OLB Senior Manager, Regulatory and Business Risk, Scotia iTRADE - Toronto, ON

Title: OLB Senior Manager, Regulatory and Business Risk, Scotia iTRADE - Toronto, ON

Requisition ID: 211454

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

Purpose of Job:

The Senior Manager will support the Director, Regulatory, Business Risk and Order Management in ensuring compliance with regulatory and business risk initiatives, with a focus on trading, credit, fraud, and related operations. The Senior Manager will work closely with the other SM Regulatory and the Account Supervision team with 1B functions and have responsibility and oversight of annual and quarterly certifications and key risk indicator reporting requirements, and as required, represent Scotia iTRADE on regulatory and compliance-related initiatives.

The individual will work closely with the Director, and the other Senior Manager Regulatory to implement and drive results by working closely with internal stakeholders and support groups to bridge both the regulatory and risk management framework with the business needs, specific to Order management and trading operations, margin and credit, and Fraud management and mitigation. Create an environment in which the 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, and regulatory compliance risk.

Major Accountabilities:

• Manage the Business line component of credit and margin operations:
  • Collaborate with support teams, senior management, and CWM Operations to ensure that the business approach and operational process are aligned with Credit P&P and our risk tolerances.
  • Lead meetings and represent initiatives at Senior Management and Steering Committee meetings.
  • Develop SOPs as required and oversee processes around Options approvals and retention of clients at various strategy levels.
  • Pro-actively identify market issues, portfolio risk, client positioning and pro-actively putting in plans to close gaps.
  • Influence decisions, and escalate issues for discussion and resolution as required.
  • Assign / negotiate ownership of key project deliverables.
  • Manage and influence end-to-end project workstreams to ensure deadlines are met and the initiatives are implemented efficiently and effectively.
• Support the Director in managing the trading oversight within Scotia iTRADE:
  • Maintain a current understanding of the iTRADE trading environment and order routing of all order types in Canada and US.
  • Monitor, review and identify all new / modified destinations and regulations related to trading.
  • Be a point of contact for Executives and external brokers to reduce key person risk in situations that require rapid investigation and decision making around trading.
  • Influence decisions, and escalate issues for discussion and resolution, as required.
  • Provide input into business requirements to ensure the business impact is understood and assessed in the development of solutions to meet change requirements. Work with internal technology resources and IRESS on related projects.
• Enhance and further develop the Best Execution monitoring and reporting:
  • Ensure compliance with the Scotia Capital Best Execution Maintain a current understanding of the compliance environment and a comprehensive understanding of the implications to the business.
  • Become an expert in the use of our S3 Best Execution application.
  • Create an annual plan for testing and reporting the various aspects of the software.
  • Monitor, review and identify all new / modified regulations to help assess the impact to the business.
• Track, Manage, and Communicate Trading issues from CIRO TCC and MX Exam Findings:
  • Track and manage issues identified both internally and through external exams and testing.
  • Track all issues / findings through to completion prior to confirmed resolution dates.
  • Act as a change agent to implement appropriate corrective actions, lead ad hoc projects, initiatives, meetings in conjunction with Compliance and other departments that are critical to Scotia iTRADE.
  • Provide reporting to senior management on status of current and outstanding issues.
  • Participate and represent the business at industry committee and working group meetings as required.
• Support the Director in managing and helping reduce business risk within Scotia iTRADE:
  • Maintain a current understanding of the compliance environment and a comprehensive understanding of the implications to the business.
  • Work with CSM team and Scotiabank Fraud management to streamline and adapt our processes and controls around this growing risk area to online brokerage.
  • Monitor, review and identify all new / modified regulations to help assess the impact to the business.
  • Look to improve existing compliance programs and participate in developing, maintaining and implementing changes to the firm's compliance policies and procedures.
  • Influence decisions, and escalate issues for discussion and resolution, as required.
  • Support the assessment of current state, identifying gaps and ensuring appropriate governance structures are established.
  • Provide input into business requirements to ensure the business impact is understood and assessed in the development of solutions to meet regulatory change.
  • Proactively engage the field to ensure participation / adoption as required.
• Support team leadership to motivate and develop individual and team performance:
  • As a senior member of the Management team, foster and develop a strong, positive team environment to help drive employee empowerment, innovation and a high degree of engagement.
  • Ensure that the Order Management and Special Services teams and functions meets or exceeds our primary functions.
  • Demonstrate an ability to listen, negotiate and communicate goals, share knowledge, experience and responsibility with team members in an effort to strive for the highest standards of professionalism and service excellence.
  • Identify and support training and development needs of all team members.
• Contribute to the effective functioning of the iTRADE Management team by:
  • Maintaining a high level of brokerage industry knowledge.
  • Building effective working relationships across the teams and with various business line and corporate function contacts.
  • Maintaining a high level of customer service.
  • Facilitating a culture of open and honest communication.
  • Actively participating and contributing to touch-bases and team meetings.
  • Encouraging the generation of new ideas and approaches.
  • Actively sharing knowledge and experience to enhance the development of all team members.

Education / Work Experience:

• Business / Finance degree or equivalent experience.
• Successful completion of Canadian Securities Course (CSC), Conduct and Practices Handbook (CPH), Derivatives Fundamentals and Options Licensing Course (DFOL).
• Successful completion of the Branch Manager’s Course and Options Supervisor Course subsequent to job posting, if not already obtained.
• Strong understanding of retail brokerage trading and operations.
• Thorough knowledge of industry, compliance and trading policies.
• Prior experience and knowledge in brokerage, and investment industry highly desirable.
• Strong understanding of the firm’s Risk Management appetite, framework and related policies.
• Strong analytic and problem-solving capability.
• Exceptional presentation and written communications skills.

Working Conditions:

• Incumbent will work in a fast-paced and high stress environment.
• Significant added pressure may be experienced due to tight deadlines, the complexity of assignments, competing priorities, and having to deliver on ad hoc requests for information from Senior Management.

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. 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.