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Executive Director- Escrow Management

3 months ago

Abu Dhabi, Abu Dhabi, United Arab Emirates First Abu Dhabi Bank Full time

Job DescriptionJob Purpose:

Responsible for recommending the business strategies, product pricing, and sales/marketing planning to increase the market share of the bank's escrow business.

Work in coordination with sales and relationship team to prepare, negotiate, and win mandates. Handle product activities from strategic to tactical.

Assist Unit Head to deliver the department strategy under Cash Product Management of GTB-Corporate & Investment Banking Group and to be accountable for service and portfolio growth.

Organize the day-to-day Escrow product management, fulfilling regulatory and compliance issues related to Escrow, and proactively develop the Escrow business.

Handle the product roll-out regionally and globally for all escrow propositions.

Key Accountabilities:
Manages the entire product lifecycle and product roadmap.

Manage the product portfolio and responsibility of P&L.Incorporating feedback and input from customers, partners, and in-house teams on product strategy and finding ways to expand product market reach.

Monitor the market trend and conduct product review regularly.
Aligning product development with business goals.
Works in close co-ordination with different departments to establish proper control measures, clear guidelines, and business performance indicators.

Develop business requirements as the basis for Technical Development, Operations, payments, processing, and other cross-functional departments to build systems, procedures, and materials (ideas) to support product development and ongoing product enhancements.

To develop all required SOP and ongoing review.
Handle all legal agreements with clients and legal team.
Handle CTA agreements with all stakeholders.
Handle all risk assessment activities and reports.
Responsible for maintaining the regulatory and legal compliance requirements of all escrow products.
To attend client meetings along with CM Advisory/Coverage RMs and analyze project revenue details.

Review ESCROW account opening (Main and Retention) by liaising with CAD upon obtaining the relevant approvals from RERA/DMAT/RAK-RERA/documents from the Developers and communicate account details to the Regulators/Developers and checking KYC/AML/Sanction norms.

Manage the RERA/External/Internal Audit etc.
Prepare unit MIS (profit, revenue, cost, etc.) and highlight any potential risks or opportunities.

Review/submit all the mandatory reports to RERA/DMAT/RERA-RAK on a timely basis and any other MIS information sought by the respective regulators or local courts.

Re-assess the FTP benefits from GT and arrive at the applicable interest payable to the Developers (if applicable) on a frequency agreed with the respective Developers.

Review payments under different heads of payments such as construction, consultancy, sales and Marketing, Land payment, etc. in line with the regulations of each Emirate.
Handle and manage unit projects and make sure to meet deadlines.
Make sure all regulator systems are up to date with the relevant data on a timely basis.
Update the standard Tariff structure of Escrow Management from time to time.
Liaising with the respective regulators for any clarification/additional information regarding Escrow laws/Regulations for the smooth conduct of Escrow business.

Vetting of commercial escrow agreements with internal/external lawyers/opening of Commercial escrow accounts/checking the payment requests for compliance with the commercial escrow agreement terms/liaising with payment team for execution of payments/closure of accounts, etc.

Attend all Regulator meetings.

Job Context:
Focus is primarily on CIB clients and chosen Business Banking clients.

Close liaison with staff from bank legal, GTB Advisory, Client Services, Payment Centre, Channel Support, Branch network, Relationship Managers, IT Desk, Operations, and other relevant stakeholders in the implementation process.

Participate in the review of client agreements, service standards, and service quality to ensure that we meet and exceed the expectations of our clients.

Participate in all legal discussions to execute the agreements.

Frameworks, Boundaries & Decision-Making Authority:
Ensure 100% adherence to the Escrow laws/Regulations and amendments therein from time to time/Regulator circulars/MOMs/Bank's internal policies.
Functions within the framework and boundaries of Group policies as well as overall organizational and governance frameworks.
Authorized to take decisions as per the approved authorization matrix.#LI-MM2
Qualifications

Knowledge:
Excellent understanding of ESCROW proposition, escrow laws, local and international regulations, and practices. Sound Knowledge of Corporate and other cash management products and operations. Ability to interpret legal implications around Escrow products and services.

Language proficient:
Fluent (business)

English, ArabicKey Attributes:
A self-starter, motivated, with aptitude and willingness to undertake self-learning.

Must demonstrate the ability to analyze and understand project credentials, good numerical skills required for project and revenue assessments, should have high-level interpersonal skills.

Must have excellent verbal and written communication skills and be able to articulate concepts effectively.

Experience:
At least 5 years' experience in Escrow Services, preferably in product. Good understanding of local and international GTB products, international cash management practices, and Digital platform operations.

Skills:
Strong results-oriented individual. Strong communication skills. Excellent customer service skills. Multi-tasking. Organizational and planning skills. Negotiation, decision making, and problem-solving skills. Ability to manage high workload within a pressurized environment. Strong work ethics - willingness to take a 'hands-on' approach.

Education:
University degree minimum bachelor's degree
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