Specialist- Product Control

2 weeks ago

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

Job Description

Job Purpose:

The Specialist Product Control is responsible for the adoption of adequate risk management controls, compliance & sustainability, oversighting of key activities and implementation of projects. The Specialist will ensure to work in close association with coverage and various cross-functional teams to mitigate various investment risks and rebalance in accordance with the bank's policies. Additionally, they are held accountable to ensure the bank's practices are precisely executed in accordance with the legislation and industry standards.

Under this role, analyzing the assets held under management (AUM) for Private Banking is channelized through the creation of the MIS report. In continuance, various ad hoc reports are created to suit the demanding requirements of senior management enabling key decisions and business strategies to be based on this report. This function correspondingly works along with the financial control team to ensure appropriate accounting with the Central Finance Team for AUM and revenue recognition.

Establishment of various business processes and ensuring that the process execution is aligned with audit and compliance requirements. Identifying existing business lapses and providing corrective measures to mitigate any incidence or risk.

The Product Control team acts as an independent control function warranting compliance to Target Operating Model in terms of the integrity of investment-related products set up alongside the valuation of existing products. The specialist maintains oversight on the E2E life cycle of the product and recommends enhancements depending on any dynamic requirements arising due to changes in banking policy/market/regulatory body.

Key Accountability:

Strategic Contribution

  1. Solely responsible for creating the monthly Asset under Management MIS report covering multiple source systems with multiple levels of sanity checks and amendments to ensure data accuracy.
  2. Analysis with respect to the movement in AUM demonstrated in the report and providing sufficient evidence on the current positions for Private banking.
  3. Responsible for managing the product database (as a single source of all investment products) as the golden source of product categorization including various parameters.
  4. Coordinate to ensure availability of Wealth dashboard for management to envisage portfolio 360 view across various business parameters.
  5. Supports in various transformational IT projects in a role of Business representative for UAT, data migration, cut-over projects and other related transformation projects.
  6. Actively participate in decision-making processes during the implementation of various bank-wide projects within EPB business.
  7. Responsible for coordination in training for EPB process implementation.

People Management

  1. Engage/collaborate with bank-wide stakeholders to contribute to establishing E2E product/process as applicable to EPB business.
  2. Point of escalation for teams coordinating with TED with respect to booking of trades.
  3. Engage and coordinate with various ops teams for execution/settlement/client reporting related issues.
  4. Point of contact and communication channel with various platform/product providers (All funds, Indian banks, Global Market etc.).
  5. Engage coverage team in investment product knowledge, setup, valuation and reporting to help the business address client complaints/queries.

Budgeting and Financial Planning

  1. Coordination with Central Finance team/Business Management with tracking of product profitability vis-a-vis RM revenue which provides required input in making appropriate budgetary activities.

Policies, Systems, Processes & Procedures

  1. Go through local regulatory requirements and anticipate what is needed.
  2. Make policies and processes in line with local and applicable regulations along with bank-wide stakeholders.
  3. Monitor established due diligence and E2E product process and recommend improvements to appropriate stakeholders.
  4. Day-to-day management of intra-bank stakeholders and third-party entities that deal with FAB.
  5. Lead in new product setup and maintenance, review product approval, product risk ratings and manage valuation policy.
  6. Provide guidance and support to the team to enhance/build governance and operational framework around sourcing, selecting, structuring/development of investment products and solutions.
  7. Lead and engage in completion of various critical projects to improve efficiency of the business workflow resulting in superior customer satisfaction.

Lead generation and Sales Management

  1. This function is not directly related to customer-facing activities and therefore, it is de-scoped.

Sales Velocity and Process Control

  1. Engage/collaborate with bank-wide stakeholders to contribute to establishing E2E product/process as applicable to PB.
  2. Process creation and amendments as and when required in order to bring efficiency based on coverage feedback.
  3. Provide guidance for client servicing of omnibus investment deals and address any investment-related issues with coverage.

Qualifications

  1. Educated to a minimum of master's in business administration/commerce/economics or finance.
  2. A professional designation such as CFA or CISI is preferable.
  3. Ability to operate independently and positively motivate a team.
  4. Minimum of 6+ years of experience in combined fields of investment product, finance, accounts, IT and project management roles.

Desired Candidate Profile

Company Industry

  1. Banking
  2. Broking

Department / Functional Area

  1. Product Development
  2. Product Management

Keywords

  1. Specialist- Product Control & Middle Office
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