Director, Market Risk - Gbm Audit

Requisition ID: 190401
Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

Purpose of Job:

The Audit Department is the 3rd Line of Defense and plays a key role in the internal control system of the Bank. It's mandate is to provide independent and objective assurance over the design and effectiveness of internal controls to mitigate risks and to provide advisory services designed to improve the Bank's operations.

The incumbent will be responsible for conducting audits to evaluate the design and operating effectiveness of internal controls relating to trading activities. The incumbent will act primarily as Audit Principal (or as the Officer-in-Charge (OIC)) on audit engagements and is responsible for managing the planning, execution, and reporting of assigned audits in accordance with department standards.

The incumbent will be accountable for assessing controls in the front office, risk management and product control for capital market activities (Fixed Income, Equities, FX and Commodities). The incumbent will provide high quality, value-added advisory services to line management as part of audits or on special projects / assignments.

Apart from an expert knowledge on Market Risk management techniques and capital market products, the incumbent should be proficient at applying risk-based auditing standards, practices, techniques, processes and methodologies (including use of data analytics) to the performance and review of audits. The incumbent should also have good knowledge of the regulatory landscape impacting trading activities.

The incumbent will maintain a thorough understanding of risks and processes in capital markets. This includes keeping abreast of key industry developments, regulatory changes, and identifies key systemic issues (arising from audits globally) and internal changes that will impact the annual audit plan and/or quarterly Audit Committee report opinion.

The incumbent would also have good presentation and report writing skills and display good balance between technical knowledge and soft skills to be able to identify material gaps and recommend practical /timely management action plans to resolve the issues.

Builds a high performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment; communicating vison/values/business strategy and managing succession and development planning for the team.

Key Job Accountabilities:

• Engagement Planning / Execution
  • Manage the planning of audits of medium to high complexity/risk.
  • Develop and document a thorough understanding of the key risks and processes for assigned projects
  • Design or update audit procedures for assigned audits. The incumbent should be proficient in applying risk based auditing standards and techniques.
  • Determine the resourcing and time budget (resourcing, time) needed to complete the engagement.
  • Manage and execute assigned audits in accordance with department standards ensuring the nature and extent of testing are sufficient and appropriate to support the audit opinion.
  • Coodinates and manages resources to ensure adherence to time budget.
  • Assess the effectiveness, integrity and reliability of internal controls in relation to defined control requirements through examination of evidence and execution of test procedures.
  • Document and/or review audit work performed using TeamMate software to ensure appropriate working papers are maintained and conform to department standards.
  • Working with the Data Analytics team, identify and acquire suitable datasets and design and execute appropriate data drive audit tests.
• Problem Identification / Reporting / Communication:
  • Identify control weakenesses and develop audit findings to determine the root cause and associated impact/risk including developing practical recommendations as to how risks can be mitigated.
  • Validate the accuracy of the finding with the auditee and present issues to line management.
  • Write / review audit findings, reports, and correspondence to management, ensuring writing is clear, concise, and accurate.
  • Develop and maintain good relationships with key auditee and business line management. This includes completion of continuous monitoring activities, as assigned.
  • Follow-up for corrective action/progress against reported issues on a quarterly basis and escalate when necessary.
• HR Management
  • Provide guidance and coaching to team members by providing direction and communicating expectations; impart specialized skills to other audit officers through peer discussions and cooperation on cross-functional audits, coaching and performance management.
  • Prepare/review engagement performance assessments.
  • Manage self-development through confirming/comminicating job expectations and assessing progress; completion and monitoring of the personal development plan; identification of mentors/coaches, etc.
• Other - Be an integral part of the GBM team and work closely with other teams in integrated audits. Play an active role in Department initiatives. Build and foster on-going relationships with audit clients. Make internal and external presentation as required. Continue self-development to expand or maintain an understanding of the business line's key processes and business applications.
  • Reviewing effectiveness of controls for managing risks in operations as part of the business line audits

Skills, Experiences and Functional Comptencies:

• Expert knowledge of complex capital markets products, trading and risk management techniques including trading practices and front office controls. Prior trading or risk management (business line) experience will be an asset.
• Expert knowledge of Market Risk management techniques including Market Risk measurement, analysis and valuation of traded products. Experience in auditing models will be an asset.
• Financial institutions audit (internal or external) experience, focussed on trading products / Market Risk management / counterparty credit risk management / operational risk management, including a good understanding of audit methodology.
• Strong team player and work well in integrated audits and able to identify risks across the business line with good project management, planning, and organizational skills.
• Strong written and verbal communication including ability to present and negotiate audit findings to management.
• Be highly proficient in the use of Visio, Excel, and data visualization tools.

Education and Other Requirements:

• University Degree in Business, Finance, Accounting, Economics, or related field
• Audit/Accounting designation (CIA, CPA)
• Industry designation/courses (CFA, FRM) an asset.

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. 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.