Senior Manager, U.S. Trade Floor Risk Management

Scotiabank•New York City, NY

3d•Onsite

About The Position

The Trade Floor Risk Management role will be to monitor the risks generated by the new Metals Trading initiative in the U.S as well as the FICC Index Business. The risk manager will be part of a team co-located on the trading floor, working closely with other product specialists. In addition, the role will be responsible for the backup coverage for the Global Equity Derivative Business out of the U.S., as well as the IEST (Cash Equity), and Convertible Bond Trading desk.

Requirements

Undergraduate degree required, preferably in Finance/Accounting, Economics, Engineering, Math, or the hard sciences.
5+ years of experience in risk management or related activities specifically focused on Metals and Equity products listed above.
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 metal products are traded and valued, and a very strong commercial instinct including a risk/reward mindset.
A working knowledge of risk and front office vendors within the Metals space
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
Can 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

Graduate degrees are welcome, especially if in the disciplines listed
Knowledge and understanding of options in metals will be a plus.
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 a plus.
Advanced knowledge of Bloomberg.
Familiarity with Riskwatch is a plus.
Working knowledge of Tableau, PowerBI, SQL and Python would be helpful.

Responsibilities

Be the primary market risk management lead for the Metals Trading business (Base and Precious metals) as well as the related FICC Index Business. The role will also be the backup for the GED Business, IEST, and Convertible Bond Trading business operating within the U.S as stated above.
Be responsible for the establishment of risk limits related to all the Metals and Commodity based businesses operating out of the U.S., 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, opining on the language in the desk operating procedure (DOP) along with advising the desk about the relevant rules.
Participate within a much larger risk management team in the U.S., as well as within a global Trade Floor Risk Management effort. For the equityrelated risks, the role will work closely with the Risk Champion for the products out of Toronto.
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.
Interface 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 COO team, Financial Engineering/Modeling team, the Market Risk Model Development team, the Model Risk team, the Data Governance team, as well as the Risk Technology team. 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, Business Risk Management, and others within Financial and Non-Financial Risk
Produce Metals Trading/FICC Index as well as GED, IEST, Convertible Bond 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 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
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.
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 at the global Market Risk Management Policy Committee.
Participate in, and assist with, internal audits, regulatory reviews, and projects.