Job DescriptionSome careers open more doors than others.
If you're looking for a career that will unlock new opportunities, join HSBC and experience the possibilities. Whether you want a career that could take you to the top, or simply take you in an exciting new direction, HSBC offers opportunities, support and rewards that will take you further.Role Purpose
Principal Accountabilities: Key activities and decision making areasTypical Targets and MeasuresImpact on the Business
- Manage and control daily operations and administration of the remittances unit (which includes remittance processing, regulatory filings, RBI liaison, investigations etc.) in order to achieve a high level of efficiency and customer service, which would help attain strategic and operating objectives of the Bank.
- Monitor performance of employees, vendor staff and unionized staff in the given unit
- Ensure standardization of processes. Process notes to be updated on a regular basis.
- To centralise regulatory filing activities at Mumbai as per RBI requirements.
- Ensure an effective Business Continuity plan is in place for the unit.
- Ensure day to day processes are run as per defined procedure notes and policies.
- Ensure Daily Control Functional Checklist is updated by all team members and held on records.
- Guide the team to excel in all performance parameters which include cost management, key process performance indicators (TAT, accuracy etc.), customer satisfaction levels etc.
- Maintain HSBC internal control standards, including the timely implementation of internal and external audit points together with any issues raised by external regulators.
- Implement the group compliance policy as applicable to his role. Should be aware of the Operational Risk scenarios associated with their role, and to ensure that all actions during their employment with HSBC, take account of the likelihood of operational risk occurring.
- Monitoring performance of reporting staff with the help of Production management systems such as ICATS.
Ensure that there is improvement in productivity for transaction processing and service delivery.
Conduct User Acceptance Tests (UAT)
Business Continuity Plan (BCP)
Check whether the segregation of FIRCs to be printed on a security paper and letter head is in compliance with FEDAI and RBI guidelines, basis the purpose provided by the remitter/beneficiary of the remittance.
Check the issuance of duplicate FIRCs, third bank FIRCs and arranging FIRCs for HSBC INM customers by liasing with third banks
Ensure all the policies and procedures with regards to issuance of FIRCs are being adhered scrupulously
Ensure KYC for FDI transactions are issued as per extant guidelines and arranging KYCs for HSBC INM customers by liasing with third banks
By constantly reviewing processes and systems including controls without hampering business flexibility. Also by acquiring thorough knowledge on FEMA, FEDAI, SWIFT and other regulatory guidelines to guide the team in processing the transactions.
Conduct User Acceptance Tests (UAT) for system amendments / up gradations. Provide accurate feedback on time, user friendliness, bugs etc observed in the systems. Obtain assistance from local technical services team on conducting these UATs. Attend discussion groups conducted by project leads for developments on the remittance products
Develop a Business Continuity Plan (BCP) for remittance products and conduct regular tests while noting the system performance, system up time, user training etc.
By taking stock of documents segregation ie. Printing on Letter Heads and Printing on a Security Paper.
By Taking stock of the number of duplicate FIRCs issued.
Monitor Compliance of Extant and RBI/ FEDAI Regulations
Monitor costs on an ongoing basis and strive to reduce and optimize operations resources. Implement lean methodologies to continuously reduce ‘waste and identify areas of revenue leakage.Customers / Stakeholders
Contributes to building good customer relations and maintaining a high level of customer service
Understand and implement customer requirements. Ensure highest level of engagement with business groups & GLCM team.
By ensuring that the transactions are processed as per laid down guidelines within the agreed Service Levels with the various businesses. Monitoring the customer complaints and relating them to the processes where applicable to bring about improvements.
Liaise with internal customers (business groups & GLCM team) to understand delivery requirements with regards to the remittances products. Support significant customization within the product limitations and provide regular feedback to develop / improvise new products.Leadership & Teamwork
Monitoring staff performance and creating culture of learning and growth in the unit. Identify training needs and ensure training requirements are met.
Ensures the smooth, systematic and efficient functioning of the department. Ensure backups are created within the unit.
Monitor performance of the staff and create a culture of learning and growth in the unit. Identify training needs for staff and ensure that minimum training days requirements is met.
By ensuring all staff is conversant with the procedure laid down in BIM, DIMs, FIMs & relevant regulations. Backups to be created for every type of activity in the unit. Also preparing a backup for self in the unit.Operational Effectiveness & Control
Manage the operational risk associated with the role and safeguard the interest of the bank
Ensures audit recommendations / Compliance issues
Reporting / Preparation of returns
Business Continuity Plan (BCP)
MIS, Control & Business Continuity Plan (BCP)
By complying with internal and external guidelines whilst processing the transactions and other guidelines provided by compliance. By monitoring the operational loss event occurrence and impact and take corrective action to minimise the occurrence and impacts.
Ensure timely implementation of audit points (both internal and external) in the unit.
