Director Middle Office Oversight and Delivery

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HSBC Corporate and Institutional Banking (CIB) is a markets-led, financing-focused business that provides investment and financial solutions. Within CIB, Securities Services provides robust and reliable solutions that help clients mitigate risk and enhance their business performance. Working with institutional investors, banks, insurance companies, governments, and multinational corporations, this team covers fund administration, global custody, sub-custody and clearing, and corporate trust and loan agency services. 

We are currently seeking a high calibre professional to join our team as a Director Middle Office Oversight and Delivery.

Role Purpose

The Middle Office Service Delivery and Oversight Lead is mainly responsible for:

1. Overall accountability for end to end delivery and oversight of the Middle Office services to Securities Services Operations (SSO) client base.
2. Participate in on-site client reviews representing the Middle Office services performed across locations including GSC (Global Service Centers)
3. Provide client services to Middle Office clients to ensure all enquires are resolved on a timely basis, providing clear and concise notes together with documentation to support outstanding items.
4. Support Account Management team with SLA/KPI monitoring for Middle Office services.
5. Represent team to participate in various change management and transformation projects/support the analysis of the client change requests to ensure up-to-date knowledge on the overall infrastructure development and corporate changes.
6. Acts as a primary escalation owner between MSS Investment Operations and MSS stakeholder project teams to progress operational service model with procedures governing the workflow.
7. Manage implementation delivery of client’s middle office service proposition within MSS Investment Operations and perform Middle Office operations for any new products and service offering as the scope expands.
8. Proactively identifying & resolving processing model gaps & inefficiencies whilst ensuring a globally consistent operating model and participate in various change management and transformation projects
9. Continually re-assess the operational risks 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. Update and maintain all procedural documentation accordingly.
10. Maintain good partnership with Securities Services Operations (SSO) and ensure the alignment of service delivery across various operations sites

Principal Accountabilities:

Key activities and decision-making areas

Impact on the Business

Process transactions and produce deliverables that ensure the realisation of pre-determined delivery timeline:

• Perform the Investment Operations activities effectively and efficiently with support provided to all MSS offices
• Contribute to operational readiness and support the business process development lifecycle from initiation through to testing and rollout
• Assist with line manager to maximise system usage and when gaps are identified, drive procedural and system changes
• Able to work under pressure and within set time frames
• Accountable for own day-to-day performance and meeting tight deadlines.  
• Perform securities processing functions in a timely and accurate manner
• Assist line manager in reducing the number of trades that require amendment by our client traders or rejection to the Brokers
• Partnering with other Operational teams internally to ensure the smooth processing of any bespoke event requirements to minimize the impact on clients
• Provide support in developing, planning and implementation of operations and change management programmes
• Delivery transformation activities to SSOs
• Liaise with IT department and raise system enhancements where applicable to prevent error recurrence, and to automate or improve internal process
• Anticipate industry changes impacting the processing and introduces appropriate process changes
• Provide support to execute the Business Recovery Plan during emergency

Typical KPIs and Targets

• Perform securities processing functions accurately within agreed timescales & in accordance with procedures & controls
• Document business requirements & procedures
• Make decisions and resolve queries in an accurate and timely manner
• Prioritise competing demands & deadlines effectively making full use of all available resources
• Assist with line manager to ensure seamless new clients take on
• Ensure all securities settlement instructions are matched by the custodian with the broker; facilitate cancellations and rebooking trades
• Ensure the adherence to compliance standards and Group Policies/Procedures and application of Anti-Money laundering and KYC criteria to work processes
• Ensure prompt resolution of all reconciliation items, providing clear, concise & relevant documentation to support outstanding items.
• Ensure prompt investigation and resolution of unmatched trades and pending mismatches
• Ensure timely & accurate processing of collateral margin calls
• Escalation of disputes in line with client SLA
• Ensure successful delivery of Transformation projects
• Monitor and track progress of business projects
• Provide and deliver timely and accurate MI reporting
• Establish in place a Business Recovery Plan and participate in testing/drilling emergency procedures

