Director, U.S. Trade Floor Risk Management

Scotiabank • New York City, NY

13d • Onsite

About The Position

The Trade Floor Risk Management role will be to monitor the risks generated by all Mortgage Trading desks in the U.S. including Agency MBS/TBA’s, CMO’s, Non-Agency RMBS, as well as Whole Loan Trading. The risk manager will be part of a team co-located on the trading floor, working closely with other product specialists. The role will also include interfacing with the Houston-based mortgage lending and origination teams as the business expands. The role will also include opining on the suitability of certain mortgage collateral types as well as haircuts that the Repo desk will be financing with the bank’s clients. The Director will: Be the primary market risk management lead for the U.S. Mortgage Business in its entirety. Be responsible for the establishment of risk limits related to all of the Mortgage businesses, risk reporting, capital calculations under FRTB, breach discussions and remediation, as well as be instrumental in the business review process. Have significant interaction with the front office to solidify a strong cooperative relationship between risk and the front office. This aspect also involves participation in the setting of Volcker metrics for these desks along with advising the desk about the rule. Be participating within a much larger risk management team in the U.S., as well as within a global Trade Floor Risk Management effort. Produce significant market risk material and analysis to be used in local and global risk committees, including business risk metrics, top and emerging market risks, as well as risk support and challenge to the various businesses. Be presenting and interfacing with the various regulators that oversee the bank including the Fed, OSFI, the DFS, and others. This will involve working closely with the bank’s Regulatory Relations team. Require significant interaction with the Financial Engineering/Modeling team, the Market Risk Model Development team, the Model Risk team, the Data Governance team, as well as the Risk Technology effort. Require an understanding of the modeling effort’s design and capture of the various risk factors generated by all facets of the business. This may require frequent interaction with the Model Risk team to discuss the sufficiency of the risk models used for each business. Work closely with other risk partners within the bank including Operational Risk, Compliance, Internal Control, and others within Financial and Non-Financial Risk.

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
• 5+ years of experience in risk management or related activities specifically focused on structured credit products listed above.
• Additional 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 additive.
• Expert knowledge and understanding of US regulatory considerations and issues
• A practioner’s approach to solving risk issues with a keen understanding of front office mechanics, how structured securities are traded and valued, behavior of structured credit products in various market and credit environments, and a very strong commercial instinct including a risk/reward mindset.
• A working knowledge of risk and front office vendors within the Mortgage Trading space
• Advanced knowledge using IntexCalc and Bloomberg.
• Working knowledge of YieldBook, Trade Web, and eMBS.
• Advanced Excel skills required.
• Excellent communication skills to be used in intra-risk, committee, regulatory, and front office business discussion formats representing market risk
• Understands how to bring the best out of his / her teams by complementing their existing skills
• Has an expert ability to balance competing or conflicting goals of various departments / countries / stakeholders via adopting a mature, diplomatic approach and using highly developed negotiation and influencing skills;
• Effectively liaises with key internal stakeholders, industry participants, and regulatory bodies.

Nice To Haves

• Familiarity with SS&C/Riskwatch is a plus.
• Working knowledge of Tableau, PowerBI and Python would be helpful.

Responsibilities

• Produce Mortgage Trading risk reports with utilizations against limits, and perform breach remediation discussions and resolutions.
• Working 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 challenge to confirm justification for limit change requests.
• Participate in the end of month IPV (Independent Price Valuation) process working closely with Product Control.
• 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 their team by fostering an inclusive work environment and using a coaching mindset and behaviors, communicating vision/values/business strategy, and managing succession and development planning for the team.
• Create 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.
• Assist in the training and development of junior members of the team, which includes putting direct reports in situations where they can present transactions and gain visibility within the organization.
• 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 when necessary at the global Market Risk Management Policy Committee.
• Participate in, and assist with, internal audits, regulatory reviews, and projects.

Benefits

• 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.

What This Job Offers

• Job Type: Full-time
• Career Level: Director