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The back office operations of a Bank involve a medley of administration functions. Back Office involves encompasses those tasks which are dedicated towards the effective running of the organisation.
This would involve a regular 24x7 support to the functioning of the telephones, the computers, the accounts maintenance and the human resources. However, these functions are in accordance with the industry/organisation in question and vary considerably from industry to industry e.g. in call centres would formalise a ‘round-the-clock’ vigil on the said operations but these would differ considerably in the Banking Industry.
The back office functions in a Bank however, involve the smooth running of all clientele services. Some of these include establishing a professional communication with the clients, either via email or postal mail. Some other duties involve the managing of the grievances forwarded / submitted, solutions to resolve various issues faced by clients e.g. handling issues pertaining to ATM cards which have been lost, or jammed in the Teller Machines, arranging for the dispatch of the same within the specified time-frames and overviewing the daily activities of each working day.
Efficient handling and tallying of all the client accounts at the end of each working day, ensuring the smooth functioning of the computers as well as the human resources. The Back Office functions serve as the platform for maintenance of quality and maximum productivity and the settlement of all pending, current and other issues in the most professional manner on a first-come-first basis for the clients and on a priority basis as far as the functioning of the various systems and processes are concerned.
The Back Office personnel are always considered to be those who keep a low profile, contribute immensely and are extremely conscious about the achievement of the goals and objectives laid down by the authorities.
A basic college degree is a must to set foot in this industry. One has to constantly upgrade their skills to progress towards senior positions and better remunerations which take place in accordance with one’s proven track record. A person must have a very amicable personality, good oral and written communication skills and be ready to work long hours especially during phases like the financial year-end when work load piles up with no signs of receding. |
Corporate Actions - Dividends |
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A Corporate Action is responsible for ensuring that corporate action processing adheres to the said organisation’s regulations or policies and adheres to the market practices. The person is responsible for interfacing with market partners in CSDs/exchanges/registrars on an operational day-to-day basis. In addition, the job-holder will take a leading role in shaping/participating in new developments in the corporate actions area.
A Corporate Action individual has to collate and publish all the data for every single corporate action. This data can be gathered from the information which is provided. The key functions include the managing of all risks to the firm, the receipt and application of various instructions which are received against the security holdings, the payments of all entitlements (internal and external clients) against receipts on the securities which are subject to corporate actions.
This person is also responsible for allocating new securities to clients accounts where stock is received as the result of a corporate action, liaise with internal counterparts, market associates to get the satisfaction of claims
due due in respect of equity and fixed income trades, propriety trading, customer safekeeping positions and stock lending.
The person should have immense knowledge of Corporate Action structure and the different types. Persons must be able to demonstrate expert knowledge of corporate actions in the cash equity, CFD and derivative markets in the UK and other European markets. They should be efficient to offer assistance in the planning and
execution of testing activities in the delivery of projects/new systems. Member training and participation in presentations and training seminars, supervision of performance objectives and development plans by performing appraisals and continuous reassessment of staff and maintaining a good working relationship with other staff, members, exchange staff and Company delivery agents are some of the key responsibilities of a Corporate Action individual. Very good team and leadership skills and excellent communication skills are essentials of this job profile.
The remunerations are dependent on the person’s past and proven track record and success track. Prospects to progress towards senior positions are interesting and dependent on the person’s initiative and skills.
Candidates must have a prior work experience of at least 4 years relevant experience in European Equities including corporate actions and possess an academic degree preferable in a related area. |
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The market for derivatives is gigantic and there is a dearth of skilled derivatives practitioners.
A derivative department encompasses the control and settlement of various asset classes of OTC Derivatives e.g. Equity, Government Bond and Foreign Exchange. This has to be done in the most efficient and cost effective manner. Personnel of this department perform functions which involve payment and funding procedures, rate resetting, brokerage reconciliation, collateral management and strategic product support.
