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Title:  Senior Manager, Internal Control, First Line Testing

                                                                                                               

 

 

Requisition ID: 137128  

Cost Centre: SCOTIA CAPITAL (USA) INC. 

Employee Referral Program – Potential Reward: $3,500.00 

We are committed to investing in our employees and helping you continue your career at Scotiabank. 

 

Purpose

The incumbent will be responsible for:

  • Development, planning and execution of testing of key controls and assess their adequacy to effectively manage operational risks of the respective Global Banking & Markets (GBM) business lines (Line 1A in the three lines of defense model for managing operational risks) and thereby contributing to the overall success of the first line of defense in managing operational risks inherent in the businesses.
  • Management of regulatory compliance risk inherent in business line by helping GBM Management to design, test, monitor and report on controls over regulatory risk.
  • Management of the GBM first line testing team to ensure compliance with the Bank’s testing program.

 

Accountabilities

  • Responsible to develop, plan and execute GBM’s first line test program for the periodic testing of key controls to assess their design and operating effectiveness in managing operational risks in the respective GBM business lines;
  • Assess and report the adequacy of the design and operating effectiveness of key controls in the GBM business lines.
  • Arrange and discuss testing results with key stakeholders, including GBM Senior Management.
  • Attend, discuss and provide regular reporting to VP and Director, US Internal Control and GBM Management of the condition of internal controls in the respective business lines including analyses of root causes of control breakdowns and determines appropriate corrective actions;
  • Maintain Issues Tracking Database for the First Line testing and provide summary updates to GBM Management monthly;
  • Develop plans for follow-up of open issues identified from the first line testing and ensure recommended corrective actions have been remediated;
  • Coordinate with Internal Control Canada to develop, build and manage GBM compliance programs to comply with applicable US regulations.
  • Provide support to GBM 1st Line testing initiatives commenced in Canada which have US touch points.
  • Maintain current knowledge of applicable regulatory requirements through participation in industry associations and seminars.
  • Coordinate with the business lines, Compliance and Regulatory Business Initiative (RBI) on topical and emerging regulatory pronouncements impacting GBM.
  • Work with the Director, Governance & Control to effect policy determinations and decisions within the strategic framework set by the SVP and VP, Internal Control.
  • Assist GBM Management in the development of internal policies and procedures to reflect rule changes from various regulatory bodies.
  • Assist in updating and documenting key controls recorded in iRCM (Integrated Regulatory Compliance Management) system to reflect impact of internal audit findings, regulatory findings, compliance testing results and any other self-identified issues;
  • Provide extensive support to maintain and update key controls inventory for US GBM business lines;
  • Support the applicable Business Lines by responding to questions about internal control matters;
  • Assess key tasks within Governance & Control function for efficiency through streamlining and automation of processes and controls; Other duties and projects as may be assigned from time to time.

 

Reporting Relationships (Job Titles only)

 

Primary Manager:

(include secondary Manager if applicable)

  • Director, Governance and Control, US Internal Control

Direct Reports:

  • Manager – First Line Testing

Shared Reports (solid/dotted if applicable):

  • None

        

 

Dimensions

 

  • GBM contributes ~30% to the total net income of the Scotiabank Group;
  • Complex and very different business lines in GBM;
  • The incumbent is expected to maintain an in-depth knowledge of operational conditions throughout the applicable Business Lines and the state of regulatory matters, be able to resolve issues of non-compliance and to escalate issues promptly that are deemed to be serious, or have broad impact;
  • The incumbent should be able, on his/her own initiative, to resolve issues and recognize the need to involve his/her supervisor/s and/or Subject Matter Experts when required.

 

Education / Experience / Other Information (include only those that are specific to the role)

 

  • At least 10 years of experience in a trading and/ or Internal Audit or operational risk management role in a Financial Services Firm or Consulting Firm
  • A detailed and in-depth understanding of financial markets, products and control functions
  • Expert knowledge of internal controls;
  • Either have it or must be able to obtain US licensing with FINRA (Series 7, 63, 24), if required
  • Demonstrates proven impact and influencing/communication skills to engage cross-functional teams
  • Strong written and verbal communications.
  • Strong interpersonal skills to nurture relationships and mandate as required
  • Self-motivated and experience in managing complex projects on behalf of senior stakeholders

 

Working Conditions

 

  • Dynamic, fast paced office-based environment. The role operates in a standard trading floor environment which is often very loud and requires intense focus to effectively manage trading and operational risk;
  • Occasional travel may be required;
  • Demands can be unpredictable;
  • In-office work hours may be long due to tight timeframes and the dynamic environment of capital market activities, and to provide support to other locations.

 

 

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.

Note: All postings in me@Scotiabank will remain live for a minimum of 5 days.


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