Bank of America - Portfolio Reconciliation Associate - Middle Office

Overview

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 25 million active users.

Bank of America offers industry leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange

Job Description

Global Markets Middle Office delivers control functions responsible for providing assurance over data and processes used to record risk, P/L, balance sheet and financial results in support of Global Markets,

The Portfolio Reconciliation (PR) function is designed to mitigate credit risk and operational risk associated with Global Markets non-cleared derivative trading activity. In addition to the departments core competency of performing proactive portfolio reconciliation with both institutional and buy side clients, the department is also responsible for ensuring compliance with various aspects of CFTC and EMIR regulatory requirements concerning portfolio reconciliation. The group comprises three main functions (i) client on-boarding (ii) reconciliation and break resolution (iii) dispute management. A summary of each is contained in the figure below:

I.- Client On-Boarding

a.- Determine the client population and prepare & send the client communications.

b.- Engage with client to answer questions and collect Port Rec preferences/elections.

c.- Track clients- responses and preferences/elections.

d.- Set the client up with the tools required to perform the Valuation and Material Terms recons.

II.- Reconciliations

a.- Reconcile valuation and material terms trade data with the counterparty in compliance with the guidelines set forth by the CFTC and EMIR regulations. Confirm a match or identify a break.

b.- Research and identify the cause of the break.

c.- Work with the appropriate party to amend the break.

d.- Evidence the cause of the break and its resolution

III.- Dispute Management

a.- Manage and monitor dispute investigations and escalations, including liaising with Front-office, Middle-office, Credit and PVG stakeholders.

b.- Provide internal and regulatory dispute reports.

c.- Develop and analyze dispute metrics.

d.- Mature process for valuations; Material Terms process is in early stages across the industry

Responsibilities

This Portfolio Reconciliation associate will be asked to but not exclusively perform:

- Perform reconciliation on TriResolve application (dispute/ Mandatory) for OTC Collateralized and Non-collateralized trades with counterparties across various asset class

- Match trades for BAML with client portfolio and identify breaks/unmatched trades

- Work on same direction trades. Identify if we are booked correctly and update the report

- Enhance matched review

- Investigate & identify trades contributing Mark-to-market (MTM) Variances and collateral margin disputes

- Investigate Legal Entity Break trades and work with Trade Support and/or counterparty to amend trade & resolve the issue

- Reporting and escalation root cause analysis of outstanding items by age category.

- Review and identification of system and process enhancements to increase efficiency and reduce exposure.

- Work with relevant parties across MO, Operations, Finance and regions to achieve goals.

Requirements

Essential Skills

- Previous Middle Office or Operations experience

- Familiarity with markets products ideally in more than one asset class. Experience / working knowledge of derivative products in capital markets and collateralisation is required and previously exposure in a P&L role desired but not essential

- Previous client facing skills ideally with an operational context

- The ability to work in the capacity of an individual contributor within the team

- To be able to work across teams/ locations, building relationships and influencing and driving accordingly

- Excellent communication skills with a demonstrated ability to work with people of differing levels of seniority

- Proven ability to build meaningful networks and relationship to allow indirect management of team goals

- Knows when to escalate to aid resolution.

- Self starter - works on own initiative and willingness to help others in order to meet targets and objectives.

- Has an analytical mindset that allows the associate to self identify the root cause of differences, delivers solutions to allow remediation and follows through to ensure closure

- Strong attention to detail

- Proven record of challenging the status quo

- Track record of developing processes to enhance controls and improve efficiency including further technological developments

- Build out management information suite to track progress of role objectives

- Strong technical skills including experience using MS Excel (essential) and Access (preferred). Experience handling large amount of data is required

- Organised, detail oriented & skilled in handling multiple priorities with tight deadlines in a fast-paced environment

- Demonstrable ability to cultivate and nurture credibility-based relationships with stakeholders and partners across all levels and functional areas

Competencies

Delivers Results

- Has a track record of working in a team environment performing consistently to a high level

- Is focused on delivering the desired results in a efficient manner

- Focuses on delivering superior value to clients

- Translates issues identified into plans that can be effectively tracked and executed

Team Player

- Works effectively in a team

- Listens to feedback and responds positively

- Shares knowledge

Personal Effectiveness

- Takes personal ownership for delivering superior services to clients

- In not afraid to ask for guidance

- Demonstrates the courage to express or defend unpopular decisions

- Maintains a constructive, positive outlook even when plans are thwarted

Planning and Organisation

- Manages own time well, agreeing priorities. Multi-tasks effectively, work well under pressure and meets tight and changing deadlines.

Communication Skills

- Communicates clearly and concisely, verbally and in writing, at all levels within the organization

Education Qualification

- Accounting/Finance Degree (preferably Post Graduate in Accounting/Finance)

Preferred Experience

- A minimum of 1 year- s work experience with exposure to Portfolio Reconciliation, Accounting & Reconciliation, break investigations etc ( MS Excel & MIS experience would be an added advantage)

Additional Details

- Shift Type (Rotational Shifts/Fixed): Fixed

- Process Timings: 0230pm - 1130pm (IST) [EMEA shift]

- Weekends Off (Y/N): Y

- Does the role demand any Client Interaction (Y/N): Yes