Associate, Internal Controls, Global Banking and - Toronto, Canada - Scotiabank

Scotiabank

Verified Company

Toronto, Canada

2 weeks ago

Posted by:

Sophia Lee

beBee Recruiter

Description

Requisition ID: 168981

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

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.

Is this role right for you?
Pre-Trade Mid-Market Marks (PTMM)

Perform testing and compare, on a daily basis, midmarket marks provided to counterparties against endofday marks generated by trading source systems
Review trader pricing spreadsheets to ensure that midmarket marks provided to counterparties are consistent with CFTC requirements
Summarize results of daily MTM review for the respective Head Traders for their assessment of the reasonableness of differences between midmarket marks and EOD marks
Document and track results of review and any remedial actions for weekly attestation to Head Traders and monthly reporting to the Swap Dealer Oversight Committee
Assist in documenting and maintaining the inventory of trader pricing spreadsheets across all applicable OTC derivative products

Central Counterparty (CCP) Default Management Fire-Drills

Coordinate with the trading desks and support units to facilitate the Bank's participation in the mandatory semiannual CME and LCH (the Bank's central counterparties for IRS activities) default management fire drills
Support the Assistant Director, GBM IC Canada in managing 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 of assuming 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 CME and LCH; (v) debriefing with stakeholders and documenting issues raised during the fire drill process and action items required to remediate; and other items as requested by Senior Management.

Trade Supervision

Assist Trading Management in the oversight and supervision of sales and trading staff, including 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
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 stakeholder to determine changes to processes and controls
Assist the Director in developing training materials and providing training to trading and sales desks regarding trading and sales controls
Proactively address immediate and adhoc 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 the 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 the Director, GBM IC Canada 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
Support the Director, GBM IC Canada in the development of internal standards, guidelines and procedures to manage Operational Risk within the strategic framework set by the SVP, Head of GBM Internal Controls

Do you have the skills that will enable you to succeed in this role? We'd love to work with you if you have:

At least two years' experience in a risk management role
Indepth knowledge of capital markets business, financial instruments and OTC derivatives
Strong quantitative and problem solving skills
Good knowledge of internal controls
Strong written and verbal communications and interpersonal skills
Completion of CFA/FRM an asset
French speaking and writing skills required

Location(s): Canada : Ontario : Toronto

Scotiabank is a leading bank in the Americas

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