HSBC - Assistant Manager - Global Market Operations - X-Asset Confirmation Service (5-7 yrs)
Role Title : Assistant Manager of Operations
Role Purpose :
This positions lies within the X-Asset Confirmation Service in Global Market Operations. The Assistant Manager (MO) role would be to supervise a team of highly motivated and affluent individuals whose function is to process all Outgoing (Drafting) Confirmations tasks & also Incoming (Indexing/Matching/Affirmations/Chasing) Confirmations across OTC Derivatives (Rates/Equities/Credit/FXO) business for HBUS, focusing and ensuring the timely confirmation retrieval & dispatch within the EMIR and DFA requirements.
The Assistant Manager will need to ensure Group standards (F.I.M.) are adhered to at all times and Best Practice Guidelines are followed wherever possible to ensure our Regulatory targets.
Principal Accountabilities :
Impact on the Business/Function :
- To manage the daily Operation / BAU of the team whose responsibilities are to ensure the accurate and timely execution of the X-Asset Confirmation process
- Validate and Dispatch confirmation in line with regulatory timelines
- Adherence to DIM, FIM, DFA and EMIR regulations.
- To ensure timely dispatch of Confirmation as per FIM
- Strict adherence to Confirmation matching as per FIM
- To ensure Zero PLA breaches & Ops loss.
Customers / Stakeholders :
- Problem situations are proactively identified, resolved and escalated to give maximum customer satisfaction. Appropriate measures are taken to improve quality and prevent recurrence.
- Customer issues are handled sensitively and receive full consideration. Situations are resolved effectively retaining the goodwill of customer.
- Customers are kept fully informed of progress.
- Periodical MI submitted accurately and in line with customer and business needs.
- Updates and procedural changes obtained and cascaded / recorded.
- Enhance systems and business knowledge relating to customers / processes and cascade to teams.
Leadership & Teamwork :
- Motivate and develop team/subordinate to meet business objectives.
- Create robust team environment where skills and knowledge openly shared to achieve team and business goals.
- Teams are regularly briefed and trained on any developments Changes.
- Knowledge and experience are shared with teams, providing assistance on referred / technical issues.
- Be aware of issues within teams and resolve or escalate in appropriate and timely manner.
- Share knowledge, best practice and experience with colleagues at all levels to ensure they achieve their goals and business objectives
Operational Effectiveness & Control :
- Effectively manage the implementation of reporting tools and guidelines for all processes, identifying and escalating issues for resolution as appropriate.
- Create and design reporting templates and tools for the Operations Team.
- Work is organized and completed within agreed timescales, in accordance with procedures, PLA & FIM.
- Work is distributed / duties allocated between individuals in accordance with their experience/ability.
- Productivity and quality of work are monitored and achieved.
- Issues/problems are fully analyzed and resolved or escalated. Appropriate action is taken to prevent recurrence.
- Procedural changes / new initiatives are fully communicated to and implemented.
- Encourage and monitor team member to consistently maintain a high level of customer service.
- Ensure effective workflow management in order to meet timelines. And quality levels, checking and maintaining effective resource utilization at all times.
- Contribute to contingency planning for the teams/sections.
Typical Targets and Measures :
- No outstanding confirmation >T+1/T+2 business days.
- 100% PLA achieved
- 100% Compliance with DIM's & FIM
- Ops Losses & errors.
- Timely and accurate escalations as per escalation matrix
- Attend Client Service training
- Positive feedback from internal/external clients
- Nil adverse feedback from internal/external clients
- All client correspondences are attended to within the Client Service Model guidelines
- Attend soft skills training to develop leadership capabilities
- Facilitate continuous learning through job rotation
- Conduct daily buzz sessions
- Attend manager meetings
- Nil compliance, regulatory, FIM, SOX breaches
- Nil audit findings (internal / external) of any risk level
- Nil repeated findings during group audits or BRCM review
- Ensure all mandatory trainings are completed
Major Challenges :
- Queue Management between Outgoing (Drafting) & Incoming (Indexing/Matching/Affirmation/Chasing) confirmations processes for OTC Derivatives (Rates/Equities/Credit/FXO).
- Exception management & Prioritization.
- Pro-actively review and identify knowledge/control gaps within process and take necessary action to mitigate risks.
- Thorough review of procedures/controls to be conducted periodically.
- Facilitate training of new hires or cross-training for other colleagues.
- Job holder is required to keep abreast of changes/happenings across all regions and communicate the same to team members.
- Job holder is responsible for ensuring that quality checks are performed. Identify areas of concern for processing team and produce specific training requirements to ensure any internal / external errors can be minimized.
Role Context :
- Role will be located in Bangalore and will cover primarily Outgoing (Drafting) & Incoming (Indexing/Matching/Affirmations/Chasing) Confirmation processes for OTC Derivative (Rates/Equities/Credit/FXO).
- The jobholder will not have people responsibility.
- The jobholder will be responsible for managing the day-to-day operations during the assigned work hoThe role
- Role will include supervisory authority such as matching & issuance of Confirmations and checklist supervision. The job holder is required to ensure that the functions are completed on a daily basis where required.
- Jobholder will be required to work closely with the existing AMO/MO in the team to ensure BAU functions are carried out accordingly within the stipulated Performance Level Agreement (PLA).
Management of Risk :
- The jobholder will also continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology.
- This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring.
- Also by addressing any areas of concern in conjunction with line management and/or the appropriate department.
Observation of Internal Controls :
- The jobholder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.
- The jobholder will implement the Group compliance policy by containing compliance risk in liaison with Global Head of Compliance, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer. The term compliance - embraces all relevant financial services laws, rules and codes with which the business has to comply.
- This will be achieved by adhering to all relevant processes/procedures and by liaising with the Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators.
Knowledge & Experience / Qualifications :
- Experience in Rates Derivatives or Equity Derivatives operations would be an advantage
- A degree in accounting/finance/management/business administration. Higher qualification, not a bar provided aspirations commensurate with the position.
Experience : At least 5-7 years of experience in OTC Derivative Ops. Experience in Outgoing (Drafting) & Incoming (Indexing/Matching/Affirmations/Chasing) processes would be an added advantage.
- Ability to speak and understand English fluently.
- Ability to write business letters and reports.
- Good conversational/telephone skills
- Ability to learn quickly and transfer knowledge appropriately
- Possess knowledge of MS Office with good numerical and analytical skills.
- Should be willing to work in US shift.
- Ability to build rapport with and relate to and effectively develop a wide range of people.
- Ability to maintain focus while working with voluminous data
- Ability to multi task
- Good Communication, planning and organizing skills.
- Good initiation of improvements. Open to Change.
- Able to work under a challenging environment with tight timelines.