AVP - FX Trade Control - Investment Bank

Hiring for Leading Investment Bank.

Overall Job Purpose :

FX Trade Control is responsible for the front to back processing of all Foreign Exchange trades, as well as for all Global Money Market trades. We support a high volume turnover of FX trades executed and processed. The process includes the exception management of any trade that fails the straight through process.

The Global team has sites in London, New York and Asia, has enabled us to realign our global Trade Control teams to deliver a cost effective, flexible and controlled world class global support service.

Key Accountabilities & approximate time split (%)

The role holder will:

- Supervise and manage the FX Trade Control team. The individual will learn the FX & MM Front Office to Back Office system reconciliation processes (FOBO), Regulatory clearing / reporting, as well as the Global Balance Sheet Controls.

- Oversee and perform the system reconciliation function, ensuring that the back office system contains all the trades that are in the front office systems (FOBO). All differences have to be investigated, escalated and cleared within agreed timeframes.

- Assure the integrity of the Balance sheet Control reconciliations. There are currently around 10,000 accounts reconciled daily. The individual will be expected to ensure the daily reconciliation controls are completed. They will also be responsible for attestation of these accounts in the Month End Global Finance account ownership process and to attend the Monthly Letter of Rep meetings.

- Manage and support Regulatory trade reporting as part of the mandatory Dodd-Frank act, Russia and EMIR, which is impacting the global Industry. With both parties having to report for EMIR and provide and consume UTI’s this will bring higher volumes to report and exceptions. Also the Portfolio Reconciliation , as part of EMIR/DF Regulations we need to collaborate with the CMU team to review MTM exception cases.

- Responsible for recruitment of staff and ensure that all new joiners undergo standard training on FX Trade products and control processes.

- Have extensive knowledge and understanding of the FX Trade Control environment and the BAU daily roles within a team, such as FOBO’s and Balance Sheet Controls.

- Set staff objectives for ongoing staff development, holding regular 1-2-1’s, team meetings and conducting appraisals.

- Responsible for directing the day-to-day operations for the team, including:

a) Allocation and oversight of daily tasks.

b) Production of team MIS with detailed commentary for management reporting

c) Management oversight of all KRI’s and KPI’s and addressing all high-risk metrics promptly

d) Identifying resource and skill gaps, developing and deliverying training to ensure knowledge is shared across the team

e) Ensuring all applicable governance, compliance, risk policies and procedures are adhered to

f) Oversight of UAT to ensure that quality testing is completed and all issues for the team are resolved

g) Scope, absorb and embed the new strategic regulatory reporting and daily clearing processes which have impacted FX Trade.

- Foster strong working relationship with internal counterparts (i.e. Desk, Sales team, Trade Support, Confirmations, Legal, Finance) by networking and work shadowing sessions. As well as interaction with the IMO and PTS teams.

- Initiate continual assessment of existing processes to identify innovative ways of improving team efficiency and client service

a) Spearhead the process improvement initiative and carry out complex analysis to identify innovative solutions to deliver financial benefits for the firm

b) Confident communication and presentation skills required to present the business case to senior management. Justify the initiative with cost savings to ensure management buy-in and ultimately the implementation of change.

c) Implement and maintain a regular review the FX Trade Control procedures and B-Tools ( B-Check , B-controls) and make the necessary changes, as it is key to have up to date Risk and Control procedures.

- First level management escalation point for all high priority issues

- Key representative from the department to engage in strategic initiatives discussions with colleagues globally and communicate the expected requirements and impact for the team.

- Work closely with the Risk & Control function to address any control gaps identified and implement controls to mitigate the risk.

Person Specification :

- 2-3 years of management experience with proven track record at managing diverse teams.

- Educated to a minimum of degree level or equivalent supplemented by relevant professional experience within the financial services industry including industry recognised qualifications.

- Excellent understanding of front to back system architecture and E2E processes and controls.

- Extensive knowledge and understanding of FX Products such as FX Spots/Forwards, Non Deliverable forwards.

- Strong people and Management skills. Also strong presentation skills, formal and informal to differing audiences at all levels.

- Passionate about continuous improvements, leading by example and using their network of contacts to both improve their personal and team performance, identify areas for process improvement and ensure successful delivery of projects

- Ability to network and build rapport and credibility quickly with a variety of key stakeholders (FO, Ops Senior Management, IT).

- Strong knowledge of MS Office applications, including and not limited to Outlook, Excel, Word, PowerPoint.

- Self Starter, Confident and Proactive.

- Desire to make an impact.

- Strong people and management skills.

- Time Management and deadline delivery.

- Excellent analytical skills.

- Innovative with a proven track record of implementing change to drive process improvements