Requisition ID: 105397Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
Purpose of Job:
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.
Leads and oversees the Canada 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.
Accountable for overseeing and executing Testing for GBM and Treasury for Canada
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 Canadian 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 standards. Informs and advises Senior Management on an ongoing basis on the impact, risks and opportunities of significant, new and amended regulations, industry developments and best practices
Leads and drives a customer focused culture throughout their team to deepen client relationships and leverage broader Bank relationships, systems and knowledge
Creates an environment in which his/her team pursues effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, and conduct risk.
Champions/develops tactical strategies for increasing the use of analytics/data to drive effective annual planning, as well as engagement execution
Builds and perpetuates a high-performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment; communicating vison/values/business strategy and managing succession and development planning for the team
Education / Experience / Other Information:
Deep experience and knowledge of regulatory, compliance and legal requirements in Canada. 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 IIROC, OSC and OSFI banking rules applicable to banks conducting institutional trading & sales, investment banking, investment management, and commercial banking in the Canada. SEC, FINRA, CFTC, NFA, Federal Reserve knowledge is a plus.
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
Post-Secondary Education (MBA or CPA) is desirable
Demonstrated leadership skills and experience with strong coaching skills
Ability to think strategically about the compliance function; has maintained relevant knowledge with proven success in responding to changing regulatory environment and business needs
Experience in initiating, developing and implementing new policies, procedures and systems across a large enterprise with complexity of businesses and stakeholders
Strategic, clear and confident communicator; given interactions with Senior Executive, External Stakeholders including Regulators have strong strategic influencing and negotiating skills
Strategic Thinker and able to influence at the highest level
Demonstrated ability to remain calm and focused when faced with competing issues of importance or potential significant legal or regulatory risk
Respected and demonstrated Leader and Coach with proven experience with inspiring and managing dynamic high-performing team(s)
Excellent teamwork, interpersonal and conflict resolution skills.
Experience/background in managing a team of compliance testers with diverse skill sets.
Experience managing remote teams in a virtual environment would be an asset.
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.