Associate, Collateral Management for Bilateral OTC (Over-the-Counter) Derivatives

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MANDATE

MANDATE

Under the direction of the Director, Operations Team, of the Collateral Management Group (CMG), the Associate, Operations, is responsible for ensuring that the terms of the collateral agreements that the Bank enters into, in connection with its over-the-counter derivatives business, are met. The role is also accountable for adhering to established controls, producing required reports, identifying process improvements and supporting new projects and taking a leadership role in CMG in respect of projects and other collateral management related matters. Accountable to provide business / operational subject matter expertise (SME) and knowledge of day-to-day operations and collateral management related projects. Act as SME to translate business objectives into plans that can be implemented, including process redesign to compliment the change management / product support strategy for CMG. Delivers specific operational processes/activities relating to the management and type of collateral being handled, and in accordance with established policies, procedures and regulations. Specialty activities are related to the types of collateral being managed and may include (but is not limited to) safe keeping, tracking/reporting, perfections, continuations, releases, etc.

KEY AREAS OF ACCOUNTABILITY

Risk & Control

• Follow through, monitor mark-to-market (MtM) and Reg IM SIMM exposure to the Bank’s counterparties to mitigate credit losses and process the movement of collateral between the Bank and its counterparties around the world, and ensure timely settlement and that the terms of the collateral arrangements are met, as set out in the Capital Markets Enterprise Operating Procedure (CM EOP).
• Collaborate with CMG Reconciliation team in their investigations when necessary.
• Act as a SME to create new and existing reports for various Bank areas involving data extraction, using extensive knowledge of the Calypso Collateral Management Module CCMM database and produce collateral management reports for key client groups on a daily, weekly, monthly and on ad hoc basis.
• Maintain, update and review static data in the CCMM database against Credit Support Annex (CSA) Monitoring Advices to ensure completeness and accuracy.
• Maintain, update and review static data in the CCMM database against Master Securities Forward Transaction Agreements (MSFTA) to ensure completeness and accuracy.
• Process payments in connection with collateral arrangements e.g. monthly interest on cash collateral, coupon payments and service charges.
• Understand regulatory and compliance requirements as prescribed for CMG, such as CM EOP, and provide recommendations and implement actions to ensure adherence, as required.
• Adhere to project industry standards and requirements and ensure they are followed and assessed against current practices and policies.
• Mitigate audit exposures and maintain awareness of regulatory impacts of change initiatives.
• Review policy and procedure (P&P) updates for potential impacts that require assessment of changes introduced. This includes CMG operating procedures
• Identify potential risk situations within the scope of work (e.g., risk assessments), make recommendations and/or escalate to the manager, where appropriate, and ensure contingency plans exist.
• Understand risks inherent in area(s) of expertise and take appropriate actions, including accuracy and safeguarding of all documentation and any other requirements to ensure operational integrity is maintained within the business.
• Ensure adherence to all aspects of FirstPrinciples, Our Code of Business Conduct and Ethics Corporate Policy, as well as all applicable legislation, regulatory rules and requirements, and Bank standards, P&Ps, e.g. CM EOP, for such things as potential conflicts of interest, safeguarding of customer information, trading in securities, anti-money laundering, privacy and disclosure of outside business activities.
• Ensure strict confidentiality is maintained for both customer and Bank information to protect the customer and the Bank and to ensure compliance with CMG procedures, CM EOP and Bank P&Ps.
• Follow security and safeguarding procedures as outlined in CMG procedures and in CMFG and apply appropriate due diligence in accordance with Bank policy for the prevention of loss due to such things as fraud or defalcation.
• Contribute to the management of risk and minimize losses through monitoring and controlling various reports and taking appropriate action, ensuring compliance requirements, audits and verifications are completed in accordance with Bank P&Ps, e.g. CM EOP.

