Specialist, Product Control And Middle Office

About the company

First Abu Dhabi Bank (FAB) is the largest bank in the UAE and one of the world's largest and safest financial institutions. We offer a comprehensive range of personal and private banking services, including credit cards, Islamic banking, investments, loans, and mortgages. Our commitment to excellence and innovation drives us to provide top-tier financial solutions to our clients.

Life at FAB Working at FAB means being part of a team of talented and passionate individuals with a shared vision to support the ambitions of our stakeholders to "Grow Stronger." We embrace the needs of our customers across the globe with a sense of responsibility and confidence driven by extensive expertise that can only be delivered by an ambitious world-class organization.

Our values At FAB, we place our customers at the core of our activities, live our values each day in every way, celebrate achievements, and empower each other to deliver leading solutions. We have structured plans for the recruitment and career progression of Emirati talent to enable them to make a mark in the financial and banking sector both regionally and globally that rewards your hard work and dedication.

Your tasks

The specialist product control is responsible for the adoption of adequate risk management controls, compliance and sustainability, oversighting of key activities, and implementation of projects. The specialist will ensure to work in close association with coverage and various cross-functional teams to mitigate various investment risks and rebalance in accordance with the bank's policies. Additionally, they are held accountable to ensure the bank's practices are precisely executed in accordance with the legislation and industry standards.

Under this role, analyzing the assets held under management (AUM) for Elite and Private Banking is channelized through the creation of the MIS report. In continuance, various ad hoc reports are created to suit the demanding requirements of senior management, enabling key decisions and business strategies to be based on this report. This function correspondingly works closely with the financial control team to ensure appropriate accounting with the central finance team for AUM and revenue recognition.

Establishment of various business processes and ensuring that the process execution is aligned with audit and compliance requirements. Identifying existing business lapses and providing corrective measures to mitigate any incidence or risk.

The product control team acts as an independent control function warranting compliance to the target operating model in terms of the integrity of investment-related products set up alongside valuation of existing products. The specialist maintains oversight on the end-to-end life cycle of the product and recommends enhancements depending on any dynamic requirements rising due to changes in banking policy, market, or regulatory body.

Strategic contribution

• Solely responsible for creating the monthly asset under management MIS report covering multiple source systems with multiple levels of sanity checks and amendments to ensure data accuracy.
• Analysis with respect to the movement in AUM demonstrated in the report and providing sufficient evidence on the current positions for Elite and Private Banking.
• Responsible to manage product database (as single source of all investment products) as golden source of product categorization including various parameters.
• Coordinate to ensure availability of wealth dashboard for management to envisage portfolio 360 view across various business parameters.
• Supports in various transformational IT projects in a role of business representative for UAT, data migration and cut-over projects, and other related transformation projects.
• Actively participate in decision-making processes during implementation of various bank-wide projects within EPB business.
• Responsible for coordination in training for EPB process implementation.
• Monitoring and ensuring the complete settlement of all end-to-end trade lifecycle.
• Actively responding back on all investment and trade-related queries internally and externally (counterparties).

People management

• Engage and collaborate with bank-wide stakeholders to contribute in establishing end-to-end product and process as applicable to EPB business.
• Point of escalation for teams coordinating with TED with respect to booking of trades.
• Engage and coordinate with various ops teams for execution, settlement, and client reporting related issues.
• Point of contact and communication channel with various platform and product providers (Allfunds, Indian banks, global market and counterparties etc.).
• Engage coverage team in investment product knowledge, set up, valuation, and reporting to help the business address client complaints and queries.

Budgeting and financial planning

• Coordination with central finance team and business management with tracking of product profitability and vis-à-vis to RM revenue which provides required input in making appropriate budgetary activities.

Policies, systems, processes & procedures

• Go through local regulatory requirements and anticipate what is needed.
• Make policies and processes in line with local and applicable regulations along with bank-wide stakeholders.
• Monitor established due diligence and end-to-end product process and recommend improvements to appropriate stakeholders.
• Day-to-day management of intra-bank stakeholders and third-party entities that deal with FAB.
• Lead in new product set up and maintenance, review product approval, product risk ratings, and manage valuation policy.
• Provide guidance and support to the team to enhance and build governance and operational framework around sourcing, selection, structuring, and development of investment products and solutions.
• Lead and engage in completion of various critical projects to improve efficiency of the business workflow resulting in superior customer satisfaction.

