Job Description

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About Us
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. Were devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
Global Business Services
Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.
Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.
In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.
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Process Overview
Teams manage exceptions for Fixed Income trade settlement and deal with external counterparties. To ensure trades settlement, team manage unconfirmed trades for DTC market along with inventory management, post settlement activities for all global markets except India. The high-level settlement task also includes payments, Journal entries, stock movement, ADR/GDR conversion, reconciliation, inter entity funding, custody management, client account statement, CSR activities and escalating wherever required to mitigate potential risks for the firm and its clients liaising with internal & external counterparts, exchanges, CSD's and market agents. Team also time to time participate in UAT testing at the time of new release. Team also responsible for GFI UAT testing for some Bank and vendor applications at the time of new feature release. Ex. Trade Flow Manager, TRAQCS, Clearweb, PSW, CPI, MicroStrategy, Bloomberg, ICI Impact, BPS and InTrader.

The current role is for the AMRS Settlements Team and below is the description of the role.
Settlements

• Ability to understand and take appropriate action across multiple work streams like Fixed income Settlements, Trade Processing, client queries and post trade exceptions.
• Review, investigate and revert on queries from internal and external clients.
• Review and analyze the daily reports/metrics to identify any deviation or inconsistency and highlight the same to the management.
• Seek to identify and provide solutions to process improve tasks and service provided.
• Ability to identify potential issues in the process and develop remediation on the same.
• Lead short term-long term projects in partnership with onshore and track until completion.
• Ability to identify and mitigate the existing/upcoming risks in the process. Liaising with ORC partners for implementing the appropriate controls to mitigate the risk.

Responsibilities

• Monitoring settlement status, following up with concerned parties including external custodian banks and internal client service groups.
• Investigating/following up any breaks for Depots/Nostro Following up any queries from internal/external parties
• Monitoring of buy-in trades
• Fail Management, Inventory Management
• Manual Cash Payments and journal entry
• Functional and regression testing for GFIO settlement processes.
• Preparation and maintenance of various KPI reporting including performing data or business driven deep dive analysis.
• Understand business requirements and translate those into deliverables. Support the business on periodic and ad-hoc projects.
• Managing risk: managing and reducing risk, proactively identify risks, issues and concerns and manage controls to help drive responsible growth (ex: Compliance, procedures, data management, etc.), establish a risk culture to encourage early escalation and self-identifying issues.
• Perform weekly/monthly/quarterly end review and controls.
• Contributing towards department efforts in the areas of constant process improvement, improving productivity etc.

• Work on process improvements, industry initiatives impacting confirmations and STP / automation initiatives.
• Responsible for clearing of items on the daily exception reports, report & escalate the exceptions /issues to management in timely manner.
• Ensuring timely delivery of critical reports to various stake holders

Requirements

• Education: CA/MBA/BBA
• Certifications If any : NA
• Experience Range: 12-14 years

Foundational skills:

• Strong domain experience in in equities, fixed income settlements and reconciliations
• Evaluating and bringing in the efficiency in existing testing process.
• Participate in meetings/walkthrough session/group meetings.
• Excellent Communication skills written and verbal.
• Ability to prioritize work and meet deadlines and work in a highly matrixed organization.
• Stake holder management (internal & external) across regions / functions / lines of business.
• Experience in test management and functional testing.
• Ability to manage a team and ensure work completion within stiff time deadlines.
• Good Computer, Analytical & Accounting skills

Desired skills:

• Good understanding of Global Capital Markets especially for Securities Upstream and Downstream flow
• Ability to work effectively in a cross-cultural environment with significant ambiguity, and successfully adjust one's actions or behaviors to adapt to rapid changes and shifting priorities.
• Evaluation of governance routines/policies/procedures to ensure internal & external compliance.
• Candidate must also have good written and oral communications skills.
• Ability to prioritize and multi-task when faced with multiple deadlines.
• Organized and able to multi-task in a fast-paced environment
• Excellent interpersonal skills; positive attitude; team player; flexible
• Willingness to learn and adapt to changes.
• Proactively recognize and recommend solutions to process inefficiencies.
• Sound decision making capability.
• Client focused individual with the drive to exceed expectations.
• Results oriented individual with good problem-solving skills.
• Eye for detail and Out of the Box Thinking

Work Timings: 06:30pm - 03:30am
Job Location: Chennai