Custody Services Head at Rand Merchant Bank

Job Description

• The Head of Custody Services remains accountable and responsible for developing and implementing the organization’s strategy and end-state vision for the Custody team. To drive the Custody team to ensure timely execution of all strategic plans as it pertains to Custody and ancillary solutions, whilst ensuring that budget requirements are met. Responsible for instilling a culture of operational excellence and simultaneously ensuring improved product capabilities with ongoing process efficiency and adherence to all operational practices, regulatory requirements, and governance processes.

Key Roles and Responsibilities

Strategy and Financial Management

• Formulate a strategy for the Custody team and ensure successful implementation thereof
• Ownership and accountability for driving the strategic plans and ensuring successful implementation thereof, with the right levels of priorities assigned to strategic tasks
• Management of the entire suite of Global Securities Solutions (GSS), including direct custody, global custody, futures clearing solutions, funds services, prime finance, and fiduciary services
• Insightful analysis of industry developments, market changes and competitor offerings to identify threats and opportunities, assess potential impact on clients and offer appropriate and innovative product solutions
• Continuous review of existing products; ensures maintenance of up-to-date product documentation and high-quality collateral
• Extensive client interaction (within the overall client management strategy) to stay abreast of client agenda and thinking, to explain the impact of market changes and to lead solution discussions
• Accurate financial forecasting for budgetary and strategic business purposes Drives market advocacy process through ensuring active participation in local industry forums, work groups, and regulatory committees
• Establishment and implementation of an effective channel management strategy to support custody and broader GSS products
• Establish and maintain excellent working relationships and collaborations within Custody, Global Markets, the RMBN, and the broader RMB/First Rand Bank Group
• Attract and retain knowledgeable individuals who will add value to the Custody business and ensure ongoing up-skilling of individuals to ensure personal growth and development for the benefit of the Custody business, Global Markets, RMBN, GSS, and broader RMB/First Rand Bank Group
• Seek to adopt and support best practices wherever feasible in line with local and international standards
• Prepare and present accurate and meaningful information at executive levels within the organization, whilst ensuring that such information is an adequate representation of the current events transpiring within custody
• Build a high-performance culture within the team to support the strategic initiatives to provide service excellence that will differentiate RMBN in the market Active participation at all industry forums with proactive feedback to clients and other stakeholders in terms of the impact of such market initiatives Provide support to other business and functional areas in achieving their key organizational objectives in the collective interest of the Bank and Group

Business

• Closely monitor market developments and competitor activity; maintains close contact with country and global product teams, assesses potential impact on clients and custody business locally/internationally and identifies appropriate action where necessary
• Job scope covers the whole range of custody services, including other GSS products
• Periodically reviews products to ensure profitability requirements and expectations continue to be met
• Co-ordinate activities across the region to minimize overlap and maximize sharing and re-use of solutions
• Manage relationships with functions such as Trading & Execution, Markets Sales & Structuring, Corporate Transaction Banking, Central Operations, Business Technology, Risk, Credit, Compliance, Legal, Finance etc as they impact the evolution of the custody product suite locally

Risk Management

• Product risks are identified and managed effectively
• Takes responsibility for identifying, assessing, monitoring, controlling and mitigating risk.

Leadership

• Actively strive to build team camaraderie within Custody business/operations, Global Markets, RMBN, GSS, and broader RMB/First Rand Bank Group
• Keep open lines of communication with all Custody staff and provide ongoing feedback where relevant to ensure alignment between management and staff at all times
• Foster a culture of high performance and operational excellence within the Custody team
• Encourage and mentor teams to build steadfast relationships with all stakeholders, internal and external to the Custody environment / RMBN
• Set well-defined job objectives for the Custody team and ensure that they are well versed with the strategic intent of the Custody business, allowing them to participate in the execution of the strategic objectives

Governance

• Ensure ongoing adherence to all legislations, regulatory requirements and risk and compliance matters to avoid control breaches or non-adherence to such requirements

Qualifications

• B.Sc. in Economics, Accounting and Finance or any finance or social science related courses with a minimum of second-class upper division.
• At least 10 years’ experience in banking with extensive securities services or financial services or a similar environment exposure, and no less than 5 years in management/leadership position

Experience

• A proven track record of experience in securities services or financial services (5-10 years)
• Advantageous to have an understanding and working experience of banking regulations, financial accounting, payment, credit risk, process mapping & reengineering, sales and treasury products.

General

• Good judgment and decision-making skills
• Strong interpersonal and inspirational skills
• Listening, analysis and negotiating skills
• A strong communicator who is deadline and solutions driven.
• Ability to excel within tight deadlines and across multiple dependencies

Human Relations Profile

• Strong character & integrity is paramount
• High degree of self-confidence; pleasant personality; well presented
• Well organized / good time management skills / disciplined/ detail detail-oriented
• Self-starter, able to work with minimal supervision
• Excellent problem-solving/solutionist skills with a “can do” attitude
• Excellent team building and interpersonal skills
• Flexible when necessary
• Strong work ethic and able to operate in a fast-changing environment (driving aggressive growth).