Director, Global Wealth Management Audit

Scotiabank - Toronto, ON (30+ days ago)

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Requisition ID: 82141

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

PURPOSE:
Oversees and leads a team of 6 auditors responsible for internal audit activities for the Advisory and Distribution activities of Scotiabank’s wealth management businesses. Supports the Bank’s Corporate Audit function in executing its global mandate by determining whether internal controls, risk management and governance processes are adequately designed, implemented and operating effectively.

ACCOUNTABILITIES:
Leads and drives a customer focused culture throughout their team to deepen client relationships and leverage broader Bank relationships, systems and knowledge.
Acts primarily as Audit Principal (or in some cases the Officer in Charge) for assigned projects, which may include special investigations from time to time.
Contributes to and influences the development of the Annual Planning and Risk Assessment process for Global Wealth Management.
Provides input into the development, completion and reporting of the Annual Audit Plan, ensuring audit methodology is used, objectives are met, the Plan is completed, and that appropriate working papers are maintained and conform to Institute of Internal Auditor (IIA) and the Bank’s internal standards.
Works with business lines, product groups and risk management functions to provide advice and counsel in the design of internal controls.
Act as a change agent to negotiate corrective action for issues identified, and follows up to ensure timely corrective action is taken.
Communicates the Bank’s risk culture and risk appetite statement throughout their teams. Creates an environment in which his/her team pursues effective and efficient discharge of their job responsibilities.

MAJOR ACCOUNTABILITIES

1. Audit Planning
Identifies systemic/emerging issues and/or strategic changes planned/undertaken by the auditee that will impact the audit plan including through a review of business/strategic plans.
Reviews and updates Audit’s assessment of control risk for relevant wealth management entities (Advisory and Distribution), attends meetings with key management to understand changes and new business initiatives and review Key Performance Indicators.
  • Maintain a thorough understanding of the business, risks and processes for assigned areas.
  • Draft and execute the Annual Audit Plan. Develops and implements a flexible Annual Audit Plan using an appropriate risk-based methodology.
  • Schedules audits and resources as necessary, ensuring the approved audit plan is implemented. Ensures an integrated audit approach is applied, including secondment of staff from other audit groups to assist in completion of the audit project.
  • Directs and/or supervises the planning of audits for diverse units by ensuring scope and extent of work is in accordance with the approved plan, timing and budget are reasonable, procedures are efficient, appropriate resources are assigned and risks are understood.
  • Directs internal audit activities including prioritization to ensure effective use of resources.
2. Auditing and Execution
  • Manages or supervises assigned activities independently in accordance with the Department Standards ensuring the nature and extent of testing is appropriate to support audit findings and conclusions. As the Officer In Charge of highly complex assignments, this includes ensuring appropriate completion and review of documentation prepared by audit team members.
  • As Audit Principal, completes on-site review of assignments as required, ensuring documentation and reporting standards of Audit Department Methodology are met.
  • Monitors and reports to line management on the strategic initiatives of the business unit in the market (best practices).
3. Problem Identification
  • Ensures internal control weaknesses have been identified, errors have been quantified as appropriate, problems and associated impacts are properly defined, documented and reported; identified issues are clearly understood and confirms that line management/product owner will take corrective action.
  • Prepares and/or reviews audit findings for presentation to management.
  • Documents reported issues in the Audit Issues Tracking Database as required.
  • Reviews the quarterly status of outstanding issues as assigned for inclusion in reports to management and the audit committee.
4. Reporting/Communication
  • Written reports and correspondence demonstrate a thorough understanding of issues with key risks clearly articulated and materiality clearly explained. Recommendations build in best practices observed in other units.
  • Assists the OIC with the presentation of findings to line management and audit closings as needed.
  • Ensures audit findings are documented in the Audit Issues Tracking Database. Prepares applicable sections of the quarterly report to the Audit Committee.
  • Responsible for presenting issues to more senior line and Executive Office management.
  • Monitors and follows-up for corrective action/progress against reported issues in the Audit Issues Tracking Database on a quarterly basis. Escalates where necessary.
  • Ensures relevant information that impacts other audit function areas is shared.
5. HR Management
  • Complies with department established Human Resources Management policies and procedures.
  • Prepares/reviews (for direct reports) periodic and annual performance self-assessments, personal goals and objectives for measurement of performance, a career development and training plan and monitors for achievement/completion.
  • Manages the development of staff by providing direction and coaching; imparts specialized skills to other audit officers through peer discussions and cooperation on cross-functional audits, coaching and performance management.
  • Manages self development by/through confirming job expectations; identifying mentors/coaches and enquiring about training needs; ensuring timely completion of performance appraisals; recruiting, interviewing and selecting candidates.
  • Ensure appropriate resources, knowledge, skills and experience is maintained in the resource pool including hiring, training and coaching of staff.
  • Conducts regular team meetings.
6. Special Projects
  • As directed by senior management, carries out specific projects or investigations of a complex and/or confidential nature.
  • Plans, documents and seeks agreement in advance to the project approach and confirm conclusions upon completion in writing.
  • Assists in the due diligence of potential acquisitions.
7. Other
  • Coordinates work performed on behalf of the external auditors as assigned.
  • Continues self-development to expand or maintain an understanding of the business line’s key processes and business applications.
  • Provides advice and counsel and other advisory services directed at risk management and new initiatives.
  • Provides advice and counsel on internal control design issues/changes with participation on stakeholder working groups as assigned.
  • Makes presentations to other staff to share information for areas of specialization or information obtained in training programs and external courses.
  • Assists with Quality Assurance program as required including review of documentation and reports of assigned audit project and reporting of findings to Professional Practice Group.
PREFERRED EDUCATION / EXPERIENCE:
Professional accounting or similar Risk-based designation
Prior audit experience and high proficiency at applying risk-based auditing standards, practices, techniques, processes and methodologies
Strong knowledge of banking and the financial services industry, particularly securities products, operations and the regulatory environment
Knowledge of the Bank’s Risk Management framework

Location(s): Canada : Ontario : Toronto

As Canada's International Bank, we are a diverse and global team. We speak more than 100 languages with backgrounds from more than 120 countries. Our employees are committed to a superior customer experience and use the Bank’s six guiding sales practice principles to ensure they act with honesty and integrity.

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.