Requisition ID: 99782 Cost Centre: NEW YORK AGENCY GENERAL Employee Referral Program Potential Reward: We are committed to investing in our employees and helping you continue your career at Scotiabank.
Title: Director, US Compliance Testing Program
This role will provide independent, objective risk assessment and evaluation of the effectiveness of the Regulatory Compliance Program for Capital Markets, Corporate / Investment Banking and Treasury.
The incumbent is accountable for the design of the annual and multi-year testing strategy/plan working with Business Line Compliance and Business stakeholders. This will include leading and/or coordinating engagements with regional testing teams to ensure appropriate coverage.
They will lead and oversees the US Compliance Testing teams as well as coordinates testing with the Global Head of Compliance Testing. The incumbent is responsible for managing the planning, execution, and reporting of assigned audits in accordance with Testing Standards, Operating procedures and local regulation.
The incumbent ensures strategies, plans and operations are continually aligned to rapidly evolving industry standards, regulations and trends across our footprint.
Is this role right for you?
Accountable for overseeing and executing Testing for GBM and Treasury for U.S.
Actively participates in the development of Annual testing plan and methodologies and procedures in coordination with Global Compliance, first line and internal audit; including tracking of testing completion against annual test plan, confirming the existence of controls and adherence to Scotiabank standards and Regulatory requirements.
Maintains a substantive understanding of compliance risks and processes. This includes keeping abreast of key industry developments, regulatory changes, and identifies key systemic issues and internal changes that will impact the annual test plan and/or quarterly CCO opinion.
Maintains relationship with the Business Unit (Advisory) Compliance heads and first line to ensure a value-added program is delivered.
Identifies, defines, and builds a more risk effective and cost-efficient testing program by driving continuous improvement to the testing methodology which includes risk prioritized assessments, scope and depth of testing, reporting results and automation opportunities.
Identifies trends and/or gaps across the US jurisdictions and provides timely escalation and remediation of high risk / thematic issues and recommendations to improve the effectiveness of the business line controls. Ensures visibility of key issues at appropriate governance forums to ensure attention is provided for timely resolution. Oversees the Teams collective issues management and validation testing efforts.
Works closely with business line testing teams and Audit to develop a comprehensive testing program which will ensure appropriate coverage while minimizing duplication across the region as well as the organization (for relevant global audits).
Ensures that comprehensive working papers and results are maintained to support the opinions being provided through the testing engagements.
Understands how the Banks risk appetite and risk culture should be considered in day-to-day activities and decisions.
Maintains a view of the changing landscape within the industry and amongst the Banks regulators and introduces corresponding strategies, recommendations and when necessary, changes to ensure continued alignment to industry
Do you have the skills that will enable you to succeed in this role? – We’d love to work with you if:
Deep experience and knowledge of regulatory, compliance and legal requirements in the US (e.g. Dodd Frank Title VII, Volcker requirements). Experience working on trade surveillance, conduct, and regulatory reporting themes would be an asset.
Experience/background in compliance applicable to broker-dealer internal inspections, institutional trading & sales, investment banking, futures commission merchant, swap dealer activities, commercial banking, investment management, and corporate functions within investment or commercial bank or institutional broker-dealer is preferred.
Solid understanding of capital markets and Treasury products, processes and risks
Familiarity with applicable SEC, FINRA, CFTC, NFA, Federal Reserve and state banking rules applicable to foreign banks conducting institutional trading & sales, investment banking, investment management, and commercial banking in the US
Teaching level knowledge of testing processes and methodologies
Expert ability to write clear, concise testing reports, issues as well as internal and external communication. This includes ability to negotiate and presents testing findings and opinions.
10+ years of relevant industry and professional experience including experience in internal or external audit and compliance
Location(s): United States : New York : New York City
As Canada’s International Bank, we are a diverse and global team. We speak more than 100 languages with backgrounds from more than 120 countries. Our employees are committed to a superior customer experience and use the Banks six guiding sales practice principles to ensure they act with honesty and integrity.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.