Title:  Manager, Business Controls & Regulatory Reporting

Requisition ID: 239298

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

Purpose

The  Manager, Compliance and Regulatory Reporting contributes to the profitability of the RESL portfolio by ensuring the Bank is compliant on all Real Estate Secured Lending (RESL) lending policies, procedures and the Bank’s legal interests are protected from an operational and reputational risk perspective.

The incumbent is responsible for supporting the assessment of proposed federal and provincial legislative changes from an operational risk perspective (e.g. Cost of Borrowing, Bank Act, Privacy Act, Anti Money Laundering etc.); identifying and ensuring RESL policies, procedures, processes and systems meet regulatory requirements. The incumbent will create/ provide input into all Compliance Reporting and interact with partners in Global Compliance, Global Operations Governance/Testing, Anti-Money-Laundering and Global Risk Management groups as needed to ensure RESL is compliant with Regulatory and Bank policy. The incumbent assists the Senior Manager in their responsibility as the department contact for federal and provincial regulatory agencies (e.g. OSFI, FCAC, CBA) on governance and compliance issues.

The incumbent provides compliance-related operational support for the department and support areas (e.g. RESL, SMA, Sales & Service, Shared Services, etc.) as needed and will act as the back-up Business Continuity Planning (BCP) contact.

What You'll Do:

• Manage and assist in the oversight of Real Estate Secured Lending (RESL) governance and compliance policies, reports and issues (including Customer Privacy, Know Your Customer process, AML/ATF statements, etc.), ensuring RESL and Bank legal interests are protected from an operational and reputation risk perspective by:
  • With new regulation or changes to existing regulation, review policies and procedures to ensure they remain appropriate considering regulatory changes
  • Design and recommend tactical level compliance strategies across all delivery channels and ensure the operational and system changes adhere to regulatory and compliance requirements
  • Act as back-up to the RESL Business Continuity Planning (BCP) representative

• Support the Senior Manager in their role as department point contact for external, federal and provincial regulatory agencies (e.g. OSFI, FCAC, CBA):
  • Investigate governance/compliance issues raised by regulatory bodies
  • Contribute to the development of policy and procedural documentation changes to address these issues
  • Research, and provide input on position papers on proposed legislation affecting RESL for review by Senior and Executive Management and eventual inclusion in submissions to government for negotiation and lobbying
  • Project manage to ensure from inception to implementation (and post review implementation) that all compliance and regulatory changes are appropriately implemented
  • Responsible for updating appropriate documentation (i.e. disclosures) of established or new/revised processes in the event of a compliance/regulatory impact for all RESL products

• Support the  Anti-Money Laundering and Compliance Officer for RESL:
  • Assist with the preparation and review of detailed external compliance reports for OSFI, annual or quarterly certifications as required
  • Assist with all compliance self-assessments and quarterly/annually certification as required by the Bank Act, Trust and Loan Companies Act, FCAC, OSFI and Anti-Money Laundering legislation
  • Manage monthly, quarterly and annual internal compliance trends and issues based reports for the Senior Management RESL
  • Assist and/or prepare reports to Global Compliance/Senior Management
  • Provide input on agreements, new product/programs and related documents that govern RESL products and services to ensure that appropriate disclosures are made and that responsibilities are clearly defined   
  • Performing continuous reviews and improvements of regulatory reporting procedures to create efficiency and ensure accurate reporting. (example: Process flows, Job Aids, Reporting Calendar, etc.)

• Manage aspects of various regulatory requirements as requested by OSFI/CBA/Internal Partners (Risk/Compliance/Legal) and provide operational support to the department and other Bank units/delivery channels/centralized units by:
  • Review all regulatory requests to ensure RESL is compliant
  • Assist with the resolution of incidences of non-compliance; reviewing and identifying existing policies and procedures that leave RESL open to similar risk situations
  • Ensure the delivery of a high standard of customer service and fostering overall customer satisfaction that is consistent with the core values at Scotiabank and Complaint Resolution Standards and Procedures

Functional Competencies

• Strong analytical skills to consider issues, opportunities; able to analyze and synthesize a variety of information to determine appropriate recommendations with respect to policy, compliance and regulatory situations. He/she must be accurate and thorough as the results can have far-reaching consequences
• He/she must be able to work independently and in a team environment where strong relationship building skills are required
• Excellent writing skills as, in addition to routine correspondence, the incumbent will be required to prepare reports and business cases to support recommendations to Senior Management/Executive Management
• Strong customer focus orientation to support both internal and external customers
• Efficient and flexible as the compliance and regulatory environment is constantly changing

What You'll Bring:

• Post-secondary university degree
• 2 + years of financial services compliance, regulatory support is an asset
• The Canadian residential market, industry trends and practices, regional market differences
• RESL policies and procedures across all delivery channels and centralized processing units
• How RESL products/program function including pricing, underwriting, servicing, accounting

Working Conditions

• Work in a standard office-based environment; non-standard hours are a common occurrence.
• In office, on-site 4+ days per week.

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 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.