Customers / Stakeholders

• Act as trusted operational partner to: Client Executives, Sales, Product, Technology
• Participate in client service reviews and governance meetings
• Oversight of: New client onboarding, Process migration, new process implementation, Regulatory or product changes
• Maintain effective inter-departmental and external communication
• Maintain on-going good working relationship with clients and with third parties such as fund managers, prime brokers, custodian banks and clearing brokers
• Communicate with SSO management and staff

Typical KPIs and Targets

• Ensure the realization of client service agreement.
• Maintain zero rate of complaint and error
• Appropriate use of communication channels and oral & written communication is clear, concise & relevant
• Make good judgement calls on the appropriateness of action to resolve servicing problems & complaints
• Provide feedback to line manager on broker and custodian performance
• Provide feedback to SSOs in respect of Transformation Activities
• Advise all stakeholders and strategic partners on the migration updates and implementation progress

Leadership & Teamwork

• Establish good internal working relationship and identify individual training needs
• Take ownership of tasks/issues and ensure these are all followed through to completion.
• Provide cover for other team members in their absence, be available as first level of escalation and support for queries from internal departments and external contacts
• Support and mentor direct report to succeed in their role passing on experience and knowledge.

Typical KPIs and Targets

• Prioritize and set own work deadlines and provide achievable whilst challenging targets for direct reports (if any)
• Conduct training to new joiners coupled with on the job coaching and assess individual’s training priorities
• Co-operate to deliver an effective and efficient task allocation within the team
• Escalate any issues to line manager
• Effective performance of direct reports (if any), reviewed twice p.a. and efficient task allocation in the team

Operational Effectiveness & Control

Oversee the operational in adherence to HSBC’s internal procedures, key controls and risk prevention measures

• Ensure that the current procedures and checklists comply with the requirements of Audit, FIM, external regulators and Operations Risk and Control.
• Adhere to predefined procedures and compliance requirements in daily operations
• Re-assess continually 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 restructures and the impact of new technology

Typical KPIs and Targets

• Avoid business risks arising from errors/omissions when placing trades
• Timely reporting/escalation of risks/issues to relevant parties with appropriate remedial action
• Report outstanding audit points, open Operational Risk action plans and ECNF items and ensure future avoidance preventative measures are in place and tested.
• No dispensations of FIM/compliance requirements
• Proper sign off to all procedures & communicate procedural changes to relevant parties

Major Challenges 

A high level of growth in business is planned over the next couple of years and this will present a number of additional challenges.  The job holder is required to implement new clients for HSBC Fund Service and maintain the process operational to service the business. The expansion of the team will initially involve a considerable amount of training to be set up and delivered to the team.  The role provides an opportunity to broaden product and market experience and develop key professional skills across a broad range of topics.  The role gives solid exposure to senior stakeholders providing excellent opportunities for career progression.  

This role requires an energetic self-starter that can maintain and develop a strong operations team.   The job holder is responsible to support the investment operation and business projects to ensure effective and efficient delivery of Middle Office solutions.  The role is required to make or escalate business decisions based on established processes and procedures.

Key mandate

• Own the high complexity ESI BAU processes
• Ensure delivery meets contractual SLAs, regulatory expectations, and client standards
• Provide real-time visibility of daily deliverables
• Own client escalations end-to-end
• Drive risk mitigation

A major part of the role is to review the work produced by the team located in GSCs for accuracy and completeness, ensuring procedures and standards are adhered to, and recommending process improvements for a more efficient service.

The job holder will deal with client contacts as well as the clients' brokers and custodian banks, and is responsible for ensuring that all settlement issues are resolved satisfactorily, within agreed procedures/guidelines.  

