Specialist- Product Control & Middle Office

Company Description

Join the UAE’s largest bank and one of the world’s largest and safest financial institutions. Our focus is to create value for our employees, customers, shareholders and communities to grow through differentiation, agility and innovation. We are looking for top talent and your success is our success. Accelerate your growth as you help us reach our goals and advance your career. Be ready to make your mark at a top company, in an exciting & dynamic industry.

Job Purpose:

The Specialist Product Control is responsible for the adoption of adequate risk management controls, compliance & sustainability, oversighting of key activities and implementation of projects. The Specialist will ensure to work in close association with coverage and various cross-functional teams to mitigate various investment risks and rebalance in accordance with the bank's policies. Additionally, they are held accountable to ensure the bank’s practices are precisely executed in accordance with the legislation and industry standards.

Under this role, analyzing the assets held under management (AUM) for Private Banking is channelized through the creation of the MIS report. In continuance, various ad hoc reports are created to suit the demanding requirements of senior management enabling key decisions and business strategies to be based on this report. This function correspondingly works along with the financial control team to ensure appropriate accounting with the Central Finance Team for AUM and revenue recognition.

Establishment of various business processes and ensuring that the process execution is aligned with audit and compliance requirements. Identifying existing business lapses and providing corrective measures to mitigate any incidence or risk.

The Product Control team acts as an independent control function warranting compliance to Target Operating Model in terms of the integrity of investment-related products set up alongside the valuation of existing products. The specialist maintains oversight on the E2E life cycle of the product and recommends enhancements depending on any dynamic requirements arising due to changes in banking policy/market/regulatory body.

Key Accountability:

Strategic Contribution

• Solely responsible for creating the monthly Asset under Management MIS report covering multiple source systems with multiple levels of sanity checks and amendments to ensure data accuracy.
• Analysis with respect to the movement in AUM demonstrated in the report and providing sufficient evidence on the current positions for Private Banking.
• Responsible for managing the product database (as a single source of all investment products) as the golden source of product categorization including various parameters.
• Coordinate to ensure the availability of the Wealth dashboard for management to envisage portfolio 360 view across various business parameters.
• Supports in various transformational IT projects – in a role of Business representative for UAT, data migration and cutover projects and other related transformation projects.
• Actively participate in decision-making processes during the implementation of various bank-wide projects within the EPB business.
• Responsible for coordination in training for EPB process implementation.

People Management

• Engage/collaborate with bank-wide stakeholders to contribute to establishing E2E product/process as applicable to EPB business.
• Point of escalation for teams coordinating with TED with respect to booking of trades.
• Engage and coordinate with various ops teams for execution/settlement/client reporting related issues.
• Point of contact and communication channel with various platform/product providers (All funds, Indian banks, Global Market etc.).
• Engage the coverage team in investment product knowledge, setup, valuation and reporting and to help the business to address client complaints/queries.

Budgeting and Financial Planning

• Coordination with the Central Finance team/Business Management with tracking of product profitability and vis-à-vis to RM revenue which provides required input in making appropriate budgetary activities.

Policies, Systems, Processes & Procedures

• Go through local regulatory requirements and anticipate what is needed.
• Make policies and processes in line with local and applicable regulations along with bank-wide stakeholders.
• Monitor established due diligence and E2E product processes and recommend improvements to appropriate stakeholders.
• Day to day management of intra-bank stakeholders and third-party entities that deal with FAB.
• Lead in new product setup and maintenance, review product approval, product risk ratings and manage valuation policy.
• Provide guidance and support to the team to enhance/build governance and operational framework around sourcing, selecting, structuring/development of investment products and solutions.
• Lead and engage in the completion of various critical projects to improve the efficiency of the business workflow resulting in superior customer satisfaction.

Lead Generation and Sales Management

• This function is not directly related to customer-facing activities and therefore, it is de-scoped.

Sales Velocity and Process Control

• Engage/collaborate with bank-wide stakeholders to contribute to establishing E2E product/process as applicable to PB.
• Process creation and amendments as and when required in order to bring efficiency based on coverage feedback.
• Provide guidance for client servicing of omnibus investment deals and address any investment-related issues with coverage.

Customer Relationship Management

• Managing coverage queries and complaints which stem from client complaints and provide them with appropriate direction.
• Be the point of escalation for dissemination of daily product valuations through appropriate modes.
• Ensure availability of product documents through intranet including various investment tools (yield calculator etc.).
• Guidance in analyzing operational loss incidents to suggest remedial actions to Business Heads for suitable closure.
• Analysis and maintenance of investment product portfolio (AUM and revenue).
• Coordinate for coverage in products and process training.
• Point of escalation for coverage with interim client reporting/client P&L/occasional retrieval of call back and due diligence document.
• Provide guidance and coordinate through escalation on investment deals that are processed through multiple back offices (Wealth Ops, AMO, TBO, Custody Ops, Fund Admin Ops, CAD).

Internal Collaboration

• Coordinate with PBG MIS team in preparing various KPI related reports.
• Provide solutions to a wide variety of issues involving operation, accounts, reconciliation and IT system issues by engaging appropriate stakeholders through active decision making.
• Manage setup of Custody onboarding and act as a communication channel for Private Banking, ensuring customer details are aligned with core banking data with timely updates.
• Collaborate with various cross-functional teams and overseas banks ensuring smooth repatriation of funds to secure the optimal rate to minimize loss on client’s investment.

Continuous Improvement

• The position requires working towards continuous upgrades with respect to new investment ideas, product and process changes, law and regulation changes, and delivery of new IT solutions impacting the areas of business.
• Participation in various bank-driven online learning programs and initiatives to improve EPB products, processes, and efficiency in delivery of services and transformation activities.
• Invest personal time in gaining higher qualifications in the fields of “Investment”.

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Qualifications

• Educated to a minimum of a master's in business administration/commerce/economics or finance.
• A professional designation such as CFA or CISI is preferable.
• Ability to operate independently and positively motivate a team.
• Minimum of 6+ years of experience in combined fields of investment product, finance, accounts, IT, and project management roles.