Vice President, Client Onboarding

Application Deadline:

01/02/2025

Address:
100 King Street West

Job Family Group:

Customer Shared Services

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

Mandate:

The Client Onboarding (COB) function, in liaison with clients and numerous teams inside and outside of Capital Markets, is designed to centrally facilitate the capture of onboarding requirements in order to enable service, product provision, and revenue generation. Through a centralized onboarding model, in conjunction and partnership with other support functions in the onboarding process (e.g. KYC, Legal, Credit, Central New Accounts, Operations, etc.), as well as the front office roles, our commitment is to deliver the highest standard of services to our clients and contribute to a great client experience overall.

As a leader and people manager, the Vice President:

Responsible for people management accountabilities including acquiring and balancing resources, goal setting and tracking, career development, building and maintaining a strong Winning Culture, and enabling learning. Delivering great service levels to internal sales teams and external clients while maintaining strong risk management practices. Accountable for management of the end-to-end process for onboarding including groups that are not under the VP's supervision. Establishing and maintaining good working relationships with stakeholders Partnering with Operational Excellence and other teams to continually improve the function and service levels delivered.

Standardized processes is the foundation for delivering consistent, timely service to the client base and BMO must adhere to the requirements mandated by the Regulatory agencies that govern all of its business in all geographic locations.

Key Accountabilities:

People Management

• Ensure and oversee goal-setting, providing staff feedback, and regular appraisals/performance reviews
• Acquire and balance resources including building resource models, interviewing and leading the hiring of new COB team candidates and managers
• In conjunction with the practice management functions, perform capacity planning to ensure future tasks and functions can be met by available resources
• Ensure appropriate recognition, provide input to compensation decisions, career planning & development support for the COB team members
• Ensure a Right First Time Winning Culture that allows for raising concerns, raising potential issues of risk and that supports a great customer experience with high quality service.

Operational Management and Monitoring

• Ensure that COB roles and processes are well defined within the VP's Line of Business pod (including end-to-end processes that extend beyond COB ); partner with stakeholders outside the including the governance and P&P teams on the creation and maintenance of procedures and documentation
• Ensure COB owned and broad CM client onboarding processes are well-defined; partner with other units to ensure appropriate controls & coordination in the overall onboarding process; use influence to deliver ongoing improvements in the overall end-to-end process of onboarding new clients into Capital Markets.
• Target to ensure no material defects/gaps and infrequent minor defects/gaps in operations / files and the onboarding process
• Handle escalations, appropriately working to investigate and resolve while keeping more senior management informed and/or further escalating as appropriate
• Ensure a robust focus on quality management through culture, performance management, training, tools/procedures, and systems
• Ensure client privacy and confidentiality is maintained throughout the onboarding and client operations process
• Strategy and Change Management
• Represent the Client Enablement function as appropriate leading or participating in meetings with LOB / desk heads and other areas of the firm (e.g. audit, 2nd line, senior management, operations, risk)
• Review and monitor service performance to identify gaps, issues and best practices; develop and implement action plans to close the gaps and resolve the issues (e.g., team notifications, procedural changes, remediation projects, etc.).
• Staying current with Onboarding/Regulatory practices of other banks in the region and of regulatory trends related to Onboarding/Operations and ensuring compliance with latest Onboarding related compliance (e.g. CIRO, FINRA, Dodd-Frank, SEC Security-Based Swaps, FATCA/CRS, Canadian Trade Reporting,National Instrument 93-101 etc). rules, guidelines, regulations and policies including by escalating risks to management
• Working with the second line and other stakeholders to move to a globally integrated onboarding model
• Act as a representative and work on projects and/or oversee project participation by COB staff
• Assist with the implementation of technology to help streamline the front to back process
• Produce management reporting as required

Other tasks as assigned

Authorities:

• Provide guidance and problem-solve issues and challenges referred by other areas and clients.
• Prioritize work in accordance with procedure and LOB ranking to maximize financial benefit and minimize customer negative impacts.
• Act as SME for area of expertise. Provide advice in the completion of processes and recommend business performance improvements.
• Ensure receipt of appropriate approvals/ authorizations in accordance with P&Ps and regulatory requirements.
• Manage and monitor a complex portfolio of work representing a significant amount of revenue generation.
• Monitor compliance requirements. Ensure adherence to directives, policies & procedures and regulatory/ government requirements.
• Approves procedures, interpretations of policy/guidance, and policy/procedures

Scope & Impact:

This job has direct or indirect impact on the following:

• Contributes to customer confidence and satisfaction by ensuring client onboarding experience is completed accurately and efficiently.
• Contributes to customer retention by ensuring requests to add more products are managed swiftly and effectively.
• Contributes to Bank financial performance by getting client through the acquisition phase to completion state in the swiftest timeframe allowing the Sales Organisation to realise client revenue as soon as possible.
• Contributes to the mitigation of reputational risk and financial loss against such things as fraud, money laundering and/or financial penalties by ensuring compliance with Bank P&Ps and regulatory requirements.
• Relationships with Regulators (Canada, USA, U.K. and other jurisdictions, as applicable, as expansion plans are executed)
• Failure to comply with applicable AML regulation can result in regulatory, reputational and monetary sanctions - both personal liability of employees in the line of business and institutional liability. These sanctions can have significant impact on BMOFG revenues and may result in lost business and increased regulatory scrutiny as well as a loss of shareholder value.

Cross Functional Relationships:

• Sales Organizations in Capital Markets (Trading Products and I&CB) and P&C
• Capital Markets Business Services: AML groups, Client Data Management
• WBPO Operations: Middle and Back Office teams
• Corporate Support: Compliance, Legal, Technology, Risk, Enterprise AML

Knowledge & Skills:

Knowledge :

• An undergraduate degree. Focal areas of Finance, International Business, Operations, Business, Law, or Technology; Masters degree, CFA or CPA would be an asset
• 5+ years of relevant experience in a Capital Markets support role.
• Strong knowledge of trading products across Global Markets as well as Investment & Corporate Banking products.
• Working knowledge of the competitive market place, trends and regulations in the industry
• Working knowledge and understanding of AML risk and trends, AML legislation, ML detection methodology, regulatory expectations, risk management frameworks, and operational risk.
• Working knowledge of relevant regulations including CIRO, FINRA, FATCA/CRS, Dodd-Frank, SEC Security-Based Swaps, Canadian Trade Reporting and NI 93-101

Skills :

• Proven ability to conceptualize business and stakeholder initiatives and to guide those initiatives as daily business requirements for the group
• Excellent level of relationship management, interpersonal skills and the ability to strategically and ethically leverage these relationships in a demanding environment
• Exceptional ability to independently manage multiple priorities and to proactively service multiple internal clients in a fast-paced environment
• 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
• Proven ability to collaborate and build strong relationships with customers at all levels of the organization
• Excellent verbal and written communication skills
• Proven Account Management skills required in order to create, maintain and enhance customer relationships
• Strong conflict management/ resolution skills
• Strong organizational and prioritization skills

Working Conditions:

This role operates in a high stress regulatory environment, with constantly changing expectations and close regulatory and audit scrutiny. The role requires the ability to interact on a cross functional basis with other groups and with clients while operating independently. The role may be expected to work long hours.

Salary for this role is $125,000.00 CAD

Salary :

$68,000.00 - $126,000.00

Pay Type:

Salaried

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.