Description
Job description / Role
Job Type
Full Time
Job Location
Abu Dhabi, UAE
Nationality
Any Nationality
Salary
Not Specified
Gender
Not Specified
Arabic Fluency
Not Specified
Job Function
Accounting & Audit
Company Industry
Banking & Financial Services
Job summary / introduction
Responsible for daily monitoring and processing of settlement processes covering domestic, regional, and international markets for equities, mutual funds, fixed income, hedge fund, structured funds, ETF, local and international securities lending and borrowing, local market short selling, and ensuring highest quality of client service delivery as per international standards.
Responsible for handling extremely complex settlement transactions across local, regional, and international markets. Processing responsibilities include the receipt of client, market / sub custodian instructions, validating the correctness of all instructions, and ensuring the matching and settlement of instructions in a timely manner across all markets.
Communicate with many entities including clients, counterparties, markets, sub custodians, regulators, companies, brokers, paying agents, and issuers covering local, regional, and global markets related to settlement processes. Support due diligence visits linking to settlement processes.
The incumbent is responsible for adhering to established quality control measures and procedures.
Responsible to provide the first level training for new specialists and will assist specialists in handling inquiries.
Handle the cash management for the client to facilitate smooth settlements across all markets.
Active participation in understanding the operating module, including securities lending and borrowing transactions, that are large in value and complex in nature, ensuring their successful settlement processing, avoiding loss and penalties to the bank and clients that could cause the bank reputational, financial, and operational risk.
Current offering of department: position management, security/cash settlement, corporate actions, reporting, invoicing, reconciliation, SWIFT, market security movement, FX management, cash management, project support, proxy services, tax reclaims, income management. Planned expansion into support of securities lending, client short selling, network management support, claim management, and other services.
Specialist will participate in section-related projects such as system upgrades / changes, processing enhancements, and off-hours system testing.
Active participation in implementation of settlement processing related to new clients SLA and SLD, sub custodian SLA, new functions, products, market rules, regulations, and procedures with relevant controls to provide the highest level of client delivery.
Cope with market changes and subsequent upgradation of internal processes and identify any potential risk to create the appropriate controls.
Responsible to coordinate and work with various internal departments and external entities and concerned persons as an integral part related to participation in projects in order to re-engineer the process for excellent client delivery and reduce manual activities.
Responsible for the end-to-end settlements processing in accordance with regulatory and compliance requirements, with an increased focus on accurate and timely execution to enhance the client experience.
Key responsibilities
Responsible for daily monitoring and processing of settlement processes covering domestic, regional, and international markets for products like equities, mutual funds, fixed income, hedge fund, structured funds, ETF, local and international securities lending and borrowing, local market short selling, and ensuring highest quality of client service delivery as per international standards.
Responsible for handling extremely complex settlement transactions across local, regional, and international markets.
Processing responsibilities include the receipt of client, market / sub custodian instructions, validating the correctness of all instructions, and ensuring the matching and settlement of instructions in a timely manner across all markets.
Ensure to track and respond to internal and external clients' queries by providing clear detailed settlement information in line with the relevant market rules and regulations and settlement best practice.
Responsible for communicating with various stakeholders like markets, sub custodians, agents, companies, depositories, brokers, and issuers to ensure smooth, accurate, timely settlement processing.
Ensure that all trade-related status reports / instructions are communicated to all stakeholders in a timely manner.
Responsible to have excellent knowledge related to settlements SWIFT messages and usages of the same.
Demonstrates reliability by taking necessary actions to continuously meet required deadlines and goals.
Articulates information clearly and presents information effectively and confidently when working with others.
Convince others by making a strong case, bringing others along to their viewpoint; maintains strong, trusting relationships while at the same time is comfortable challenging ideas.
Participation in section-related projects, system changes and upgrades, and new client requirements and implementation of sub custodian / client SLA.
Review processes and suggest and implement changes to enhance client satisfaction, reduce manual intervention, and reduce overall cost.
Cash / FX settlement: Review and validate all transactions inputted by the officer / another specialist. Escalate all mismatches to VP. Validate all data entered into the system and forward to VP for review. On settlement date of transaction ensure transaction settled and all appropriate accounting entries executed. Escalate any settlement issues / discrepancies to VP. Validate and sign any vouchers that need to be passed for FX / cash execution for review by the VP.
