Director & Head of Hedge Funds and US Counterparty Credit Risk
Scotiabank · New York, United States · 4d ago
Requisition ID: 273634
Salary Range: 185,400.00 - 310,600.00
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.
Global Banking and Markets
Global Banking and Markets (GBM) is a leading Canadian Capital Markets and Investment Banking business with a growing platform in the US and Latin America, operating globally for over 100 years. Scotiabank’s strong U.S. presence provides our clients an important bridge to this key global market for trade and investment flows across the Americas and the world.
Global Banking & Markets provides a full range of investment banking, credit and risk management products and services relevant to the financing and strategic development needs of our clients. Our products include debt and equity financing, mergers & acquisitions, corporate banking, institutional equity sales, trading and research, fixed income products, derivatives, energy, foreign exchange and precious & metals. We also cross-sell the full range of wholesale products and services offered by the Scotiabank Group.
Be part of an innovative, Global Capital Markets and Investment Banking business with a unique geographic footprint that puts capital to work for our clients across industries! We work together to drive ambition for every future!
Position: Director, US Head of Hedge Fund & Counterparty Credit / Counterparty Credit Risk / Global Risk Management
Purpose
Leads and oversees US Hedge Fund Credit and Counterparty Credit in ensuring business strategies, plans and initiatives are executed / delivered in compliance with governing regulations, internal policies, and procedures.
Accountabilities
• Leads and drives a customer focused culture throughout their team to deepen client relationships and leverage broader Bank relationships, systems and knowledge.
• Adjudicates on proposals within assigned limits (as a designated Credit Officer), provides recommendations for over limit / out-of-policy deals and market risk limits to the Senior Credit Committee as applicable, and authorizes waivers, amendments, and non-standard documentation.
• Leads strategic initiatives to enhance and align the firm’s CCR framework ensuring consistency in limit setting, collateral standards, escalation processes, and governance in line with regulatory expectations (SR11-10, BCBS guidance).
• Developing policies/guidelines and strategies and cascades these to appropriate business development groups.
• Providing sound and timely decisions on applications for credit/business proposals, within assigned credit limits, through thorough analysis with suitable structure, pricing, conditions, monitoring, and security stipulated.
• Ensures that the existing portfolio is maintained at a level of acceptable quality and risk by:
• regularly monitoring the assigned portfolio and approved credits on a geographic, industry, and customer / product basis, ensuring adherence to conditions of credit/market risk approval, identifying issues, and taking remedial action in a timely manner.
• regularly assessing the products and structures to determine adequate margin levels and risk measurement methodologies.
• escalating as required and recommending suitable courses of action.
• and, monitoring adherence to regulatory and internal policies as applicable
• Responsible for defining the mechanisms to close the regulatory gaps that have been identified. You will need to be engaged in the detail of the underlying issues to define what needs to be done differently and then ensure that remediation work is delivered on time:
• Define mechanisms for closure of specific regulatory points and ensure delivery.
• Define specific risk appetite metrics and mechanisms to ensure appropriate control over all related business activities.
• Drive cultural change.
• Oversee the teams Adjudication decisions, execute against VP level adjudication decisions and ensure appropriate recommendations are made for more senior adjudication (adjudication is the critical risk management process that defines how much risk, if any, BNS is comfortable taking with a client)
• Develop the team under the following dimensions:
• Analytical capabilities
• 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
• Own end-to-end enablement of new product and business initiatives, driving timely execution through the design and implementation of robust CCR control frameworks, governance processes, and system enhancements, including development of detailed technical requirements and cross-functional alignment.
• Lead the development and enhancement of CCR policies, standards, and procedures, and drive stakeholder socialization, training, and consistent interpretation.
• Serve as a central coordinator across CCR initiatives, ensuring alignment between policy, systems, governance, and risk appetite, while driving cross-functional resolution of CCR issues across Analytics, Model Validation, IT, Front Office, Operations, Risk, Legal, and Compliance.
• Prepare and coordinate materials for senior management, regulatory examinations, and audits, ensuring consistent and clear CCR narratives across all outputs, and effectively communicate progress on issues, and remediation efforts.
• Represent the CCR team in CCAR and broader stress testing governance activities, ensuring alignment with supervisory expectations.
• Assist in managing the day-to-day counterparty limit monitoring process by tracking risk metrics against approved limits, addressing limit breaches, and following up on remediation efforts with front-line teams, and other stakeholders across derivatives and cash trading desks.
• Identify and drive opportunities to incorporate data analytics and AI-driven solutions into CCR processes.
Reporting Relationships
Primary Manager: Managing Director, Global Head of Counter Party Credit Risk
Dimensions
The role is a second line risk function, that does not have P&L responsibilities and is not responsible for ‘profitable growth’ although positioning the role correctly it will support the business in delivering that. The role will be responsible for setting the risk standards that the organization needs to follow, ensuring the Bank is meeting regulatory expectations and for ensuring risks are appropriately controlled. Measurement will include:
• Primary focus will be Prime Services, CMF, Credit TRS and FX business operated out of the US and Globally
• Active involvement and leadership in multiple regulatory, audit and business-related projects will be required.
• Closure of regulatory findings
• Increased client interactions/meetings between GRM and clients
• Improvements to the control framework including, but not limited to: Improved limit processes, improved data quality, faster decision processes including adjudication.
• Cultural change which will be measured via: Faster decision making/recommendations, better challenge, more proactive approach (there are a lot of long running known issues that have been left unresolved, start demonstrating the team’s ability to close all known issues without needing to be told to do so), Psychological Safety (how do we encourage everyone to speak up to help drive change), change mindset, etc.
• Ensure BNS meets the higher regulatory bar required by OSFI and the PRA in 2023, and FED in 2022. Failing to meet these regulatory expectations will result in significant penalties for BNS.
Education / Experience / Other Information • Business degree
• Required Experience: Solid knowledge of Hedge Fund strategies and risks related to Hedge Funds gained through at least 10years experience at other institutions Experience dealing with regulators.
• Experience with Counterparty Credit Risk including Stress Testing
• Knowledge of OSFI, PRA and FRB Counterparty Credit Risk Guidance
• Excellent problem solving, analytical, and decision-making skills.
• Ability to present to senior leaders.
• Solid organizational skills and ability to managing large scale complex projects.
• Strong collaboration skills to work with different stakeholders and builds positive relationships to drive mandates for the team and organization.
• Responsible for closing specific Regulatory findings which requires the ability to think both tactically (short term) and strategically.
• Play a critical role in driving through a cultural change from a process driven to a proactive innovative culture that welcomes challenge and is focused on ensuring we are all on a journey of continuous improvement.
• Leading the developing of the systems and tools available to all parts of the organization to ensure Counterparty exposures are always properly understood and issues are quickly escalated
Working Conditions
• Work in a standard office-based environment; non-standard hours are a common occurrence. Moderate travel internationally.
Interested?
If your experience is closely related but doesn’t align perfectly with every qualification, we do encourage you to apply - you might be the right candidate for this or other roles at Scotiabank!
At Scotiabank, every employee is empowered to reach their fullest potential, respected for who they are and, embraced for their differences. That’s why we work to grow and diversify talent and engage employees in a performance-oriented culture.
What's in it for you?
Scotiabank wants you to be able to bring your best self to work – and life, every day. With a focus on holistic well-being, our many flexible benefit programs are designed to help support your unique family, financial, physical, mental, and social health needs.
#GBM
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.
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