Requisition ID: 209757
Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

Global Banking and Markets (GBM) is a leading Canadian Capital Markets and Investment Banking business with a growing platform in the US and Latin America, operating globally for over 100 years. Scotiabank's strong U.S. presence provides our clients an important bridge to this key global market for trade and investment flows across the Americas and the world.

Global Banking & Markets provides a full range of investment banking, credit and risk management products and services relevant to the financing and strategic development needs of our clients. Our products include debt and equity financing, mergers & acquisitions, corporate banking, institutional equity sales, trading and research, fixed income products, derivatives, energy, foreign exchange and precious & metals. We also cross-sell the full range of wholesale products and services offered by the Scotiabank Group.

Be part of an innovative, Global Capital Markets and Investment Banking business with a unique geographic footprint that puts capital to work for our clients across industries! We work together to drive ambition for every future!

Purpose
Assist and lead, as required, with the management of Operational Risk inherent in capital markets activities as part of the GBM Internal Control Canada (GBM IC Canada) group within Global Banking & Markets (GBM). The incumbent will monitor, review and report on the management of Operational Risk within GBM. Responsibilities will include ensuring effective internal controls exist, address issues, as and when they arise and provide general support and oversight (as delegated by Management) in GBM.

What You'll Do:

• Pre-Trade Mid-Market Marks (PTMM)
  • Perform daily testing across various asset class products and provide the analysis to Head Trader to assess if PTMM calculated by the traders is reasonable and consistent with the markets, this includes: (i) review trader pricing spreadsheets to ensure market data and relevant calculation are captured to demonstrate how PTMM is calculated. (ii) Provide comparison between mid-market marks provided to counterparties against end-of-day marks generated by trading source systems; (iii) reconstruct pricing curves using Bloomberg data to calculate intraday mid-market marks and provide it as additional data point for Head Traders' review and assessment
  • Summarize results of daily PTMM review in a monthly memo for the respective Head Traders
  • Assist Head Traders with change control on PTMM EUC pricers and maintain the current inventory of PTMM EUC pricers used by GBM trading desks
• Central Counterparty (CCP) Default Management Fire-Drills
  • Coordinate with the trading desks and support units to facilitate the Bank's participation in the mandatory semi-annual or annual default management fire drills conducted by central counterparties (CME, LCH, ICE Clear and CDCC etc);
  • Support Assistant Director and Director in managing simulation default management processes, including: (i) assisting in the testing and validation of the portfolio conversion; (ii) running risk reports for traders to use in computing costs to assume the portfolio; (iii) providing QA on cost components calculated by the front office; (iv) consolidating cost components and portfolio valuations into a bid to be submitted to CCPs; (v) debriefing stakeholders on fire drill results, documenting issues raised during the fire drill process and action items required to remediate
• Trade Supervision
  • Assist Director or Associate Director in drafting or updating Written Supervisory Procedures ("WSPs") for the supervision responsibilities of the Trading and Sales supervisors, as required by the associated regulations or Bank's policy
  • Assist Director or Associate Director in implementing, assigning WSPs, monitoring and reporting of WSP reports sign-off status by the supervisors
  • Assist Trading and Sales Management in the oversight and supervision of sales and trading staff, escalating key issues to desk heads, as and when they occur; and reporting, on a monthly basis, metrics and dashboards to Senior Management and Desk Heads
  • Monitoring the position limits imposed by the various exchanges and ensure all the trading positions are maintained within the limits
  • Support trading desks during Bank of Canada auctions to ensure SCI adheres to all primary Dealer requirements, conduct a post auction check for completeness and correction in booking the allotments
  • Ensure the GBM Operational Risk Management Framework is upheld and that the associated processes, including generating and reporting key metrics for discussion at Senior Management Operational Risk Committee meetings, reflect the key principles of the Framework
  • Maintain regular communication with GBM stakeholders to determine changes required to processes and controls
  • Assist Director or Associate Director in developing training materials and providing training to trading and sales desks regarding trading and sales controls
  • Proactively address immediate and ad-hoc trading issues, which may expose GBM to Operational Risk. This would include working with multiple stakeholders to understand the root cause and the required corrective action
• Operational Risk Governance & Controls
  • Assist Director or Associate Director in working with the business lines, technology groups and control and support units to ensure appropriate controls are designed into new processes and/or when changes occur as a result of new business, new or enhancements to existing systems, regulatory pronouncements, etc.;
  • Support Director or Associate Director in preparing for regulatory reviews and requests. This will include working with Trading Management, Compliance, Legal, Finance, Technology and GRM in determining the adequacy of information to be provided. Review materials to ensure accuracy, integrity and completeness; and
  • Support the Director or Associate Director in the development of internal policy, guidelines and procedures to manage Operational Risk within the strategic framework set by the SVP, Head of GBM Internal Controls.
  • Provide support for the Risk & Control Self-Assessment program through implementation of the scope review of the business units & processes within GBM.
  • Provide support for New Initiatives and Risk Assessment processes with input from other groups (e.g. Compliance, Risk Management, Legal, Finance) and coordinates approval by relevant groups/stakeholders;
  • Assist Director or Associate Director in updating and documenting key controls recorded in eRCM (Enterprise Regulatory Compliance Management) system

What You'll Bring:

• At least two years' experience in a risk management role
• In-depth knowledge of capital markets business, financial instruments and OTC derivatives;
• Strong quantitative and problem solving skills
• Good knowledge of internal controls
• Completion of CFA/FRM an asset;
• This role requires successful completion of the National Futures Association Swaps Proficiency Requirement (SPR) within 90 days of assuming the role.

Work Arrangement:
This position is currently a hybrid role, with the expectation that you will work at least 3 days a week in the office. Please note that this is subject to change based on the needs of the business.

Interested?

If your experience is closely related but doesn't align perfectly with every qualification, we do encourage you to apply - you might be the right candidate for this or other roles at Scotiabank!

At Scotiabank, every employee is empowered to reach their fullest potential, respected for who they are and, embraced for their differences. That's why we work to grow and diversify talent and engage employees in a performance-oriented culture.

What's in it for you?

Scotiabank wants you to be able to bring your best self to work – and life, every day. With a focus on holistic well-being, our many flexible benefit programs are designed to help support your unique family, financial, physical, mental, and social health needs. -

Location(s): Canada : Ontario : Toronto
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.