Nostro Management - Banking Operations – Vice President – Bournemouth

Location:Bournemouth
Job Type:Full Time

JPMC – Nostro Management - Banking Operations – Vice President – Bournemouth
Functional description
Nostro Management is a new global function responsible for Nostro ownership throughout the full lifecycle. The function will work closely multiple other CIB functions, including cash management, reconciliations, transfer pricing organization and network management. The purpose of this function is to sustain the improvements made by the Cash Working Group 2016-17 to the Nostro account population: e.g. overdraft charge reduction, account opening controls and reference data improvement. The cash working group is a CIB, Treasury and finance initiative to drive improvement in the governance, control and management of JPMC’s financial framework. Nostro management are responsible for defining and implementing the strategic operating model to manage the firm’s third party and inter-entity nostros, including:
  • Management of the full population of Nostros within a consistent and structured framework
  • Deliver a consistent corporate-wide nostro operating model
  • Change Management and Governance
  • Maintain Principles of Cash Working Group Principles:
    • Alignment to Firmwide Data Management Principles
    • Support firmwide nostro sub-ledger model
    • Comply with Treasury nostro operating principles and flattening of the funding structure
    • Ensure adherence with:
      • strategic cash position management model
      • rationalized nostro reconciliation processes and platforms
  • Accountability for ensuring integrity across Statement v Ledger v Prediction
  • Own firm-wide Nostro inventory and integrity of inventory data
  • Provide transparency of and reduce all nostro costs
Key Responsibilities:
The Nostro Management Vice President will report to the Nostro Management Analysis & Execution Lead and support the team to achieve end to end Nostro lifecycle management, including:
  • Nostro Account owner
    • Firm-wide ownership of third party and intercompany Nostros in region
    • Single point of contact for Nostro management in region
  • Nostro Management
    • Management of the full population of Nostros within a consistent and structured framework
    • Ensure adherence to corporate-wide Nostro operating model
      • All nostro status’ known: reconciled, network managed and funded
      • Ensure regulatory reporting / substantiation is performed by appropriate parties
    • Continual maintenance of Nostro population – e.g. dormant account review
    • Partner with other core functional teams to deliver on key Nostro management objectives
    • Partner with other teams (e.g. reconciliations and finance) that are impacted by distributed nostro structure to ensure critical issues are rectified
  • Nostro Lifecycle
    • Regional team accountable for full life-cycle of Nostro accounts in region
    • Maintain control model for opening, closure and ongoing validation of all third party and intercompany nostros and associated sub-ledgers
      • Credit, KYC approvals, etc.
      • Monitoring of unauthorized activity and subsequent remediation and escalations
    • Change Management – control change process for those nostros / sub-ledgers
    • Provide monthly governance for all functions that are responsible for key processes that impact the life-cycle i.e. processes performed in opening and closure
      • Network Management
      • Reconciliations
      • Corporate Treasury & LoB’s
    • Attestation and recertification
  • Nostro integrity
    • Accountability for integrity across Statement v Ledger v Prediction in region
    • Assist in ensuring data quality and integrity within Nostro inventory
    • Drive end-to-end consistency in information flows and control points to ensure optimum model for provision of statement, ledger & predictions
    • Partner with Liquidity, Credit and Other Risk functions to mitigate risk of discrepancy in statement/ledger/prediction data
    • Governance of LoB’s ensuring they:
      • provide correct and timely information
      • ensure ledgers, statements and predictions are entirely consistent
      • self-fund to the corporate standard if Treasury/Cash Management do not fund centrally
    • Create transparency of treasury vs. non-treasury activity across nostros
  • Compensation / Transfer Pricing (in partnership with existing Cash Position Management functions)
    • Accountability for minimizing overdraft costs, appropriate allocation of direct costs and enabling Corporate Treasury to drive optimized transfer pricing strategy
    • Partner with Transfer Pricing organization (TCIO) to execute optimal e2e reallocation/ charge back model
    • Provide full transparency to cost and income flows related to overdrafts
    • Work towards objective of reducing overdraft costs globally to bare minimum
    • Work to provide LoB transparency of total cost of funding to help generate more informed profitability discussions (client / product)
    • Leverage intraday capability - drive good business reporting behaviour through reward of more accurate risk and credit intra day
Skills (Required)
  • Promotes an inclusive work environment; respects individuals at every level
  • Exemplifies the highest standards of ethics and integrity
  • Programme, project management mind set
  • Possesses the ability to work on a diverse team and with a diverse range of people
  • Escalates issues and concerns in a timely manner
  • Promotes partnership; encourages collaboration, information sharing and discussion to break down silos
  • Challenges the status quo
  • Ability to adapt to a multi-functional and cross-LoB role
  • Free thinker/problem solver who has the ability to offer and articulate alternative solutions
Skills (Optional)
  • Knowledgeable of banking functions, specifically, in one or more of the following areas: Finance, Network, Reconciliations, Cash Management, Risk and Controls
  • Experience using business analysis techniques and/or other relevant capabilities, such as data mining, process mapping, process improvement, measurement frameworks
  • Knowledge of end-to-end technology lifecycle
  • Builds/promotes a client/customer centred organization
  • Experience of Industrialisation of new processes
  • Experience of working in an Agile Environment
  • Experience of the following application: MagicDraw, Confluence/Jira, Microsoft products and Business intelligence applications such as Tableau/QlikView
About J.P. Morgan Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank (CIB) is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18 trillion of assets under custody and $393 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world.
