Settlement Specialist, Securities Services Ops

Job Summary

The role holder is accountable for end to end processing of Custody Operations (inclusive of all FSS products serviced in country today and in the future) in country covering all the product streams and execution of the operational risk related controls. This includes the execution of operation activities through key metrics such as – volumes, productivity, accuracy, service levels, losses/lapses, issues and risk registers. Collectively responsible and accountable for the execution of processes and procedures for robust compliance and controls, e.g. AML and sanctions checks, protection of Bank, client information and assets.

Key Responsibilities

Settlements

• To carry out Settlements and General Banking activities in line with laid down procedures and all regulatory requirements.
• To achieve established targeted standards of productivity and client services in Equity/Fixed deposit/Fixed income Settlement.
• Processing of settlement, including ensuring sufficient funds, holdings and credit limit.
• Reviewing potential failed/failed trade until resolutions
• Inward and outward claims.
• Respond to client inquiries in a timely manner and by providing accurate information
• To achieve established targeted standards of productivity and client services in Settlement area.
• To ensure continuous improvement of team’s performance and effective risk management to protect the clients and Bank’s interest.
• Take part in business growth opportunities and be “subject-matter-expert” in relation to developing and execution of new securities products for Settlement.
  
  

Corporate Actions

• To perform the day-to-day corporate actions’ processing in respect to:
• Processing of mandatory, voluntary corporate actions events and Proxy Voting including the timely dissemination of information to clients and disbursement of income proceeds.
• Reviewing and discussing with team members on corporate actions events where processes are different from the normal events
• Providing suggestion/solution on client issues, system problems, resources issues
• Inward and outward claims.
• Application of new shares issues
• Respond to client inquiries in a timely manner and by providing accurate information
• Settlement, static data setup, Billing and Invoicing
• To open/close/amend accounts (securities and Cash) as per laid down procedures. Maker Role.
• To carry out fees billing and invoicing activities as per laid down procedures. Maker role.
• To monitor the receivables account for any exceptions reported by Global Reconciliation Unit (GRU) and follow up payments from clients.
• To ensure that all reports related to account opening/static data amendments are acted on as per procedure.
• To update all Standing instructions in the standing instructions template. Maker role.
• To ensure proper storage of all static data amendment documentation in Static data system and archives
  
  

Payments

• To ensure client payments processed and General Banking activities are executed in line with laid down procedures and all regulatory requirements.
• To ensure processing and clearing of client cheques and uplifting of funds off client accounts on clearing.
• To achieve established targeted standards of productivity and client services in the Payments processing
• To ensure continuous improvement of team’s performance and effective risk management to protect the clients and Bank’s interest.
  
  

Message Control/Vault Custodian

• To receive client instructions via swift/fax//counter and hard copy documents.
• Register and distribute all instructions to the various processing desks and reconcile the in-ward register with register of each processing desk at the end of day.
• To authenticate client payment and settlement instructions through signature verification and Call back as per laid down procedures/policy.
• To review reconciliations breaks as advised by Global Reconciliation Hub (GRH)/Country reconciliation team and ensure that they are owned by teams in custody.
• To ensure safe keeping of keys under your custody as per delegated authority and as per Vault and Key management procedure
  
  

Client Query Management

• To respond to client queries/complaints in Client Inquiry Management System and track for timely closure.
• To provide Clients with single point of contact for all Custody client transactional related enquiries & issues
• Ensure that we effectively relay voice of client to our business and operations partners – using Client Inquiry Management System
• Attend to all client requests including ad hoc Statements/reports requests from clients.
• Ensure that we continuously improve the way we (i.e. Custody operations) work through effectively using data to improve our root cause evaluation of enquiries & complaints to enable Custody operations identify & fix issues at their source and prevent reoccurrence
• Primarily point of contact on Post (and/or Pre) transactional enquiries, complaints & compliments.
• Provide updates regarding transaction status to clients: -
• Reactively i.e. when a client asks for an update via phone or email or
• Proactively as part of Key / Premier client management within Custody operations.
• Be concerned with the Client Service aspects of those products
• To ensure that all Client requirements/communication/ queries are responded within 24 hours of receipt. Holding response to be sent in case the final response requires further investigation
  
  

