Director, Head of U.S. Monitoring & Surveillance
City : New York City, NY, US, 10281
Category : Business and Financial Operations
Industry : Finance
Employer : Scotiabank
Requisition ID: 174411
Salary Range: 168,000.00 - 275,000.00
Please note that the Salary Range shown is a guideline only. Salary offered may vary based on factors, including, but not limited to, the successful candidate’s relevant knowledge, skills, and experience.
Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
Leads and oversees U.S. Monitoring and Surveillance program for GBM&T in the United States ensuring business strategies, plans and initiatives are executed / delivered in compliance with governing regulations, internal policies and procedures.
The objective of this position is to ensure that the U.S. operations of The Bank of Nova Scotia, Scotia Capital (USA) Inc., and their affiliates (collectively the “Bank”) have a robust compliance monitoring and surveillance program, inclusive of policies, procedures, processes and methodologies, in place to satisfy applicable U.S. legal and regulatory requirements/obligations. Specifically, the U.S. Head of Compliance Monitoring & Surveillance (“Head”) is responsible for the development, implementation, documentation and maintenance of a comprehensive monitoring & surveillance programs, including trade surveillance, e-communication monitoring, and supervisory monitoring (i.e. “check-the-checker”) as part of the compliance monitoring and surveillance second line of defense program and associated methodologies for its review and effective challenge of the first line of defense program for the Bank. The Head will be expected to work closely with the Compliance advisory teams in developing, implementing and maintaining the compliance monitoring and surveillance programs. The role will entail substantial coordination with various business units, corporate functions and other teams within the Compliance function. The Head also will manage and oversee the staff conducting the monitoring and testing.
Is this role right for you? You will be responsible for:
- Leads and drives a customer focused culture throughout their team to deepen client relationships and leverage broader Bank relationships, systems and knowledge.
- Develop and Lead Targeted Surveillance Investigations Team.
- Perform and or/ oversee risk-based monitoring of the business’ ongoing compliance with applicable Federal and State laws applicable to non-US banks operating in the US, SEC registered broker-dealers, futures commission merchants and swap dealers, identify non-compliance in a timely manner, and oversee remediation activities.
- Develop and maintain effective monitoring and surveillance program, including monitoring procedures, methodologies and rationales, to ensure compliance with relevant regulation and oversee staff conducting the monitoring and surveillance.
- Take a lead role in delivering a variety of change initiatives across monitoring and surveillance.
- Perform and / or oversee risk-based surveillance to confirm that first line compliance controls are operating effectively.
- Review and analyze daily surveillance output to identify potential compliance issues.
- Investigate potential instances of market abuse and rule breaches and have a framework in place to resolve/escalate matters of concern.
- Work with global monitoring and surveillance colleagues and surveillance technology teams to identify enhancements to surveillance logic, reports, and workflow through data analysis, and define requirements, new and enhanced workflow processes, and procedures that enhance the controls/quality of the monitoring and surveillance program.
- Complete monitoring and surveillance reviews in a timely manner and prepare clear and accurate monitoring and surveillance results with actionable recommendations.
- Maintain strong relationships with key stakeholders, including Compliance Advisory, Internal Audit, Operational Risk, and the relevant business areas to ensure their inputs are obtained in the monitoring process.
- Assist Compliance testing team to identify high risk areas for testing based on findings identified through execution of the compliance monitoring and surveillance program.
- Provide regular reports on the compliance surveillance and monitoring program to Bank/SCUSA management, corporate function management and Compliance management and escalate any material matters to senior compliance officers and senior management as appropriate.
- Maintain an awareness of and monitor the regulatory environment for new and emerging legislation, policy statements, relevant trends and industry best practices and determine how they impact monitoring and surveillance.
- Lead and manage direct reports to support achievement of the compliance monitoring and surveillance program.
- Other duties and projects as may be assigned from time to time.
- Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.
- Creates an environment in which their team 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 operational, compliance, AML/ATF/sanctions and conduct risk.
- Builds a high performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment and using a coaching mindset and behaviors; communicating vison/values/business strategy; and managing succession and development planning for the team.
Do you have the skills you need to succeed? We'd love to work with you, if you have:
- A minimum of seven to ten years of compliance experience preferably with a major international banking organization with institutional trading & sales, investment banking, institutional broker dealer and FCM/swap dealer businesses.
- A minimum of five years of experience within a compliance monitoring and surveillance role within the financial services industry.
- A good understanding of applicable Federal and State laws applicable to non-US banks operating in the U.S., SEC registered broker-dealers, futures commission merchants, swap dealers and registered investment advisors.
- Strong analytical and investigative skills and demonstrated ability to operate at a strategic level.
- Ability to work independently and effectively with senior management.
- Outstanding written (drafting & editing) and spoken communication abilities.
- Excellent teamwork, interpersonal and conflict resolution skills.
- Highly organized and capable of dealing with multiple, complex projects simultaneously.
- Surveillance expertise is a plus.
- Securities licenses preferred, but not required.
- Proficiency with standard computer applications including Word, Excel, and PowerPoint.
- BA or international equivalent required.
Location(s): United States : New York : New York City
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.