Senior Director, Legal - Commercial Banking
Toronto
Legal – Legal /
Full Time /
Hybrid
Join a Challenger
Being a traditional bank just isn’t our thing. We are big believers in innovating the banking experience because we believe Canadians deserve better options, and we challenge ourselves and our teams to creatively transform what’s possible in banking. Our team is made up of inquisitive and agile minds that find smarter ways of doing things. If you’re not afraid of taking on big challenges and redefining the future, you belong with us. You’ll get to work with people who will encourage you to reach new heights. We like to keep things fun, ask questions and learn together.
We are a big (and growing!) family. Overall we serve more than 670,000 people across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members. Together we have over $125 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our customers have named our EQ Bank digital platform (eqbank.ca) one of the top banks in Canada on the Forbes World's Best Banks list since 2021.
The Work
The Senior Director, Legal - Commercial Banking is principally responsible for providing effective legal support and advice to the commercial banking operations of the business (commercial lending and transactional activities). The incumbent will provide a wide range of services to the business units, with a particular focus on commercial banking and corporate initiatives. The incumbent will interact regularly with senior management and will provide advice that will help the Bank achieve its goals and impact the overall strategic direction of the Bank. Moreover, they are responsible for proactively promulgating policies and otherwise advancing practices that reduce legal risk in their areas they are principally accountable for and are likewise expected to identify other programs or functional areas that may be implicated as new legal strategies or practices are identified.
The Senior Director, Legal - Commercial Banking will be involved in handling a significant workload, inclusive of inquiries and assignments from a number of departments, as well as on legal matters arising from various statutory and regulatory changes and changes to the competitive landscape. The incumbent will make significant decisions on behalf of the Legal team and will be accountable for legal matters relating to the Bank’s Commercial Banking functions.
The incumbent will preserve the Bank’s reputation for integrity and work to protect the organization from sanctions and reputational risk. In this role, they will play a critical part in developing policies, procedures and documentation that meet regulatory requirements and protect the interests of the Bank. The incumbent will strive to maintain cooperative relationships with all internal departments, policy makers, industry associations and regulatory and self-regulatory agencies that govern the Bank’s businesses.
75 % Commercial Lending Transactions
- Serve as the Legal Team’s main point of contact for the Bank’s commercial banking operations: Commercial loan funding, specialized finance, syndications, special loans/defaults, loan securitization, and portfolio management.
- Co-ordinate and lead the provision of practical and strategic legal advice to various stakeholders on a range of legal issues arising with respect to new originations and active loan facilities, with a focus on compliance with Bank standard and mitigation of legal and operational risk.
- Work closely with members of commercial management to interpret and ensure compliance with legal requirements and internal policies and procedures.
- Lead all drafting requisitions and the general provision of legal input pertaining to the commercial materials of the Bank, including all security and loan documentation.
- Using a business-oriented approach, review and advise on negotiations with partner financial institutions, respecting inter-lender arrangements and capital markets.
- Review, revise and advise on internal policies and procedures, as required.
- Prepare, review, and negotiate company contracts, requests for proposals and other legal documentation.
- Ensure agreements contain requisite protections and meet the Bank’s operational and regulatory requirements.
- Manage the Bank’s overall legal risk position by proactively identifying legal risks, ensuring continued compliance with legal requirements and an appreciation for best legal practice and market standard, and communicating risk and mitigation strategies to various stakeholders.
- Conduct legal research and undertake special projects, as required.
- Work closely with commercial management in the investigation and resolution of internal audit findings.
- Initiate and lead the development of precedents for business initiatives to streamline internal processes and minimize reliance on external counsel.
- Work effectively with external counsel to provide valued legal services to the Bank in a cost-controlled manner.
- Manage, oversee, delegate, and mentor other junior members of the department, which may include close oversight of their ongoing workload.
- Take leadership over the management and oversight of certain legal resources, subscriptions, and licenses available to the Legal team.
25 % Commercial Projects/Corporate Initiatives
- Serve as the Legal Team’s main point of contact for the Bank’s corporate and commercial lending initiatives by working closely with commercial, capital markets and project management teams.
- Work closely with senior management to advise on legal requirements applicable to new commercial lending projects and product updates.
- Using a business-oriented approach, manage and lead business units in achieving targets relating to new corporate and transactional initiatives, including advising on legality, market standard, and operational concerns relating to the project.
- Mindfully review, draft and comment on documentation and processes relating to corporate transactions/initiatives.
- Advise on creative solutions to legal and regulatory requirements, where required to advance the goals and mandates of the business.
- Actively take a primary role in the development of new initiatives to ensure legal soundness with a sensitivity to the needs of the business.
- Draft documentation, and amend existing documentation, to support changes in processes and/or enhancements by business managers.
- Manage the provision of legal support to capital markets relating to product updates and new initiatives.
- Drafting/Amending and where necessary when negotiating agreements with key service providers relating to product offerings.
- Work with and eventually manage/oversee and mentor other junior members of the department.
- Work closely with members of the compliance team in the identification, communication and resolution of quasi legal-compliance concerns.
- Work effectively with external counsel to provide valued legal services to the Bank in a cost-controlled manner.
- Assist in the investigation and resolution of internal audit findings.
Let's Talk About You!
- Degree from recognized Canadian University.
- Graduate of a recognized law school (LLB or JD).
- Called to the Ontario Bar.
- Member in good standing of the Law Society of Ontario or other provincial equivalents.
- 15+ years of post-call experience.
- Strong knowledge of financial services/banking law.
- Substantial experience in a mentorship or managerial role with multiple direct reports.
- Experience working in corporate/commercial banking is an asset.
- High level of familiarity with the relevant regulatory bodies (i.e. OSFI, FCAC, CDIC, FINTRAC, OSC).
- Master’s level education (MBA or LLM for example) would be an asset.
- Proficiency in French would be an asset.
- Professional and courteous manner.
- Ability to collaborate with all internal and external groups.
- Excellent interpersonal and communication skills both written and oral.
- Strong prioritization skills.
- Proficient computer skills.
- Highly organized and autonomous.
- Team player.
- Problem solving capability and critical thinking.
- Discretion with confidential issues and material.
- Proactive, willing to take initiative to effect improvements.
What we offer [For full-time permanent roles]
💰 Competitive discretionary bonus
✨ Market leading RRSP match program
🩺 Medical, dental, vision, life, and disability benefits
📝 Employee Share Purchase Plan
👶🏽 Maternity/Parental top-up while you care for your little one
🏝 Generous vacation policy and personal days
🖥 Virtual events to connect with your fellow colleagues
🎓 Annual professional development allowance and a comprehensive Career Development program
💛 A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience
Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.
We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.
We can’t wait to get to know you!
