Senior Manager, RESL Finance

Job title: Senior Manager, RESL Finance

Job description: Requisition ID: 109224

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

Canadian Banking Finance is a divisional finance function providing financial management and analytical support to Canadian Banking Executive Management, as well as to the Business Line Management in Retail Banking, Small Business, Automotive Lending, Commercial Banking and Tangerine.

The Senior Manager will be a member of the Real Estate Secured Lending (RESL) Finance Team reporting to the Director, Finance. The incumbent will be primarily responsible for planning, forecasting and analysis of RESL’s balance sheet, revenue, Net Interest Margin (NIM), staffing, expenses and project funding for the three-year strategic plan, stress test, annual profit plan, quarterly forecasts and pre-quarter updates. Particular focus will be on strengthening the overall governance (i.e. monthly reasonability review of business line financials, addressing SOX issues and overall review of variable compensation payments within the HFS and SMA channels) as the business continues to expand at a rapid pace both in terms of volume and FTE. Additional focus will be on providing world class support to channel partners and provide financial leadership to expense and FTE management /forecasting which includes the annual Zero Based Budgeting (ZBB) exercise. The incumbent will also assist the Director with in-depth financial analysis to support strategic projects, initiatives, and transactions within RESL and the broader Canadian Banking as required.

Key Accountabilities:

• Support the delivery of forecasts and profit plans, including: Quarterly Forecasts, Pre-quarter Estimates, Weekly/Daily updates, Stress Testing, 3-Year Strategic Plan and Annual Profit plan, including heavy lifting with the ZBB exercise in support of the RESL Business Line

• Ensure the timely collection of data and actuals reporting to support forecasting
• Review assumptions and complete analysis to ensure accuracy and completeness of deliverables and understand the impacts to relevant performance metrics of the business
• Co-ordinate and communicate deliverables within the Business Line and Finance
• Collaborate with the Business to prepare meaningful commentary on submitted forecasts and plans
• Respond to inquiries from business line partners, finance and other key stakeholders
• Monthly & Quarterly Financial Reporting & Analysis

• Support Senior Manager with the analysis of RESL’s portfolio/balance sheet, NII, NIM, PCL, expenses and key performance metrics
• Identify main drivers of interest profit and expenses at the business unit and product levels and provide meaningful and relevant analysis to communicate headwinds, opportunities and proactively manage the P&L
• Portfolio Management, Balance Sheet & Profitability Analysis

• Analyze the Canadian Banking and RESL balance sheet including portfolio churn, net interest income, net interest margin and PCL; identify main drivers of interest profit at the individual product level; provide meaningful and relevant analysis
• Develop strong fundamental knowledge about Matched Maturity Funds Transfer Pricing (MMFTP) assess continued suitability in relation to net interest margin analysis
• Financial Oversight and Governance

• Strengthen existing governance and oversight by performing detailed monthly reasonability review of financial results
• Proactively take steps to identify control weaknesses across business and reporting processes, including source systems and implement additional controls to address and minimize risks of financial misstatement
• Maintain an effective system of internal controls over the planning, forecasting and reporting processes and ensure that any SOX controls are addressed
• Expense and FTE management for SMA, HFS and MOSE business units

• Subject matter expert and relationship manager for the SMA, HFS and MOSE businesses
• Key focus on the forecasting as well as the tracking and reporting of expenses and staffing against budget/plan
• Analyze expense results and forecasts and explain the drivers behind the variances and impact to overall results
• Perform value-add deep-dives and ad-hoc analysis to provide insights into the expense drivers and results and participate in the resolution of issues resulting from analysis
• Provide oversight and governance for variable compensation payments
• Expert user of financial reporting, planning and forecasting systems and tools, including Hyperion and EGL/OBI/Smartview
• Strategic Projects and Analysis – Support Director with other strategic financial analysis and projects including revenue opportunities, strategic transactions, new product/program offerings, amongst many other initiatives
• Business Partnership – Foster partnerships within the RESL Business Line and provide financial analysis support and insights as required across the business and channel partners
• Process Improvement – Leverage digital solutions to seek ways to enhance the profit planning and forecasting processes which can include, streamlining of operational processes, enhancement to analytical capabilities, reduction in operational risk, and resolving issues related to data inconsistency among the various systems and processes
• Documentation – Create detailed job-aids, training materials, desktop procedures and documentation of the current reporting and forecasting processes

Experience / Education:

• A solid understanding of financial and management reporting principles
• An understanding of portfolio management and drivers of Net Interest Income (NII) and Net Interest Margin (NIM), including Product Pricing/Yields, Funds Transfer Pricing methodologies and balance sheet mix and capital management concepts essential
• Strong problem solving, quantitative and analytical skills; attention to details; ability to analyze business results and identify issues and trends
• Strong data management and modelling skills; ability to build financial models and dashboards
• Excellent communication skills; ability to communicate findings/analysis and present ideas in a clear and concise manner
• Ability to multi-task, work independently and deliver high-quality results under very tight deadlines; continuously assess priorities and business requirements, and balance between regular deliverables and priority Executive requests
• A superior understanding of elements of effective control over integrity and completeness of financial reporting
• Demonstrated leadership skills and stewardship capabilities in a complex and changing environment
• Advanced user proficiency with computer applications, Microsoft Excel, Word, PowerPoint, Access, OBI, Hyperion, and any other analytical tool
• Understanding of banking financial statements, cost drivers within Canadian Banking, including knowledge of Retail lending and/or mortgage products essential
• Knowledge of the Bank’s source and reporting systems an asset
• University degree (Business, Finance, Accounting or quantitative discipline)
• MBA, CFA, or CPA preferred
• Minimum 3 to 5 years of relevant experience

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 . 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.

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