Core Operations, Assistant Vice President
Who we are looking for
Responsible for the operational management of the payments team. Direct responsibility for managing internal and external deliverables; and a team of resources to meet the daily operational needs of our business and clients. Client service focus is paramount and involves both internal and external client groups. Understanding and actively managing the team’s operational risks, processes and procedures is essential. Provide assistance to senior management in providing best practice implementation, risk management, client relationship and client service services to clients.
Why this role is important to us
The team you will be joining is a part of State Street Global Services (SSGS). SSGS gives asset owners and managers access to the essential financial tools they need to deliver effective investment solutions. From core custody, accounting, fund administration and shareholder recordkeeping, to complete operations solutions and servicing for alternative assets like OTC derivatives, private equity and real estate, SSGS’ tools help our clients make better investment choices and act on growth opportunities.
Join us if making your mark in the financial services industry from day one is a challenge you are up for.
What you will be responsible for
As Core Operations manager you will
Risk and Compliance
- Ensure that all daily tasks are completed in accordance with current operating procedures and prescribed deadlines
- Monitor the payment team's daily workflows, particularly the IBS queues ensuring that all transactions are released
- Ensure the timely completion of error/loss memo reports by the relevant supervisor, review and initiate appropriate action/s. Distribute to the senior management in a timely manner
- Ensure all information in operating procedures is accurate and current at all times
- Responsible for the ongoing review of current operating procedures to eliminate processing deficiencies, detect major areas of risk and implement best practice recommendations. Communicate changes to the relevant staff and management
- Ensure all information prepared by the team has adequate and appropriate sign off supervision and control
- Ensure full adherence and implementation of the State Street's Corporate Policies, Standard Operating Procedures, relevant legislation and regulatory requirements
- During the course of normal day to day operations, responsible for identifying any unusual or potentially suspicious transaction activity and reporting and/or escalating in accordance with corporate policy and guidelines details in relevant operating procedures
- Design and enhance the team's risk reports to incorporate the businesses changing risk profiles and needs.
- Be aware of all business contingency plans (GS/SSGM); assist both the department's representative and the relevant business BCP manager as needed.
- Annually review the business continuity plan for areas of responsibility. Invoke contingency procedures as required. Communicate actions to management and staff
- Contribute to the preparation of the departments corporate audit
Staff Management and Resourcing
- Responsible for managing all aspects of resourcing within teams, including leave and shift coverage, overtime, staff retention and the recruitment process
- Manage workflows to ensure an equitable distribution of work amongst staff is achieved
- Provide appropriate sign off supervision and control on days where team supervisors are out of the office
- Completion of employee performance reviews in Workday, in line with corporate policy, for all direct reports, including the setting of goals and objectives and individual development plans
- Provide direct, understandable and timely feedback to staff in order to improve on the job performance
- Create an environment which promotes teamwork, motivates, rewards and supports staff
- Ensure appropriate resources and support, including training and industry sessions, are available to enable staff to achieve business and personal objectives
- Monitor training in line with local regulatory and accreditation requirements
- Develop staff so that they have the required skills to complete their job and are cross trained across both teams to provide coverage
Client Service / Relationship
- Keep current on the status of open items with State Street custody, local banking agents, correspondent banks (general, CLS, Equity Funding); participate in the resolution of problems as required
- Keep State Street custody informed of changes in processes and market requirements
- Approve the processing of late payment requests
- Respond promptly to client (internal / external) concerns, needs and requests
- Ensure all agreed deliverables and standards are met
- Monitor internal service delivery levels against established standards
- Provide 3rd party (correspondent banks, local agents) feedback, to the relevant relationship owners
- Complete an annual review of active SLA’s with Global Services Sydney (CLS, Munich, SSGM HK & correspondent banks). Work with senior management to escalate an items requiring action and put in to place tools to monitor
- Develop and sustain relationships by initiating communication on a regular basis, both by telephone and in person
- Constantly review client utilisation of deliverables; eliminate unnecessary services provided
- Promote and support change / initiatives within Global Services (locally / globally)
- Act as local / regional (where applicable) contact point for technology and procedural changes that effect the payment and investigations team
- Ensure all tasks for initiatives are detailed and monitored for completion, developing and coordinating a local implementation approach. Delegate tasks where appropriate
- Provide local management with regular updates of all open initiatives
- Participate in the departments business planning and goal setting
Products / Services Supported
- HKD self clearer for State Street Bank and Trust, Hong Kong
- CLS settlement monitoring
- Custody Payment Processing
- Funding Secondary, Primary & Equity Trading Nostro Accounts
- Reconciliations and Investigations
What we value
These skills will help you succeed in this role
- Effectively communicate with clients and managers, as well as staff and peers within State Street
- Demonstrate the ability to analyse a problem, obtain and evaluate information, and make sound decisions
- Good knowledge of Global Services & SSGM's product and services and; the working relationship between front and back offices
- The ability to make a strong contribution within a team environment
- Embrace State Street's "corporate values" and foster a work environment reflective of those values
- AML Compliance
Education & Preferred Qualifications
- Bachelor degree or equivalent in Finance, Business or related field preferred
- Relevant experience and demonstrated knowledge in the financial services industry in particular treasury and broking products
- Proven capabilities in operational and staff management
- Excellent communication skills
- Ability to manage, negotiate and meet training needs of staff.
About State Street
What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we’re making our mark on the financial services industry. For more than two centuries, we’ve been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.
Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You’ll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.
Inclusion, Diversity and Social Responsibility. We truly believe our employees’ diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you.
State Street is an equal opportunity and affirmative action employer.
For further information, and to apply, please visit our website via the “Apply” button below.