be accountable for the annual assessment of the effectiveness of the program, methodology changes and program documentation updates as applicable.
   • Recommends and implements solutions based on analysis of issues and implications for effective management of IAAPs.
   • Participate in any ROE assessments that are conducted on the IAAP or initiative implementation for potential change in risk parameters.
   • Assist in the development and maintenance of other related operational risk programs.
   • Acts as the prime subject matter expert for internal/external stakeholders for the IAAP.
   • Promote an operational risk culture and create awareness of impacted risk programs.
   • Monitor, analyze, and communicate opportunities for operational risk management improvement, including recommending solutions.
   • Support and/or deliver change management.
2. Risk Knowledge and Program Management
   • Support the end-to-end operational risk programs, frameworks and technology that ensure designated unit/cross unit compliance with internal and external guidelines, policies and regulations in collaboration with ONFR team and leadership.
   • Interpret outcomes from the OROs and identify potential issues for appropriate executive and senior management decision-making.
   • Performs monitoring and testing activities on the end-to-end IAAP process to ensure regulatory controls are operating and aligned to regulatory requirements. Supports root cause analysis in response to material control failures in business/group.
   • Report and escalate on instances of non-compliance with IAAP requirements across the enterprise.
   • Contribute to knowledge repositories (e.g., libraries, documentation and support materials) ensuring completeness, accuracy, timeliness and security/integrity of information to support the advancement of risk management capability and proficiency.
   • Support end users across the enterprise through GRCE or IAAP workflow challenges.
   • Support the ONFR leadership as a SME and serve as a coordinator of contact points between external regulators and/or designated ORO groups, providing leadership, advice, guidance, consultation and direction in the area of expertise to executives and senior management to ensure operational risk management processes are in accordance with internal and external standards and guidelines.
   • Advise and counsel executives and senior management on risk exposures, programs and plans.
   • Oversee and report on ONFR related exceptions, identify any systemic trends/gap analysis, opportunity for guidance enhancements.
   • Conducts and/or effectively challenges risk assessments for business/group and assists to identify more effective framework controls.
   • Performs and/or effectively challenges monitoring and testing activities to ensure regulatory controls are operating and aligned to regulatory requirements. Supports root cause analysis in response to material control failures in business/group.
   • Identifies, assesses, effectively challenges and provides oversight on the satisfactory resolution of issues, including ensuring adequate management remediation plans and validation.
   • Elevates high profile issues/risk cases to OROs, ONFR leadership and business management for prompt resolution.
   • Operates effectively within a high stress environment with constantly changing expectations and regulatory & audit scrutiny.
   • Communicates the roles and importance of each of the three lines of defense, and proactively identifies regulatory risk.
   • Influences how teams/groups work together.
   • Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to multiple, interdependent, complex problems.
   • Communicates abstract concepts in simple terms.
   • Fosters strong internal and external networks and works with and across multiple teams to achieve business objectives.
   • Anticipates trends and responds by implementing appropriate changes.
   • Provides specialized consulting, analytical and technical support.
3. Change Management
   • In close engagement with the ONFR team, support the ONFR Change Management team by preparing change materials and communications related to the IAAP and associated projects and processes changed by this team. Conduct and facilitate multiple enterprise wide training sessions by jurisdiction, OG and skill set as appropriate.
   • Represent the operational non-financial risk discipline during change impact analysis and assessment, technology and business requirements-gathering, business case development, solution development, review and sign-off, implementation planning and support, issue escalation and management, sustainment and change acceptance, leadership updates and recommendations, using advanced knowledge of operational risk function and processes.
   • Support operational non-financial risk improvements and initiatives to provide context, information and analysis on proposed changes. Initiatives may include the development and implementation of new/ revised products, new systems or enhancements, new/ revised processes in support of internal efficiencies and industry regulatory changes.
4. General Accountabilities
   • Builds interdependent teams that collaborate across functional and operating groups to create the highest value for all stakeholders.
   • 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.
   • Advises and influences senior leaders on managing regulatory risk associated related to business decisions and strategic initiatives.
   • Develops an expert understanding of business/group challenges.
   • May consult to or serve on various committees.
   • Exercises judgment to identify, diagnose, and solve problems within given rules.
   • Works independently and regularly handles non-routine situations.
   • Promote communication of regulatory engagement standards and best practices.
   • Participate in industry groups to influence development of regulatory requirements.
   • Broader work or accountabilities may be assigned as needed.
   • Build and maintain relationships with industry contacts (internal and external), regulatory officials, and external consultants for the purpose of enhancing business effectiveness and efficiencies.
   • Support the delivery of exceptional customer service that builds trust through responsive, accurate, consistent, knowledgeable and available services and support.
   • Align individual performance goals to team and organizational goals.
   • Broader work or accountabilities may be assigned as needed.
   • Demonstrate behaviors that are consistent with “Being BMO” model and aligned with BMO values.

Qualifications:

• Undergraduate university degree, and Graduate degree or Professional Designation.
• 7+ years of relevant experience in financial services, experience in risk management, audit, compliance, governance and/or project management is preferred or in other industries.
• Expert knowledge of business and regulatory environment.
• Knowledge and ability to interpret regulatory expectations (OSFI, OCC, FRB), address and incorporate processes, controls, and mechanisms to align frameworks with regulatory expectations.
• In-depth/expert knowledge & experience with risk management frameworks, RCSAs; quality control/testing frameworks.
• Strong knowledge and understanding of key products and services, processes, controls and organization.
• Internal knowledge of the organization an advantage.
• Strong understanding of operational risk concepts and related control frameworks and practices.
• Advanced understanding of industry practices and risk reporting fundamentals.
• Solid understanding and knowledge of the business planning process, reporting cycles and requirements, protocols for sign-offs and information sharing, and key business metrics.
• Solid understanding of system design, databases and business intelligence techniques.
• Expert ability to identify issues and implement controls for risk mitigation.

Skills:

• Leadership, organization, and planning ability.
• Advanced written and oral communication skills, with the capability to present and articulate complex concepts.
• Advanced report design and writing skills, with ability to create and organize varying forms of business information while developing it into cohesive, meaningful, professional reports and presentations.
• Advanced stakeholder relationship management skills.
• Advanced prioritization skills.
• Strong attention to detail and organizational skills.
• Advanced planning skills (re finance, resource, strategy, business).
• Strong conflict management/ resolution skills.
• Strong teamwork skills.
• Strong logic and data integration skills.
• Expert analytical and problem-solving skills.
• Expert ability to manage ambiguity.
• Excellent conceptual skills, with an ability to quickly understand concepts and translate them into meaningful information (incl presentation & communication skills to effectively execute change).
• Strong ability to influence others, with a focus on cross-group collaboration.
• Consistent ability to produce exceptional quality output and manage competing deadlines, priorities, accountabilities and constraints.
• Ability of identify and effect appropriate risk governance and control mechanisms.

Develops and maintains an effective internal control framework that defines the ways and methods governance is implemented, managed, and monitored in the designated business/group portfolio. The governance framework includes policies, guidelines and provides programs, practices and measures to promote transparency, accuracy, consistency across groups. Applies specialized knowledge of risk management, regulatory compliance and internal controls related to business processes and information.