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Interest Rates Settlements Manager
Reference	bs/c6c6ba3c/00050021
Employer	RBS
Sector	Derivatives
Salary	Negotiable
Town/City	Singapore
Locations	South East
Contract Type	Permanent
Date Posted	21/07/2011 21:15:00

Job Description

RBS has a significant presence in all the main financial centres in the Asia Pacific region (Singapore, Hong Kong, Tokyo, Australia); and a transactional banking network that spans 11 countries- Purpose of the Role To provide high quality support to our Asia Pacific clients regarding interest rate derivatives- This covers pre settlement, post settlement investigation and compensation for trades transacted with RBS PLC, London-

Responsibilities
The responsibility of the team lead (will be a at a VP level) will be managing a Team of 8 in supporting Interest Rates Derivatives related payment for the Asia Pacific Region Customers- The support will cover both vanilla and exotic trades- The key objective is to ensure that all settlements made to our Asia Pacific clients are executed in a timely manner and that discrepancies discovered both pre and post settlement are investigated and resolved- Compensation claims regarding any discrepancies are also actioned upon-
The individual also needs to work closely with the Global Team Lead and Setts Team in delivering the global objectives for interest rates settlements process- Adhering to consistent procedures and controls and continuous review of KRIs, KPIs in driving efficiency and accuracy- In addition, to assist the Head of Flow Rates Ops in APAC in delivering the Target Operating Model and support the Change Agenda laid down for the region In summary, the core responsibility for the individual: People Management - 50% Strategic Planning and Project Management - 30% BAU Day to Day - 20% The core day to day will be: Pre Settlements Process

Daily processing of exceptioned payments - including pre-confirmation with clients, over 20million checks and processing of exotic trades
Exception handling for discrepancies discovered
Ensuring rate reset advices are sent to clients

Post Settlements Process

Daily monitoring and resolution of new and outstanding post settlement discrepancies both on and off the rec
Prioritising high value and aging items

Compensation

Claim Compensation for delayed settlements due to external counterparty/ correspondent error
Assess all information to ensure claims is legitimate and justified and clarify that RBS is responsible for the full claim
Confirm market rates have been used by the other party when claiming overdraft / providing offset
Negotiate the most cost effective resolution for RBS

Root cause analysis is a key activity in each function-

Scope of Role
Understanding of the front to back process to include the key elements of middle office, confirmations and client data management-

People Management

Team Manager managing the Asia Rates Settlements Team
Work closely with other Operation functions and other infrastructure groups to support a 'one team approach'- Seen as a centre of excellence and pivotal communicator
Support and enhance external customer relationships
Clear and concise communication with all teams to ensure the timely and efficient dissemination of information and the resolution of discrepancies arising
Ability to drive resolutions and plan ahead
Provide advisory support to our counterparts in the overseas offices as required
Support and aid the development of frequent MIS reporting capabilities- This is to assist performance measurement, cost effectiveness and ensure appropriate timely escalation
Need to work on People Development Plans for the team and hold regular team meetings and one to one with direct reports
To carry out performance appraisal and also ensure training requirements or needs are being met by the team

Financial Management

To manage and ensure daily checklist is completed ensuring all payments are processed in time to meet cut-off deadlines
To work with the team in ensuring prioritisation of high risk and aged Nostro breaks
Consistent and regular review of the KRIs and ensure all items are being addressed and followed up
Sign off EOD process including completeness checks
Maintenance and development of the control environment to minimise losses by eradicating errors and avoiding reputational risk-
Observe trading patterns and behaviour to the support business and to help identify/escalate potential fraudulent or unusual trading activity
Organise the documentation of all new processes relating to the area

Requirements

Essential Experience

Strong understanding of the Operations process
Strong People Management Skills
Ability to drive Change and Initiatives
Strong in communication skills
Strategic planning and prioritisation skills (able to identify short, medium and long term objectives)
Anticipated background - at least 8-10 years within a similar /comparable banking environment
Already a Manager managing a team of at least 8 to 10 in the current role
Product Scope to include : IRS, X-CCY Swap, ND IRS, OIS, FX Tarns, Range Accruals, Callable CMS, Straddles
Experience in Settlements, Investigations or compensation

Qualifications

Highly motivated with good interpersonal skills
Provide Supervision to issues and problem resolution
Creative and is a "go to" person for escalation
Able to work under pressure and meet deadlines
Team Leader and able to create a Team work culture
Proven ability to deliver and motivate the teams

Technical Competence

PC literate and preferably proficient in Excel and Microsoft Word
An understanding of the Operations process-

In addition to financial benefits, we also offer a range of global career development opportunities, learning and development programmes and a flexible benefit scheme which can be tailored to suit your individual needs- All of which creates a truly flexible package to fit your changing needs and lifestyle-

For additional information on this role click here

OPSAP10946 - Rates Setts (VP)-doc