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VP, Business Unit Compliance Officer

Toronto, ON
Full Time
3 days ago
100 King Street West

Job Family Group:

Business Management

BMO Capital Markets is a leading, full-service financial services provider. We offer corporate and investment banking, treasury management, as well as research and advisory services to clients around the world. #bmocapitalmarkets

BUCO Job Description (FICC Supervision / Volcker)

Management, as the First Line of Defense, is accountable for compliance with laws, and Regulatory Requirements applicable to their business areas. To meet this responsibility, Management is responsible for the design, implementation and effective operation of an Operating Group Compliance Program ("OGCP") for their respective Operating Group. An OGCP is the system of policies, processes and controls established by Management to achieve and sustain its risk-based compliance with applicable laws and Regulatory Requirements and to ensure that the First Line of Defence 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. Additionally, Management should appoint at a BUCO to supervise and support the operation of the OGCP to ensure compliance with OGCP policies, process and procedures.

The role of the BUCO is based upon the common principle that the individual(s) in that role have the capability and authority outlined in this job description to serve as Management's primary person(s) to supervise and support OGCP operation in an assigned Assessable Unit(s) ("AU").


The role of the FICC Supervision / Volcker Vice President is to interpret quantitative and qualitative aspects of trading desk activities to ensure the trading desk conforms to the requirements of its Volcker mandate as well as CFTC, SEC, OSC Swap Dealer regulations . In order to effectively perform the role the incumbent needs to become thoroughly familiar with strategic and operational aspects of the assigned trading desks to be able to make informed judgments. The VP will need to leverage their deep product knowledge of OTC Derivatives for FX, Interest Rates, Credit and Commodities as well as Equities to ensure compliance with swap dealer rules. The VP needs to assimilate information from varied sources. This data references different control aspects and may be ambiguous. Consequently, a well-developed ability to make sound determinations from subjective data is essential.

The VP will be required to work closely with other members of the Trade Supervision team as well as trading desk personnel. Consequently, a high level of communication skills including the ability to communicate effectively and succinctly is essential. The VP must also have the demonstrated ability to function effectively as a member of a team

Trade floor supervision operates in a dynamic and challenging environment. The ability to effectively manage challenging circumstances, multiple tasks, and demanding job requirements are key attributes to success.

Key Accountabilities:
  • Assess data and make informed decisions and sound subjective judgments to monitor trading activity for compliance with the trading desk's Volcker mandates.
  • Escalation to LOB Supervisors of issues that require attention
  • Handle "on-the-fly" requests from LOB Heads and trading staff for situation specific advice. This may involve requesting interpretations.
  • Identify key trade and risk attributes.
  • Assist in maintaining comprehensive professional reporting templates.
  • Present to stakeholders within the organization including Line of Business Management and work with technology partners to ensure timely and effective technology program delivery.
  • Communicate high order concepts in concise and meaningful way.
  • Conduct user acceptance testing of new technology implementations.

Role Authorities

In their respective Operating Group, the BUCO's authorities are:

  • Ability to challenge others about any action in an appropriate and balanced manner. They shall also be able to follow-up on any concern;
  • 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 if the BUCO believes are relevant for the effective execution of their compliance responsibilities;
  • The authority to direct the AU(s) under their responsibility to perform monitoring when it is considered necessary and/or at the direction of the OGL and/or the Compliance Group;
  • Enabled to attend any meetings if the BUCO believes such is relevant for an effective execution of their compliance responsibilities;
  • Appropriate access to all levels of Management in their assigned AU(s) as well as the OGL and the Compliance Group, as required;
  • Limited or not responsible for the execution the operational activities in order to perform their supervisory and monitoring duties objectively; and
  • The provision of adequate financial and human resources to meet their compliance responsibilities.

If the BUCO believes that they do not have expertise, time or resources required to carry out compliance responsibilities properly the issue must be raised with their direct reporting manager and/or OGL and the Compliance Group, and if such inadequacies persist, with the Bank of Montreal Chief Compliance Officer ("CCO") or his/her delegate.

Cross Functional Relationships:

The BUCO works very closely with the Compliance Group, who carries out the Second Line of Defence mandate of independent oversight and effective challenge.


• This role is authorized to interact with other enterprise partners for the purpose of providing unsolicited advice to relevant stakeholders.


• This role is authorized to be informed of the activities of other functional remits. If it is determined that the activities are not aligned with policy, the incumbent has authority to escalate as appropriate.


• This role is authorized to be informed of the activities of other functional remits and is mandated is to escalate when deemed necessary.



  • University undergraduate degree is required but a graduate degree and/or professional designation is preferred - MBA, CFA or JD...etc.
  • The candidate should have several years of experience in a Compliance or Regulatory function covering a major Broker-Dealer/Bank and/or trading experience.
  • 5 years of relevant experience in the financial services industry in corporate and/ or investment banking areas.
  • In depth knowledge of BMO Capital Markets products and services including related functions and responsibilities of support groups and stakeholders (e.g., Compliance, Operations, T&S, Law Department, Tax Department, Accounting and Finance areas, etc.)
  • Knowledgeable of the various risks and controls associated with Capital Markets' business activities, including market risk, credit risk, operational risk.
  • Knowledgeable regarding BMO Capital Markets structure, infrastructure, products, services and technology.
  • Strong understanding of risk.


  • Ability to assess data and make informed decisions and sound subjective judgments.
  • Exceptional analytical skills.
  • Proven ability to conceptualize regulatory initiatives and to guide those initiatives as daily business requirements for the group.
  • Maintain a clear holistic organizational view of actual and potential regulatory business risks.
  • Ability to advocate persuasively and to negotiate with influence to effect change in areas without direct reporting status to the incumbent.
  • Highly developed written and oral communication skills. Proficiency in communicating policies and procedures in a clear and concise manner.
  • Expertise in computer applications and database management tools including, but not limited to, MS Excel and MS Word, MS PowerPoint, MS Power BI and ability to use Python would be a plus.
  • Exceptional ability to independently manage multiple priorities and to proactively service multiple clients in a fast-paced environment.
  • Ability to work independently to support achievement of Capital Markets business management objectives.
  • Ability to work a demanding schedule under limited supervision.
  • Excellent attention to detail and ability to learn and adapt quickly.
  • Ability to review, assess, and provide detailed information daily as an independent thinker.
  • Ability to recognize material differences between planned execution and actual practice
  • Experience in data analysis including understanding of statistics, risk or other quantitative metrics.
  • Compliance, risk or trading background preferred.
  • Familiarity with Volcker traded products exemption and exclusion requirements as well as covered funds.
  • Discretion and confidentiality.
  • Team player.

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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 .

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.
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