• Job Description

  Req#: R230011213

  Application Deadline:

  10/29/2023

  Address:

  111 W Monroe - 115 S LaSalle

  Job Family Group:

  Business Management

  MANDATE

  Business Unit Compliance is responsible for directing, leading and operating the First Line of Defense’s Operating Group Compliance Program (OGCP).

  An OGCP is the system of policies, processes and controls established by the First Line of Defense to achieve and sustain its risk-based compliance with applicable laws and regulatory requirements and to ensure that the First Line of Defense responsibilities outlined in the Legal Regulatory Compliance Risk Management (LRCRM) Policy, the Enterprise Compliance Program and the Global Compliance Manual (GCM) and supporting operating guidelines are met.

  Trade Floor Supervision is part of the overall Business Unit Compliance Organization and is specifically responsible for the monitoring of trade 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.

  _____________________________________________________________________________

  KEY ACCOUNTABILITIES

  Working directly with the Director responsible for Trade Floor Supervision of US Rates Sales and Trading team, to ensure the business is operating in accordance with regulatory requirements, specifically, the SEC, FINRA, OCC, FRB, CFTC, NFA, IIROC, OSFI. The Supervisor is responsible to understand and interpret such rules and established reports and surveillance, validate activity, document observations and results. This candidate must able to recognize when to escalate any activity that appears to be outside the boundaries of compliance with such regulatory requirements. Product lines may include but not limited to US Treasuries and Futures, Interest Rate Swaps, FX and Investment Grade Corporates.

  Additional accountabilities will include a robust understanding of the regulatory obligations associated with these products and personnel, and the development and/or continued maintenance of a first line of defense (Trade Supervision) protocol for monitoring controls around them.

  The Supervisor is also 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.

  The Supervisor will work closely with the Director and other members of Fixed Income Securitized Products and Interest Rate Swaps TFS, as well as 2nd line Compliance, to support adherence to all applicable regulations.

  The Supervisor will be expected to:

  • Perform e-mail and phone call reviews of employees to ensure appropriateness of communications
  • Review surveillance reports; document and report anomalies and trends to your supervisor
  • Assist in maintaining up-to-date policies and procedures
  • Partner closely with Compliance and Supervision colleagues in order to monitor Regulatory developments in the context of current rules and industry trends

  AUTHORITIES:

  The Capital Markets Supervisor will have the following authorities:

  • Ability to challenge others about any action in an appropriate and balanced manner. They should also be able to follow-up on any concern, question or issue that may arise.
  • Overall understanding of the Operating Group and/or assigned Assessable Unit(s) (“AU(s)”)
  • Direct access to all operations within their assigned AU(s), which includes access to all documents if the Vice President believes are relevant for the effective execution of their compliance responsibilities;
  • Attend meetings the Director believes are relevant for an effective execution of the program.
  • Appropriate access to all levels of Management in their assigned AU(s), the OGL and the Compliance Group, as required
  • Direct access to Trading Desk Heads and Business Managers for escalation &/or clarification of Trading Activities.

  CROSS-FUNCTIONAL RELATIONSHIPS:

  • The Supervisor of U.S. Trade Floor Supervision will work closely with the Compliance Group, who carries out the Second Line of Defense mandate of independent oversight and effective challenge.
  • Participate in other projects as necessary to support the Trade Floor Supervision function
  • The Vice President will maintain active and ongoing dialogue with the U.S. Legal Entity Executives.

  KNOWLEDGE, SKILLS & REQUIREMENTS:

  • Strong product knowledge and understanding of trading activities and applicable regulations.
  • Solid knowledge of the Broker Dealer and Banking Regulations, which include but not limited to SEC, FINRA, OCC, FRB, CFTC, NFA, IIROC, OSFI etc.
  • Strong written and oral communication skills
  • Strong collaborative skills
  • Excellent Excel spreadsheet manipulation and data analytic 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 management 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
  • Ability to deal with sensitive issues with tact and discretion
  • Excellent judgment and interpersonal skills, who can consult, influence, collaborate, appropriately escalate issues
  • 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.
  • Professional certifications are required– Series 7, 63, 24

  Location: CHICAGO

  US Rates, Sales & Trading are managed in both Chicago and New York City.

  COMPENSATION

  Annual base salary: $150,000 - 165,000 USD. The base salary range represents the anticipated low and high end of the BMO Financial Group's salary range for this position. Actual salaries will vary and will be based on various factors, such as skill, experience and qualification for the role. This position is also eligible for a bonus plan.

  The base salary and potential bonus is one component of BMO Financial Group's total compensation package for employees. Other rewards and benefits include health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: www.bmousbenefits.com .

  PRIVACY

  At BMO Financial Group your privacy is our priority. Our Privacy Code outlines our commitment to you and is designed to comply with applicable Privacy legislation in Canada. To view a copy of the Bank’s privacy policy please visit our website at http://www.bmo.com, scroll to the bottom of the page and click on the Privacy link.

  Compensation and Benefits:

  $66,500.00 - $95,000.00

  The base salary represents BMO Financial Group’s hiring range for this position. Actual salaries will vary and will be based on various factors, such as location, skills, experience, and qualification for the role. Salaries for part-time roles will be pro-rated based on number of hours regularly worked.

  Base salary is one component of BMO Financial Group’s total compensation package for employees, which may include performance-based incentives, commissions or 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: www.bmousbenefits.com .

  We’re here to help

  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 http://jobs.bmo.com/us/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. 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.

• About the company

  The Bank of Montreal is a Canadian multinational investment bank and financial services company.

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