Head of Client Onboarding, Managing Director

Who we are looking for

We are looking for an industry leader with hands-on experience of Client Onboarding and Regional Management in a Markets business. The individual needs to exhibit a thorough understanding of how a banking operations team is run with knowledge of all allied functions, both upstream and downstream and how they all fit into the larger operating environment of the bank. The individual should be highly energetic, exhibiting executive presence, effective communication, stakeholder management and be adept at conflict resolution and influencing others. Experience in a regulated role including UK SMR / CASS will be an added advantage.

20 years’ experience in Banking Operations in a large multi-national bank. The individual should be adept at multi-tasking, exhibiting ability to react quickly to challenging situations, managing stakeholders, delivering excellence to clients and manage a team of circa 140 employees, giving them direction, motivation and helping build their careers. Key focus on identifying risks, enhancing controls and being able to drive innovation is essential.

Markets and Financing Operations (MFO), including Client Onboarding and Maintenance (COBM), is a highly diverse suite of functions and processes with a heightened degree of criticality, complexity and time sensitivity with exposure to regulatory, reputational and financial risk.

This role is within the MFO team as Global Head of COBM leading c140 colleagues, in the delivery of onboarding & maintenance processes to our Clients and the Front Office focusing on client experience and service. A large element of the role is transformation of the function, from operating model changes to a new technology infrastructure to reduce risk, create efficiency and improve speed to market. The role will need to drive the transformation whilst remaining focused on BAU so as to not compromise on service to our clients.

The position holds responsibility for the governance & oversight of the operations, business continuity, change management and onboarding (client and regulatory), with over 140 employees across product verticals. In addition, the role will partner with the UK Head of Global Markets, to effectively drive the UK and global GM business strategy, ensuring collaboration in identifying new revenue opportunities and increase share of wallet from existing clients as well as operational efficiencies in line with the Global GM strategy.

This is a triple hatted role including being the EMEA Regional Head of MFO as well as the UK SMR for the MFO functions in EMEA. The role will have a dual reporting line, primarily into the Global Head of MFO and a matrix line into the Country Head of UK and EMEA Head of GM.

Why is this role important to us

The team you will be leading plays an important role in the overall success of State Street Global Markets (SSGM). When owners and managers of institutional assets need research, trading, securities lending and innovative portfolio strategies, they turn to SSGM business unit. As our investment research and trading arm, SSGM’s number one goal is to enhance and preserve our clients’ portfolio values by applying technology, optimizing trading, and linking asset classes and markets across the world.

Join us if making your mark in the capital markets industry from day one is a challenge you are up for.

What you will be responsible for

As Head of Client Onboarding & Maintenance, MD you will -

• Lead and drive the transformation initiative to deliver a Global standardized operating model supported by new technology infrastructure.

• Focus on the control environment to drive a strong risk & control culture across the global teams to ensure processes are robust & compliant.

• Partner with Technology and the transformation lead for MFO to deliver a best in class E2E workflow solution, removing manual touchpoints and increasing STP

• Partner with other functions involved in E2E process to foster environment of process improvement to create client centric processes.

• Accountable for a strong governance to monitor and track BAU metrics, using data to identify issues to resolve and opportunities for improvement.

• Ensure quick, complete and accurate onboarding of clients as well as compliant with all regulatory requirements.

• Partner with and effectively influence colleagues in AML / KYC, Credit and Legal to fast-track onboarding.

• Face off to senior stakeholders in the Front Office Sales to provide transparency into challenges and workflow of onboarding cases with clear metrics.

• Initiate strategic projects to continue to evolve the Operating Model and drive the future vision of the function.

• Manage to budget, headcount and strategic investment.

• Drive the successful implementation of operations strategy and new operating model.

• Build or implement best practices and tools that ensure optimum utilization of resources.

• Work with other departments like Global Delivery (Custody) to identify, share and borrow best practices.

• Stay abreast of all regulatory and market changes and ensure adherence and no impact to service standards as a result of these changes.

• Partner with ERM and compliance colleagues globally to ensure MFO remains disciplined with respect to adherence to resiliency strategy, control assurance etc.

• Ensure adequate quality in terms of write ups of incidents, documentation of effective remedial actions, as well as timeliness around raising incidents in ICAMS in ensured.

• Ensure vendor oversight and hold them accountable to high standards of delivery.

EMEA Regional Role

• Responsible for the oversight of GM UK Operations, On Boarding, Business Controls, Business Continuity and Change Management.

• Bring a strong culture and discipline of change  management working in conjunction with the GM Global Head of business and project management.

• Oversight of product execution; ensuring project strategy and execution are clearly split out with tight alignment with the Global Head of business and project management

• Ensure that the GM businesses operate in compliance with internal and external regulations and follows the escalation procedures.

