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Purpose
Contributes to the overall success of the Canadian Banking Compliance team, ensuring specific individual goals, plans, initiatives are executed / delivered in support of the team’s business strategies and objectives. Ensures all activities conducted are in compliance with governing regulations, internal policies and procedures related to the respective business lines.
Accountabilities
- Champions a customer focused culture to deepen client relationships and leverage broader Bank relationships, systems and knowledge.
- Oversee and monitor Canadian Banking regulatory compliance program for Insurance, Collections, Fraud, Consumer Provincial Regulations and other allocated areas (collectively, the “Business Units”) to identify areas of regulatory compliance risk.
- Provide support to the Director Compliance, Canadian Banking to monitor business and regulatory developments for the Business Units under responsibility to ensure that regulatory risks are managed effectively and efficiently and in accordance with Scotiabank’s Risk Appetite.
- Provide advice and counsel to the Business Units under responsibility with respect to regulatory compliance, products, programs, policies and procedures, including implementation of emerging regulations.
- Support the identification of trends and/or gaps across Business Units under responsibility and reports findings with recommendations on how to improve the effectiveness of first line controls to the Director and Senior Management.
- Works with the Business Units under responsibility to implement regulatory change, and to enhance controls for existing regulatory requirements.
- Pro-actively identifies potential violations of regulatory requirements, internal policies and procedures, in a timely manner and makes recommendations to mitigate business, compliance and operational risk.
- Works closely with counterparts in Compliance across Global Compliance or other groups to share best practices, avoid silos, and ensure consistency and alignment to the Enterprise Compliance Framework.
- Maintains deep knowledge & understanding of industry developments and practices, regulatory requirements and associated changes impacting the Business Units under responsibility.
- Supports the development of internal policies aligned with applicable industry regulations and reflective of rule changes from various regulatory bodies.
- Provide training to the Business Units under responsibility on emerging issues, regulatory trends, and industry best practices.
- Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.
- Actively pursues effective and efficient operations of their respective areas in accordance with Scotiabank’s Values, its Code of Conduct and the Global Sales Principles, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to compliance-related risks.
- Champions a high-performance environment and contributes to an inclusive work environment.
Education/Experience
- Bachelor’s Degree with a minimum of 8-10 years of relevant experience in the financial services industry with practical experience or regulatory compliance/legal experience in those business lines under the responsibility of this role. CPA or Law degree is an asset.
- Strong knowledge of banking products that apply to this role, distribution channels and related operations.
- Strong knowledge of applicable regulatory requirements to the banking industry, provincial regulations applicable to insurance and consumer protection.
- Strong analytical and communication skills, results orientation, data driven approach in decision making and ability to research.
- Practical experience interpreting and implementing regulations applicable to the business lines under the responsibility of the role.
- Excellent writing skills and experience drafting correspondence to regulators and compliance memos.
- Experience with providing insights to and interacting with the business.
- Ability to drive success in a high performing, flexible and small team environment.
- Ability to work in different projects at the same time under time constraint.
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