Associate, Operational Risk Oversight- Global Banking and Markets Associate, Operational Risk Oversight- Global  …

in Toronto, ON, Canada
Permanent, Full time
Last application, 07 Jul 20
in Toronto, ON, Canada
Permanent, Full time
Last application, 07 Jul 20
Associate, Operational Risk Oversight- Global Banking and Markets
Requisition ID: 87628

Join the Global Community of Scotiabankers to help customers become better off.


Assist and lead, as required, with the management of Operational Risk inherent in capital markets activities as part of the Operational Risk Oversight group within Global Banking & Markets (GBM). The incumbent will monitor, review and report on the management of Operational Risk within GBM. Responsibilities will include ensuring effective internal controls exist, address issues, as and when they arise and provide general support and oversight (as delegated by Management) in GBM.

Pre-Trade Mid-Market Marks (PTMM)
  • Assist the Associate Director, ORO in developing the framework, procedures and processes for testing reasonableness of mid-market prices/marks provided to in-scope US Persons under CFTC External Business Conduct requirements under the Dodd-Frank Act for OTC derivative products;
  • Review trader pricing spreadsheets to ensure that mid-market marks provided to counterparties are consistent with CFTC requirements;
  • Perform testing and compare, on a daily basis, mid-market marks provided to counterparties against end-of-day marks generated by trading source systems;
  • Summarize results of daily MTM review for the respective Head Traders for their assessment of the reasonableness of differences between mid-market marks and EOD marks;
  • Document and track results of review and any remedial actions for weekly attestation to Head Traders and monthly reporting to the Swap Dealer Oversight Committee; and
  • Assist in documenting and maintaining the inventory of trader pricing spreadsheets across all applicable OTC derivative products;

Central Counterparty (CCP) Default Management Fire-Drills
  • Coordinate with the trading desks and support units to facilitate the Bank's participation in the mandatory semi-annual CME and LCH (the Bank's central counterparties for IRS activities) default management fire drills; and
  • Support the Assistant Director, ORO in managing default management processes, including: (i) assisting in the testing and validation of the portfolio conversion; (ii) running risk reports for traders to use in computing costs of assuming the portfolio; (iii) providing QA on cost components calculated by the front office; (iv) consolidating cost components and portfolio valuations into a bid to be submitted to CME and LCH; (v) debriefing with stakeholders and documenting issues raised during the fire drill process and action items required to remediate; and other items as requested by Senior Management.

Trade Supervision
  • Assist Trading Management in the oversight and supervision of sales and trading staff, including escalating key issues to desk heads, as and when they occur; and reporting, on a monthly basis, metrics and dashboards to Senior Management and Desk Heads;
  • Ensure the GBM Operational Risk Management Framework is upheld and that the associated processes, including generating and reporting key metrics for discussion at Senior Management Operational Risk Committee meetings, reflect the key principles of the Framework;
  • Maintain regular communication with GBM stakeholder to determine changes to processes and controls;
  • Assist the Associate Director in developing training materials and providing training to trading and sales desks regarding trading and sales controls; and
  • Proactively address immediate and ad-hoc trading issues, which may expose GBM to Operational Risk. This would include working with multiple stakeholders to understand the root cause and the required corrective action;

Operational Risk Governance & Controls
  • Assist the Associate Director in working with the business lines, technology groups and control and support units to ensure appropriate controls are designed into new processes and/or when changes occur as a result of new business, new or enhancements to existing systems, regulatory pronouncements, etc.;
  • Support the Associate Director, ORO in preparing for regulatory reviews and requests. This will include working with Trading Management, Compliance, Legal, Finance, Technology and GRM in determining the adequacy of information to be provided. Review materials to ensure accuracy, integrity and completeness; and
  • Support the Associate Director, ORO in the development of internal standards, guidelines and procedures to manage Operational Risk within the strategic framework set by the SVP, Head of GBM Internal Controls;


  • At least two years' experience in a risk management role;
  • In-depth knowledge of capital markets business, financial instruments and OTC derivatives;
  • Strong quantitative and problem solving skills;
  • Good knowledge of internal controls;
  • Strong written and verbal communications and inter-personal skills;
  • Completion of CFA/FRM an asset;

Location(s): Canada : Ontario : Toronto
As Canada's International Bank, we are a diverse and global team. We speak more than 100 languages with backgrounds from more than 120 countries. Our employees are committed to a superior customer experience and use the Bank's six guiding sales practice principles to ensure they act with honesty and integrity.

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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