Senior Associate, Fund/Client Accounting

Job description

Reporting Line: Operations Manager - Derivatives Support Team

Department: Complex Accounting Unit.

Role:

To understand the terms of all derivatives contracts and to accurately record these

products on BNYM accounting system. Monitor the life cycle of the derivatives: ensuring

rates are updated, cash settlements are reconciled to BNYM Custody and positions are

reconciled to Counterparties. To investigate and resolve all derivative breaks and queries

through communication with custody, client and counterparty.

Main Responsibilities:

Actively manage team; review their daily task assignments and daily progress against

agreed deliverables.

Provide progress update to Line Management on team performance highlighting specific

areas for requiring review/improvement/additional training requirements etc.

Ensure all complex derivatives have been identified and accounted for correctly at each

valuation point for all funds.

Track lifecycle events for complex instruments from initial set up to closeout; taking into

account corporate actions, dividend payments and resets.

Ensure your team Investigate and clear outstanding derivative cash breaks on a daily basis.

Review cash reconciliations on a regular basis.

Ensure position, accrual and market value reconciliations to Counterparty Statements are

completed on a timely basis for all complex derivative instruments

Ensure MIS is updated for all complex derivatives with details of material and/or aged cash

and asset reconciliation items.

Promote good working relations with internal and external clients.

Team Deliverables

Monitor staff progress against agreed deliverables.

Provide coaching and training to supervisors and administrators on the team so they become

familiar and competent at resolving issues.

Build relationships with internal teams/departments to ensure breaks are resolved in a timely manner. Proactively follow up outstanding issues with other utilities, fund accounting teams etc. Encourage administrators to do the same. Responsibility for communication of new procedures to team. Provide feedback after month end to Manager on issues directly impacting the provision of services by the team. Strive to improve standards within the team.

Adopt questioning approach to current methods and provide viable alternatives where possible. Teamwork Develop a sound understanding of all the technical functions & processes in the team. Participate in regular team meetings with other internal teams to highlight issues and bottlenecks and provide forum for resolution of issues Manage the workflow on the team to ensure work is spread evenly and in line with administrators skill set.

Work with supervisors to resolve issues and improve the skill set of the team. Act as escalation point for the more complicated issues that arise Develop an "ownership" environment on the team. Participate in cross training to get solid grounding of team functions and to ensure team runs smoothly at all times including holiday leave, study leave and sick leave. Identify and communicate training and development requirements to Manager.

Procedures & Policies Adhere to BNYM standards, procedures and controls and maintain work files in a neat and orderly manner, suitable for review by management and auditors. Regular review of company policies and procedures and notification of any operational inconsistencies Communication Adhere to agreed deadlines and immediately communicate potential issues to Manager. Communicate any training requirements to Manager.

Communicate any suggested procedural changes to Manager Hold regular 1 to 1's with team.

Quality Control

Ensure all records and closed files are sorted according to agreed filing standards. Ensure team is adhering to appropriate quality standards. Assist Manager in dealing with ad hoc issues and streamlining operational processes to reduce risk, improve efficiency and ensure agreed services are met Key Skills / Technical Knowledge Requisite experience in the fund administration business with previous exposure to derivative instruments.

Well developed management and interpersonal skills, with proven team leadership skills. Strong clerical skills with particular focus on accuracy, attention to detail and organizational skills. Numerate and analytical with proficiency in using email, spreadsheet and other office administration systems. The ability to learn quickly and to grasp the intricacies of complex OTC derivatives. Patience, perseverance and flexibility.

Focused attitude to work, excellent individual and teamwork skills and an ability to manage a team to constantly meet deadlines.

Excellent oral and written communication skills. Professional approach to work and personal appearance. Relevant academic qualification.

This position offers excellent career and development opportunities for the successful candidate and applications are invited from suitably qualified staff