Money Market

• To carry out Money Market Settlements and General Banking activities in line with laid down procedures and all regulatory requirements.
• To carry out primary market Treasury Bonds and Treasury Bills tenders and settle successful bids on value date.
• To carry out settlement of Secondary trading of bonds in line with the laid down procedures and regulatory requirements
• To carry out settlement of offshore investments, receive contract notes and send/receive funds to/from Agents for settlement and capture transactions on transaction processing systems.
• To achieve established targeted standards of productivity and client services in Settlement area.
• Processing of Money Market settlement, including ensuring sufficient funds, balances with the 3rd party bank and credit limit/request are in place.
• reviewing and follow up of non-receipt of funds
• Inward and outward claims non receipt of funds.
• Response to clients’ inquiries in a timely manner and by providing accurate information.
• To achieve established targeted standards of productivity and client services in Money Market area.
• To ensure continuous improvement of team’s performance and effective risk management to protect the clients and Bank’s interest.
• Support Head of Custody operations in Business Growth through provision of excellent service to clients. Provide any market information to as pertains the business to the Head of Securities Services.
• Quality Service – To ensure the highest levels of Customer Service and proactively seek improvements to meet customers’ needs and requirements and where opportunities arise to exceed them.
• Risk Management – Comply with Operational Risk Management and Controls. Ensure all reconciliation are investigated timely, controls are effectively exercised over all operational procedures to prevent frauds and avoid losses to the Bank.
• Reporting – Ensure timeliness, Responsiveness, Accuracy and be proactive in handling transaction processing. Ensure real-time escalation of any possible operational incidents / ops loss / complaints to country Custody operations Head
• Compliance – Compliance to all established procedures, regulations and the Group Custody Policy Guide. To ensure that all procedures laid down in the Departmental Operating Instructions and the Key Control Standards laid down are adequately followed.
• Team Work – Work as a team and assist other team member when required
  
  

Process

• To process client instructions promptly on receipt.
• Pre-matching of Trade transactions with Brokers / Exchange.
• To ensure daily reconciliation before market deadlines (especially related those related to potential buy-in) to smooth settlement of trade obligations.
• To ensure that negative affirmation are sent to exchange/broker within the stipulated deadlines. Escalate and reject transaction when instruction is not received
• Perform earmarking and escalate for credit approval in case of insufficient funds
• To liaise with the client in order to avoid any potential buy-ins/failed in the clients account. Ensure proactive management of client trades to reduce the chances of failure of client trades.
• To send trade accurate and timely match / mis-match confirmation. Closely work with client to close any discrepancy in the trade instruction.
• Timely reporting to internal and external stakeholders including clients relating to Settlement of trade transactions.
• Settlement of trade transaction with exchange.
• Ensure all private transfers and regional trades are attended to and proper record kept of their instructions dates, follow-up communications and settlements dates. Also keep proper track of all repatriations details to avoid any loss.
• Follow up with the Internal Sections/Divisions of the Bank for identifying the receipt of the foreign currency funds, credits to the respective Client(s) accounts, execution of Foreign Exchange (FX) deals and subsequent credit(s) to the Client’s cash account(s). Ensures that appropriate outward Foreign Exchange (FX) is monitored and the remittances are effected as per client instructions/guidelines.
• Ensure correctness of entries with respect to purchase funding, sales proceeds and tax liabilities thereof to the Client(s) cash accounts.
• Ensure correctness of entries with respect to clearinghouse accounts and corresponding suspense accounts.
• Ensure timely reconciliation of all suspense accounts and remits all funds due to the brokers, clients and Central Depository System.
• Ensure correctness of items held in the volt and a full reconciliation is done on a monthly basis and proper record kept for all items held
• Ensure a proper filing system is adopted and old items are well serialised and archived to facilitate for ease of future retrieval.
• To ensure that all Client requirement/communication/ queries are responded within 24 hours of receipt. Holding response to be sent in case the final response requires further investigation
• To ensure that procedures laid down in the Departmental Operating Instructions are adequately followed.
• Ensure that the relevant Key Control Standards are adhered to.
• Ensure that the regulatory requirements and deadlines are adhered to.
• Ensure real-time escalation of any possible operational incidents / ops loss / complaints to country Head Replace with Custody operations.
• To perform any job or task resulting from exigencies as well as those that may be assigned by Head of Securities Services.
• To review the Physical fee tariffs against the billing template once a year.
• To advise Global Business Servicess (GBS) to set up bill of all clients according to the fee tariff.
• To advise Global Business Services (GBS) to set up new accounts in Electronic Banking Business System (Ebbs).
• To advise GBS to set up new accounts in Automated Client Reporting (ACR) for reporting.
• To review the Automated Client Reporting (ACR) file daily and advise GBS updated contacts for any failed reports/advises.
• To advise GBS to delete/Amend account details in Electronic Banking Business System (Ebbs).
• To follow with account services to delete accounts marked for deletion.
• To ensure Client Due Deligence (CDD) and Norkom checks are completed for New accounts request.
• To review all reconciliation done by Global Reconciliation Hub (GRH) or country reconciliation.
• Pass all accounting entries for all fees received.
• Review Nostro & receivables account for outstanding fees.
• To ensure that all Client requirement/communication/ queries are responded within 24 hours of receipt. Holding response to be sent in case the final response requires further investigation
  
  