Sales velocity and process control

• Engage and collaborate with bank-wide stakeholders to contribute in establishing end-to-end product and process as applicable to PB and Elite.
• Process creation and amendments as and when required in order to bring efficiency based on coverage feedback.
• Provide guidance for client servicing of omnibus investment deals and address any investment-related issues with coverage.

Customer relationship management

• Managing coverage queries and complaints which stem from client complaints and provide them with appropriate direction.
• Be the point of escalation for dissemination of daily product valuations through appropriate modes.
• Ensure availability of product documents through intranet including various investment tools (yield calculator etc.).
• Guidance in analysing operational loss incidents to suggest remedial actions to business heads for suitable closure.
• Analysis and maintenance of investment product portfolio (AUM and revenue).
• Coordinate for coverage in products and process training.
• Point of escalation for coverage with interim client reporting, client P&L, occasional retrieval of call back and due diligence documents.
• Provide guidance and coordinate through escalation on investment deals that are processed through multiple back offices (Wealth Ops, AMO, TBO, Custody Ops, Fund Admin Ops, CAD).

Internal collaboration

• Coordinate with PBG MIS team in preparing various KPI related reports.
• Provide solutions to wide varieties of issues involving operation, accounts, reconciliation, and IT system issues by engaging appropriate stakeholders through active decision making.
• Manage set up of custody onboarding and act as communication channel for Elite and Private Banking, ensuring customer details are aligned with core banking data with timely update.
• Collaborate with various cross-functional teams and overseas bank ensuring smooth repatriation of funds so as to secure the optimal rate to minimise loss on client's investment.

Continuous improvement

• The position requires working towards continuous upgrade with respect to new investment ideas, product and process change, law and regulation changes, delivery of new IT solutions impacting the areas of business.
• Participation in various bank-driven online learning programs and initiatives to improve EPB products, process and efficiency in delivery of services and transformation activities.
• Invest personal time in gaining higher qualifications in the field of investment.

Specific accountability

• To substantiate the incidence and operational losses and validate with respective cross-functional team prior to initiating settlement.
• Monitoring the collection of fees from clients holding investment under custody and coordinate with custody to provide alternative solutions in recovering fees that remain outstanding.
• Validation and sanity check of daily prices prior to price upload in the wealth suite reflecting the client's investment market values.
• To participate in implementation and conduct of UAT test for various wealth management products as and when required.

Requirements

Minimum qualification Educated to a minimum of bachelor's in business administration, commerce, economics, banking, or finance. Ability to operate independently and positively motivate a team.

Minimum experience Minimum of 5+ years of experience in combined fields of investment product, finance, accounts, IT, and project management roles.

Advanced knowledge of

• The investment management business, product structures and investment processes, trade and settlement processes.
• Good knowledge of retail banking and brokerage model.

Specific skill in

• High order reasoning and decision-making, involving the interpretation of product program, audit and compliance policies for investment.
• Working knowledge of system development life cycle (SDLC) and software implementation including hands-on experience of systems like Bloomberg, Advent, core banking system, wealth management systems.
• Proven track record of successfully leading projects till the end with strong project management skills.

Ability to

• Organize, prioritize, manage, and track multiple detailed tasks and assignments, including those delegated, to complete work efficiently.
• Ability to work with multiple teams and if required to lead a team.
• Demonstrate positive attitude, excellent relationship skills and networking with counterparties.
• Accountable for deadlines, attention to detail and delivery driven.
• Operate independently with least amount of supervision.
• Coach and train team colleagues to enable them to grow within the organization.

What we offer

FAB offers unique career choices, a chance to innovate, craft solutions for the future, and express yourself in a performance-based culture that will unleash the best in you. Whether you are an experienced professional or just starting your career, FAB provides a range of learning and development initiatives to support all employees through training and skill development.