Senior Manager, Counterparty Market Risk

Requisition ID: 222846

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

Support counterparty market risk (CMR)'s mandate by managing margin sufficiency analysis for all trading counterparties, market risk for financing business and enhancing counterparty credit risk analytics. The CMR team is responsible for identifying and assessing key market risks impacting counterparty exposures. Utilizing analytics and customized tools, CMR provides a risk management overlay that highlights tail and concentration risks, leveraging market risk measures at the counterparty level to challenge both the business and credit risk. The team effectively integrates inputs from credit and market risk teams to ensure comprehensive counterparty risk assessment.

Is this role right for you? In this role, you will:

• Help to foster a customer-focused culture to enhance client relationships and leverage the Bank's resources and expertise.
• Understand, control, and report counterparty market risks in line with Bank policies and risk.
• Oversee portfolios from a margin sufficiency perspective and provide independent analysis to assess margin requests.
• Work with Credit Officers to ensure they fully understand portfolio risks and assist in developing a tail risk library to support a global Margin/Haircut framework for SFT and OTC businesses.
• Leverage the market risk expertise of TFRM (Trade Floor Risk Management) market risk officers to enhance counterparty credit risk (CCR) oversight.
• Support the development of margin sufficiency analytics, models, and tools to support Counterparty Credit Risk (CCR) management.
• Supporting Risk Adjudication - Provide margin sufficiency analysis for new deals and deal amendments to help the credit officer to review proposals, assess structures, measure risk. Attend Market Risk and Management Policy Committee (MRMPC), Senior Credit Committee (SCC) to provide counterparty market risk inputs as needed.
• Support the Stress Testing team in developing a dynamic approach to assess risks associated with market or geopolitical developments.
• Market Risk - Support overseeing market risk exposures for Prime Services, Collateral Management and Funding, and Credit Total Return SWAPs. Communicate with senior management on trading risks, trader sentiment, and market conditions. Ensure adherence to the Bank's risk appetite and business mandate. Review daily risk and limit reports, discuss with the business as needed, and provide commentary to MRMPC on limit overruns and remedial actions.
• New Product & Limit Adjudication - Review new product proposals and recommend limit requests to MRMPC, proposing new limits in line with the Bank's risk appetite.
• Regulatory & Audit - Assist regulatory and audit driven projects.
• Valuation - Advise on appropriate valuation reserve adjustments in accordance with Bank's policies. Recommend changes in valuation methodology as needed. Ensure independent price verification is performed in accordance with policies. Approve pricing sources for model valuation inputs and maintain Official Rate Source Document (ORSD) for covered products. Identify risk taking activities and valuation issues through oversight of daily P&L attribution analysis.
• Partnership with the Business - Work closely business stakeholders to identify the issues proactively and push for strategic solutions.
• Collaborate with Credit, TFRM, Market Risk Measurement, Technology, Back Office and Front Office teams to enhance CCR risk measurement and monitoring for consistent risk management and common objectives.
• Actively engage GAFE (Global Analytics and Financial Engineering) on model capabilities and escalate model deficiencies.
• Collaborate with global TFRM teams and other Bank and GRM stakeholders for consistent risk management and common objectives.
• Technology - Participate in enhancement / upgrade of production and risk systems as needed.
• Data - Escalate data deficiencies and model gaps to key stakeholders.
• Understand how the Bank's risk appetite and risk culture should be considered in day-to-day activities and decisions.

Do you have the skills that will enable you to succeed in this role? We'd love to work with you if you have:

• Quantitative Undergrad (e.g. finance, mathematics, statistics, engineering) plus Masters preferred. Progress towards/completion of CFA/FRM/PRM an asset.
• Deep understanding of financial markets, risk analysis and derivatives valuation.
• Solid market risk understanding of Over the Counter (OTC) businesses and Securities financing transactions (SFTs).
• 5 years or more experience in counterparty credit risk or market risk management
• Strong knowledge of/experience ISDA/CSA, MRA and GMRA documentation.
• Knowledge of regulatory guidance on counterparty credit and market risk.
• Excellent problem solving, analytical, and decision-making skills.
• Experience with data analysis in a programming language such as Python or R
• Ability to manage projects independently while collaborating with different stakeholders.
• Excellent work ethic and communication skills suited for a fast-paced trade floor environment.

What's in it for you?

• We have an inclusive and collaborative work environment that values curiosity & ownership, encourages pragmatic creativity (i.e. true innovation), and celebrates success!
• An inclusive working environment that encourages creativity, curiosity, and celebrates success!
• A rewarding career path with diverse opportunities for professional development
• Internal training to support your growth and enhance your skills
• Hybrid Work Environment
• A competitive rewards package that includes a base salary, a performance bonus, company matching programs on pension and profit sharing, paid vacation, personal & sick days, medical, vision and dental benefits that start from day one and much more!

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, please click here. 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.