Specialist, Settlement Services(Al Ain)

Role Overview

Specialist, Settlement Services at First Abu Dhabi Bank, located in Al Ain.

Company Overview

First Abu Dhabi Bank (FAB) is the largest bank in the UAE and one of the world's largest and safest financial institutions. FAB offers a comprehensive range of personal and private banking services, including credit cards, Islamic banking, investments, loans, and mortgages. The organization is committed to excellence and innovation in providing top-tier financial solutions to clients globally.

Role Purpose

Monitor and process settlement transactions across domestic, regional, and international markets for multiple asset classes including equities, mutual funds, fixed income, hedge funds, structured funds, ETFs, securities lending and borrowing, and short selling. Ensure accurate, timely settlement execution in compliance with regulatory standards and international best practices while managing complex, high-value transactions and mitigating reputational, financial, and operational risk.

Key Responsibilities

Settlement Processing

• Monitor and process settlement transactions covering domestic, regional, and international markets for equities, mutual funds, fixed income, hedge funds, structured funds, ETFs, local and international securities lending and borrowing, and local market short selling.
• Handle extremely complex settlement transactions across local, regional, and international markets.
• Receive, validate, and process client, market, and sub-custodian instructions.
• Ensure matching and settlement of instructions in a timely manner across all markets.
• Ensure accurate and timely processing of client and client-impacting instructions.
• Reconcile to confirm appropriate settlement of all transactions including FX, cash, securities, corporate actions, and tax reclaims.
• Manage transactions that are large in value and complex in nature, ensuring successful settlement and avoiding loss and penalties that could cause reputational, financial, and operational risk to the bank and clients.

Cash and FX Management

• Handle cash management for clients to facilitate smooth settlements across all markets.
• Review and validate all cash and FX transactions inputted by officers or other specialists.
• Escalate all mismatches to the Vice President.
• Validate all data entered into the system and forward to Vice President for review.
• On settlement date, ensure transactions are settled and all appropriate accounting entries are executed.
• Escalate any settlement issues or discrepancies to the Vice President.
• Daily review of client cash positions to ensure appropriate funding and escalate potential overdrafts or insufficient funds risk to Vice President and Middle Office.

Position and Holdings Management

• Review clients' positions and holdings daily.
• Reconcile positions with sub-custodians and markets to ensure no discrepancies exist.
• Escalate any discrepancies to the Vice President.

SWIFT and Instruction Validation

• Validate SWIFT instructions inputted by officers or other specialists into the system for Vice President authorization.
• Serve as second level of SWIFT generation process.
• Demonstrate excellent knowledge of settlement SWIFT messages and usage.

Reconciliation and Quality Control

• Perform second-level reconciliation ensuring all appropriate checks are completed to identify and escalate discrepancies to the Vice President.
• Adhere to established quality control measures and procedures.
• Monitor all Key Performance Indicators (KPIs) and Key Risk Indicators (KRIs).
• Monitor transactions to ensure processing according to compliance and audit standards.
• Ensure controls and procedures are being adhered to by the section.

Stakeholder Communication

• Communicate with clients, counter parties, markets, sub-custodians, regulators, companies, brokers, paying agents, and issuers related to settlement processes.
• Track and respond to internal and external clients' queries by providing clear, detailed settlement information in line with relevant market rules, regulations, and settlement best practices.
• Ensure all trade-related status reports and instructions are communicated to all stakeholders in timely manner.
• Support due diligence visits linked to settlement processes.

Projects and Process Improvement

• Participate in section-related projects including system upgrades, changes, processing enhancements, and off-hours system testing.
• Participate in implementation of settlement processing related to new clients, Service Level Agreements (SLAs), Sub-Custodian SLAs, new functions, products, and market rules, regulations, and procedures.
• Review processes and suggest and implement changes to enhance client satisfaction and reduce manual intervention and overall cost.
• Participate in projects requiring coordination and work with various internal departments and external entities to re-engineer processes for excellence in client delivery.
• Contribute to identification of opportunities for continuous improvement and sustainability of systems, processes, and practices considering global standards, productivity improvement, and cost reduction.
• Cope with market changes and subsequent upgradation of internal processes.
• Identify potential risks and create appropriate controls.

Training and Support

• Provide first-level training for new specialists.
• Assist specialists in handling inquiries.
• Support the Vice President as required for business-as-usual matters, projects, and initiatives.

Compliance and Risk Management

• Responsible for end-to-end settlements processing in accordance with regulatory and compliance requirements with increased focus on accurate and timely execution.
• Follow all relevant departmental policies, processes, standard operating procedures, and instructions.
• Demonstrate compliance with organization's values and ethics at all times.
• Achieve business objectives without compromising controls and risk parameters established.
• Monitor Key Performance Indicators, Key Risk Indicators, and capacity planning.
• Submit any incidents and issues to Vice President for review.

Reporting and Documentation

• Assist in preparation of timely and accurate statements and reports to meet department requirements, policies, and quality standards.

Qualifications & Experience

• University graduate or bachelor's degree (or 5 years related work experience in lieu of degree).
• 5 or more years related experience in security services and/or back-office operations, such as managing securities settlements and corporate actions.
• Solid understanding of security services, operations, and accounting activity related to security services.
• Specific experience in securities-related functions such as settlement, client services, corporate actions, data maintenance and billing, or custody account opening is beneficial.

Skills & Competencies

• Excellent knowledge of settlement SWIFT messages and usage.
• Strong execution skills in multi-tasking mode and effective follow-up.
• Ability to work under pressure, prioritize, and manage several tasks simultaneously.
• Team-oriented with ability to perform under pressure.
• Self-starter with excellent attitude, communication, and interpersonal skills.
• High level of accuracy and attention to detail.
• Excellent team working skills.
• Ability to articulate information clearly and present information effectively and confidently when working with others.
• Ability to convince others by making a strong case and bringing others along to viewpoint while maintaining strong, trusting relationships and being comfortable challenging ideas.
• Reliability in continuously meeting required deadlines and goals.
• Strong execution skills and effective follow-up capability.

Additional Information

• Current department offerings include: position management, security/cash settlement, corporate actions, reporting, invoicing, reconciliation, SWIFT, market security movement, FX management, cash management, project support, proxy services, tax reclaims, and income management.
• Planned department expansion into support of securities lending, client short selling, network management support, claim management, and other services.
• Volumes are significant and increasing exponentially as this is a new and up-and-coming business area.
• FAB offers unique career choices, learning and development initiatives including training and skill development, and structured plans for recruitment and career progression to support all employees.
• FAB is committed to empowering employees in a performance-based culture and rewards hard work and dedication.