Associate, Correspondent Banking Network Management

Address:

The Associate, Correspondent Banking Network Management is responsible for providing exceptional, proactive day to day operational service support, acting as a service representative for BMO’s Correspondent Banking relationships - Nostro clients. The Associate, Network Management will work with key internal stakeholders and provide oversight of provider evaluations and the selection process for the payment providers via standardized criteria.

This role supports the Bank’s strategy for growing partnerships with key Correspondent Banking relationships and will work closely with the Director, Network Management assisting with assessing clearing providers and leveraging the business which BMO awards to its payment providers. Through assessment we ensure BMO receives top quality services at a competitive price along with other key terms and conditions required by our internal

stakeholders.

Knowledge and Skills:

Knowledge:

• University Degree, at least 5-7 years of relevant experience in Correspondent Banking or Wholesale Banking.
• Strong relationships with internal and external business partners.
• Strong knowledge of the bank’s key products and services used by internal stakeholders who require Nostro Treasury Management services including equities, fixed income & custody.
• Experienced SWIFT Payment expert with strong knowledge of Global Payment Industry.
• Client focused ability to consult with BMO Business Partners on service preference and requirements.

Skills:

• Strong customer service skills & problem resolution
• Excellent written and oral communication skills.
• Good analytical, prioritization and organizational skills.
• Proficiency in MS Excel, MS Word, MS Access Database, MS Power Point, Payment Systems- WRAP, PODR, SWIFT Watch, PSH and I-Match
• Good interpersonal / network skills
• Self-confident with the ability to advocate persuasively.
• Strong capability to work independently, proactive, and positive attitude.
• Analyze and solve complex problems, multi-task, and manage tight timelines.

KEY ACCOUNTABILITIES

• Client and Relationship Management ___ 60%:
• Risk Management and Control __ 20%:
• Change and Innovation ___ 20%:

Product Development and Delivery

• Delivers excellent customer service and possess knowledge of the bank’s key products and services used by stakeholders requiring Nostro services i.e. Terms & Conditions.

• Acts as the day-to-day contact for Network Management related questions such as product information, Nostro implementation timeframes and requirements.

• Assesses purchasing decisions which will be made in conjunction with the Director Network Management along with key internal stakeholders, including GFIG relationship management, TPS product management, and Wholesale Banking Product Operations.

• The Associate will periodically perform reviews of existing correspondent service arrangements to ensure benchmarking of terms and conditions against current market conditions,

• Participates in projects as required by Stakeholders or other LOBS as it pertains to purchase of Nostro services.

• Participates in projects as delegated by the Director Network Management.

• Engages/liaise with legal counsel when changes to existing/new official documentation is required.

• Identifies issues, gaps, and process improvements through open communication both internally and with other LOBs, stakeholders, and through the monitoring of productivity against benchmarks.

• Maintains awareness of all firm products and services required by LOBs using Nostro facilities i.e. online access to the Nostro account, as necessary.
• Perform ad-hoc requests for MIS using a variety of in-house systems.

Client and Relationship Management

• Ensures delivery of exemplary service by troubleshooting and or resolving issues on behalf of as the Bank advocate in a professional, ethical, and conscientious manner.
• Actively supports other partners as needed.

Risk Management and Control

• Ensures that bank policies and guidelines applicable to the Capital Markets are complied with. Particularly the AML policies applicable to correspondent banking and supplier engagement and management compliance policies as they apply to Network Management.
• Ensures that systems, reporting and other controls are sufficiently robust to ensure that applicable policies and guidelines are met and that risk is appropriately mitigated.
• Ensures that all risk management include Nostro selection criteria and compliance reports are current, accurate, and relevant.

Change and Innovation

• Identifies opportunities for increased efficiency and improved service to internal clients and implements positive change within the business unit.
• Continues to stay abreast of Industry updates, assesses new requirements and impact to BMO, as users of Nostro services advises internal LOBs as appropriate and applies changes as necessary.

• Capturing service issues and providing input to Relationship Managers, Operations, and Implementation of potential process improvements.

CROSS-FUNCTIONAL RELATIONSHIPS

Advising

• This role has the authority to interact with Credit, Legal, Wholesale Banking Product Operations and various lines of business for the purpose of providing unsolicited advice relating to the execution of business objectives. Such areas should consider this advice and provide sign-off prior to execution by the bank.

Auditing

• This role has the authority to be informed of subordinates’ activities, in the event a subordinate reports to this position. If it is determined that the activities are not aligned with agreed plans or policy, this role has the authority to stop the activities. Some activities may require approval of next line management within the business unit.

Coordinating

• This role can call a meeting of the business unit and other areas of the bank that interface with the unit to discuss and resolve limited issues related to established or needed policies and guidelines.

Monitoring

• This role is entitled to be informed about the activities of other bank areas that adversely impact upon the responsibilities and objectives of the unit, and to have the opportunity to persuade/influence other areas to change such activities if appropriate.

Service Getting

• This role has the authority to receive service from other bank areas as agreed upon and in relation to accomplishing business unit goals and objectives.

Working Conditions:

• Work is in a normal office environment.
• Occasional travel may be required

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.