Deputy Manager Operations
StateStreet HCL Services Pvt Ltd
Total years of experience :12 years, 3 Months
Ongoing Project:
Since process is manual in nature, working on with the development team to automate the trade processing, cash processing and recons (holdings and cash). This will reduce the processing time and efforts involved by the team members to 40% (currently the team is stretching for more than 6 to 8 hours daily due to manual nature of the process), after the implementation of this tool team will just have to work on different breaks occurring (IM vs Broker and Custody vs Accounting) and external auditor queries if any.
Managerial Deliverables:
• Successfully migrated APAC ETD Team from Bangalore location (2 months of training in Bangalore)
• Setting goals and expectations of all 31 FTE's (includes buffers apart from billed FTE’s)
• Managing 31 FTE’s F&O process which is having tight deadlines to meet on a daily basis
• Responsible to manage attrition and absenteeism in the team, ensuring the resources are utilized properly and there is no impact on the deliverables
• Breaks discussion with the team to ensure investigation is moving in the right direction
• Ensuring process controls are in place and is being followed by the team
• Mentoring & training new joiners
• Handling escalations if any and to provide ATPR in case of any error happens
• Giving feedbacks to team members regularly and keeping a track of the discussions with them
• Maintaining error log and giving details around it in the daily team huddle to ensure the errors / mistakes are not repeated again
• Preparing and publishing KPI’s to senior management on daily basis
• Preparing Business Review presentations which is discussed over call with onshore stakeholders
• Responsible for staffing, work allocation and planning for Holiday coverage, Year end, Month end, etc.
• Reviewing sample audit packs to ensure the controls are not failing in the process
Process Deliverables:
• On daily basis around 260 funds (including critical and hypercare clients) are signed off in our process which are having tight deadlines throughout the day
• Core activity includes futures and options trades processing on T+0 and T+1 basis which are received via different sources like SWIFT, Trade Blotters, Broker Statements, Fax, etc.
• Holdings and Cash reconciliation are done at fund level before releasing the fund to Core team
• Liaising with different teams including Client operations, Core team, Oversight (Client/Senior management) to ensure our investigation and breaks resolution is going in right direction and smoothly
• There are monthly and weekly funds as well apart from daily funds, the ultimate goal is to check whether all the accounting entries (trades and cash) are processed and is matching with the broker statement
Process Deliverables:
• Reconciliation between Settlements and PNL entries
• Was part of a project were historic breaks were identified which was incorrectly matched in TLM, successfully liaised with product controllers and financial controllers to reduce down the exposure of incorrectly matched breaks in TLM
• Investigation of WAM breaks in order to find out root cause behind the exceptions
• Working with technology to fix the issues identified in root cause analysis
• Liaising with global settlements, middle office, technology, product controllers and financial controllers to resolve the WAM breaks
• Working on WASH account historic breaks cleanup project in order to find out offsets of historic trades and then matching it in either Wash account, Nostro account or on PNL
• Performing root cause analysis and working with technology to ensure the same kind of breaks doesn’t appear again
• Handling calls with different middle offices (Rates, Equity, Commodity), product controllers and financial controllers
• Preparing weekly and monthly Business Review presentation
Managerial Deliverables:
• Managing 24 FTE's including their ratings, 1-o-1 discussions and appraisals
• Setting goals and expectations of all 24 FTE's
• Mentoring & training new joiners
• Handling escalations if any and to provide control points in case of any error happens.
• Calculating SLA on a monthly basis
• Preparing weekly and monthly Business Review presentation
• Other strategic activities like resource allocation (staffing), planning and work allocation
Process Deliverables:
• Performing reconciliation between Custody holdings and PAM holdings
• Identifying breaks and investigating on it to check if the product/security is setup with correct details, if not then need to make corrections on the basis of valid backups
• Liaising with different teams including Client operations, Market data, Oversight (Client/Senior management) to ensure our investigation and breaks resolution is going in right direction and smoothly
• There are monthly recons, the ultimate goal is to check whether all the trades for the particular month is booked into PAM or not. For comparison Custody holdings are used which is a golden source to identify any missing trades which is causing a break
Listed Derivatives Operations-Global Static Update and Fixed Income Settlements
Profile:
Listed Derivatives Operations - Global Static Update
• Transitioned Listed Derivatives - Static Update process from London in June 2014
• LDM4 Implementation: Main objective was to check if the fees updated in our system is the latest fees or not for both House and Client business. Successfully completed this project after performing robust testing on a web based application (LDM4) and now this application automatically feeds the fees into our back office system (GMI) which has now reduced the manual efforts of updating or adding or amending the fees
• Impact analysis: Volume discount, scaled fees, percentage setup, membership discount, rebates, tax computation (per regional requirement) and interpretation of various fee schedule
• Static setups: Product, interest rate, exchange fee, clearing fee, brokerage, accounts (member & non-member)
• ESales versus GMI reconciliation
• Preparing weekly and monthly Business Review presentation
Fixed Income Settlements
• Products - CDS, IRS, FRA, OIS, XCCY Swaps, MTM & FX (Spot and Forward legs)
• Perform daily foreign exchange and money market trade settlements, working closely with global Operations teams in London and New York for settlement of cash flows, attending to internal and external queries
• Preparing weekly and monthly Business Review presentation
• Working in coordination with Counterparty, Middle Office and Treasury Team to ensure proper settlement of cash flows
• To Investigate and resolve discrepancies, if any, in the cash flows prior to the settlement date and to ensure Matching off the Ledgers of the same within minimal period
• Assist other team members in their day to day work to resolve discrepancies
• Preparing daily & weekly reviews reports (Metrics reports) to be sent to the Client
• Updating the management with Daily events which ensures that the process is running smoothly and there are process controls in place for any escalations and errors
• Mentoring & training new Joiners with the required product and process knowledge
MBA - Finance
Includes groups Computer Software, Computer Hardware and Computational Methodology.
Includes subjects like Physics, Chemistry, Mathematics, Biology, English and Hindi.