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Scotiabank Director, Model Validation (Market Risk) in Toronto, Ontario

Director, Model Validation (Market Risk)

Requisition ID: 188700

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

Purpose of Job:

Provides direction, leadership and oversight for initial and ongoing model validations/approvals to ensure model risk management initiatives are in compliance with regulatory requirements and internal policies/procedures.

Validation responsibilities cover financial risk and non-financial risk related to the capital market:

  • Financial risk: regulatory / internal capital / stress testing modeling/risk limit monitoring related to market risk and counterparty credit risk (CCR).

  • Non-Financial risk: trade surveillance, e-communication system related to traders and traders’ behavior monitoring models.

Job Responsibilities:

Leads and drives a customer focused culture throughout their team to deepen client relationships and leverage broader Bank relationships, systems, and knowledge.

• Designs and develops a consistent model validation process financial risk and non-financial risk related to the capital market and non-financial models assigned.

• Pro-actively oversees the operation of model validation process for initial approval and ongoing review, including maintenance of model inventory, model risk rating, and revalidation timeline. Identifies opportunities for efficiencies, automation, and improvements of Model Risk Management reporting.

• Leads the implementation of the enhancements internally and/ or through cross functional collaboration.

• Manages timely resolution of audit and regulatory issues.

• Leads and/or assists regulatory requests and reviews as well as large-scale projects.

• Act as a primary liaison with model sponsors with respect to model validation pipeline, issue communication, and result approval.

• Engages and maintains collaborative relationships with the key stakeholders (including model developers, users, internal audit and senior management) to facilitate the validation process and resolve discussions / escalations of validation results in a timely manner.

• Collaborate with other director areas; promote exchange of validation expertise across the various work streams; actively assist the integration initiatives with respect to people, process and policies across the various work streams.

• Participates in industry forums; maintains relationships with counterparts at other financial institutions to keep abreast of industry and regulatory developments and evolving expectations.

• Understands how the Bank’s risk appetite and risk culture should be considered in day-to-day activities and decisions. Ensures compliance with internal policies, procedures, and regulatory requirements, where applicable.

• Creates an environment in which his/her team pursues effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework, Regulatory Compliance Risk Management Framework, AML/ATF Global Handbook and the Guidelines for Business Conduct.

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

Job Requirements:

  • Thorough understanding of market risk management, model risk management, counterparty credit risk management and capital market derivative pricing with extensive experience in model development/validation , along with detailed knowledge of regulatory requirements and internal policies/procedures

  • Very strong quantitative background, with either a master or doctorate degree in mathematics/sciences, financial modeling,

  • Strong computing and technical expertise

  • Strong organizational and analytical expertise

  • Strong verbal and written communication expertise

  • Flexible thinking with strong problem resolution and negotiation expertise, remarkable ability to multitask and work in high pressure environment

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, pleaseclick here (https://www.scotiabank.com/careers/en/careers/technical-support-for-applicants.html) . 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.