Operation Services - Back Office (FX & MM) Associate

Bocusa; New York (NY); On-site; USD 42,000 - 90,000; Full time

Job summary

An established industry player is seeking a Back Office Team Associate to join their dynamic FX & MM operations team. In this pivotal role, you will be responsible for daily settlements, ensuring compliance with regulatory standards, and supporting various operational processes. This position offers a unique opportunity to leverage your skills in financial products and back office workflows while contributing to a reputable institution with a global presence. If you have a background in accounting or finance and are eager to enhance your career in a collaborative environment, this is the perfect opportunity for you.

Qualifications

• Bachelor's degree required; majors in accounting or finance preferred.
• Up to 3 years of experience in back office settlement required.

Responsibilities

• Perform daily settlements and reconciliation for FX, MM, IRS, and RMB.
• Ensure compliance with bank policies and prepare risk assessment reports.
• Assist in system and process changes for efficiency.

Skills

Back Office Settlement

Microsoft Excel

Microsoft Word

Treasury Products Knowledge

SQL

VBA

Education

Bachelor’s degree in Accounting or Finance

Job description

Introduction

Established in 1912, Bank of China is one of the largest banks in the world, with over $3 trillion in assets and a footprint that spans more than 60 countries and regions. Our long-term outlook, institutional weight and global breadth provide our clients with a stable and reliable financial partner, whether in Corporate or Personal Banking or our Trade Services, Commodities, Financial Institutions and Global Markets lines of business.

Overview

The Back Office Team Associate FX & MM performs daily settlement, operation and administration process of FX & MM products and RMB clearing settlement, verify tickets, confirmation matching, payments verification, data accounting entries, run system batch and reports to ensure processes performed align with Bank’s procedures, policy guidelines, standards, and regulatory requirements.

Responsibilities

Include but are not limited to:

Daily settlements

1. Complete intraday/end of day processes for FX, MM, IRS, CCS, CP, and RMB clearing settlements
2. Perform Corporate MM CBD funds and FI Time Deposit settlements
3. Complete confirmation matching by performing post-trade matching process via vendor applications
4. Perform daily end of day reconciliation process to ensure complete and accurate operation process
5. Monitor settlement of all trades to ensure timely resolution of any failing transactions by working with the Front Business Lines and counterparties
6. Perform timely and accurate GL accounting entry postings in the core Treasury banking system
7. Perform new product testing and support including draft of UAT testing and work closely with the technical team for issue resolution
8. Report and escalate settlement issues to Supervisors
9. Assist team on projects for implementing systems and/or process changes to support increased efficiency on process controls
10. Restore business document files in accordance with retention policy.

Risk Management/ Compliance/Internal Audit

1. Understand and comply with Bank’s procedures, policies, standards, and regulatory requirements
2. Prepare monthly, quarterly and semi-annual risk assessment reporting to the Second Line of Defense
3. Update procedures to reflect current workflow processes and gaps on control processes
4. Prepare monthly and quarterly reports to Head Office
5. Prepare documents and responses requested by internal and/or external parties and auditors timely
6. Respond to Internal Audit Department’s requests timely
7. Assist to remediate any audit issue findings

Qualifications

• Bachelor’s degree is required; majors in accounting or finance are preferred
• Up to 3 years of experience in back office settlement is required
• Excellent Microsoft Excel and Word skills are required
• Knowledge of treasury and financial products characteristics and back office settlement workflow is required
• Knowledge of SQL and VBA is a plus

Pay Range

Actual salary is commensurate with candidate’s relevant years of experience, skillset, education, and other qualifications.

USD $42,000.00 - USD $90,000.00 /Yr.