Job Description:
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. We're 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.
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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.
Process Overview
Global Markets Operations &Middle Office provides operations support to the Global Markets Business of BAML. Key Business activities include back office and middle office operations related to securities, derivatives, futures, options, currencies (FX) and commodities. Key functions in the middle office include trade control, product control and balance sheet management. While in the operations groups the key functions are Trade Processing & settlement, Inventory Management, Cash Management, Asset Services, Collateral Management, Reconciliation, Client & Product Data management.
Job Description
Global Collateral Operations manages the margining for the OTC, Repo Derivatives & Foreign Exchange businesses and Repo agreements. Collateral Management is a tool to control & reduce the bank's credit exposure risk on Derivative trades.
The Collateral Operations Unit monitors daily margining for customers across various products (Rates, Commodity, Structured Credit, Equity, Foreign Exchange, and Repo, Futures & Options). The Counterparty's net exposure is evaluated each morning in order to determine collateral requirement.
Margin Calls are made and received by Collateral Analyst and collateral exchanged. Team is also responsible to perform Data quality checks, monitor feeds from upstream into collateral system, run margin calculations, onboarding/static setup of new agreements into collateral application, Security Optimization, Journal processing, liquidity, and regulatory reporting.
Responsibilities
- Supervise a team of employees towards achieving all the above objectives - train / guide / coach team members.
- Effective communication: deliver transparent, concise, and consistent messaging while influencing and leading - drive change across teams. Partner with individual contributors and onshore partners regarding capacity planning, performance & development, skill sets, learning opportunities.
- MIS, reporting of operational and trading exposures to management.
- Accountable for understanding, interpreting, and communicating regulatory reporting requirements as well as for ensuring that all report submissions conform to regulator instructions.
- Responsible for establishing an adequate control environment to assess accuracy and completeness of reports. Establish priorities to ensure timely and accurate completion and escalate and resolve issues.
- Working across lines of business, participate in process risk assessments and the rollout of standard Risk Framework on controls and processes, and determine gaps and exposure.
- Design and publish appropriate metrics for operations control.
- Working closely with clients/margin management teams in setting up client valuation reporting.
- Address client demands and questions on portfolio valuations.
- Generate and publish daily control reports including MTM Swings, cash/security fails, zero MTM, Stale prices, open aged calls, etc.
- Setting up agreements for margin management
- Take responsibility for front-ending the relationships with the Line of Business Teams and Leaders, and further build / expand the capabilities.
Requirements
- Education : UG/PG
- Certifications if any : NA
- Experience Range : 15+ years
Foundational Skills
- Minimum 5 or more years of previous management/supervisory experience
- Ability to work effectively and collaboratively with peers and multiple levels of management.
- Excellent communication skills (both verbal and written)
- Strong knowledge of investment banking, capital markets & Derivatives
- logical and analytical skills
- Excellent organizational skills are required with the ability to prioritize daily workload, work accurately and efficiently under pressure
- To be flexible in their attitude and approach, and be willing to work extra hours during the week with overflow of volume and to provide cover for holidays planned and unplanned.
- To be able to communicate effectively, and clearly escalate queries to clients and Onshore Team verbally and written.
- Maintain established productivity levels as per SLA
Desired Skills
- Experience in Reporting, ISDA/CSA agreement setups, client valuation, OTC/Repo/F&O Derivative Collateral Management/Portfolio Reconciliations/Margin Management
- Knowledge of regulations such as Dodd Frank, EMIR, CFTC, etc would be and added advantage
- Market knowledge on Derivatives & Fixed income, recent trends and global changes
Work Timings : 01:30 PM IST - 12:30 AM IST (any 9 hours window)
Job Location : Gurugram