Discrepancy queries must be dealt with promptly and followed through to a satisfactory conclusion, to avoid the risk of overdraft claims.  Failure to issue accurate instructions within settlement deadlines and to adhere rigidly to the job controls could result in significant financial loss to the company.  The ability to cope with varying workloads dependant on trading peaks is essential.

The job holder contributes to the success of the regional strategies in the delivery of effective and timely dissemination of knowledge and relevant information relating to all initiatives and projects leading to the continuous success in business migration, identify challenges that impedes migration success and offer relevant solution to expedite the process.

Role Context

The jobholder is required to work with high accuracy and timeliness in meeting the market deadlines and client’s service level agreement and to assist with reviewing the work outputs.  Where a risk event or an operational issue is found, timely reporting/escalation of issues is required to the immediate reporting line. 

The nature of the role requires a close working contact with SSO/Cash Management / Settlement / IABOR team and also with external parties like clearing brokers and custodians.

The individual will form part of the SSV Operations Leadership Team and act as a peer of the global product, function, central service and regional heads.  They will provide effective collaboration with key stakeholders across the infrastructure teams and the business, to deliver a sustainable cost efficient and risk managed service.The role requires an ability to challenge individuals at all levels whilst striving for the highest quality business and bank wide outcomes. The role is multi -faceted and often working to tight deadlines, overseeing the resolution of short notice and critical issues affecting operations and our customers. A high level of resilience is needed as complex tasks, hours worked and regular reprioritisation are part of daily activity.

Management of Risk

• Is aware of operational/business risks arising from errors/omissions when running the investment operations
• Responsible for delivering the Middle Office service and observing the service level agreements
• Strictly follow the FIM requirements in the conduct of operations

Observation of Internal Controls 

• Apply applicable HSBC internal procedures, key controls & risk prevention measures relating to Investment Operations activities
• Understand, follow and demonstrate compliance with all relevant internal and external rules, regulations and procedures that apply to the conduct of the business in which the jobholder is involved, especially the Investment Operations function.

Knowledge & Experience / Qualifications

Extensive experience working within an Investment Management, Brokerage and /or Custody environment is essential to perform this role, with specific knowledge and experience of the following:

• Over 15 years of diverse working experience in financial or consulting fields including strong process management skills and system implementation skills within an Asset Manager or equivalent market provider of Asset Management outsourced Operations support.
• Proven experience in managing the Post-Trade life cycle events with exposure to CTM, SWIFT GETC, Fiserv Tradeflow, Bloomberg and Markit EDM data enrichment tooling would be an advantage.

• A working knowledge of Securities Trading confirmation and settlement procedures and market practice, including the use of Electronic Trade Confirmations and SWIFT settlement message types would be an advantage.
• Good knowledge of Middle Office operations preferably with a hands-on knowledge to operate HSBCNet, Multifonds, Markit EDM, TradeFlow, Calypso & Aladdin would be an advantage.

• Strong knowledge of all financial instruments – fixed income, equities and cash products including OTC Derivative products

• Full knowledge of investment workflows – funds, custodians, and brokers

• A strong understanding of regional business and financial services market would be an advantage
• Excellent communication skills to clearly articulate issues and ideas with different levels across operations and stakeholders.
• Strong inter-personal and negotiation skills to motivate and engage with subordinates, colleagues and senior business leaders
• Strong Knowledge of implementation delivery and project management planning

• Good understanding of relevant anti-money laundering legislation
• Good influencing skills to work with the Operations team in challenging the status quo and continuously enhancing the control environment

• Strong business sense with good decision making and problem solving ability
• Sound time management skills to be able to effectively prioritise and multi-task
• Knowledge of procedure writing, exposure of offshore/transformation projects
• Advanced level of Microsoft applications

• Good team player with self-motivation, excellent planning, organizing & prioritization skills
• Able to work in a diverse environment with good interpersonal and negotiation skills
• Traveling is necessary as and when required
• Willing to expand the knowledge via on-line training or via shadowing the Operations teams

Opening up a world of opportunity
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