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Summary:
This position will provide leadership and direction in the management of the financial results and regulatory reporting for MD Management Limited (MDM) and MD Private Trust (MDPT).
MD Management Limited, broker dealer regulated by IIROC and has over $26B in AUM and over 500 employees. .
MD Private Trust Company, a trust and estate company regulated by OSFI with $1.5B in AUM
Duties & Responsibilities:
Preparation, oversight, management and coordination of financial statements, month end reporting, regulatory reporting (OSFI, IIROC) and capital/liquidity reporting and monitoring for MDM and MDPT
Proactively provide insightful analysis to support CFO and the business, on both regulatory and financial matters
Prepare, review and analyze the results/forecast/plan and provide explanation for variances
Provide support to accounting operations for preparation of accruals and accounting treatment of certain transactions
With direction and oversight from the CFO, lead the annual budgeting process for MDM and MDPT with respect to revenues and direct expenses
Manage the preparation of the board reports and materials for CFO
Act as the main regulatory and finance contact on smaller projects relating to the brokerage and distribution stream, and work collaboratively with others in the group on major projects
Develop strong working relationships with the leadership in various groups related to MDM and MDPT
Share knowledge and coach junior members of the team in order to help them develop
Develop financial models for each entity for forecasting and budget purposes
Maintain effective control over accounting processes to ensure reliability of financial records and investigate any significant or unusual variance or questionable trend.
MDM specific responsibilities
Monitor and enforce the financial compliance program, which includes ownership of the IIROC monthly and annual financial reports
Analyze, monitor and assess adequate internal capital levels consistent with risk management practices
Proactively monitor IIROC financial compliance regulatory requirements and recommend updates to MDM’s written policies and procedures. Also work with the affected departments to ensure that the changes are properly communicated and that departmental processes and procedures, and reporting systems are updated as required
Monitor the regulatory environment for key financial compliance related issues to determine the impact on MDM
Work with the IIROC examiners during their biennial financial compliance audit
Lead the financial compliance components of smaller projects that impact MDM and ensure that financial compliance is maintained. Support the CFO on larger projects
Review and update existing policies relating to financial compliance to ensure their effectiveness and continued compliance with regulatory standards
MDPT specific responsibilities
Ownership of submitting the OSFI monthly, quarterly and annual regulatory reports within deadlines; includes monitoring for changes in requirements and implementing changes
Analyze, monitor and assess adequate internal capital levels consistent with risk management practices
Proactively monitor OSFI regulatory requirements coming into effect and recommend updates to MDPT’s written policies and procedures
Monitor the regulatory environment for upcoming changes impacting MDPT and if required, determine and implement changes
Lead the finance components of smaller projects that impact MDPT and ensure that OSFI regulatory compliance is maintained. Support the CFO on larger projects
Review and update existing policies relating to MDPT to ensure their effectiveness and continued compliance with regulatory standards
Core competencies:
Strong verbal and written communication skills; including ability to take complex information and package it for management
Strong attention to detail; as prepare information for regulators, senior management and both internal and external board members
Proactive, a strong sense of initiative and organization
Independent worker and analytical thinker
Ability to work well under pressure and maintain high productivity, meeting both internal and external deadlines while maintaining quality
Ability to work towards a bigger picture, and to appropriately assess risks and rewards when preparing various business and regulatory reports
Confidence to challenge status quo in a collaborative manner and provide alternative solutions
Ability to provide regulatory and financial viewpoints in a cooperative manner
Ability to develop and maintain effective and efficient working relationships with various business partners
Education and Experience:
University degree in Accounting or Finance
Successful completion of an accounting designation (CPA)
Successful completion of Canadian Securities Course (CSC)
Completion of the In-Depth Brokers and Investment Dealers Course would be considered an asset
In depth knowledge of financial products
Minimum of 5-10 years experience in accounting for the financial services sector
Experience working with a Broker dealer system
Sound knowledge of IFRS and regulatory reporting requirements for IIROC and OSFI
Knowledge and experience in interpreting IIROC and OSFI regulations
Experience with financial accounting software for large organizations (i.e. Management reporter, GP, etc.)
Excellent Excel and Powerpoint skills
Location(s): Canada : Ontario : Ottawa
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. 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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