Wealth Management - Credit Middle Office - Collateral Monitoring Associate

Location:Edinburgh
Job Type:Full Time
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JPMorgan Chase & Co. is a leading global financial services firm with assets of more than $2.7 trillion, over 240,000 employees and operations in over 60 countries. It operates across four business segments including Asset & Wealth Management, Corporate and Investment Banking, Commercial Banking and Consumer and Community Banking.

J.P. Morgan Asset & Wealth Management, is a global leader in investment and wealth management. Its clients include institutions, high-net-worth individuals and retail investors in every major market throughout the world. The division offers investment management across all major asset classes including equities, fixed income, alternatives, multi-asset and money market funds. For individual investors, the business also provides retirement products and services, brokerage and banking services including trusts and estates, loans, mortgages and deposits.

J.P. Morgan Private Bank advises the world’s wealthiest families and helps them achieve their desired goals. Our teams of Advisors deliver advice, solutions and services across investments, wealth planning, credit and banking to help clients build, preserve and manage their wealth over time.

Our team of specialists works seamlessly to help our clients achieve their financial goals and aspirations. We’re proud to be named ‘2019 Best Private Bank for Ultra-High-Net-Worth Clients’ by Euromoney: Egypt, France, Greece, Italy, Lebanon, Qatar, Spain, United Arab Emirates and UK.

Job purpose

The Credit Middle Office collateral monitoring associate supports the Lending Solutions (LS), Securities Based Lending (SBL) and Credit Risk Teams in all collateral monitoring related and other ancillary activities, thus contributing to providing an exceptional service to our clients.

Main Responsibilities:
  • Approval of loan drawdown, payments in adherence to credit policies
  • Consult with the key business partners on credit structure, collateral and other credit consideration issues
  • Maintenance and monitoring of Collateral including Special Lending Values, Overrides
  • Identifying, investigating and reporting collateral shortfall situations to ensure prompt resolution working with the Lending Solutions and other front office teams
  • Issuance, setup and on-going monitoring of Standby Letter of Credits (SBLCs) and Guarantees
  • Monitoring and charging of various fees related to credit activity
  • Setup of Life Insurance collateral and approval of Life Insurance transactions in adherence to credit policies
  • Control reports generation, analysis and follow-up
Ancillary activities
  • Check the team mailbox for the allocated tasks and respond to queries promptly ensuring no items are over 24 hours
  • Update capacity metrics timely and assist team leader with metrics review and reporting.
  • Participate and support team leader with key projects, often within tight deadlines, taking ownership and leading as agreed with team leader. Provide support from inception through to completion.
  • Manage and prioritize the workflow for the day to day activities to ensure SLAs are met.
  • Deputise for team leader as appropriate, including day-to-day management and participation in meetings
Teamwork
  • Participate in team meetings and make valuable contributions. Lead or take notes if designated chairperson/secretary and update the minutes in the shared drive. Follow up on actions allocated.
  • Share information, best practice and ideas with the team
  • Regularly partner with and provide support to colleagues in other locations. This includes Legal partners, Client Service Specialists, Onboarding, Business Management and Projects teams
  • Liaise with Lending Solutions, Securities Based Lending Team, Credit Executives, and internal legal teams on documentation requirements and validation
  • Act as main point of contact for key stakeholders
  • Deepen relationships with other Credit Middle Office teams and promote synergies
  • Provide support to and coach analysts/junior associates while fostering collaboration and team spirit.
Controls
  • Monthly RCSA attestation to the Team Lead.
  • Ensure daily control sheet is populated by the team.
  • Ensure quality control is maintained within all functions.
  • Ensure daily control sheet is populated.
  • Checklist adherence.
  • File naming convention adherence.
  • Appropriate Mailbox management
  • Lead set up and maintain robust procedures and processes; identify inefficiencies and propose solutions.
  • Understand, ensure adherence to and compliance with, JPMorgan policies and regulatory requirements.
  • Understand credit control requirements to ensure that any control requirement is addressed and controls effected
  • Maintain a strong controls mind-set, able to challenge the status quo and identify process efficiencies
  • Complete all mandatory training timely.
  • Ensure timely escalation of issues to team leader/senior management following the applicable escalation procedures
  • Adhere with Records retention policy

Knowledge/skills

  • Maintain in-depth understanding of relevant field and end-to-end process.
  • Maintain very good knowledge of credit products.
  • Participate in credit and other forums to stay abreast of new initiatives
  • Keep informed on new policies/regulations impacting credit and discuss with manager
  • Commit to own learning and attend training sessions organized by the wider team
  • Understand and comply with all company rules and regulations
  • Serve as project support and project lead on various strategic, operational, and/or credit related initiatives
  • Become knowledgeable in key concepts including banking, regulatory requirements, lending products, credit, and bank tools

Essential qualifications:

  • Experience in dealing with client credit documents
  • Relevant experience within a financial institution is desirable
  • Previous experience in a credit teams an advantage
  • Excellent interpersonal skills with an ability to communicate at all levels, including senior management
  • Strong organizational skills and strong attention to detail
  • Ability to work independently, self-motivated with ability to prioritize work and meet tight deadlines
  • Familiarity with credit and lending products (legal knowledge is a plus)
  • General market knowledge
  • Knowledge of credit products in European countries is a plus
  • Ability to suggest improvements and engineer process changes
  • Strong Word and Excel skills
  • Control and Risk mitigation mind-set

JPMorgan Chase & Co. offers an exceptional benefits program and a highly competitive compensation package. JPMorgan Chase & Co. is an Equal Opportunity Employer and a member of the UK Government’s Disability Confident Scheme.

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