How Embracing the Unexpected Shapes This Scotiabank Executive’s Leadership

By Sarah Walker

Most people in the Risk Management profession are known for playing it safe. Shannon McGinnis built her career doing the opposite.

As Executive Vice-President and Deputy Chief Risk Officer at Scotiabank, Shannon oversees one of banking’s most critical functions: identifying and mitigating potential risks. Her career story, though, reads like a masterclass in strategic risk-taking — from pivoting between roles to relocating to the U.S. and across organizations. 

“I believe that different experiences help you grow,” Shannon says. “They help you gain a broader perspective.”

This hunger for learning has shaped her career journey from a 16-year-old part-time teller to the executive suite. 

The pivot that changed everything

Shannon’s relationship with risk started early, through what she calls “right place, right time” moments — ones she was gutsy enough to seize. The most pivotal early in her career may have been a temporary assignment in Internal Audit.

“I had gone on a rotational experience,” she says. “Following that, Risk Management reached out, saying they noticed my capabilities and judgment and they asked me to join their team. I went into Risk Management thinking it would be for a few years, and then I would be back in the business, but every role creates different opportunities — and here I am.”

Her toughest test came after a move to Philadelphia, right after the financial crisis. While others might have avoided taking on a new job in a new city (and country!) during such a volatile time, Shannon dove in.

“We were navigating the financial crisis, and the institution I was working for was going through significant changes and completing acquisitions,” she says. “That experience really taught me that I can adapt to different situations and revealed how resilient I was. The role also provided an opportunity for me to demonstrate my judgment and expertise to a group of senior leaders, while forging strong relationships that helped me later in my career.”

Teaching others to take a leap

These days, Shannon uses her risk-taking philosophy to develop others, particularly through sponsorship.

“With sponsorship, you need to have confidence in the individual’s ability to do the job… and you need to coach them to believe in themselves,” she explains. “You can then support them in their next role by promoting them to others.”

She speaks from experience. When offered that challenging Philadelphia role, Shannon questioned whether she was ready. It was a sponsor who gave her the confidence boost she needed.

“This individual told me, ‘There’s no one more qualified than you.’ I didn’t think I was qualified for the job.”

Now, as a leader at Scotiabank and Executive Champion of Scotiabank’s DiversAbility Employee Resource Group, Shannon says she pays it forward by actively seeking out those she believes can stretch beyond their comfort zone — and building their career self-esteem.

“Over my time as a leader, there have been numerous times that I’ve identified colleagues who had the ability to do more than they believed they could do,” she says. “Part of my job as a leader is to identify those stretch opportunities while supporting people.” She applies that same energy to her community work, from breaking barriers for young people in sport, with KidSport Ontario, to her previous work with the Children’s Aid Foundation.

“Volunteering has always been part of my life… I was a competitive athlete in my youth, and it taught me discipline, focus, and how to be prepared for anything.”

On making the next move

Shannon’s advice for others looking to evolve their career? Start from a place of authenticity.

“There’s something about being authentic and knowing yourself. If you don’t genuinely love what you’re doing, it makes things much harder.”

Knowing what you can — and want to — take on is also key. While Shannon says she thrives when managing multiple high-priority commitments, she acknowledges that others may find that pace overwhelming. What matters most is giving your all to any assignment you take on, including your own education.

“Constant learning is really important. It doesn’t have to be through a formal degree or school program. It can be by diving into different experiences or trying something new. You have to stay curious.”

Just as important, she says, is relationship-building.

“Every interaction matters, every relationship matters,” she emphasizes. “Careers are long, so it’s important to foster those connections with people,” she says. “Mentors change over your career. You need different mentors for different times. It’s great if you can have more than one, as they can provide diverse perspectives and insights.”

And of course, she adds, never be afraid to take a calculated risk.

“If you can, get breadth and exposure. I would absolutely encourage you to keep an open mind. It can be scary, but if you’re working for an organization focused on leadership and development that’s there to support you, they will help set you up for success.”