Trade Service Officer at Standard Chartered Bank

The Role Responsibilities

• Responsible for end to end delivery of Trade Operations for the country covering all the streams including operational risk related controls, performance monitoring through key metrics such as volumes, productivity, accuracy, service levels, losses/lapses, issues and risk registers.

Strategy:

• Support the cluster head in developing the strategic direction and roadmap for trade operations aligning with the business strategy, overall operations strategy and investment appetite
• Coordinate and monitor progress of the various strategic initiatives for end to end delivery of trade operations (both country as well as the hub) and maintenance of various operational risk related controls
• Maintain standard service level across Businesses responsible for, in line with expectations from various stakeholders across client segments 
• Support ‘efficiency and effectiveness’, reduction of manual work to improve service delivery capability
• Devise strategy to streamline processes, simplify, enhance productivity, reduce risk, improve controls by leveraging technologies
• Partner with technology on digital agenda, pre-empt disruptive forces and commercialise innovative use of technologies

Business:

• Work hand in hand with the business, taking programs from investment decisions, into design, specification and solution phases, all to way to operations on the ground, securing support services from other teams
• Ensure growth of Return on Equity, commercialisation of capabilities, improvement in client experience and identification of defects for future improvements
• Be a strategic partner to business teams and work towards attaining end business financial goals 
• Ensure adequate capacity plans in place to meet business growth

Processes:

• Support the Head of Trade in transforming operations with best in class turn-around times, controls and standards as to provide market best client service and in a manner that the risks, if any, are clearly understood and managed
• Responsible for putting in place appropriate standard processes for each product/sub-product, identifying deviations and gaps in processes, identifying potential risks and implementation of effective mitigants
• Ensuring process related documentation in terms of issuing Global Department Operating Instructions (GDOIs) considering various policies of the bank and market practices 
• Ensure Anti Money Laundering (AML) and sanctions activities are carried out as detailed in group guidelines 
• Responsible for rolling out of processes for new products/sub-products by defining related processes required and by issuing related documentation  
• Responsible to support country trade operations and hubs on Strategy, Operating Model, Standards and Risk Controls and compliance with regulations 
• Responsible for ensuring complete commercialisation of various technological platforms

People and Talent:

• Lead through example and build the appropriate culture and values across teams 
• Set appropriate tone and expectations for their team and work in collaboration with risk and control partners.
• Ensure the provision of ongoing training and development, ensure that direct reports are suitably skilled and qualified for their roles and that they have effective supervision in place to mitigate any risks
• Set and monitor job descriptions and objectives for direct reports and provide feedback and rewards in line with their performance against those responsibilities and objectives
• Improve capabilities of country trade operations, multiply talent pool bench strength both in countries and hubs

Risk Management:

• Proactive assurances that the team is performing to an acceptable risk and control standard for the countries responsible for 
• Act quickly and decisively when any risk and control weakness become apparent and ensure they are addressed within an appropriate timeframe and escalated through the relevant committees
• Include all necessary internal, legal and regulatory controls through the development of product requirements
• Balance business performance delivery and cost management constraints with risk and control matters to ensure that they do not materially threaten the group’s ability to remain within risk appetite

Governance:

• Embed the Group’s values and code of conduct in the team to ensure that adherence with the highest standards of ethics and compliance with relevant policies, processes and regulations among employees form part of the culture
• Ensure compliance with all salient SCB governance frameworks where there are direct touchpoints or any subsequent downstream influences 
• Ensure compliance with the highest standards of regulatory, business conduct and compliance practices as defined by internal and external requirements including local banking laws and anti-money laundering regulations and guidelines
• Represent operations as required at any relevant committees
• Regular review of business performance metrics including Key Performance Index (KPI), transparent metrics, capacity models, cost per transaction and take appropriate steps immediately upon detection

Job Purpose

• Ensure smooth functioning of LC processes
• Organization of work flow to achieve maximum productivity
• Ensure that LC related products/applications/documents are processed against laid down procedures, service standards and key control standards.
• Ensure compliance of all internal procedures, operational controls local regulation and ICC rules.
• Conceptualize and build applications that would maximize productivity, save cost and deliver better services to clients

Key Responsibilities
Import Letters of Credit:

• Ensure that applications and shipping documents received are processed within approved SLA and as per client segmentation.
• Ensure purchased funds are utilized within regulations
• Amendment, loan liquidation and discrepancies acceptance request should be processed within approved SLA
• Ensure that issuance of Letter of Credit is in line with local and international standards.
• Ensure that endorsed documents get to client within approved SLA
• Ensure that the DOI is followed in processing and continuously reviewed to reflect current operations. Seek dispensation for all noncompliance. 
• Follow through with the advising bank and ensure that LC are advised promptly and provide clarifications where required.
• Advise inability to process any transaction immediately to the respective stakeholders
• Ensure the entire LC processes are finetuned to avoid losses, regulatory sanctions and in the best cost-effective way
• Ensure nostro and suspense items do not exceed approved life span and ensure prompt escalations of items beyond control

Export Letters of Credit:

• Letters to be advised same day if authenticity of the message is established.
• Ensure same day TAT on chasing and settlement of proceeds.
• Ensure revenue is realized on received export LCs.
• Ensure export shipping documents are processed in line with client’s instruction
• Ensure to revert to client in case of discrepancies for their disposal instruction

Reports:

• Returns to CBN via finance monthly on letter of credit.
• Returns on utilization on letter of credit monthly
• Timely return rendition
• Periodic review of applicable report to ensure there is no overdue items or risk issues

General:

• Processing customer transaction in line with agreed SLA
• Ensure dual control is always maintained where applicable.
• Ensure that all customer queries and requests are responded to within 24 hours after receipt
• Maintain comprehensive register for all products
• Monitor and ensure end to end consummation of all processes under my role.
• Adequate start of day and end of day processes to ensure operational safety.

Reconciliation:

• Provide all necessary assistance to ensure nil overdue items in reconciliations.
• Weekly reconciliation of original shipping documents 

Regulatory & Business Conduct:

• Display exemplary conduct and live by the Group’s Values and Code of Conduct
• Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct
• Lead the country to achieve the outcomes set out in the Bank’s Conduct Principles: [Fair Outcomes for Clients; Effective Financial Markets; Financial Crime Compliance; The Right Environment] 
• Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters
• Exercise authorities delegated in accordance with Articles of Association (or equivalent)  

Key Stakeholders:

• Trade Product Management Heads 
• Trade Product Development Head
• Trade Business Chief Operating Officer (COO)
• Trade Technology Management Team
• Country & Regional COOs

Key Relationships
Internal

• Managers, Peers and Subordinates in Trade Services - Hub and Spoke
• Head, Trade Operations; Head Wholesale Banking Operations
• Transaction Banking 
• Relationship Managers and Head Credit Operations
• Global Market Staff
• Internal Legal counsel

External:

• Trade & Exchange Dept - Central Bank of Nigeria
• Nigerian Deposit & Insurance Company
• Nigeria Custom Service
• Scanning Agents
• National Drug Law Enforcement Agents
• Economic and Financial Crime Commission

Our Ideal Candidate:

• Good communication and inter-personal skills.
• Minimum five (5) years banking experience 
• Good working knowledge of the Bank's products and services.
• Good PC skills.
• A University Degree.
• Minimum of three years’ experience in Trade Operations
• Knowledge of risks and local Laws relating to Trade 
• Good knowledge of applicable international trade practices

Role Specific Competencies:

• Market Knowledge
• Business Strategy
• Risk Management 
• Financial Analysis 
• Governance
• Relevant operations experience 
• Collaborative skills