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 description
Responsible for daily monitoring and processing of settlement processes covering domestic, regional, and international markets for equities, mutual funds, fixed income, hedge funds, structured funds, ETFs, local and international securities lending and borrowing, local market short selling, and ensuring the 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, and 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 the settlement process. Support due diligence visits linked to the settlement process.
The incumbent is responsible for adhering to established quality control measures and procedures. Responsible for providing first-level training for new specialists and assisting specialists in handling inquiries. Handle 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 reputational, financial, and operational risk to the bank.
Current offerings of the department include position management, security/cash settlement, corporate actions, reporting, invoicing, reconciliation, SWIFT, market security movement, FX management, cash management, project support, proxy services, tax reclaims, and income management. Planned expansion into support of securities lending, client short selling, network management support, claim management, and other services.
Specialists will participate in section-related projects such as system upgrades/changes, processing enhancements, and off-hours system testing. Active participation in the 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 upgrading of internal processes, identify any potential risk, and create appropriate controls. Responsible to coordinate and work with various internal departments, external entities, and concerned persons as an integral part of participation in projects to reengineer the process for excellent client delivery and reduce manual activities.
Policies, systems, processes & procedures
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 with the organization's values and ethics at all times to support the establishment of a value-driven culture within the bank.
Continuous improvement
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.
Participate in section-related projects, system upgrades/changes, new client requirements, and new product functions related to corporate actions. Understand and actively participate in project requirements and system upgrades and changes.
Process management
Ensure accurate and timely processing of client and client-impacting instructions. Reconcile to confirm appropriate settlement of all transactions (FX, cash, securities, corporate actions, 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.
Manage 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 reputational, financial, and operational risk to the bank. Responsible for 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.
Responsible for daily monitoring and processing of settlement processes covering domestic, regional, and international markets for products like equities, mutual funds, fixed income, hedge funds, structured funds, ETFs, local and international securities lending and borrowing, local market short selling, and ensuring the 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, and 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 client queries by providing clear, detailed settlement information in line with the relevant market rules, 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 and instructions are communicated to all stakeholders in a timely manner. Responsible for having excellent knowledge related to settlement SWIFT messages and usage of the same.
Demonstrate reliability by taking necessary actions to continuously meet required deadlines and goals. Articulate information clearly and present information effectively and confidently when working with others. Convince others by making a strong case, bringing others along to their viewpoint; maintain strong, trusting relationships while at the same time being comfortable challenging ideas.
Participate 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 or another specialist. Escalate all mismatches to the VP. Validate all data entered into the system and forward to VP for review. On settlement date of transaction, ensure transaction is settled and all appropriate accounting entries executed. Escalate any settlement issues or 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 clients' 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 insufficiently funded.
SWIFT
Validate SWIFT instructions inputted by officer or 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
Support the VP as required for business-as-usual matters, projects, and initiatives.
Risk indicators
Responsible to ensure controls and procedures are being adhered to by the section. Monitor all KPIs, KRIs, and capacity planning. Submit any incidents and issues to VP for review. Monitor transactions to ensure they are being processed according to compliance and audit standards (requirements).
Minimum qualification
University graduate or bachelor's degree (or 5 years related work experience).
Minimum experience
5+ years related experience in security services and/or back-office operations, e.g., managing securities settlements and corporate actions. Solid understanding of security services and operations and accounting activity related to security services. Ability to work under pressure, prioritize, and 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.
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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