Senior Risk Advisor, Global Third Party Risk Management (12 Month Fixed Term Contract)

The Third Party Risk Management (GTPRM) Team has a mandate to proactively identify, assess, monitor and mitigate risk associated with our third party suppliers and outsourcers through defined governance practices. The team is a first line of defense function that drives the identification and management of supplier risks across the Enterprise through challenge to the first line of defense supplier managers across the Line of Business’ (LOB).

The GTPRM Team leads LOBs in the engagement and management of suppliers as well as in their identification and management of supplier risks. They leverage the enterprise operational risk management framework through the outsourcing and supplier risk management lifecycle framework which includes ongoing, independent (second line of defence) activities for monitoring and reporting on outsourcing and supplier risks at all stages of a supplier relationship throughout the enterprise. These outcomes drive shareholder value, continuous improvement to the customer experience, and risk mitigation.

As an integral member of the GTPRM team, the Senior Risk Advisor (Advisor) is accountable to review, assess and monitor all third party supplier engagements confirming outsourcing designation and informing and challenging risk presence. The Advisors establish and maintain strategic business relationships, provides guidance and counsel to the business on established outsourcing arrangements, helping the business to manage its risks and make strong decisions on supplier and outsourcing arrangements.

Business Delivery and Operational Excellence

• Demonstrate in-depth understanding of changes related to the third party risk assessment processes that have a potential impact on risk or customer service, e.g. information security, BCP, privacy controls, brand management and sourcing
• Provides independent oversight and management of outsourced activity, effective third party risk management and governance practices
• Provides expert advisory services and guidance to the business using a risk based approach to optimize third party performance and enable consistent and efficient management according to business criticality and assessed level of risk
• Challenges the business to ensure appropriate actions are underway to mitigate identified operational risk exposures commensurate with the Third Party Lifecycle
• Maintains current knowledge of the TPRM framework, CORM framework, standards, policies, regulatory requirements and emerging Risk Management trends
• Represent GTPRM on complex/high risk initiatives or issues that arise from any business portfolio or impacts to Procurement
• Identify and lead change management activities and continuous improvement updates for infrastructure and processes in support of enterprise third party management
• Lead/represent GTPRM on key risk projects, to drive continuous improvement in third party risk management. Including analyzing problems and generating creative solutions by collaborating with the team and making recommendations
• Responsible for (re)development and ongoing enhancements of risk-centric, scaled third party governance strategies, policy, framework, standards, processes, tools and systems
• Review, assess and monitor all third party supplier arrangements through the Third Party Lifecycle confirming outsourcing designation

Governance and Risk Management

• Lead GTPRM contact for large/more complex business portfolio and act a Subject Matter Expert (SME) to provide guidance to business partners and executives on third party risk management, TPRM framework, regulatory and policy knowledge and outsourcing and third party supplier risk determination
• Identify potential risk situations or issues within any business portfolio, and make recommendations or lead the development of resolutions/mitigants, as appropriate, and ensure contingency plan exists.
• Support Procurement Risk Management and LOB in the review of Tier-1 Risk & Control Assessments (RCA) wherever third party risk has been identified as a Key Risk. Participate in the ORM forums and processes when required and provide recommendations
• Provide guidance or opine on control requirements when required on complex/material outsourcing or third part arrangements within designated business portfolio
• Support and advise business partners, executives and Line of Business resources in preparing for internal and/or external audit &/or regulatory reviews through facilitation, planning, briefing, consolidation, review, interpretation, documenting and auditing of reports and material
• Strong understanding of global and jurisdictional regulations related to outsourcing and third party risk to provide guidance and ensure compliance with TPRM Framework
• Provide independent oversight in the management of risk and minimize losses through monitoring and controlling various reports and taking appropriate action, ensuring compliance requirements, audits and verifications are completed.

Relationship Management

• Cultivate a strong, strategy and sustained relationship with supplier managers and executives across the enterprise, with emphasis on those within designated business portfolio
• Build, sustain and influence professional relationships with LOB to support their outsourcing and third party requirements
• Maintains deep and comprehensive knowledge of business changes and strategies to identify third party risk and recommend appropriate action and controls
• Build, sustain and leverage professional relationships with internal/external organizations

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.