Senior Manager, Testing and Monitoring
City : Toronto, ON, CA, M5C2V9
Category : Business and Financial Operations
Industry : Finance
Employer : Scotiabank
Requisition ID: 174340
Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
Responsible for the end-to-end execution on monitoring and testing related to operational, regulatory, and compliance risks within Global Wealth Management (GWM). This individual leads the first-line testing and monitoring activities across several business and functional units within GWM including risk assessments to ensure the adequacy of controls, processes and protocols to mitigate regulatory and operational risks (including legal, securities, tax) and risks of financial loss, regulatory fines, penalties or sanctions, litigation and reputational damage to wealth units and identify areas of opportunity to strengthen the control environment and control activities.
Identify, benchmark and establish best practices, operational efficiencies and effectiveness, in the risk management program of GWM’s core business lines in the context of complex regulatory environments.
• Sustain expert understanding of Global Wealth business units (brokerages, asset management, estates and trust, private banking, mutual fund dealers, and International Wealth Management), including operational processes, regulatory obligations and risk governance.
• Designing control and operational policies, procedures and frameworks to manage risks of new wealth management initiatives, including new products and service offerings, technology platforms, investment tools, digital offerings and applications.
• Establishing global Testing and Monitoring standards in the core Wealth business units (asset management, brokerages, investment funds, private banking, trusts and pensions) to manage non-financial risks (including operational risk, AML, CASL, etc.) in multiple jurisdictions, including Canada, Caribbean, Central and Latin America.
• Analyze data, alerts and results of monitoring, assessments and inventories to identify potential gaps, patterns and trends.
• Oversees the design and development of testing strategies and engagement documentation in accordance with methodologies, enterprise requirements and standards.
• Oversees the development of a testing schedule and engagement-specific work-back plans.
• Develops and fosters relationships with stakeholders/control functions and business partners for the purposes of creating an integration risk framework and enhancing business line effectiveness.
• Champions a customer-focused culture and leverages broader Bank relationships, systems and knowledge.
• Ensures individual and team goal plans are aligned with the overall strategies and objectives on Global Wealth Management Internal Controls, GWM, including International Wealth Management, and the Bank.
• Leads review/testing engagement activities and ensure testing is expertly and effectively performed.
• Prepares/contributes to, or maintains comprehensive reporting on findings, with actionable recommendations and insightful analysis and commentary.
• Persists in enhancing the program with an objective of continuous improvement.
• Leads ad-hoc, special and/or focused reviews as necessary, as well as other duties and projects as assigned.
• Actively pursues effective and efficient operations of their 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, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework, Regulatory Compliance Risk Management Framework, AML/ATF Global Handbook and the Code of Conduct.
Leads the sustainment and implementation of on-going and new monitoring programs;
• Initiates, manages and delivers projects by working independently or within cross-functional teams and/or WM businesses with the implementation of monitoring initiatives and/or controls, to strengthen Non-Financial Risk programs and Regulatory Initiatives
• Develops proposals and business cases, as required
• Establishes milestones and assess work effort
• Coordinates and executes project plans and track progress
• Develops and manages project templates to create required documentation and reporting
• Prepare executive and board reports materials including analysis and concise written summaries
Maintain regulatory awareness and Wealth Management knowledge;
• Maintains current knowledge of applicable regulatory requirements and industry developments
• Working experience interpreting and assessing international wealth business units and local regulations, processes and controls to provide practical recommendations and advice
• The Senior Manager will participate in other undertakings as required including projects arising from business and regulatory initiatives, identifying management and compliance needs, communicate findings and implement corrective actions
• 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 behaviours; communicating vison/values/business strategy; and managing succession and development planning for the team.
• Leads and drives a customer focused culture throughout their team to deepen client relationships and leverage broader Bank relationships, systems and knowledge.
• Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.
• Champions a high-performance environment and contributes to an inclusive and diverse work environment.
• Creates an environment in which his/her team pursues effective and efficient operations of his/her 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.
Education / Experience
• Working experience and knowledge of quality assurance processes
• Strong written and verbal communication skills to prepare reports, deliver presentations and effectively interact with GWM business units and other departments
• Regulatory experience is an asset, including Compliance, Audit, Operational Risk, Third Party Risk, and Legal
• Previous work experience in project management and/or regulatory reform initiatives
• Completion of CSC or CFA Level 1
• FRM, CPA, CA, CFA, and/or CIM designation preferable
• University degree in Commerce or Business Administration, Accounting, or Finance with a minimum of 8 years of relevant Wealth experience or an MBA with a minimum of 5 years of relevant Wealth industry experience, including working knowledge of International Wealth
• Strong working knowledge of regulatory bodies including OSFI, OSC, IIROC, and MFDA
• Excellent problem solving, negotiating skills and well-developed influencing skills
• Knowledge of the roles and responsibilities of Global Wealth business units and support functions crossing all delivery channels, including International Wealth
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.