Beyond the plan: How adaptability shaped Katy Waugh’s path to leadership

Long before Katy Waugh stepped into her role as Senior Vice President and Deputy General Counsel at Scotiabank – overseeing legal affairs across Canada, the United Kingdom, and Asia – she spent her summers at a camp in Algonquin Park. Those summers taught Katy the value of asking thoughtful questions, navigating group dynamics, collaborating under pressure and leading with confidence. Those formative experiences, coupled with her education and on the job learnings, laid the foundation for the strong leadership and insight-driven approach she draws on in her role today.

“Obviously, my experience at summer camp didn’t lead me to become a lawyer or work in the world of finance,” Katy says, “but the skill sets I gained there proved to be transferable.”

The idea that seemingly unrelated experiences and having an innate curiosity can build the foundation for what comes next is something Katy has known for years.

After high school she studied History at Queen’s University, not because she had a clear idea of where a Bachelor of Arts degree would take her, but because she loved the subject, and trusted she’d build useful skills along the way.

“When you study History, you’re constantly asking: what’s the evidence? What’s the pattern? How do I build a defensible argument?” Katy notes. “Those are some of the key skills I use every day as a lawyer and business advisor. Whether I’m analyzing a legal issue or helping business leaders navigate a strategic decision, I’m using the skills I started to build as a student – examining the facts, understanding the broader context, and building a case for the best path forward.”

To those young professionals who worry that a humanities background might limit their career prospects down the line, she adds: “Don’t underestimate the transferable power of your educational foundation. The ability to think critically, analyze information, and communicate clearly, is valuable everywhere. Those foundational skills travel with you regardless of where your career takes you.”

From Queen’s, Katy went on to study Law at the University of Windsor before landing in private practice working in securities and mergers & acquisitions, a role that gave her a close-up view of the way corporations, including financial institutions fund themselves, structure deals, and manage risk. These skills set her up for her first role at Scotiabank as in-house counsel, enabled her to lead the operational risk management team when she took a role there to broaden her skills, and to oversee an iteration of the Bank’s Crisis Management plan at the Bank, and are still relevant in her current role as Deputy General Counsel.

“Career paths are rarely straight lines,” she says. “I’ve learned over the years to be comfortable with discomfort and to seek opportunities to continue to stretch myself and to try to be brave enough to put myself in those situations where I’m learning the most. What I’ve found is that being adaptable, and of course working hard, created opportunities for higher growth – not just upwards, but more importantly outwards and forward. I’ve not been as focused on hierarchical growth in my career. I’m focused on: will this broaden my perspective? Am I gaining different experiences? Because that’s how I’ve worked to be best prepared when an upward opportunity has come up.”

That broad perspective has also shaped the way Katy approaches leadership itself. She has learned that helping her colleagues and business partners to feel supported, and empowered is just as important as delivering technical excellence, and she’s discovered that the best leaders create space for others to grow in unexpected directions.

“The more exposure you get to different businesses and scenarios and the more questions you ask, the broader your sphere of influence can become,” Katy notes. “When you’ve sat in different seats across an organization, people know they can call you for a wide range of issues. You’re not just the person who knows one narrow area really well. You’re someone who understands how different parts of the business connect, which enables you to be far more valuable as a strategic partner.”

She adds: “I want my team to think beyond legal frameworks and toward broader business impact. My goal is to develop the next generation of legal leaders who are business-fluent, comfortable with ambiguity, and have the confidence to help shape strategy.”

To ensure that, Katy encourages lateral movement within the organization to build networks and personal connections as well as skill sets, and recommends her team have “five-minute conversations” with their stakeholders before making final decisions to make sure that their advice is considerate of the team impacted by the decision.

Case in point: “A number of years ago, my team and I were brainstorming ways to acknowledge strong performance and someone suggested giving out gift cards,” Katy says. “I connected with a junior colleague for their opinion, and they ended up telling me they didn’t have much use for a $20 gift card, even though it would have been appreciated. What they really wanted was for a senior leader to invite them out for coffee, since inviting the leader themselves could be challenging for some people.” The lesson: never assume what someone wants or needs; take the time to ask questions.

That same ability to shift perspective—stepping closer when needed and pulling back when appropriate—also shows up in the way Katy thinks about leadership and career growth.

That’s where Katy points to the metaphor of “the ballroom and the balcony”. She explains that careers evolve, and leaders must learn to move between different vantage points.

“When you’re on the dance floor, especially early in your career, you know exactly what’s happening because you are in it,” she explains. “You’re close to the work, seeing the details, learning by doing and covering a lot of lateral ground.” As responsibilities grow and leadership roles expand, your view changes. From the balcony, you start to see broader patterns within the organization and the overall bigger picture. You can help direct others to fill gaps that they may not be able to see from their viewpoint

Strong leaders, she notes, know they can’t stay in one place. They need to move between the dance floor and the balcony—diving in to understand lived realities, then stepping back to guide, connect, and influence. Just as importantly, I need to recognize when each perspective is required and create opportunities for others to experience both, so they’re better prepared when it’s their turn to lead from above.

Katy’s advice to the next generation is clear: Seek out perspectives. Ask questions. Think about what you can bring to a situation, not what you lack. And don’t underestimate experiences that seem unrelated to your end goal; they’re often the ones that help shape what comes next.

“Think about what you can do and where else you could go or what else you could do. Don’t think about what you don’t have, think about what you can bring to any table. It’s always better to be open to opportunities than unwavering to a plan,” she adds.

And remember: “We are all unique, and there’s not one path to leadership or success. Your path – and your way – does not need to follow the same trajectory as someone else. When we enable our teams to bring their best selves to work, everyone feels empowered to contribute our different perspectives and personalities. That’s where the best ideas come from.”