One of the chief functions of persons in this department is to prepare payments, prepare the end-of-the-day reporting to the Senior Management. Other duties include processing and confirming payments and dealing with client queries. The person should be a good team leader and must be highly efficient in the handling of all client queries and grievances.
An ideal candidate must hold excellent grade GCSEs & A Levels and have at least one year of work experience in a Derivative Operations environment. The person should have a good knowledge of payment systems, good understanding of OTC derivative products, equity derivative knowledge, knowledge of ISDA Confirmations and trade support experience also.
A people’s person with strong interpersonal skills, able to work under pressure and possessing excellent computer skills are some of the attributes which are necessary for persons working in the Derivatives department.
Future prospects are in accordance with the person’s initiatives and are performance based.
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Persons dealing with Equity are chiefly responsible for recording, monitoring and analysing potential investments. They have to assist the senior principals with the sourcing, execution and/or investment management services and realization of investments for the fund and also make provisions of investment advice.
These individuals have to also assist in the production of reports, manage the administration of all activities after investments have been made and have to work on the restructuring of portfolio companies.
Persons have to work in total coordination on various documentation tasks, preparation of vanilla trades, understand and resolve the various queries with the assistance of the other personnel and perform other supervisory activities pertaining to documentation in the various areas.
The individuals have to ensure that all the procedures established by the organisation are strictly adhered to by all the staff members, and they have to build excellent relationships with both, the internal and external clients.
Persons with requisite knowledge in this specialised area qualify to work in this department. A bachelor’s degree in Finance is essential. Persons must have excellent communication skills and be thorough and accurate in their work with an eye for detail. Excellent analytic skills and the initiative to suggest appropriate improvisations whenever and wherever are some essential qualities of those working in this area of finance.
Knowledge of 2002 ISDA Equity Derivatives Definitions and experience of chasing equity structures and drafting is always considered advantageous and desirable.
Salaries are commensurate with the experience of each individual and growth prospects are excellent for those who have the natural initiative to shoulder additional challenges, get involved in project work and grow within the team to progress towards senior positions. |
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The Fixed Income Department deals with the management of the Fixed Income services, the management and coordination of business planning and resource management.
Some of the key responsibilities of these individuals include providing advice to the sales and traders, monitoring both the activities of Sales and Trading, implementation of the Compliance training program, development of requisite policies and procedures and participation in investigations and audits.
The persons in these departments have to coordinate the efficient running of the Fixed Income, manage the internal and external service level agreements and contractual obligations which are entered into on behalf of the Fixed Income business streams.
Individuals must hold a bachelor’s degree in Finance. A graduate with a work experience of 3 years in either compliance, legal, accounting or business expertise will also qualify for work in this area. Individuals must have a good understanding of OTC derivative products including interest rate, FX and equity derivatives.
Strong interpersonal skills, good team spirit and the ability to maintain excellent working relationships with members if the other departments and business partners are some essential attributes.
Compensations are on par with those prevalent in the industry and are dependent on the performances of individuals. Prospects for growth are based on individual proven track records, one’s initiative and efforts towards achievement of the organisation’s goals. |
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The Fund Administration individuals are responsible for the accounting and reporting of financial information for investment funds.
The important duties include the timely and accurate delivery of reports of the said administered investment Funds, month-end reports, semi-annual and annual reports, reporting to the senior authorities heading the department and the external auditors. Finally, the Fund Administration department is responsible for tax reclaims preparation and payments for all Clients.
Individuals working in this department have to check the valuations and the update spreadsheets for both long and hedge funds, for third party funds, gather the weekly prices for funds which are held within long funds and also handle the verification with the custodian valuations department and update the pricing spreadsheet and authorize the release of prices.
Persons must be proficient in making accurate and timely reports, accurate financial statements, have a good understanding of the financial instruments and regulatory reporting requirements and should be proficient in handling and maintaining the reports on Funds liquidity, Compliance and Management Reporting.
Salaries are commensurate with the person’s proven skills and prior professional experience and one can progress by proving their abilities towards the achievement of the organisation’s goals and objectives in the most productive and effective manner.
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