Manager, U.S. Market Risk

Requisition ID: 272561

Salary Range: 90,000.00 - 167,200.00 

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.

Purpose

The Manager, will be part of a team responsible for the market risk management of trading business lines of Scotiabank U.S. Key responsibilities include market risk monitoring, reporting, limit setting, and breach identification and remediation. This Manager will participate in business reviews, limit monitoring, assist in preparing presentations for management and regulatory meetings, as well as work in close collaboration with the trading desks as a valued partner by identifying key risks and assessing market conditions. As a Manager, you will work closely and under the direction of the overall team focused on all the traded product groups, as well as Trade Floor Risk Management (“TFRM”) colleagues in Toronto and other jurisdictions as part of a global market risk initiative. Additional responsibilities include ad-hoc analysis of market risk metrics, anticipating the risk needs of the business, and enhancement of internal and external market risk reporting.

What You'll Do

The Manager will:
•    Be responsible for daily reporting and monitoring of U.S. market risk metrics across multiple product groups with specialization in FICC (Fixed income, Currencies, Commodities), specifically in Rates, and Collateral Management & Funding
•    Identify market risk limit breaches, verifying the accuracy of the breaches, discussing next actions to be performed by the desk to remediate the breach, then following up with reporting that discusses the causes of the breach, actions taken, and follow up steps.
•    Assist with market risk reporting enhancements, particularly using Power BI, SQL, Python  and other propriety systems to develop improved analytics.
•    Work closely with both local and global teams in addressing enhancements and any remediation efforts. Presenting materials to global TFRM for project work that educates the global team.
•    Prepare a daily morning synopsis of the market developments in the concentration areas assigned to the Manager, working diligently to be aware of general macro market themes and staying abreast of developments throughout the day.
•    Assist in the preparation each month and each quarter, of reporting that is used by the various committees and reporting viewed by the U.S. and foreign regulators.   
•    Create periodic U.S. Chief Risk Officer (“CRO”) dashboards and other ad-hoc reports or presentations to keep all levels of management informed of key initiatives, risks, and issues.
•    Provide a collaborative partnership to trading desks / business lines by facilitating risk requests and providing risk insights with deep understanding of how the business makes money and what drives decision making.
•    Play an active role in the Volcker monitoring process in the U.S. while working closely with the Toronto teams helping to drive Scotiabank’s compliance with the Volcker policies. Contributing to the annual Volcker attestation process in the U.S.
•    Recommend changes in valuation methodology as needed working closely with Product Control.   Maintaining official rate source document for covered products. Identifying risk taking activities and valuation issues through oversight of daily P&L attribution analysis.
•    Work closely with other risk partners within the bank including Operational Risk, Compliance, Business Risk Management, and others within Financial and Non-Financial Risk

Accountabilities 

•    Produce Limit and risk reports across FICC related trading desks with utilizations against limits, and perform breach remediation discussions and resolutions
•    Work with the front office, help in establishing and revising the desk limit structures including total notional, VaR, Stress Testing Limits, and other risk sensitivities
•    Respond on a daily basis to front office risk needs, questions, and provide effective challenge to confirm justification for any limit change requests
•    Participate in the end of month IPV (Independent Price Valuation) process working closely with the Product Control team
•    Understand how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.
•    Effectively communicate with senior management, head office and the relevant Risk Committees to ensure proper risk management and sound corporate governance across the SBUS operations.
•    Represent TFRM at the global Market Risk Management Policy Committee.
•    Participate in, and assist with, internal audits, regulatory reviews, and projects.
•    Driving a customer focused culture that deepens client relationships and leverages broader Bank relationships, systems and knowledge. 
•    Building a high-performance environment and implementing a people strategy that attracts, retains, develops, and motivates the team by (1) fostering an inclusive work environment and using a coaching mindset and behaviors, (2) communicating vison/values/business strategy, and              (3) managing succession and development planning for the team;
•    Creating an environment in which the  team pursues effective and efficient operations of their respective areas in accordance with Scotiabank’s Values, its Code of Conduct and other policies.

What You'll Bring

•    Undergraduate degree required, preferably in Finance/Accounting, Economics, Engineering, Math, or the hard sciences.  Graduate degrees are welcome, especially if in the disciplines listed. Progress towards/completion of CFA / FRM / PRM an asset but not required.
•    3+ years of experience in risk management, or related activities. Knowledge, understanding and experience in rates risk, credit risk, as well as the financing of all forms of collateral through CMF/Repo or Prime Services will be helpful.  Trading risk experience is not required but may be a plus. 
•    A practioner’s approach to solving risk issues with a keen understanding of front office mechanics, how fixed income products are traded and valued, and a very strong commercial instinct including a risk/reward mindset.  
•    Strong knowledge of PowerBI, SQL, Python, Tableau, Microsoft Excel, PowerPoint, etc. Practical experience of using SQL, Python, PowerBI for business analysis and problem solving is a plus.
•    Excellent communication skills to be used in intra-risk, committee, regulatory, and front office business discussion formats representing market risk 
•    Strong writing skills and experience drafting policies, procedures or briefs 
•    Experience interfacing with range of stakeholders – internal and external parties, but specifically front office personnel, operational risk 1B, and front office management
•    Highly organized with an ability to work in a fast-paced, multi-stakeholder environment and manage multiple priorities by prioritizing tasks. 
•    Proactive decision-maker; must take initiative in a highly time sensitive environment
•    Effectively liaises with key internal stakeholders, industry participants, and regulatory bodies.

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. 
 
#Dallas

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.

Scotiabank is an equal opportunity employer.  We evaluate qualified applicants without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status, or any other characteristic protected by federal, state, or local law.