MSS Operations - Director

Job description

Job description

Why join us?

If you’re looking for further opportunities to develop your career, take the next step in fulfilling your potential right here at HSBC.

Global Finance is integral to HSBC’s purpose and strategy, playing a valued role in managing costs and deploying capital in the most effective way. Our global team of finance professionals partner with the business to provide trusted insights and forward looking analysis; accuracy; efficiency and control to frame and influence business decisions. We are currently seeking a high caliber professional to join our team as a  MSS Operations Director.

Opportunity:

Collateral, Counterparty Credit Risk (CCR) and Margin Requirements for Uncleared Derivatives (MRUD) is a part of the Data & Regulatory Reporting team within MSS Operations. Our vision is to deliver a consumer lead service, partnering with our clients to deliver the data they require via innovation and excellence.

As part of the MSS Operations strategic model, HSBC have created a “Center of Excellence” (CoE) for Operations processing in the Global Service Centres in Kuala Lumpur, Malaysia and Manila, Philippines and Bangalore, India. The CoEs supports multiple clients, on their collateral operations.

The Collateral Management team is responsible for credit risk mitigation through the collateralisation of Over the counter (OTC)/ Repo/ Foreign Exchange (FX) products by performing full third-party collateral management activities on behalf of our institutional client base.

The role-holder shall be expected to:

·  Act as a key point of contact to both Clients and Internal / External stakeholders providing support regarding the operations for Collateral Management. 
·  Ensure high quality service to the business ensuring that risks are minimized, and profit is maximized through effective management of costs/resources.
·  Be responsible for driving the Collateral Management Function, defining requirements for and the implementation of strategic and tactical projects, working closely with Business and Change functions teams across multiple jurisdictions.
·  Be responsible for Collateral Management End to End function and manage the execution of an appropriate Oversight and Governance framework.  

Principal responsibilities:

Function Management:

·  Lead Collateral Management post margin call activities including dispute resolution, timely settlement and reconciliation, meeting regulatory requirements.
·  Ensure timely dispute investigation and resolution focusing to reduce the risk. Enhance daily trade portfolio reconciliation and enhancement of controls.
·  Ensuring all regulatory requirements are met on daily basis.
·  Ensure timely settlement of margin call and providing daily reconciliation.
·  Continuous focus on improving the process and providing guidance to the team.
·  Continuous focus on control enhancement and risk reduction.
·  Leading a workstream and guiding the team on regular basis.
·  Monitor and assess key performance indicators.
·  Provide strong people management, including ensuring that the skillset of the team remains current, especially through periods of product and technical change. Oversee critical people processes, such as hiring and development.
·  The role requires the person to draw a strategic framework and road map to enhance and monitor the output and seek avenues to consolidate all reconciliations performed across all regions to be centralized Act as escalation point to ensure any issues are resolved in a timely manner.
·  Continually improve the service the role holder is responsible for, including implementing control enhancements to reduce operational risk, enhance client service and identifying and implementing opportunities to make processes more efficient and effective.
·  Lead the Process Risk and Control forums.
·  Oversee major transformation projects.
·  Deliver to Manual Process register and associated targets.
·  Build a culture of continuous improvement.

Reporting and Management Information:

·  Ensure accurate and relevant MI is produced and checked within the required timescales.
·  Ensure prompt resolution of all reconciliation items, providing clear, concise & relevant documentation to support outstanding items.

Change Management:

·  Play a leading role in developing process improvements and cost save initiatives for the team.
·  Actively look to automate or improve internal processes, ensure Client Change requirements are implemented and integrated into the team operations appropriately.

Accountability:

·  Be available as key point of escalation and support for queries from internal departments and external contacts as required.
·  Accountable for own day-to-day performance and meeting tight intra-day deadlines. Expected to make decisions, resolve queries & escalate where necessary in an accurate and timely manner.
·  Ensure mailbox management is appropriate across the function, with clear ownership assigned and timely resolution of third-party queries received. 

Client/ Customer Service:

·  Maintain good working relationship with Clients and Internal Stakeholders.
·  Provide expert advice and guidance to meet client needs and expectations.
·  Ensure appropriate controls are in place to effectively manage queries.
·  Ensure that any problem areas raised into the team are proactively identified and resolved.

