Intern, Custodial Operations

JOB SUMMARY:

Responsible for provision of a consistently high quality overall operational service to custodial services clients.

To plan and carry out effective and efficient

• Settlement of equity and fixed income transactions
• Immobilization and registration of securities
• Inward and outward payments
• Billing and client invoicing
• Message control
• Provision of quality client’s service, prompt response to client queries
• Utilization of resources

KEY RESPONSIBILITIES:

Operational Management

Process Settlements

• Manages settlements and ensures effective control and compliance with Operating Procedures
• Manages all transactions in Central Depository to ensure trades are posted and authorized in a timely and accurate manner
• Ensuring clients' funds are received and paid as per instructions, in a timely and accurate manner.
• Meets clients' specific requirements as per their Standing Instructions, SLA, specific instructions and internal standards
• Ensures timely reporting with Treasury for FX transactions and timely earmarking in the system

Process Payments

• Processing of payment / receipt instruction on timely manner (cheques/ RTGS/ Book transfers)
• Verify and upload the instructions via Flex
• Confirm upload to clearing team for processing
• Raise book transfers debiting client accounts and crediting suspense account and vice versa.
• Liaise with finance department for collection of cheques and dispatch the same to clients
• To process client payment instructions promptly on receipt.

Billing and Invoicing

• To generate and process Invoices to the clients within defined timeframe
• To ensure that client billings are accurate and timely and outstanding are kept to a minimum through timely collection of income
• Receive and process remittances against invoices from clients
• Preparation of VAT payments in liaison with Finance Dept.

Process - Corporate Actions

• To perform the day-to-day corporate actions’ processing in respect to:
• Ensuring that information relating to Corporate Action announcement is captured accurately, complete and timely in Innova Custody, including the timely dissemination of information to clients
• All corporate actions events and especially those related to voluntary / with options are processed in a timely, complete and accurately manner and released to clients / depository respectively within agreed SLA and before market deadlines.
• Monitoring for receipt of Corporate Action entitlements and where required pro-actively follow-up with the companies to ensure receipt of client entitlements on or before due date.
• Ensuring that all cash and securities proceeds are reconciled and processed on timely manner and cash proceeds are credited to client’s account upon cheques clearance
• IPO/Auction applications are processed as per client instructions and allotment credit is received on a timely basis.
• Ensuring that agendas / annual reports are received and dispatched to clients on a timely basis, and proxy instructions are executed as per client requirement
• Effective follow up with the clients who have not provided the voluntary corporate actions instructions
• Ensuring that all the client queries are responded to within the time frames pre-specified. Additionally, identify new mechanisms to add value to the existing reporting requirements to achieve increasing client satisfaction.
• Interact effectively with the Officers of other Sections to ensure adherence to guidelines for securities accounts, dematerialisation and physical securities maintenance and smooth processing of transactions.
• Ensure daily reconciliation before market deadlines to mitigate any possible operational risks of missing / incomplete processing of voluntary / with options corporate actions resulting to possible operational loss.

Message Control

• To receive and reconcile messages received via SWIFT, Email & courier from clients on daily basis
• Distribution of messages to relevant area within custodial services department in an accurate and timely manner

Customer Service

• To ensure that all client requirement/communication/ queries are logged in and responded to within 24 hours of receipt. A holding response to be sent the same day in case the final response requires further investigation
• Facilitate and keep up to date power of authority for authorizing the transactions as per delegation authority
• Provide clients with timely notification of issues impacting the market and their assets. Ensure service & client contact enables us to be perceived as providing top rated service in the client surveys
• Support clients information requests and on-site visits by ensuring clients due diligence visits are fully supported with clients expressing positive feedback
• Filing of settled trades documents per client and statements relating to clients’ investments
• Maintain and share with colleagues as appropriate, personal knowledge of all relevant custodial services procedures; tariffs and duties; licenses and restrictions.

Systems

• Support development of effective Management Information (MI) templates and provide MI by due date providing required and timely Management Information
• With the manager CS ensure continuous improvement and subsequent implementation of interdepartmental and client SLAs
• Keep manager CS and AGM BD advised of financial and any extraordinary developments.
• Ensure essential returns/reports are properly completed and filed
• Ensure any system usage training gaps are identified and training plan agreed
• Monitor and report on activities, costs, performance, etc, as required
• Ensure that procedures laid down in the departmental operating manual are followed
• Ensure suitable standards of ergonomic design and decor for both internal and external advantage
• Undertake any projects or additional tasks assigned by manager CS

Risk and Compliance

• Support the Manager CS to lead and develop the team to ensure efficient operations are managed in strict compliance with the various local laws, jurisdictions, bank risk standards and custodial services policy guide.
• Support the manager CS to manage and direct Operational Risk Management and Controls for the Custody service to ensure that the unit achieves a minimum audit rating of 95% or better. Ensure that appropriate remedial action is taken in response to audit findings
• Ensure that the relevant Key Control Standards are adhered to and in the event of necessity champion the investigation of fraud, loss and other irregularities within custodial services and take measures to prevent drug money laundering, computer and communications security as per guidelines
• Ensure that the regulatory requirements and deadlines are adhered to with real-time escalation of any possible operational incidents / operations loss / complaints to manager CS and AGM BD
• Ensure accurate and timely submissions of management and local regulatory returns
• Monitor regulatory changes and implementation and advise clients of impact to the portfolio for the purposes of investment protection of their assets under custody and the bank on the impact on its business.

Business Management 

• Support business development to establish and execute the departments business plan enabling the team to operate within the agreed strategy and budget.
• Ensure that unit is working effectively, that necessary resources are available to the business and that costs are regularly reviewed and monitored to prevent waste
• Ensure new market opportunities are maximized by providing support to the implementation of new businesses in the bank
• Give full operational support to enable business development to meet all agreed RFP / RFI client deadlines
• Give support in ensuring 2-way cross sell opportunities are identified between custodial services, client base and other units’ client base, coordinating the necessary actions required by different sections of custodial services and the bank to achieve success
• Work with other stakeholders in the Capital Market to identify areas for improvement in the market and lobby for changes that improve market infrastructure, product opportunities and market invest-ability.

People Management

• Establish and maintain effective working relationships with co-workers, supervisors and the public.
• Maintain regular consistent and professional attendance, punctuality, personal appearance, and adherence to relevant health & safety procedures.
• Pursue personal development of skills and knowledge necessary for the effective performance of the role.
• With manager CS develop own annual leave plan so that leave is taken as require.

KEY RELATIONSHIPS:

Direct Reports to this Position

None.

Knowledge; Skills, and Experience Required for this Role

• A bachelor’s degree, second class honours from an accredited university in a relevant course.
• Certificate level qualification in Securities Services related course (CISI) will be an added advantage.
• Excellent analytical skills
• Excellent communication, written and verbal skills
• Excellent interpersonal sensitivity