About this role
BASIC PURPOSE
Supervise the day-to-day operational processes and core deliverables within the compensation team. Understand and assist in the overall coordination of the operational risk management, resource planning, and staff training required for the effective operation of the team. Provide assistance to the Management in managing of the team, and to ensure that client service is central to the workings of the group.
- Should have team managing experience (8-10 FTEs in the past)
- Should be able to handle escalation
- Role includes incoming and outgoing claims management, ensuring that claims are resolved timely and accurately, reduce exposure to bank, manage team size of 13-15 staff
- Assist Senior Management in reporting and any adhoc requirement
Major Responsibilities
- Ensuring daily/weekly/monthly reports are delivered in timely manner with 100% accuracy
- Work with corresponding banks or counterparties to reduce overall exposure to the organization
- Ensure that all claims are resolved in timely manner and are escalated accordingly for immediate resolution
- Ensure that all KPIs are met on monthly basis
- Any escalated issues are addressed immediately and steps taken to avoid recurrence
- Ensure that all aspects of risk and compliance are covered with the team on a weekly basis and are met
- Ensure that all regulartory requirements and reportings are done timely including compliance trainings for the team
- Ensure errors are minimised and Bank’s exposure to financial loss is minimised
- Check and verify swifts and payment entries as the first line of defense
- Assist with review for current operating procedures. Make recommendations for improvement that eliminates processing deficiencies, addresses operational risk and ensures ongoing focus on best practice
- Staff Supervision
- Effectively supervise staff and support the Manager – Investigations in the daily management of the group, to include resourcing of leave, shift coverage and overtime
- Assist in the management of workflows to ensure an equitable distribution of work amongst staff is achieved
- Monitor staff to ensure work is being completed in a timely and efficient manner, and prior to currency/customer deadlines
- Provide feedback to the Manager – to assist in the completion of the Performance and Planning Review (PPR) for process for the team
- Support an environment which promotes teamwork, motivates and rewards staff
- Work with your manager to identify training requirements; conduct staff training as required
- Ensure effective delegation – monitor and ensure completion of delegated tasks
Client Service
- Act as the 1st point of contact for interdepartmental, client and staff queries/issue relating to the compensation team. Escalate any issues to management as required
- Respond promptly to client (internal / external) concerns, needs and requests
- Ensure all agreed deliverables and standards are met
Change Management
- Demonstrate a willingness to support change / initiatives within Bank (locally / globally)
- Demonstrate ability to take on tasks without instruction
- Assist with tasks associated with technology and procedural changes that effect the compensation team (global/local/industry)
Products / Services Supported
- FX / MM / TSY / TMPG / Security / OD Claims
- Revaluations
- Interest Analysis
- Primary Nostro
REQUIREMENTS
Education and Experience
- Industry Accreditation
- Demonstrated market knowledge and relevant market experience into compensation and settlements
- Experience in operational and staff supervision
- A strong aptitude for information technology including MS office, Crystal, SWIFT
Skills/Knowledge
- Candidate should have good analytical skills
- Effectively communicate with internal and external clients
- Demonstrate the ability to assess and suggest resolution to a problem
- Understanding of Bank’s product and services and; the working relationship between front and back offices
- Be a strong team player
- Demonstrate professional maturity and effective time management
- Embrace State Street’s “Corporate Values” and support a work environment reflective of those values
The above cited duties and responsibilities describe the general nature and level of work performed by people assigned to the job. They are not intended to be an exhaustive list of all the duties and responsibilities that an incumbent may be expected or asked to perform.
About State Street
Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success.
We are committed to fostering an environment where every employee feels valued and empowered to reach their full potential. As an essential partner in our shared success, you’ll benefit from inclusive development opportunities, flexible work-life support, paid volunteer days, and vibrant employee networks that keep you connected to what matters most. Join us in shaping the future.
As an Equal Opportunity Employer, we consider all qualified applicants for all positions without regard to race, creed, color, religion, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, and other characteristics protected by applicable law.
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