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Senior Manager, Risk Mitigation – 6 Month Contract – Bilingual Spanish

Requisition ID: 104787Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.



We are seeking a highly motivated team player to join International Wealth Management’s Business Delivery & Transformation team as a Sr. Manager, Risk Mitigation.  In this role, you will report directly to the Director, Risk Oversight, and be accountable for the International Wealth Management risk monthly reporting and  to develop and refine risk management capabilities across IWM’s footprint in strong collaboration with 3LOD partners within GWM and IB. You will be expected to quickly gain an understanding of IWM’s products, policies, and business lines.  IWM’s footprint includes 10+ jurisdictions and business lines include  Private Banking; Onshore and Offshore Trust; Onshore and Offshore brokerage; Asset Management & Pensions.  



1. Strategic Imperatives – The incumbent will liaise and work closely with all areas of IWM to ensure Risk Management strategies and IWM business line strategies support each other in the most effective way possible.  Some of these business line strategies include work in areas such as 1) product development and management, 2) sales and service practices and management, 3) operations management, and 4) asset management. 

2. Governance Structure – The incumbent will be responsible for the effective functioning of an appropriate Governance Structure for the IWM business in order to oversee all risk management issues with the objective of minimizing risks and ensuring compliance with regulatory and Scotiabank requirements. Assists and supports the Director in the following ways: 
a.    Develop, implement and maintain guidelines, standards and procedures to ensure that risk exposures in new and existing IWM operations are effectively identified, managed and controlled.  The incumbent will be required to leverage existing policies and procedures and/or proposes policies that are approved at the appropriate levels.
b.    Maintain an understanding of evolving regulatory requirements and best practices in respect of IWM operations and ensure that the Bank’s policies, practices and procedures are aligned with these best practices. 

3. Advice and Counsel –  Provide advice and counsel to the Bank’s subsidiaries in:
a.    Regards to the acceptability and appropriateness of their risk management policies, procedures and standards related to the IWM operations.
b.    In the development of action plans where controls are found to be insufficient.  Monitor progress against plans. 
c.    Work closely with respective groups within Scotiabank to fully leverage potential synergies that may be applied to the business line activities of IWM operations in such areas as risk management, cost and operational efficiency.
d.    Review policies and procedures as they relate to sales practices in order to ensure all inherent risks (i.e. financial and operational risks) are identified and being managed effectively, while supporting sales and service levels. 
e.    Act as a subject matter expert on relevant M&A activities such as Due Diligence and Integration work where required.

4. New Product Approval – Contribute to  the Director in developing and providing oversight and subject matter expertise in the effective establishment and ongoing functioning of new product development initiatives to identify any potential risk related to the development, launching and distribution of investment products in order to implement the appropriate mitigation and monitoring measurements. This includes ensuring compliance with regulatory requirements as well as the establishment and ongoing oversight of an effective new product approval committee.

5. Risk Remediation, Reporting & Insights – Provide issue management insights and updates
a.    Assists in the identification of IWM risk exposures by reviewing existing reports from IB and provides recommendations to the Director, Risk Mitigation in order to help inform business decisions.
b.    Creates risk reporting for the GWM Core Risk Committee (CRC), Executive Risk Governance Forum (ERGF) and applicable Committees in IB, IWM or GWM, when applicable. 
c.    Supports remediation activities from Audit Reports, Compliance Testing, Regulatory, Third Party Risk Management (TPRM) and other applicable risk reviews.
d.    Creates specific reports on key initiatives such as IWM modernization, technology, best practice alignment among others.
e.    Continuously identifies enhancements and improvements to existing risk reporting;

6. Risk & Audit Oversight – Support Audit engagements and maintain remediation plans updated
a.    Leverages information provided by GWM and IB partners, to provide insights on business self-assessments, identifying any weaknesses in the internal control environment, and flagging risk exposures to the Director, Risk Mitigation to be addressed.
b.    Provides oversight to the action plans, of any of the 3 lines of defense, and follows-up until their resolution.
c.    Contributes to the creation of risk mitigation strategies, provides support for the deployment of risk solutions, and monitors them to ensure successful implementation.

7. Education and Communication – The incumbent will ensure ongoing communication with the countries regarding latest standards and continually raise the skills across all business by:
a.    Assist in the development and implementation of Terms of Engagement agreements that will detail meaningful lines of communication and responsibilities between IWM and the Bank’s subsidiaries.  
b.    Maintain appropriate internal manuals and reference handbooks related to the IWM businesses and industry standards (ie FRM, CFA).
c.    Monitor events in the financial services industry, legal decisions and legislative initiatives affecting international wealth management operations, both domestically and internationally, to identify new and emerging issues.
d.    Maintain an up-to-date knowledge of applicable legislation and emerging issues through contact with in-house and external legal counsel, domestic and international regulatory bodies, and staff departments of the Bank (i.e. GOR, GRM, Treasury, Audit, Compliance)


Education/Work Experience

The incumbent will be required to have a deep understanding of Financial (market, liquidity, and credit risks) and Operational (technology, legal, and processes) risks, as well as propose, and monitor risk management issues in the International Pensions, Brokerage, Trust and Private Banking in order to play an integral role in leading the development and implementation of a solid governance structure whilst liaising closely with the IWM Sr. Management team to ensure the continued growth of the department.

Educational Requirements:
Required: Bachelor’s and / or Master degree or higher in business, statistics, economics or finance
•    A sound understanding of the Bank’s risk appetite as well as a broad understanding of the Bank’s structure, operations, policies and procedures.
•    An in-depth knowledge of the general political, economic, and cultural factors, issues, and developments in international markets as well as a thorough understanding of both the financial services industry and capital markets of the international marketplace.
•    Excellent time-management skills are essential to manage a diverse workload 
•    Excellent written and oral presentation skills in both English and Spanish are essential  
•    Advanced experience with Microsoft Office: Excel (advanced, v-look ups and pivot tables), Microsoft Access (SQL and crystal reports), Visio, MS Project and Power BI / Power Apps
•    Knowledge on data management, data analysis and reporting, using scripts/tools such as SQL (Python) is a plus.

Work Experience:
•    Extensive knowledge (5+ year track record) of wealth management products and services including features, benefits, pricing policies, sales practices and profitability levers and operational processes.
•    Demonstrated expertise in international markets such as Latin America and the Caribbean and the ability to deal with the intricacies of pension fund, mutual fund and investment industries from a legal, regulatory, compliance and audit requirement perspective in the multiple international jurisdictions in which Scotiabank operates.
•    Extensive technical knowledge of Operational Risk Management techniques and control systems. There is a requirement to liaise closely with the Group Operational Risk area of GRM in ensuring IWM operations comply with the Operational Risk Self-Assessment and Key Risk Indicator (KRI) programs. Moreover, specific knowledge is required in applying operational risk mitigation internal controls and controls such as; Insurance, Information Security (Integrity, Confidentially, Availability, and Continuity), Security Procedures and Controls (Physical protection), Technology Development and Maintenance, Business Continuity (improve business capability permanently), and Outsourcing.

•    In addition, the following competencies are critical for success:
i.    strong communication skills (written and verbal), including superior listening capability;
ii.    well-developed analytical skills; and ability to perform effectively under pressure.

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.

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