Position / cash management: Review clients' positions and holdings daily and reconcile positions with sub-custodians and market to ensure there are no discrepancies. Escalate any discrepancies to VP. Daily review of client's cash positions to ensure all clients have appropriate funding and escalate to VP and middle office any potential overdrafts or if client is at risk of being insufficient.
SWIFTs: Validate SWIFT instructions inputted by officer / another specialist into the system for VP to authorize. Second level of SWIFT generation process.
Reconciliation: Second level of reconciliation ensuring all appropriate checks are done to ensure there are no discrepancies and escalating any issues to the VP.
Ad hoc requests: Supporting the VP as required for business-as-usual matters and projects and initiatives.
Risk indicators: Responsible to ensure controls and procedures are being adhered to by the section. Monitor all KPIs, KRIs, capacity planning. Submit any incidents and issues to VP for review. Monitoring transactions to ensure they are being processed according to compliance / audit standards (requirements).
Follow all relevant departmental policies, processes, standard operating procedures, and instructions so that work is carried out in a controlled and consistent manner.
Demonstrate compliance to organization's values and ethics at all times to support the establishment of a value-driven culture within the bank.
Contribute to the identification of opportunities for continuous improvement and sustainability of systems, processes, and practices considering global standards, productivity improvement, and cost reduction.
Assist in the preparation of timely and accurate statements and reports to meet department requirements, policies, and quality standards.
Participation on section-related projects, systems upgrades / changes, new client requirements, new product functions related to corporate actions.
Understanding and active participation in projects requirements and system upgrades and changes.
Ensure accurate and timely processing of client and client-impacting instructions.
Reconciling to confirm appropriate settlement of all transactions (FX, cash, securities, corporate action, tax reclaims).
Volumes are significant, and as this is a new and up-and-coming business the volumes and complexity of the products and services being offered are increasing exponentially.
Managing transactions that are large in value and complex in nature, ensuring their successful settlement, avoiding loss and penalties to the bank and clients that could cause the bank reputational, financial, and operational risk.
Requirements / qualifications
University graduate / bachelor's degree (or 5 years related work experience).
5+ years related experience in security services and / or back-office operations e.g. managing securities settlements / corporate actions.
Solid understanding of security services and operations and accounting activity related to security services.
Ability to work under pressure, to prioritize and to manage several tasks at the same time.
Team oriented and ability to work under pressure.
Ability to achieve business objectives without compromising controls and risk parameters established.
Strong execution skills in a multi-tasking mode and follow-up effectively.
Self-starter with excellent attitude, communication, and interpersonal skills.
High level of accuracy and attention to detail and excellent team working skills.
Preferred / beneficial: Specific experience in securities related functions e.g. settlement, client services, corporate actions, data maintenance & billing or custody account opening will be an added advantage.
About us
First Abu Dhabi Bank (FAB) is the largest bank in the UAE and one of the world's largest and safest financial institutions. We offer a comprehensive range of personal and private banking services, including credit cards, Islamic banking, investments, loans, and mortgages. Our commitment to excellence and innovation drives us to provide top-tier financial solutions to our clients.
Life at FAB
Working at FAB means being part of a team of talented and passionate individuals with a shared vision to support the ambitions of our stakeholders to "Grow Stronger." We embrace the needs of our customers across the globe with a sense of responsibility and confidence driven by extensive expertise that can only be delivered by an ambitious world-class organization.
Career development
FAB offers unique career choices, a chance to innovate, craft solutions for the future, and express yourself in a performance-based culture that will unleash the best in you. Whether you are an experienced professional or just starting your career, FAB provides a range of learning and development initiatives to support all employees through training and skill development.
Our values
At FAB, we place our customers at the core of our activities, live our values each day in every way, celebrate achievements, and empower each other to deliver leading solutions. We have structured plans for the recruitment and career progression of Emirati talent to enable them to make a mark in the financial and banking sector both regionally and globally that rewards your hard work and dedication.
Join our team and be part of a journey to shape the future of banking.
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