Manager, U.S. Market Risk

Scotiabank•New York, NY

2d•$90,000 - $167,200•Onsite

About The Position

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, as well as work in close collaboration with the trading desks as a valued partner by identifying key risks and assessing market conditions. As a Manager, you will work closely and under the direction of the overall team focused on all the traded product groups, as well as Trade Floor Risk Management (“TFRM”) colleagues in Toronto and other jurisdictions as part of a global market risk initiative. Additional responsibilities include ad-hoc analysis of market risk metrics, anticipating the risk needs of the business, and enhancement of internal and external market risk reporting.

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.
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.
A practioner’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.
Excellent communication skills to be used in 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 range of stakeholders – internal and external parties, but 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.

Nice To Haves

Progress towards/completion of CFA / FRM / PRM an asset but not required.
Trading risk experience is not required but may be a plus.
Practical experience of using SQL, Python, PowerBI for business analysis and problem solving is a plus.

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 the accuracy of the breaches, discussing next actions to be performed by the desk to remediate the breach, then following up with reporting that discusses the causes of the breach, actions taken, and follow up steps.
Assist with market risk reporting enhancements, particularly using Power BI, SQL, Python and other propriety systems to develop improved analytics.
Work closely with both local and global teams in addressing enhancements and any remediation efforts. Presenting materials to global TFRM for project work that educates the global team.
Prepare a daily morning synopsis of the market developments in the concentration areas assigned to the Manager, working diligently to be aware of general macro market themes and staying abreast of developments throughout the day.
Assist in the preparation each month and each quarter, of reporting that is used by the various committees and reporting viewed by the U.S. and foreign regulators.
Create periodic U.S. Chief Risk Officer (“CRO”) dashboards and other ad-hoc reports or presentations to keep all levels of management informed of key initiatives, risks, and issues.
Provide a collaborative partnership to trading desks / business lines by facilitating risk requests and providing risk insights with deep understanding of how the business makes money and what drives decision making.
Play an active role in the Volcker monitoring process in the U.S. while working closely with the Toronto teams helping to drive Scotiabank’s compliance with the Volcker policies. Contributing to the annual Volcker attestation process in the U.S.
Recommend changes in valuation methodology as needed working closely with Product Control. Maintaining official rate source document for covered products. Identifying 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, 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 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 the relevant Risk Committees to ensure proper risk management and sound corporate governance across the SBUS operations.
Represent TFRM at the global Market Risk Management Policy Committee.
Participate in, and assist with, internal audits, regulatory reviews, and projects.
Driving a customer focused culture that deepens client relationships and leverages broader Bank relationships, systems and knowledge.
Building a high-performance environment and implementing a people strategy that attracts, retains, develops, and motivates the team by (1) fostering an inclusive work environment and using a coaching mindset and behaviors, (2) communicating vison/values/business strategy, and (3) managing succession and development planning for the team;
Creating 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.