Director, Capital Markets Product Control

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Job Family Group:

Reporting to the Managing Director of Enterprise Product Control, the Director of Capital Markets Product Control (CM PC) leads one or more of the focus areas (defined below) within the group responsible for the specialized accounting processes and related control environment supporting Capital Market activities.

The Capital Markets Product Control Group includes the following focus areas:

Derivative and Nesbitt Burns Product (BMO’s Canadian broker/dealer subsidiary BMO Nesbitt Burns Inc). Fixed Income, Equities and Capital Markets Corporation Product Control (BMO’s US broker/dealer subsidiary BMO Capital Markets Corporation (“CMC”)) Investment & Commercial Banking (“I&CB”) Product Control

The teams within Capital Markets Product Control are organized to support aligned functions and lines of business.  Each group is led by at least one of the following; Director, Associate Director or Manager who provide direct oversight of control execution, under the strategic leadership of the Managing Director. 

The CM Product Control team is responsible for;

• Responsible for ensuring the integrity and accuracy of the P&L and PAA process
• Responsible for ensuring the integrity and accuracy of the general ledger including initiating or reviewing accounting entries, completing reconciliations and providing financial attestations. 
• Ensuring appropriate accounting policies and best practices are followed
• Performing complex analysis and investigations
• Leading the identification and implementation of process and control improvements
• Ensuring the readiness of operational accounting for new product initiatives, accounting changes and system implementations or upgrades
• Participating in change initiatives performing requirements gathering, process design, system testing and post-implementation reviews
• Partnering with Front Office, Finance, Risk and Controls, Trade Support, Project Delivery, Technology and Operations to enhance end-to-end process and controls
• Leveraging AI to improve processes and drive efficiencies

The Director, CM PC leads a critical function in supporting Capital Markets and is required to be an expert in P&L reconciliations, securities accounting, capital markets products, processes and systems.  This leader delivers senior business knowledge, specialized technical expertise, and well-established management skills to ensure that financial accounting processes are developed, implemented and reviewed in alignment with the bank’s financial, regulatory and audit standards. 

This role is critical to both the operational excellence and the successful completion of change programs aimed at transforming existing Capital Markets transactional reporting, risk and governance processes while ensuring the maintenance of a robust and comprehensive technology infrastructure.  This leader will effectively collaborate, often with little reliance on formal authority, with senior partners in the Front Office, Finance, Securities Operations, Risk and Technology to innovate and implement effective change to support those processes and to improve the efficiency and effectiveness of the financial processes within BMO.

This role is accountable for Technical Excellence, Team Management, Operational Effectiveness, Risk Management and Control, Change Management, and Relationship Management by creating and maintaining a proactive service environment that maximizes employee productivity and customer service effectiveness.

Key Accountabilities:

The incumbent is accountable for:

1. Capital Markets Product Control (Technical Excellence)

• Deliver an effective control environment for Capital Markets financial reporting and ensures any notified changes in the external environment (regulatory, tax, policy) are reviewed and implemented
• Lead the adoption of AI in daily and monthly processes
• Maintain an effective SOX environment
• Leads the daily reconcilement and reporting of Trader P&L’s and PAA
• Leads end-to-end accounting support from the source sub-ledgers to the entity general ledgers, for Capital Markets
• Ensures the integrity and accuracy of the daily P&L, entity general ledger by initiating accounting entries, completing reconciliations and providing financial attestations which includes;
• Leads the accurate and timely reconciliation of daily P&L (daily Financial Estimate) and obtaining Trader Signoffs
• Leads the accurate and timely reconciliation of the monthly P&L (Monthly Financial Actual) and obtaining Trader Signoffs.
  • Leads the accurate and timely preparation of month-end and quarterly reconciliations from source system to general ledger
• Leads the monthly attestation process for all CM Product Operations Accounting accounts
• Leads end-to-end accounting support from the source sub-ledgers to the entity general ledgers, for Capital Markets

2. Team Management

• Leads and manages a highly specialized team by setting context and direction aligned to organizational goals, defining accountabilities, identifying learning and training requirements for the team
• Creates a learning environment aimed at continuously developing staff skills by identifying learning needs, providing regular feedback and motivating staff to achieve development goals
• Manages staff performance including identifying and managing staff with high performance and those with performance issues and effectively acting when appropriate
• Manages diverse talent to identify key talent and provide further growth opportunities both for key talent individuals and for other talent who show potential
• Engages in personal development to enhance skills and knowledge that will keep pace with changing business needs and allow technical and product knowledge to be kept current
• Attracts top talent into BMO

3. Operational Effectiveness

• Improve data lineage and operational process
• Investigates and reviews operational processes and accountabilities in order to improve efficiencies, reduce risk to the organization

4. Risk Management and Control

• Leads the development, implementation, assessment and maintenance of appropriate standards of service for this complex business unit that is highly regulated and must adhere to strict deadlines

5. Change Management

• Leads change programs by identifying, assessing, implementing and reviewing innovative solutions to improve the control environment and related accounting processes of their group
• Develops and implements continuous improvement of business processes and procedures within this group

6. Relationship Management

• Partners with key stakeholders to identify and implement process and control improvements to enhance end-to-end process and controls (key stakeholders include: Front Office, Finance, Risk and Controls, Trade Support, Project Delivery, Technology and Operations)
• Actively engages with the Management Group to identify and support initiatives and programs that enhance the performance of the group
• Develops and maintains strong relationships with clients/peers within industry (external and internal) for purposes of enhancing business effectiveness

Scope and Impact:

Business supported:  Capital Markets

Regions Supported:  Canada, US, London, Ireland, Asia.

Legal entities supported:  Multiple in Canada, US, Europe, Asia.

Complexity of activity:  highly complex – specialized accounting.

Knowledge and Skills:

Knowledge:

• University degree with a minimum 5-10 years of experience in the financial services sector with a focus on capital markets, product control and related regulatory, control and operating environment
• An accounting designation (CA, CPA) or 10 plus years of direct experience is required.  A CFA designation is considered an asset
• Knowledge of US and IFRS accounting standards, including audit practices, financial reporting processes and industry standards
• In depth knowledge in Capital Markets Products and Services (subject matter expert in capital markets products and operations).
• General working knowledge of both Capital Market Product and Financial Reporting systems
• Solid knowledge and understanding of Capital Markets Product Operations business, services and organization
• Systems knowledge of the following: Imagine, ADP (BPS), ICI (Impact), Calypso, SwapOne, Global One, Essbase/Smartview, S4 Hanna GL would be an asset.

Skills:

• Team Leadership
• In depth Business Acumen
• Technical Excellence
• AI
• Strong Computer skills, including strong knowledge of Excel and VBA
• Operational Excellence
• Communication
• Relationship Management (internal and external)
• Change Management
• Influence and Negotiation
• People management (diverse talent management)

Salary:

Pay Type:

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

BMO is proud to be an equal employment opportunity employer. We evaluate applicants without regard to race, religion, color, national origin, sex (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, transgender status, sexual stereotypes, age, status as a protected veteran, status as an individual with a disability, or any other legally protected characteristics. We also consider applicants with criminal histories, consistent with applicable federal, state and local law.

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