Director, Counterparty Credit Risk

November 16 2022
Industries Bank, Insurance, Financial services
Categories Credit, Collections,
Toronto, ON • Part time

Address:

250 Yonge Street

Job Family Group:

Audit, Risk & Compliance

If you are ready to put your finely tuned quantitative skills to use implementing and driving solutions alongside key business groups and stakeholders to improve efficiency then this role is for you! We’re looking for a mix of experience in three areas: leadership, capital and programming. If you have formal education focused in Mathematics, Statistics or Engineering this would be ideal however quality experience is what this team needs most as you’ll be relied on for your subject matter expertise in leading medium sized projects related to Counterparty Credit Risk for Bank of Montreal. We look forward to receiving your application!

If you’re looking for your next dream job, consider this one in BMO’s ERPM Risk group where every colleague helps protect and grow the bank by providing independent review and oversight of enterprise-wide risks, working together to maintain a risk management framework and fostering a strong risk culture. #ERPMDreamJobs

MANDATE:

Manage implementation of enhancements used for quantifying derivative and SFT counterparty risk to ensure accuracy and reliability of Counterparty Credit Risk measures. Manage day-to-day relationships with stakeholders who may be within Market Risk, lines of business, Finance, Technology & Operations, and Capital Markets or Credit for capital measures.

Lead the change management resulting from the implementations done within Counterparty Credit Risk, inclusive of training, deep dives.

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KEY ACCOUNTABILITIES

Risk Methodologies

  • Manage implementation of methodologic refinements as required to ensure the counterparty credit risk support business activities.
  • Identify opportunities and lead the enhancement for CCR methodologies for quantifying CCR across all trading products.

System Development

  • Translate business requirements into development tasks and ensure alignment of priorities between Counterparty Credit Risk and Line of Business so that overall Bank objectives and priorities are realized.
  • Lead the development of business requirements for model or system enhancements, including specification of user acceptance test requirements. Manage user acceptance testing, direct activities to ensure business and analytic requirements are correctly implemented.
  • Represent Counterparty Credit Risk vis-a-vis Technology Development to ensure proper and timely implementation of enhancements on systems within the projects scope.

Development

  • Mentor more junior members of the team. Act as coach on deliverables and issues management; review work and provide and promote ongoing training and development of staff.

Relationship Management

  • Manage key relationships with T&O, MR and Other CCR groups, Accounting, Finance and external vendors support teams.

AUTHORITIES:

  • Authority to recommend improvements/enhancements to measures, processes, and systems.
  • Authority to prioritize objectives and activities in a manner consistent with overall group objectives, and assist senior analyst in prioritizing their activities.
  • Authority to analyze CCR issues, develop solutions, and direct a course of action to senior analysts.
  • Authority to review UAT and provide advice to senior analysts to enhance completeness, adequacy of UAT.
  • Authority to analyze UAT results and recommend acceptance/non-acceptance of methodologies/ systems as a consequence of UAT.
  • Authority to liaise with stakeholders in the execution of overall responsibilities.
  • Authority to use judgment under the general direction of their manager in the application of knowledge and skills to execute overall responsibilities.

CROSS-FUNCTIONAL RELATIONSHIPS:

This role requires the incumbent to interact with the following processes and/or groups:

  • Technology Development project managers and business analysts;
  • Capital Markets Trading lines of business;
  • Credit; Corporate Finance, Accounting, Regulatory reporting
  • External system software vendors

Provides market risk oversight, monitoring, and reporting for a designated portfolio. Develops and monitors the market risk management framework that includes the governance framework and practices leveraged across BMO to manage market risk. Provides policies and standards, methodologies, and controls to increase transparency, accuracy and consistency across groups. Works with stakeholders to implement the methodology, metrics, and program standards for the assigned portfolio to ensure compliance and effective monitoring, timely reporting and identification of action plans.

