Title:  Director, U.S. Trade Floor Risk Management

Requisition ID: 200548

 Salary Range: 174,700.00 - 286,000.00 

Please note that the Salary Range shown is a guideline only. Salary offered may vary based on factors, including, but not limited to, the successful candidate’s relevant knowledge, skills, and experience.

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

Global Banking and Markets:

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:

The Trade Floor Risk Management role will be to monitor the risks generated by the U.S. Structured Credit Business including trading risk, underwriting risk, as well as partnering with Counterparty Credit Risk for Collateral Management/Repo financing risk.  Product types include all forms of CLO’s, ABS products (including auto loans, credit card receivables, etc.), as well as all forms of MBS.

The Director will:

• Be the primary market risk management lead for the U.S. Structured Credit business. 
• Be responsible for the establishment of risk limits related to all of the Structured Credit businesses, risk reporting, capital calculations under FRTB, breach discussions and remediation, as well as be instrumental in the business review process. 
• Have significant interaction with the front office to solidify a strong cooperative relationship between risk and the front office. This aspect also involves participation in the setting of Volcker metrics for these desks along with advising the desk about the rule.
• Be participating within a much larger risk management team in the U.S., as well as within a global Trade Floor Risk Management effort.  
• Produce significant market risk material and analysis to be used in local and global risk committees, including business risk metrics, top and emerging market risks, as well as risk support and challenge to the various businesses.
• Be presenting and interfacing with the various regulators that oversee the bank including the Fed, OSFI, the DFS, and others.  This will involve working closely with the bank’s Regulatory Relations team.
• Require significant interaction with the Financial Engineering/Modeling team, the Market Risk Model Development team, the Model Risk team, the Data Governance team, as well as the Risk Technology effort.  
• Require an understanding of the modeling effort’s design and capture of the various risk factors generated by all facets of the business. This may require frequent interaction with the Model Risk team to discuss the sufficiency of the risk models used for each business.
• Work closely with other risk partners within the bank including Operational Risk, Compliance, Internal Control, and others within Financial and Non-Financial Risk
   

What You’ll Do:

• Produce Structured Credit Trading risk reports with utilizations against limits, and perform breach remediation discussions and resolutions
• Working with the front office, help in establishing and revising the desk limit structures including total notional, VaR, Stress Testing Limits, and other risk sensitivities
• Respond on a daily basis to front office risk needs, questions, and provide challenge to confirm justification for limit change requests
• Participate in the end of month IPV (Independent Price Valuation) process working closely with Product  Control
• Driving a customer focused culture that deepens client relationships and leverages broader Bank relationships, systems and knowledge; 
• Building a high-performance environment and implementing a people strategy that attracts, retains, develops, and motivates their team by (1) fostering an inclusive work environment and using a coaching mindset and behaviors, (2) communicating vison/values/business strategy, and (3) managing succession and development planning for the team; and
• Creating an environment in which his/her team pursues effective and efficient operations of his/her respective areas in accordance with Scotiabank’s Values, its Code of Conduct and other policies.
• Assist in the training and development of junior members of team, which includes putting direct reports in situations where they can present transactions and gain visibility within the organization.
• Effectively communicate with senior management, head office and the relevant Risk Committees to ensure proper risk management and sound corporate governance across the SBUS operations.
• Represent TFRM when necessary at the global Market Risk Management Policy Committee.
• Participate in, and assist with, internal audits, regulatory reviews, and projects.
   

What You’ll Bring:

• Undergraduate degree required but preferably in Finance/Accounting, Economics, Engineering, Math, or the hard sciences.  Graduate degrees are welcome especially if in the disciplines listed
• 5+ years of experience in risk management or related activities specifically focused on structured credit products listed above.  Additional experience in rates risk, credit risk, and well as the financing of all forms of collateral through CMF/Repo or Prime Services will be helpful.  Trading risk experience is not required but may be additive. 
• Expert knowledge and understanding of US regulatory considerations and issues
• A practioner’s approach to solving risk issues with a keen understanding of the front office, how structured credit is traded and valued, the behavior of structured credit products in various market and credit environments, and a very strong commercial instinct including a risk/reward mindset.  
• A working knowledge of risk and front office vendors in the Structured Credit space such as Intex, Bloomberg, Yieldbook, etc. Experience with Excel, Tableau, PowerBI and Python would be helpful.
• Excellent communication skills to be used in intra-risk, committee, regulatory, and front office business discussion formats representing market risk 
• Understands how to bring the best out of his / her teams by complementing their existing skills 
• Has an expert ability to balance competing or conflicting goals of various departments / countries / stakeholders via adopting a mature, diplomatic approach and using highly developed negotiation and influencing skills; 
• Effectively liaises with key internal stakeholders, industry participants, and regulatory bodies.

Interested?

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):  United States : New York : New York City

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.