Manager, Equity Derivatives Product Control

Employment type: Full-time
City: Toronto
Last visit: 2014-10-04
Author's ads: 1

Posted: 2014-10-04


Join the Global Community of Scotiabankers to help customers become financially better off.

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Scotiabank is a leading multinational financial services provider and Canada's most international bank. Since welcoming our first customers in Halifax, Nova Scotia, in 1832, Scotiabank has continued to expand its global reach. Today, through our team of more than 86,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers in more than 55 countries around the world.

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Global Banking and Markets has helped the Bank deliver excellent returns to shareholders and build one of the strongest capital bases in the Canadian financial services market. This business line offers lending, investment banking and capital markets products to corporate, government and institutional clients. It provides full-service coverage across the NAFTA region, as well as a niche focus in selected markets globally.

Purpose The Product Control Department is the Profit & Loss control group providing support to Scotiabank Global Banking & Markets. Product Control is responsible for P&L reporting, P&L and risk attribution and analysis, valuation & independent price verification (IPV reconciliation of reported P&L to Front Office estimates and to the general ledger, the substantiation of balance sheet accounts, issue identification and resolution, and the maintenance of business performance and control MIS. The Manager - Equity Derivatives is a senior member of Product Control team, responsible for providing P&L Control and Accounting support for a number of books and / or strategies for Equity Derivatives business units. The Manager can be charged with the supervision of other P&L Analysts (1 to 2) and / or be assigned books / strategies that are more complex and require a higher level of analytical skill and experience. The incumbent must be able to operate independently within guidelines of this position description, parameters agreed with the Manager P&L Reporting and Analysis, or the Director Product Control and within policies and procedures established by the Bank. The incumbent is expected to demonstrate judgement in the analysis and resolution of issues that impact P&L and Balance Sheet, and to escalate to senior management relevant issues/ exceptions with recommendations for resolution. The incumbent is expected document and maintain operational procedures to ensure a safe and sound control environment. As the Product Control function is still relatively new to Scotiabank, the Manager should provide a proactive and dynamic approach.

Key Accountabilities The Incumbent will play a key role in the maintenance of an efficient and risk effective control environment for Equity Derivatives and Structured Products. The incumbent will be responsible for: Production or coordination of staff to ensure established process flows are completed to produce and report daily P&L. Confirmation of P&L integrity/ validation through risk based attribution. Reconciliation of daily P&L to Front Office expectations with corresponding P&L explanatory to ensure P&L Sign-off by the Front Office. Coordination and resolution of P&L breaks between Front Office and Product Control through collaborative dialogue. Ensuring daily reported P&L is reconciled to the Bank's General Ledger and associated source system sub ledgers. Adoption of a proactive approach to ensure breaks are escalated and resolved on a timely basis as required by established work-flows. Ensuring that balance sheet accounts are substantiated and that all accounting issues are resolved on a timely basis. Orchestrate and complete the Month-End Close Sign-off and MIS Package. Strong understanding of risk analytics to develop and implement infrastructure processes aimed at effectively capturing and reflecting risk profile of business. Production, Review and Analysis of IPV, Reserves and Fair Value Adjustments as may be required in agreement with Risk Management and as required by Bank Guidelines. The coordination and timely resolution of Issues with the Front and Back Offices, and Risk Management. Supporting Fair Value Hierarchy and other financial reporting needs as may be required. The incumbent will support the Director in establishing support for new products/business in a controlled manner and actively engage in requests for support, analysis and information from various constituents including the Front Office, Risk Management, Operations, Finance, Audit and Regulators. Qualifications Functional Competencies Equity Derivatives employ multiple products supported across multiple processing systems, multiple exchanges and spanning various bank legal entities. The primary product offerings include Total Return Swaps referenced to Equity products. The incumbent must have the experience required to establish expert knowledge of the business profit model and the ability to deliver accurate P&L and Attribution Analysis for the assigned books. The incumbent must have: An understanding of Equity Derivative and Structured Products including Total Return Swaps and Structured Notes. Experience with P&L construction and risk attribution, capital markets accounting, balance sheet substantiation and IPV process. A minimum of 5 - 6 years in relevant hands-on experience in Product Control (alternatively, Middle Office, Product Control, Finance or Operations) supporting a Capital Markets environment. Expert knowledge of P&L and Balance Sheet control backed by a Business Degree focused on Finance and Accounting and/ or Risk Analytics. A professional accounting designation is preferred. A CFA or FRM will also be an asset. A solid understanding of Bank accounting policies, trading policies, market practice, regulatory requirements and the inherent risks associated with all of capital market products. Strong problem solving skills and proficiency with Excel. Strong communication skills and the ability to interact with a demanding Front-Office client base. The incumbent must have leadership ability, be self-motivated and be able to operate in a back-up capacity to the Director. Educational RequirementsDegree in Mathematics, Statistics, Computer Science, Financial Mathematics, Financial Engineering in combination with business / accounting is preferred. A professional accounting designation is preferred. A CFA or FRM will also be an asset.

To apply for this position please CLICK HEREScotiabank is an equal opportunity employer and welcomes applications from all interested parties. We thank you for your interest, however, only those candidates selected for an interview will be contacted. No agencies please.

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Career Level: Experienced

Years of Relevant Experience: 5 Years

Industry: Financial Services and Banking

Job Function: Financial Services