HSBC - AVP - Cross Asset Confirmations - Global Market Operations (10-15 yrs)
Role Title : AVP - Cross Asset Confirmations
Role Purpose :
This positions lies within the X-Asset Confirmation Service in Global Market Operations. The Assistant Vice President role would be to lead a team of highly motivated and affluent individuals whose function is to manage 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 Assistance Vice President 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 :
- Work closely with the Global teams to ensure confirmation retrieval is within Regulatory time lines.
- Build relationships between onshore and offshore teams to increase efficiencies and to create best practice.
- To work closely with onshore business partners ensuring a high standard of communication maintained between teams.
- Active involvement in industry and market initiatives
- Fully support all Departmental projects and user testing
- Continuously evaluate existing processes, challenging current procedures and suggesting enhancements as appropriate, in order to improve the Customer Service Proposition and increase levels of efficiency and STP at all levels and enhance controls
- Continuously re-assess the operational risks inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures, management
- Active involvement in working groups by gathering feedback from end users and providing input to the business on platform and design enhancements
- Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators
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 goodwill of customer.
- Monthly M.I. 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.
- Client issues are proactively identified, resolved, escalated and appropriate measures are taken to improve quality and prevent recurrence
- Customers are kept fully informed of any progress
- Take full ownership of process performance and ensure all monthly PLAs are met
- Continuously analyze the product, process and system knowledge of each team member to prevent dilution of knowledge within the team
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.
- Advice and guidance is given in a constructive manner and positively.
- 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.
- Development plan created and reviewed. Teams are regularly briefed and trained on any developments.
- Identify strength / weakness of teams in order to develop them.
- Ensure structured training plans are followed through for all new joiners. Create training packs and deliver training whenever required.
Operational Effectiveness & Control :
- Effectively manage the implementation of reporting tools and guidelines for all processes, identifying and escalating issues for resolution as appropriate.
- 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.
- Procedural changes / new initiatives are fully communicated to and implemented.
- Ensure effective workflow management in order to meet timelines. And quality levels, checking and maintaining effective resource utilization at all times.
- Analyze the control framework within each team and each region, and create a globalized control framework Interface with the BRCM team to actively review the current controls in place
- Attend and contribute to onshore Business Control Committees and other risk reporting calls
- Analyze and take ownership of identified root causes to reduce recurrence of manual work and contribute to increasing of STP rate. Produce and publish global MI within the product line
- Standardize KRIs, KPIs, and KQIs to create a globalized way of reporting PLA, in accordance to business requirements
- Maintain and review error logs within the product area, and liaise with Business
- Participate in site-wide initiatives and best practice sharing sessions
Typical Targets and Measures :
- All trades to be matched within regulatory timelines subject to client specific challenges.
- Zero regulatory breaches due to process failure
- 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
- Partner with L&D to conduct a Training Need Analysis (TNA), to identify functional and soft skills training needs of the team and facilitate required training programs
- Drive high-performance standards. Develop people and identify talent
- Conduct team meetings and other engagement forums.
- Promote cross-boundary collaboration and teamwork amongst colleagues and business partners
- 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 training are completed
- Champion the Risk and Control Agenda with the team
- Successful involvement in Markets Operations risk initiatives
Major Challenges :
- Queue Management between the Global processes. Have a Global Focus, rather than concentrate inwards within own area of ownership
- Exception management & Prioritization.
- Pro-actively review and identify knowledge/control gaps within the process and take necessary action to mitigate risks.
- A thorough review of procedures/controls to be conducted periodically.
- Facilitate training of new hires or cross-training for other colleagues.
- The job holder is required to keep abreast of changes/happenings across all regions and communicate the same to team members.
- The 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.
- Relationship Management
- Attrition and Business contingencies
- Process & Business Knowledge
- Skill set match / profiling for the teams
Role Context :
- The role will be located in Bangalore and will cover primarily Outgoing (Drafting) & Incoming (Indexing/Matching/Affirmations/Chasing) Confirmation processes for OTC Derivatives (Rates/Equities/Credit/FXO).
- The job holder will have people responsibility.
- The jobholder will be responsible for managing the day-to-day operations during the assigned work hours.
- The role will include supervisory authority such as DTP & Confirmation release. COAST approvals. 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 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 job holder 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 optimizing relations with regulators.
Knowledge & Experience / Qualifications :
- Minimum of 10 plus years experience in OTC Derivative Ops. Experience in Outgoing (Drafting) & Incoming (Indexing/Matching/Affirmations/Chasing) processes would be an added advantage.
- Exposure to Banking System modules and Technical expertise.
- Strong verbal and business communication skills.
- Proven record in building and maintaining business relationships and a strong customer service drive
- Excellent analytical skills and commercial acumen
- Proven experience of successfully managing and developing a team of both managers and staff across a diverse range of processes, with an ability to provide direction and motivation in an ever-changing environment
- A good understanding of group policies and procedures and the ability to effectively communicate and implement them.
- Evidence of excellent prioritizing, planning and organizing skills.
- Analytical skills, with the ability to recognize areas of risk or opportunities for improvement.
- Evidence of having taken difficult decisions in a complex operational environment including HR related issues.
- Ability to comprehend and minimize operational risks including a wide understanding of audit controls and compliance requirements.