Query Management

• To ensure that procedures laid down in the Departmental Operating Instructions are adequately followed.
• Ensure that the relevant Key Control Standards are adhered to.
• Ensure that the regulatory requirements and deadlines are adhered to.
• Ensure real-time escalation of any possible operational incidents / Operations loss / complaints to country Head of Securities Services (HSS).
• To perform any job or task resulting from exigencies as well as those that may be assigned by Head of Securities Services.
• All debits and credits to clients’ accounts as per clients’ instructions
• Accept trade instruction and amendment as per client’s instructions
• Sign off to clients’ correspondences and Society for Worldwide Interbank Financial Telecommunication (SWIFT) advices.
• Prepare fax instructions to counterparty bank.
• Hold access of custody services systems and other system that is required to perform job effective and efficiently in accordance with scope approved by Head Securities Services Operations (SS Ops).
• Processing of payment instruction on timely manner (cheques/ Real-Time Gross Settlement (RTGS)/ Book transfers)
• Verify and upload the instructions via Straight to Bank (S2B)
• Confirm upload to Clearing team for processing
• Raise book transfers debiting client accounts and crediting suspense account.
• Liaise with clearing team for collection of cheques and dispatch the same to clients
• To process client instructions promptly on receipt.
• To ensure that all Client requirement/communication/ queries are responded within 24 hours of receipt. Holding response to be sent in case the final response requires further investigation
• To ensure that procedures laid down in the Departmental Operating Instructions are adequately followed.
• Ensure that the relevant Key Control Standards are adhered to.
• Ensure that the regulatory requirements and deadlines are adhered to.
• Ensure real-time escalation of any possible operational incidents / operations loss / complaints to country Head of Securities Services (HSS).
• To perform any job or task resulting from exigencies as well as those that may be assigned by Head of Investors & Intermediaries.
  
  

Business

• Support Head of Securities Services in Business Growth through provision of excellent service to clients. Provide any market information to as pertains to the business to the Head of Securities Services
• Identify cost and processing efficiencies in the delivery of services to clients
• Ensure compliance with all Group and Country policies, Code of Conduct and consistency in execution, and to ensure that statutory regulations and laws as a corporate body are met and satisfied
  
  

Risk Management

• Participate and contribute to the effective operation of Country/Group specific Business Operational Risk management
• Support in risk identification, assessment and management (including escalation and mitigation) in line with the Banks policies.
• Ensure identified control testing defects are resolved, including identification of root causes and any associated process changes required to minimize the probability of process failures
• Ensure prompt resolution and match off reconciliation open items on Nostro, Suspense and Sundry
  
  

Regulatory & Business Conduct

• Display exemplary conduct and live by the Group’s Values and Code of Conduct.
• Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
• Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
  
  

Key stakeholders

• Vertical Heads
• Business/ Sales stakeholders
• Finance – country and Group
• Risk – country and Group
• Technology – country and Group
• Legal & Compliance – country and Group
• Regulators
• Internal and External auditors
• Regional and Group Management Teams within Securities Services
• Country Chief Technology and Operations Officer (CTOO)/ Chief Executive Officer (CEO)/ Human Resource (HR) Head
  
  

Other Responsibilities

• Embed Here for good and Group’s brand and values in Uganda Custody Operations team; Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures;
  
  

Skills And Experience

• Education - Bachelors Degree Or Equivalent
• Languages - English Proficient
  
  

Qualifications

• Business Facilitation
• Manage Change
• Business Governance & Support
• Strategy & Business Model
• Service Delivery & Operations
  
  

About Standard Chartered

We're an international bank, nimble enough to act, big enough for impact. For more than 170 years, we've worked to make a positive difference for our clients, communities, and each other. We question the status quo, love a challenge and enjoy finding new opportunities to grow and do better than before. If you're looking for a career with purpose and you want to work for a bank making a difference, we want to hear from you. You can count on us to celebrate your unique talents and we can't wait to see the talents you can bring us.

Our purpose, to drive commerce and prosperity through our unique diversity, together with our brand promise, to be here for good are achieved by how we each live our valued behaviours. When you work with us, you'll see how we value difference and advocate inclusion.

Together We

• Do the right thing and are assertive, challenge one another, and live with integrity, while putting the client at the heart of what we do
• Never settle, continuously striving to improve and innovate, keeping things simple and learning from doing well, and not so well
• Are better together, we can be ourselves, be inclusive, see more good in others, and work collectively to build for the long term
  
  

What We Offer

In line with our Fair Pay Charter, we offer a competitive salary and benefits to support your mental, physical, financial and social wellbeing.

• Core bank funding for retirement savings, medical and life insurance, with flexible and voluntary benefits available in some locations.
• Time-off including annual leave, parental/maternity (20 weeks), sabbatical (12 months maximum) and volunteering leave (3 days), along with minimum global standards for annual and public holiday, which is combined to 30 days minimum.
• Flexible working options based around home and office locations, with flexible working patterns.
• Proactive wellbeing support through Unmind, a market-leading digital wellbeing platform, development courses for resilience and other human skills, global Employee Assistance Programme, sick leave, mental health first-aiders and all sorts of self-help toolkits
• A continuous learning culture to support your growth, with opportunities to reskill and upskill and access to physical, virtual and digital learning.
• Being part of an inclusive and values driven organisation, one that embraces and celebrates our unique diversity, across our teams, business functions and geographies - everyone feels respected and can realise their full potential.

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