Process Management:

·  Ensure the team undertake the timely & accurate processing of daily margin calls in line with agreed deadlines.
·  Ensure the team undertake the timely and accurate Dispute Management function in line with agreed deadlines.
·  Maintain knowledge of the team functions to be able to guide and support the team where necessary.
·  Provide technical expertise to support colleagues where required.

Management of Risk: (Operational Risk / FIM requirements)

·  Ensure that current procedures and checklists meet the requirements of Audit, Functional Instruction Manual (FIM), external regulators and Operations Risk and Control.
·  The job also entails engaging with internal audits, and where findings identified, measures should be undertaken to address, with regular reviews of any changes implemented to maintain quality and productivity at the optimum level.
·  Ensure daily complex exception reporting is completed within guidelines with any errors promptly rectified to maintain data integrity standards.
·  Continually reassess the operational risks inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructures, and the impact of new technology.
·  Changes within Risk Environment should be communicated and implemented effectively.
·  Appropriate measures should be undertaken to prevent recurrence of known issues, ensuring root cause analysis has been effectively conducted.
·  Analyse internal and external errors/customer complaints to observe trends and accordingly develop strategies that address root causes.
·  Lead the development, documentation and maintenance of procedures and controls to ensure ongoing compliance with industry and regulatory changes and requirements.
·  Avoid errors and where required perform root-cause analysis to avoid reoccurrence.

Observation of Internal Controls: (Compliance Policy / FIM requirements)

·  Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.
·  Understands, follows, and demonstrates compliance with all relevant internal and external rules, regulations and procedures that apply to the conduct of the business in which the jobholder is involved, specifically Internal Controls and any Compliance policy including, inter alia, the Group Compliance policy.

Requirements

Requirements: 

·  Proven experience of operating effectively in a matrix environment and working across multiple dimensions of entity, location, region and product.
·  Experience of engaging teams effectively, especially in a remote or hybrid working environment.
·  Proven ability in working across multi-disciplinary and multi-cultural, diverse work environments.
·  Successful experience in developing and retaining critical talent.
·  Proven ability to articulate complex issues concisely.
·  Strong understanding of the Markets and Collateral management business.
·  Good cross asset class understanding especially Interest Rate, Equity & Credit Derivatives, Foreign Exchange (FX), Repos, Stock Borrowing and Lending (SBL), structured products, etc.
·  Knowledge of  International Swaps and Derivatives Association (ISDA) Credit Support documents.
·  Sound understanding of collateral assets: cash, bonds, equity, letters of credit, etc.
·  Aware of industry initiatives within the Collateral space (Margin Rules (IOSCO), Margin Booking and Allocation, Central counterparty clearing houses (CCPs), Basel, European Market Infrastructure Regulation (EMIR), Dodd Frank, etc).
·  Experienced operations professional with significant exposure to managing offshore operations; ideally with a focus on Collateral processing but not exclusively.
·  Exceptional leadership and management skills with the capability or track record of managing staff.
·  Ability to work in a virtual team environment with ability to support multiple functions and stakeholders.
·  Hands on experience of formulating and executing on-shore and off-shore operating models.
·  Strong awareness and appreciation to operations risk and control and exception management.
·  Ability to implement global initiatives and work as part of a global management team.
·  Strong communication skills with the ability to manage local and international relationships across an organization.
·  Attention to detail and a hands-on approach to management to work with local managers driving process change and improve efficiency and control.
·  Strong budgetary experience.
·  Familiar working knowledge of associated Collateral systems and technology.

Desired Skills:

·  Collateral Management experience.
·  Relevant IT Skillset.
·  Management position with exposure to business partners across multiple geographical locations.

You’ll achieve more at HSBC

HSBC is an equal opportunity employer committed to building a culture where all employees are valued, respected and opinions count. We take pride in providing a workplace that fosters continuous professional development, flexible working and, opportunities to grow within an inclusive and diverse environment. We encourage applications from all suitably qualified persons irrespective of, but not limited to, their gender or genetic information, sexual orientation, ethnicity, religion, social status, medical care leave requirements, political affiliation, people with disabilities, color, national origin, veteran status, etc., We consider all applications based on merit and suitability to the role.”

Personal data held by the Bank relating to employment applications will be used in accordance with our Privacy Statement, which is available on our website.

***Issued By HSBC Electronic Data Processing (Malaysia) Private LTD***