By ensuring that all the returns due, from the department are prepared accurately and within the stipulated time limits
Develop & review Business Continuity Plan (BCP) for remittances products. Ensuring that entire team is well aware of the BCP plans.Major Challenges
The major challenge of the job holder is to ensure that strategic objectives of becoming one of the best foreign cash management banks in India and business targets are met in a highly competitive market where margins are falling substantially on a year to year basis. The trend is expected to continue through the strategic plan period. The jobholder is expected to proactively take steps to ensure that productivity is kept high, costs are kept low and customers are satisfied with the service delivery and product offering. In order to maintain an edge over competition, he needs to constantly review products / services, delivery mechanism and systems to ensure that the same exceed market / customer requirements.
Major challenges will be
- Managing within the regulatory framework to avoid any reputational impact on the Bank is a major challenge. In light of the complicated FEMA guidelines and customer transactions, this is a major challenge.
- To develop a service delivery model for such regulatory processes which from time to time are passed on from RBI to Authorised Dealers
- Balance the customer's requirement and expectation with RBI's delivery model.
- Liaise and interact with all Customer Groups. An increasing business focus on remittances from LOBs and GLCM products requires the job holder to manage business expectations and at the same time keep the costs low and productivity high
- Understanding of the FEMA framework and its interpretation. The job holder is expected to communicate effectively with all stakeholders to ensure that customer's expectation is met and at the same time no compromise is made to the Bank's position
- Manage a team of officers and unionized staff.
- The growing workload needs to be handled with utmost efficiency / accuracy and the staff are motivated to project a good image of the department, bank and group as a whole.
Analytical thinking is necessary for constant improvement of processes by identifying areas of weakness from the information and feedback received from processing and client servicing.
Since introduction of GLCM business in India during 1999, HSBC has endeavoured to catch up with competition and to make its presence known and has achieved a great deal of success in this regard. Competition to HSBC exists in the form of established foreign players (Citibank, Standard Chartered Grindlays, Deutsche etc.), private banks who have a large branch network (HDFC Bank, ICICI Bank, etc) and nationalised banks where the degree of sophistication varies considerably (eg, Corporation Bank, State Bank of India, Vysya Bank etc). There has been a significant erosion of margins in this business, requiring constant monitoring of revenue streams and posing a challenge to ensure cost reductions through continuous review of processes and resources.
The principal regulations governing the jobholder are RBI guidelines, Compliance guidelines and the group's internal policies. He/she needs to Manage within the regulatory framework to avoid any reputational impact on the Bank. He needs to process good analytical skills & understanding of FEMA guidelines & its interpretation to handle complicated client transactions. The job holder is expected to communicate effectively with all stakeholders to ensure that customer's expectation is met and at the same time no compromise is made to the Bank's position.
The jobholder is expected to exercise broad discretion in carrying out his / her regular duties and is required to make reference to his / her superior with regards to decisions beyond his / her discretion. Also policy matters need to be referred to the VP- REMS Operations, Head - GLCM Operations and / or GLCM product team as appropriate.Management of Risk
The job holder has to ensure that all internal (FIM/BIM, Internal Compliance and Audit) and external (RBI regulations) guidelines are followed.
A key risk aspect where the job holder is expected to provide leadership is Fraud risk and information security risk. Identify risk mitigants & steps to ensure NIL OPR's. Ensure risk ids in Orion are reviewed periodically.
Maintain awareness of operational risk and minimize the likelihood of it occurring including its identification, assessment, mitigation and control, loss identification and reporting in accordance with section 4 of the Group Operations FIM.Observation of Internal Controls
Maintain and observe HSBC internal control standards, implement and observe Group Compliance Policy, including the timely implementation of recommendations made by internal/external auditors and external regulators. Foster a compliance culture and implement Group Compliance Policy by managing compliance risk in liaison with the Head of Group Compliance, Regional Compliance Officer, Area Compliance Officer or Local Compliance Officer, ensuring adequate compliance resources are in place and training is provided, and optimising relations with regulatorsRole Dimensions
As per delegated limits from time to time
- HUB Authorisation limits (Transfers)
- Voucher signing limits
- HUB outward message cable release limit
QualificationsKnowledge & Experience / Qualifications
This role requires 5-7 years of overall Banking exposure ,
- People and Stakeholder Management
- Project management and user testing
- Strong Communication and decision making ability
- Thinking and Problem solving skills
- Customer Drive
Diversity Statement, Data Protection and Entity Statement
- The health and safety of our employees and candidates is very important to us. Due to the current situation related to the Novel Coronavirus (COVID-19), we're leveraging our digital capabilities to ensure we can continue to recruit top talent at HSBC.
- As your application progresses, you may be asked to use one of our digital tools to help you through your recruitment journey. If so, one of our Resourcing colleagues will explain how our video-interviewing technology will be used throughout the recruitment process and will be on hand to answer any questions you might have.
As a business operating in markets all around the world, we believe diversity brings benefits for our customers, our business and our people. This is why HSBC is committed to being an inclusive employer and encourages applications from all suitably qualified applicants irrespective of background, circumstances, age, disability, gender identity, ethnicity, religion or belief and sexual orientation.
We want everyone to be able to fulfil their potential which is why we provide a range of flexible working arrangements and family friendly policies.
Personal data held by the Bank relating to employment applications will be used in accordance with our Privacy Statement, which is available on our website.
You'll achieve more when you join HSBC.
The Hongkong and Shanghai Banking Corporation Limited (HSBC), India