Audit Manager, Capital Markets - Structured Finance

Scotiabank•New York, NY

8d•$90,000 - $167,200•Onsite

About The Position

As the Bank’s third line of defence, Internal Audit provides enterprise-wide, independent, and objective assurance over the design and operating effectiveness of internal controls, risk management, and governance processes. We work closely with management to identify control gaps and drive practical, risk-focused improvements. The Auditor supports the Audit Department’s global mandate by delivering audits and initiatives that align with the team’s strategy and business objectives. The successful candidate will perform and manage audits covering capital markets activities within the U.S., assessing the design and operating effectiveness of key controls across Global Banking & Markets businesses. Coverage includes Mortgages (warehousing, originations, RMBS, and/or whole loan trading), Commercial Real Estate Financing (warehousing, originations, and/or CMBS), Futures and Clearing, and/or Cash Management. The incumbent will work collaboratively with the audit team and support Senior Managers and/or the Director, U.S. Capital Markets Audit in delivering audit services across capital markets, investment and corporate banking, and treasury functions. The role also includes contributing to high-quality, value-added advisory support through audits and special projects, in line with established audit methodology standards. In addition to strong knowledge of capital markets products and risk management practices, the incumbent should have demonstrated audit experience in one or more of the coverage areas noted above, including front-to-back processes, relevant regulatory requirements, and associated control environments.

Requirements

University/Post secondary degree or relevant experience.
5+ years of progressive experience in audit and capital markets environment.
Knowledge of capital markets products and prior auditing experience covering trading, treasury, or asset‑based businesses, with preference for experience in Mortgages, Commercial Real Estate, Futures and Clearing, and/or Cash Management.
Exposure in working with traders and risk management personnel would be an asset, in addition to an understanding of the US regulatory environment around trading activity.
Experience auditing businesses subject to U.S. regulatory requirements applicable to derivatives, clearing, margining, collateral management, mortgage‑related activities, or payment and cash management services is strongly preferred.
Strong analytical skills necessary to assess risk exposures and understand risk quantification and valuation methodologies.
Ability to quickly understand the risks associated with new products, processes, routines and formulate audit procedures to ensure that the controls are adequate.
The incumbent is expected to be a self‑starter with strong judgment, problem‑solving, and time‑management skills, capable of managing multiple workstreams in a dynamic and complex business environment while meeting tight deadlines.
Excellent written communication skills are essential, with strong issue and audit report writing skills. In addition, the incumbent should be skilled at verbal engagement and presentation, of a caliber suitable for direct exposure to Senior management.
Prior exposure to front‑to‑back audit coverage across asset classes and business models (e.g., secured financing, clearing, client cash flows) would be considered an asset.
Working knowledge in risk-based audit methodologies.
Ability to work in high levels of ambiguity and in a rapidly changing environment.
Proficient at applying risk-based auditing standards and practices.
Good analytical skills in the use of data analytics or visualization tools.
Good interpersonal and communication skills (verbal and written).
Curiosity mindset.

Nice To Haves

Technical/Professional qualifications such as CIA and/or CFA preferred.

Responsibilities

Champions a client focused culture to deepen client relationships and leverage broader Bank relationships, systems, and knowledge.
Manage and/or supports the Officer in Charge (OIC) with the execution of assigned audits.
Provide day-to-day oversight of audit execution, including coaching team members, reviewing workpapers and audit deliverables, and ensuring timely, high-quality completion of assigned audits in line with audit standards and works with other audit teams as required.
Contributes to special projects as assigned including investigations and other special projects that Audit may be requested to perform by management.
Understands how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions.
Ensures Scotiabank standards and the Institute of Internal Auditors (IIA) Code of Ethics are maintained in completion of all assignments.
Stays informed of relevant business risks and controls. Effectively conveys risk-related information to Officer-in-Charge.
Maintains stakeholder relationships to successfully carry out audit activities.
Champions a high-performance environment and contributes to an inclusive work environment.
Meets Department training requirements.
Ensures audit results are gathered and assesses the impact of the findings on the internal control framework. This would include confirmation of the findings with the auditee and a discussion of the root cause with the OIC.
Review control effectiveness of managing risks in trading activities. Assess the trading and sales practices controls within Front Office units and overall trading management oversight.
Review effectiveness of risk management controls and measurement technique, limit design and monitoring, risk reporting and traded products valuations based on an understanding of the trading strategies and products.
Assess the effectiveness of transaction recording, deal lifecycle, collateral management, margining, settlement, and cash movement controls, including those applicable to Futures and Clearing and Cash Management activities.
Work with auditors within the audit department to perform end-to-end business line reviews.
Maintain knowledge of capital markets practices, policies and procedures and local regulations.
Perform and/or manage audits covering capital markets businesses such as Mortgages, Commercial Real Estate, Futures and Clearing, and/or Cash Management, including assessment of front office activities, middle/back-office processing, risk management practices, and related regulatory obligations.
Provide support to stakeholders on capital markets issues and/or changes.
Active engagement and coordination with Stakeholders for audit issue resolution.
Support the unit’s continuous monitoring program so as to understand and identify changing conditions within business, risk and corporate functions, keep abreast of changing risk profiles, guide assessment of emerging risks, identify systemic issues and determine current and future audit requirements.