Specialist, Settlement Services (Emiratised Role)

Role Overview

Specialist, Settlement Services (Emiratised Role) at First Abu Dhabi Bank. This position is based in Abu Dhabi, United Arab Emirates.

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. FAB maintains structured plans for the recruitment and career progression of Emirati talent to enable participation in the financial and banking sector both regionally and globally.

Role Purpose

The Specialist, Settlement Services is responsible for daily monitoring and processing of 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 local market short selling. The role ensures the highest quality of client service delivery according to international standards while managing extremely complex settlement transactions and communicating with multiple internal and external stakeholders.

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 to ensure correctness and timely matching and settlement across all markets.
• Ensure accurate and timely processing of client and client-impacting instructions.
• Manage transactions that are large in value and complex in nature, ensuring successful settlement and avoiding loss and penalties to the bank and clients that could cause reputational, financial, and operational risk.
• Ensure end-to-end settlements processing in accordance with regulatory and compliance requirements with increased focus on accurate and timely execution to enhance client experience.

Cash and FX Settlement

• Review and validate all transactions inputted by officers or other specialists and escalate all mismatches to the Vice President.
• Validate all data entered into the system and forward to the Vice President for review.
• On settlement date, ensure transactions settled and all appropriate accounting entries executed.
• Escalate settlement issues and discrepancies to the Vice President.
• Validate and sign vouchers that need to be passed for FX and cash execution for review by the Vice President.

Position and Cash Management

• Review clients' positions and holdings daily and reconcile positions with sub-custodians and markets to ensure no discrepancies exist.
• Escalate any discrepancies to the Vice President.
• Conduct daily review of clients' cash positions to ensure appropriate funding and escalate to the Vice President and Middle Office any potential overdrafts or client insufficiency risks.
• Handle cash management for clients to facilitate smooth settlements across all markets.

SWIFT Processing

• Validate SWIFT instructions inputted by officers or other specialists into the system for Vice President authorization.
• Serve as the second level of SWIFT generation process.
• Demonstrate excellent knowledge related to settlement SWIFT messages and usage of the same.
• Ensure all trade-related status reports and instructions are communicated to all stakeholders in timely manner.

Reconciliation

• Reconcile transactions to confirm appropriate settlement of all transactions including FX, cash, securities, corporate actions, and tax reclaims.
• Serve as the second level of reconciliation ensuring all appropriate checks are completed to ensure no discrepancies exist.
• Escalate any issues to the Vice President.

Stakeholder Communication

• Communicate with multiple entities including clients, counter parties, markets, sub-custodians, regulators, companies, brokers, paying agents, and issuers covering local, regional, and global markets related to settlement processes.
• Track and respond to internal and external clients' queries by providing clear and detailed settlement information in line with relevant market rules, regulations, and settlement best practice.
• Ensure smooth, accurate, and timely settlement processing by communicating with various stakeholders including markets, sub-custodians, agents, companies, depositories, brokers, and issuers.

Risk Management and Compliance

• Adhere to established quality control measures and procedures.
• Monitor all key performance indicators and key risk indicators.
• Ensure controls and procedures are being adhered to by the section.
• Monitor transactions to ensure they are being processed according to compliance and audit standards and requirements.
• Identify potential risks and create appropriate controls.
• Follow all relevant departmental policies, processes, standard operating procedures, and instructions so work is carried out in a controlled and consistent manner.
• Demonstrate compliance to the organization's values and ethics at all times to support establishment of a value-driven culture within the bank.
• Function within the framework and boundaries of group policies as well as overall organizational and governance frameworks.
• Submit any incidents and issues to the Vice President for review.

Process Improvement and Projects

• Contribute to identification of opportunities for continuous improvement and sustainability of systems, processes, and practices considering global standards, productivity improvement, and cost reduction.
• Review processes and suggest and implement changes to enhance client satisfaction and reduce manual intervention and overall cost.
• Participate in section-related projects, system changes and upgrades, and new client requirements and implementation of sub-custodian and client SLA.
• Actively participate in understanding the operating module, including securities lending and borrowing transactions that are large in value and complex in nature, ensuring successful settlement processing.
• Actively participate in implementation of settlement processing related to new clients SLA and SLD, sub-custodian SLA, new functions, products, market rules, regulations, and procedures with relevant controls.
• Cope with market changes and subsequent upgradation of internal processes.
• Coordinate and work with various internal departments and external entities and concerned persons as an integral part of participation in projects to reengineer processes for excellence in client delivery and reduce manual activities.
• Participate in off-hours system testing.

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 and projects and initiatives.

General

• Demonstrate reliability by taking necessary actions to continuously meet required deadlines and goals.
• Articulate information clearly and present information effectively and confidently when working with others.
• Convince others by making a strong case, bringing others along to their viewpoint; maintain strong, trusting relationships while remaining comfortable challenging ideas.
• Be authorized to take decisions as per the approved authorization matrix.
• Reconcile positions with sub-custodians and markets to ensure no discrepancies.
• Monitor capacity planning.

Qualifications & Experience

• University graduate or bachelor's degree, or 5+ years of related work experience.
• 5+ years of related experience in security services and/or back-office operations, such as managing securities settlements or corporate actions.
• Solid understanding of security services and 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 preferred and beneficial.

Skills & Competencies

• Ability to work under pressure and manage several tasks at the same time.
• Team-oriented mindset.
• Ability to achieve business objectives without compromising controls and risk parameters established.
• Strong execution skills in a multi-tasking mode and effective follow-up.
• Self-starter with excellent attitude, communication, and interpersonal skills.
• High level of accuracy and attention to detail.
• Excellent team working skills.

Additional Information

This is an Emiratised role. First Abu Dhabi Bank offers unique career choices, a chance to innovate, and craft solutions for the future in a performance-based culture. FAB provides a range of learning and development initiatives to support all employees through training and skill development.