  • Provides strategic input into business decisions as a trusted advisor.
  • Makes recommendations to senior leaders on strategy and new initiatives, based on an in-depth understanding of the business/group.
  • Acts as a subject matter expert on relevant regulations and policies.
  • May network with industry contacts to gain competitive insights and best practices.
  • Interprets new regulations and assesses impacts to the governance framework.
  • Develops reports on the status of the governance program or framework components to various internal & external stakeholder audiences.
  • Influences and negotiates to achieve business objectives.
  • Identifies emerging issues and trends to inform decision-making.
  • Recommends business priorities, advises on resource requirements and develops roadmap for strategic execution.
  • Manages resources and leads the execution of strategic initiatives to deliver on business and financial goals.
  • Measures the effectiveness of risk governance system and framework; recommends changes as required.
  • Conducts independent analysis and assessment to resolve strategic issues.
  • Leads the development and maintenance of the governance system and framework.
  • Acts as the prime subject matter expert for internal/external stakeholders.
  • Ensures alignment between stakeholders.
  • Represents the risk program / governance structure during internal/external regulatory audits and/or examinations.
  • Designs and produces regular and ad-hoc reports, and dashboards.
  • Develops and manages comprehensive information management systems; designs and/or leads initiatives to improve processes, analysis and reporting.
  • Leads the development of the communication strategy focusing on positively influencing or changing behaviour.
  • Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
  • Leads the execution of operational programs; assesses and adapts as needed to ensure quality of execution.
  • Manages the review and sign-off process for relevant regulatory reporting.
  • Leads and integrates the monitoring, measurement & reporting on the status of the market risk governance program to internal & external stakeholders.
  • Leads the management of governance meetings and maintenance of governing body mandates, oversight and approval guidelines.
  • May provide specialized support for other internal and external regulatory requirements.
  • Provides input into the planning and implementation of ongoing operational programs in support of the market risk framework.
  • Leads/participates in the design, implementation and management of core business/group processes.
  • Administers and maintains the market risk monitoring and control program activities in adherence to all policies, procedures and established processes.
  • Reviews new business initiatives and monitors existing initiatives to identify potential risk situations/ impacts; makes recommendations or escalates to the manager, as per guidelines.
  • Monitors the financial market environment and market risk model performance impacts for optimal execution of risk strategies.
  • Independently administers and evaluates models, model assumptions, and key metrics used for the measurement of market risk for adherence to all policies and procedures applicable to the transaction based on established processes; documents and reports results of evaluations on an individual and summary basis.
  • Identifies where corrective actions are required and escalates per guidelines; ensures corrective action is taken as necessary.
  • Provides advice and guidance to assigned business/group on implementation of the risk framework, including effective challenge.
  • Coordinates and participates in the execution of oversight/governance activities including reporting; assessment of education & training needs, development/delivery of training; development and execution of regulatory administration processes & procedures.
  • Consults with stakeholders to improve consistency and transparency of risk measurement, metrics and reporting.
  • Supports the development and maintenance of the governance system and framework including supporting policy/standard/operating procedures lifecycle management, education and training assessments.
  • Develops and maintains in-depth knowledge of business and related risk management requirements and legislative/ regulatory directives and guidance.
  • Builds effective relationships with internal/external stakeholders.
  • Ensures alignment between stakeholders.
  • Analyzes data and information to provide insights and recommendations.
  • Monitors and tracks performance; addresses any issues.
  • Coordinates and monitors the review and sign-off of regulatory reporting and attestations.
  • Operates at a group/enterprise-wide level and serves as a specialist resource to senior leaders and stakeholders.
  • Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to problems that can be complex and non-routine.
  • Implements changes in response to shifting trends.

Qualifications:

  • Typically 7+ years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
  • 7 years of experience managing projects and initiatives, including training stakeholders and rolling out changes as part of larger project scope
  • Demonstrated knowledge of working with database queries including computer programming experience (SQL, Python, C#, Matlab)
  • In-depth / expert knowledge and understanding of the market risk management practices. Regulatory capital and new consultative Basel documents.
  • In-depth / expert knowledge of regulatory requirements.
  • In-depth / expert knowledge & experience with risk policy frameworks; quality control / testing frameworks.
  • Verbal & written communication skills - In-depth / Expert.
  • Analytical and troubleshooting skills - In-depth / Expert.
  • Influence skills - In-depth / Expert.
  • Collaboration & team leadership skills; with a focus on cross-group collaboration - In-depth / Expert.
  • Able to manage ambiguity.
  • Data driven decision making - In-depth / Expert.

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 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.

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