Product & Process Management

This role may also have specific functional accountability, or area of specialization, in process management:

• Investigate and resolve system or process corrections and adjustments affecting CMG’s processes and effectiveness.
• Contribute to the development of business planning, technology planning and process development related to change initiatives.
• Act as the central point of contact for problem escalation from CMG Ops team and other relevant areas.
• Contribute to the provision of workflow/ procedure training for team members, as required.
• Work with third party and tri-party custodians to coordinate UMR IM collateral allocations
• Ensure CMG is in compliance with the CFTC rules respecting the protection of collateral of counterparties to uncleared swap transactions (CFTC Regulation 23.700-23.704.

Change Management

• Represent CMG Operations Team during change impact analysis and business requirements gathering, implementation planning and support, and issue escalation.
• Advise the business to accept changes in process and systems by informing key stakeholders of the implications of changes; recommend actions, as appropriate.
• May coordinate and/or implement test plans, test cases, training strategy development, training plans, parallel test strategy and plans, test documentation/ test specifications.
• Partner with Calypso Technology to ensure system application design specifications developed by Calypso Technology meet the business unit expectations/ requirements, and participate in the negotiation of solutions.

Project Delivery

• Act as the liaison and intermediary for the delivery of assigned change management initiatives, ensuring business impacts and requirements for successful implementation of initiatives for CMG Operations Team are accurately and thoroughly defined and understood.

Implementation Management

• Support the implementation and maintenance of process and system changes to ensure CMG’s business requirements are accurately defined, business implications and impacts of initiatives to CMG and its related stakeholders are understood, and leadership decisions regarding change initiatives are informed through a thorough and thoughtful analysis and recommendations.
• Ensure the overall implementation of change (technological, procedural, process and organizational) is timely, efficient, aligned to CMG Operations Team’s business priorities and consistent with the Bank’s overall strategy.
• Define and document user requirements, partnering with project teams as needed, to create manuals, training material/or job aids.
• Facilitate and/or participate in post-implementation activities.

Business Performance Management

• Coordinate the issuance and tracking of problem trackers and system and process enhancements raised with internal and external system providers.
• Support the delivery of exceptional customer service that builds trust through responsive, accurate, consistent, knowledgeable and available services and support.
• Demonstrate behaviours that are consistent with “Our Way” model and aligned with BMO values.

CROSS-FUNCTIONAL RELATIONSHIPS

Internal:

• Partner with managers from internal and external departments for the delivery of key accountabilities
• Business and technical stakeholders, (i.e. front office, Calypso Technology)
• Valuation Product Control (VPC)
• Back-office,
• Portfolio Management (PM)
• Regulatory Development Program (RDP)
• Derivatives Legal Group (DLG)
• Legal and Tax Groups
• Technology functions (i.e., Calypso Technology)
• Central service functions (e.g., Business Strategy & Execution, Operational Risk Management)
• Internal business partners to consult/ advise/ service in the delivery of key accountabilities

External:

• Suppliers and service providers, i.e. CCMM
• Regulators/ auditors

KNOWLEDGE AND SKILLS

Knowledge:

• University degree/college diploma or equivalent work experience
• 1 to 3 years of related work experience
• Knowledge of ISDA
• Knowledge of collateral management processes
• Knowledge of Capital Markets
• Familiar with products, operations and market practices as relates to collateral management
• Solid knowledge of conversion, parallel and implementation processes
• Solid knowledge of standard desktop applications used by the business unit
• Solid understanding of the business unit’s risk and regulatory requirements

Skills:

• Strong analytical and problem-solving skills, with ability to analyze a component or components of a process to optimize system functionality
• Strong decision-making skills
• Tolerance and flexibility for resolving ambiguities
• Strong change management skills
• Strong prioritization skills
• Strong planning skills (re finance, resource, strategy, business)
• Solid risk management skills
• Strong customer service and relationship management skills
• Strong facilitation/ presentation skills
• Strong conflict management/ resolution skills
• Strong teamwork and team leadership skills
• Strong written and oral communication skills, with the capability to present and articulate complex concepts
• Strong multi-tasking skills covering a wide range of challenges which are independent and distinct
• Ability to document requirements, UAT plans, conversion and implementation plans
• Must have advanced VBA, Macros, EXCEL skills
• Ability to support Collateral Management Group during business contingency

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