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About the Role
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, and work closely with trading desks as a valued partner by identifying key risks and assessing market conditions.
Responsibilities
- 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 accuracy, discussing remediation actions with the desk, and following up with reporting on causes, actions, and steps
- Assist with market risk reporting enhancements, using Power BI, SQL, Python, and other proprietary systems to develop improved analytics
- Work closely with local and global teams in addressing enhancements and remediation efforts, presenting materials to global TFRM for project work
- Prepare a daily morning synopsis of market developments in assigned concentration areas, staying aware of general macro market themes
- Assist in the preparation of monthly and quarterly reporting used by committees and viewed by U.S. and foreign regulators
- Create periodic U.S. Chief Risk Officer (CRO) dashboards and other ad-hoc reports or presentations to inform management of key initiatives, risks, and issues
- Provide a collaborative partnership to trading desks/business lines by facilitating risk requests and providing risk insights with a deep understanding of business drivers
- Play an active role in the Volcker monitoring process in the U.S. and contribute to the annual Volcker attestation process
- Recommend changes in valuation methodology as needed, working closely with Product Control, and maintain official rate source documents
- Identify 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
- 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 to help establish and revise desk limit structures including total notional, VaR, Stress Testing Limits, and other risk sensitivities
- Respond daily to front office risk needs and 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 relevant Risk Committees to ensure proper risk management and sound corporate governance
- Represent TFRM at the global Market Risk Management Policy Committee
- Participate in, and assist with, internal audits, regulatory reviews, and projects
- Drive a customer-focused culture that deepens client relationships and leverages broader Bank relationships, systems, and knowledge
- Build a high-performance environment and implement a people strategy that attracts, retains, develops, and motivates the team
- Create an environment where the team pursues effective and efficient operations in accordance with Scotiabank’s Values, Code of Conduct, and other policies
Requirements
- 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 practitioner’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 for 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 a range of stakeholders – internal and external parties, 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
Skills
- Market risk monitoring
- Reporting
- Limit setting
- Breach identification
- Remediation
- Power BI
- SQL
- Python
- FICC (Fixed income, Currencies, Commodities)
- Rates
- Collateral Management & Funding
- Volcker monitoring
- Valuation methodology
- P&L attribution analysis
- Operational Risk
- Compliance
- Business Risk Management
- Tableau
- Microsoft Excel
- Microsoft PowerPoint
Location
- New York City, New York, United States
Work Type
- Full-time
Experience Level
- 3+ years of experience
Education Level
- Undergraduate degree
- Graduate degree
Salary/Compensations
- 90,000.00 - 167,200.00
Benefits
- Flexible benefit programs designed to help support unique family, financial, physical, mental, and social health needs
About the Company
- 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.
Equal Opportunity
- 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.