Director- Escrow Management

4 weeks ago

dubai, United Arab Emirates First Gulf Bank PJSC Full time
Full-timeDivision: Corporate and Commercial Banking GroupCompany DescriptionFAB, the UAE's largest bank and one of the world's most secure financial institutions, is dedicated to creating value for its employees, customers, shareholders, and communities. Through innovation, agility, and differentiation, FAB is committed to fostering growth.We are looking for top talent and your success is our success. Accelerate your growth as you help us reach our goals and advance your career. Be ready to make your mark a top company, in an exciting and dynamic industryJob DescriptionJob Purpose:Responsible for recommending the business strategies, product pricing and sales/marketing planning to increase the market share of the bank’sescrow business.Work in coordination with sales and relationship team prepare, negotiate and win mandates.Handle product activities from strategic to tacticalAssist Unit Head to deliver the department strategy under Cash Product Management of GTB- Corporate & Investment Banking Group and to be accountable service and portfolio growth.To organize the day-to-day Escrow product management, fulfilling regulatory and compliance issues related to Escrow and to proactively develop the Escrow business.Key Accountabilities:Manages the entire product lifecycle and product roadmap.Incorporating feedback and input from customers, partners and in-house teams on product strategy and finding ways to expand product market reachMonitor the market trend and conduct product review regularlyAligning product development with business goalsWorks in close co-ordination with different departments to establish proper control measures, clear guidelines, and business performance indicatorsDevelop business requirements as the basis for Technical Development, Operations, payments, processing, and other cross functional departments to build systems, procedure, and materials (ideas) to support product development and ongoing product enhancementsTo handle the product roll-out regionally and globally for all escrow propositions.Handle all risk assessment activities and reportsResponsible for maintaining the regulatory and legal compliance requirements of all escrow productsTo attend client meetings along with CM Advisory/Coverage RMs and analyze project revenue detailsTo 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 normsTo manage the RERA/External/Internal Audit etc.To Prepare unit MIS (profit, revenue, cost etc.) and highlight any potential risk or opportunitiesTo 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.To 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 DevelopersTo review payments under different heads of payments such as construction, consultancy, sales and Marketing, Land payment etc. in line with the regulations of each EmirateHandle and manage unit projects and make sure to meet deadlinesTo make sure all regulator systems are up to date with the relevant data on a timely basisTo update the standard Tariff structure of Escrow Management from time to timeLiaising with the respective regulators for any clarification/additional information regarding Escrow laws / Regulations for the smooth conduct of Escrow businessVetting 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.To attend all Regulator meetingsJob Context:Focus is primarily on CIB clients and chosen Business Banking clientsClose liaison with staff from GTB Advisory, Client Services, Payment Centre, Channel Support, Branch network, Relationship Managers, IT Desk, Operations, and other relevant stakeholders in the implementation processParticipate in review of client agreements, service standards and service quality to ensure that we meet and exceed the expectations of our clientsEnsure 100% adherence to the Escrow laws / Regulations and amendments therein from time to time/ Regulator circulars/ MOMs/ Banks internal policies.Functions within the framework and boundaries of Group policies as well as overall organizational and governance frameworksAuthorized to take decisions as per the approved authorization matrix.QualificationsKnowledge:Excellent understanding of ESCROW proposition, escrow laws, local and international regulations, and practices.Sound Knowledge of Corporate and other cash management products and operationsAbility to interpret legal implications around Escrow products and servicesLanguage 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 a high-level interpersonal skill.Must have excellent verbal and written communication skills and be able to articulate concepts effectivelyExperience: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 operationsSkills:Strong results oriented individualStrong communication skillsmulti-taskingOrganizational and planning skillsNegotiation, decision making and problem-solving skillsAbility to manage high workload within a pressurized environmentStrong work ethics – willingness to take a ‘hands on’ approachEducation:University Degree minimum Bachelor’s degree
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