Vice President, Global Model Risk Management

Requisition ID: 279056

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

Purpose

• Provide strategic direction, leadership and oversight for model risk management globally by ensuring business strategies, plans and initiatives are supported in compliance with governing regulations, internal policies and procedures

Accountabilities

• Lead and drive a customer focused culture throughout their team to deepen client relationships and leverage broader Bank relationships, systems and knowledge
• Design, develop and oversee the operation of a consistent model validation and approval process across all risk types, including credit risk, market risk, operational risk, structural interest rate risk as well as other key risks
• Design, develop and oversee the operation of an effective model risk governance framework that covers all aspects of the model lifecycle, including establishment of model risk policies, maintenance of a Bank-wide model inventory and management of model risk through the model development, validation, approval and ongoing review phases
• Lead and manage the model approval process directly or by chairing, or participating in, model approval committees, and other applicable model related committees
• Act as the primary liaison with regulators with respect to model risk management, including model validation and governance
• Lead and manage continual research into best practices for model validation and governance
• Oversees the model validation team within GBS Colombia. Manages required talent, resource allocation and underlying budget for the Colombian Model Validation team
• Engage and maintain collaborative relationships with key stakeholders (including model developers, users, internal audit and senior management) to facilitate resolution of all related model risk management issues in a timely manner
• Proactively oversees the model risk management cycle, identifying opportunities for efficiencies, automation, and improvements to the Model Risk Management governance structure
• Oversee the execution of regulatory requests and reviews and leads the implementation of enhancements internally and/ or through cross functional collaboration
• Direct day-to-day activities in a manner consistent with the Bank’s risk culture and the relevant risk appetite statement and limits
• Communicate the Bank’s risk culture and risk appetite statement throughout the team
• Create an environment in which the team pursues effective and efficient operations of their 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
• Build a high-performance environment and implement a people strategy that attracts, retains, develops and motivates the team by fostering an inclusive work environment; communicating vison, values and business strategy and managing succession and development planning for the team
• Oversee model risk management globally, including providing advice and counsel to the Bank’s subsidiaries as required
• Manage departmental staffing and budgeting, as well as key vendor relationships
• Participate in, and/or oversee, key model-related initiatives and projects
• Liaise with OSFI, Internal Audit, External Audit and other international regulators with respect to model risk management
• Work in a standard office-based environment; non-standard hours are a common occurrence. Moderate travel internationally

Education / Experience

• Thorough understanding of credit, market, operational and other risk types; solid grasp of financial markets and financial theory, along with detailed knowledge of regulatory requirements
• Very strong quantitative background, with either a Masters or PhD in mathematics, science, or related quantitative discipline
• Strong verbal and written communication skills, with highly developed expertise in communicating complex and abstract quantitative issues in an easy-to-understand manner to broad internal and external audiences
• Extensive experience in development and/or validation of models
• Strong computing and technical skills; strong organizational and analytical skills
• Flexible thinking with strong problem resolution and negotiation skills

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.