• Report regularly to legal entity boards as well as corporate and regional committees with appropriate, timely and relevant information so that the groups can discharge their responsibilities effectively.

• Establish and monitor systems of control, limits of delegation and escalation procedures so that the business complies with internal policies and external regulations and can be managed effectively.

• Drive oversight and MI improvements for Global Markets UK

• Support a culture of effective challenge to ensure appropriate governance.

• Mentor and grow the global team, focusing on diversity and coaching the leaders of the future.

• Ensure employee engagement, retention and motivation by driving initiatives and fostering a healthy culture on the ground.

 Certified Responsibilities:

• Assist in the managing of the on-boarding of SSGM clients. This includes contract negotiation, tax exposure, credit checks, KYC/AML, account set up, platform configuration/IT system set up, etc.

• The overall responsibility for SSGM operational activities executed through the UK legal entity.

• SSGM client support service e.g. queries and fulfilment of client requests, post trade, trade validation, and confirmation.

• The handling and escalation of complaints from clients of SSGM UK

• The responsibility for UK SSGM IT related activities using SSGM UK staff members and/or budget.

• Outsourcing responsibility as delegated by the UK CEO and UK Head of GM as documented in the delegation letter.

• Create, manage, monitor & report on UK Global Markets systems and controls and update and escalate to the UK governance groups as appropriate.

• Responsible for assisting the UK Head of GM in the management of regulatory, reputational, operational, credit and market risk within SSBTC LB.

Managerial

• Establish and monitor systems of control, delegated authority and escalation procedures so that the business complies with internal policies and external regulations and can be managed effectively

• Establish and monitor an effective delegation framework to ensure that tasks are performed by staff members with appropriate capacity and authority level (based on knowledge, skills and competence).

• Establish and monitor an effective oversight framework to ensure that issues are appropriately identified, escalated and resolved.

• Establish and nurture a culture of ‘Risk Excellence’ within the team, encourage an environment of openness that welcomes effective challenge and supports open discussion.

• Establish and nurture a culture of individual ownership of tasks to embed a clear individual sense of accountability into staff members’ behaviour in performing their roles.

• Ensure that the highest level of the Code of Conduct is displayed in your own and staff behaviour.

• Ensure all matters with respect to the UK business and broader EMEA business that could have a material adverse impact on State Street, its clients and its relationships with regulators are escalated to the UK Country Committee, the Head of UK, and to relevant corporate control functional heads.

CASS Responsibilities

Responsibilities

• Ensure that the businesses operate in compliance with internal and external regulations (including the UK Financial Conduct Authority’s CASS source book)   and that escalation procedures are followed

• Participate in relevant CASS working groups and Committees as convened.

Escalation

• Any material CASS related matter will be escalated within one business day of being confirmed to the relevant Compliance Officer, the State Street Bank and Trust Company Head of CASS UK and relevant functional heads as appropriate

What we value

These skills will help you succeed in this role

• Experience in senior regional management positions within a regulated global financial institution.

• Previous experience in working with/regular engagement with the UK regulators is key.

• Knowledge of Global Markets (FX, Securities Lending, Research) highly advantageous.

• Direct experience in overhauling and improving business MI and governance

• Direct experience in managing Operations and Onboarding Teams (inclusive, but not limited to, streamlining operating procedures /efficiencies).

• Direct experience in BU specific and legal entity governance.

• Direct experience in working with the Global HUBs, specifically Poland and India.

• Appreciation of internal stakeholder management required within a global organisation aligned by product & region.

• Knowledge of UK regulatory landscape and impact on governance of global markets products.

• Position requires some travel on an as needed basis. 

• Strong people leadership skills

• Management of the financials of a business

• Strategic thinking and analysis

• Senior regulatory facing skills

• Proven track record of successful execution

• Risk and compliance excellence

Education & Preferred Qualifications

University degree, post graduate/professional qualifications advantageous

Are you the right candidate? Yes!

We truly believe in the power that comes from the diverse backgrounds and experiences our employees bring with them. Although each vacancy details what we are looking for, we don’t necessarily need you to fulfil all of them when applying. If you like change and innovation, seek to see the bigger picture, make data driven decisions and are a good team player, you could be a great fit.

About State Street

What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation we’re making our mark on the financial services industry. For more than two centuries, we’ve been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.

Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary in locations, but you may expect generous medical care, insurance and savings plans among other perks. You’ll have access to flexible Work Program to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.

Inclusion, Diversity and Social Responsibility. We truly believe our employees’ diverse backgrounds, experiences and perspective are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome the candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift program and access to employee networks that help you stay connected to what matters to you.

State Street is an equal opportunity and affirmative action employer.

Discover more at StateStreet.com/careers

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