Senior Manager, Regulatory Operations, Compliance Expert

Job Summary

We are seeking a highly skilled Senior Manager, Regulatory Operations, to join our team at Scotiabank. As a key member of our Regulatory Operations & Controls Department, you will play a critical role in executing individual goals and initiatives that support the team's business strategies.

Key Responsibilities

• Align day-to-day activities with the Bank's risk culture, risk appetite statement, and limits.
• Communicate the Bank's risk culture and appetite statement throughout the teams.
• Actively ensure efficient operations, adhering to day-to-day business controls for operational and regulatory compliance.
• Lead, initiate, and/or actively participate in various initiatives/projects from requirements through to implementation and sustainment.
• Lead the recruitment, management, and development of team members, fostering a culture of excellence, positively impacting team dynamics, and ensuring overall operational success.
• Prepare and create metrics dashboards on a monthly basis and report to management. This includes gathering, analyzing, and interpreting data trends or patterns to support enhancements to business processes and service levels, system requirements, and to identify gaps and opportunities to improve operations.
• Understand how the Bank's risk appetite and risk culture should be considered in day-to-day activities and decisions.
• Participate in defining the team business strategy and commit to your own professional development.
• Create an environment in which your team pursues effective and efficient operations of their respective areas in accordance with Scotiabank's Values, its Code of Conduct, and the Global Sales Principles, while ensuring the adequacy, adherence to, and effectiveness of day-to-day business controls to meet obligations with respect to operational, compliance, AML/ATF/sanctions, and conduct risk.
• Build a high-performance environment and implement a people strategy that attracts, retains, develops, and motivates your team by fostering an inclusive work environment and using a coaching mindset and behaviors; communicating vision/values/business strategy; and managing succession and development planning for the team.

Program Governance & Oversight

• Manage key controls for regulatory compliance, leading the development of a robust framework for FATCA, CRS, and QI programs, aligned with regulatory requirements and industry best practices.
• Ensure compliance and effectiveness through proactive risk management, control measures, and governance initiatives. Monitor global regulatory shifts, conduct gap analyses, and collaborate with stakeholders to manage regulatory changes.
• Develop and implement Enterprise Regulatory Compliance Management (eRCM) program by reviewing regulatory obligations, mapping relevant regulations to the appropriate business lines and countries, and working with stakeholders to identify relevant controls to address regulatory obligations.
• Support 1A/1B/2A stakeholders in the Compliance Risk and Control Assessment (CRCA) by leading the program-level guidance assessments for the Tax Programs (FATCA, QI & CRS). Additionally, support ROC as an internal controls function under Global Operations in managing CRCAs for Global Fraud, Canada Collections, Contact Centres, Operations & Corporate Services (Escalated Customer Concerns Office or ECHO) - 2nd level in the bank's internal complaint resolution process.
• Develop and implement robust enterprise strategic plans, change management strategies, and enterprise frameworks.
• Share updates through impactful memos, handle executive dashboards, provide regular program updates, and present key insights on controls, testing, and issues to keep stakeholders well-informed.
• Manage the creation, implementation, and upkeep of enterprise documentation, including policies, procedures, training materials, risk assessments, regulatory obligations, and controls mapping.
• Implement end-to-end processes to enhance transparency, track program progress, and escalate critical matters to senior management. Lead in-depth analysis, interpretation, and documentation of regulations and business rules.
• Collaborate with government agencies, consulting firms, and industry peers to advocate for Scotiabank's regulatory position during the introduction or modification of guidelines.

FATCA & CRS Governance

• Monitor, review, and interpret updates to FATCA & CRS regulations/guidance published by regulators as well as news and industry sites and determine the impact to Scotiabank's existing documentation and due diligence process.
• Liaise with local regulators, including the Canada Revenue Agency and Ministry of Finance, to champion Scotiabank's regulatory position when new or changes to existing guidance are tabled.
• Liaise with industry groups on regulatory guidance to ensure that Scotiabank's regulatory position is on par with other FIs.
• Provide Business Lines with gap analysis when revised regulations/guidance is released by local regulators.
• Develop and maintain relationships with Business Lines and provide direction and oversight to the Enterprise's Business Lines on the implementation of revised regulations.
• Provide expert knowledge and guidance to Business Lines, IT&S, and team members to ensure implementation of revised guidance/guidelines meets regulatory requirements, including design, development, and implementation of support documentation.
• Monitor completion of milestones; escalate issues and risks as they arise and propose action/mitigation plans if applicable.
• Review, prepare, and coordinate executive dashboards and program status updates against milestones on both a scheduled and ad hoc basis, as assigned.
• Oversee and provide subject matter expertise on the design and delivery of the Enterprise FATCA & CRS training program.

QI Governance & Sustainment

• Implement, monitor, and enhance the QI regulatory operating model.
• Develop and implement regulatory compliance programs/processes to achieve a balance between operational efficiency and regulatory compliance.
• Build and develop key controls around Documentation, Withholding, and Reporting.
• Periodic certification of internal controls to the IRS.
• Oversee and provide subject matter expertise on the design and delivery of the Enterprise QI training program.
• Review and address immediate operational challenges, including working with key stakeholders in first and second line to develop end-to-end processes, provide transparency, and track program progress. Proactively identify, escalate, and address gaps in regulatory onboarding counterparty process and data sets.

FATCA & CRS Fulfillment

• Provide oversight and leadership to processes and procedures related to daily case management of FATCA and CRS cases.
• Manage the creation and maintenance of Standard Operating Procedures (SOPs) to support due diligence and documentation activities related to verification/fulfillment of Canadian Banking customers.
• Strategize, plan, and implement process/improvement-related tasks within the team/department.
• Ensure execution of controls to monitor for accuracy and adherence to policy of cases closed by the Fulfillment Team.
• Conduct gap assessment to identify opportunities to improve processes.
• Champion the implementation of process efficiencies to address procedural redundancy and minimize compliance risk.
• Effectively manage escalations to ensure quick resolution and minimal delays.

Requirements

• University degree with a minimum of 7 years in the financial services industry, including experience with regulatory programs.
• Expert knowledge of FATCA, QI & CRS regulatory requirements and compliance.
• Demonstrated ability in leading teams and managing people.
• Strong knowledge of banking, operational risk, regulatory risk, compliance, and regulatory requirements and internal control principles.
• Maintains awareness of and actively engages in activities across all business lines. Understands regulatory perspective on risk.
• High standards of performance, confidentiality, integrity, timelines, and efficiency must be always maintained.

Work Arrangement

This position is currently a Hybrid role. Please note that this is subject to change based on the needs of the business.

What's in it for you?

At Scotiabank, every employee is empowered to reach their fullest potential, respected for who they are, and embraced for their differences. That is why we work to grow and diversify talent and engage employees in a performance-oriented culture.

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