PLEASE NOTE: ALL INTERNAL MOVES WILL NORMALLY TAKE PLACE ON THE SAME GRADE AND SAME SALARY. SALARIES ARE REVIEWED ANUALLY IN FEBRUARY. EXCEPTIONS TO THE RULE REGARDING TRANSFER ON CURRENT SALARY MAY INCLUDE A MOVE BETWEEN GEOGRAPHIC LOCATIONS.
Job
Business Analysis, Service Design, Process Design, Continuous Improvement
Primary Location
GB-ENG-BMH-1 Chaseside - Hampshire Building / 01212
Organization
CIB OPERATIONS
Schedule
Full-time
Job Type
Standard
Shift
Standard
Employee Status
Regular
Recruiter
Name
Hiring Manager
Fay Baynham
Salary Grade / Level
603
Job Description
JPMC – Nostro Management - Banking Operations – Vice President – Bournemouth
Functional description
Nostro Management is a new global function responsible for Nostro ownership throughout the full lifecycle. The function will work closely multiple other CIB functions, including cash management, reconciliations, transfer pricing organization and network management. The purpose of this function is to sustain the improvements made by the Cash Working Group 2016-17 to the Nostro account population: e.g. overdraft charge reduction, account opening controls and reference data improvement. The cash working group is a CIB, Treasury and finance initiative to drive improvement in the governance, control and management of JPMC’s financial framework. Nostro management are responsible for defining and implementing the strategic operating model to manage the firm’s third party and inter-entity nostros, including:
  • Management of the full population of Nostros within a consistent and structured framework
  • Deliver a consistent corporate-wide nostro operating model
  • Change Management and Governance
  • Maintain Principles of Cash Working Group Principles:
    • Alignment to Firmwide Data Management Principles
    • Support firmwide nostro sub-ledger model
    • Comply with Treasury nostro operating principles and flattening of the funding structure
    • Ensure adherence with:
      • strategic cash position management model
      • rationalized nostro reconciliation processes and platforms
  • Accountability for ensuring integrity across Statement v Ledger v Prediction
  • Own firm-wide Nostro inventory and integrity of inventory data
  • Provide transparency of and reduce all nostro costs
Key Responsibilities:
The Nostro Management Vice President will report to the Nostro Management Analysis & Execution Lead and support the team to achieve end to end Nostro lifecycle management, including:
  • Nostro Account owner
    • Firm-wide ownership of third party and intercompany Nostros in region
    • Single point of contact for Nostro management in region
  • Nostro Management
    • Management of the full population of Nostros within a consistent and structured framework
    • Ensure adherence to corporate-wide Nostro operating model
      • All nostro status’ known: reconciled, network managed and funded
      • Ensure regulatory reporting / substantiation is performed by appropriate parties
    • Continual maintenance of Nostro population – e.g. dormant account review
    • Partner with other core functional teams to deliver on key Nostro management objectives
    • Partner with other teams (e.g. reconciliations and finance) that are impacted by distributed nostro structure to ensure critical issues are rectified
  • Nostro Lifecycle
    • Regional team accountable for full life-cycle of Nostro accounts in region
    • Maintain control model for opening, closure and ongoing validation of all third party and intercompany nostros and associated sub-ledgers
      • Credit, KYC approvals, etc.
      • Monitoring of unauthorized activity and subsequent remediation and escalations
    • Change Management – control change process for those nostros / sub-ledgers
    • Provide monthly governance for all functions that are responsible for key processes that impact the life-cycle i.e. processes performed in opening and closure
      • Network Management
      • Reconciliations
      • Corporate Treasury & LoB’s
    • Attestation and recertification
  • Nostro integrity
    • Accountability for integrity across Statement v Ledger v Prediction in region
    • Assist in ensuring data quality and integrity within Nostro inventory
    • Drive end-to-end consistency in information flows and control points to ensure optimum model for provision of statement, ledger & predictions
    • Partner with Liquidity, Credit and Other Risk functions to mitigate risk of discrepancy in statement/ledger/prediction data
    • Governance of LoB’s ensuring they:
      • provide correct and timely information
      • ensure ledgers, statements and predictions are entirely consistent
      • self-fund to the corporate standard if Treasury/Cash Management do not fund centrally
    • Create transparency of treasury vs. non-treasury activity across nostros
  • Compensation / Transfer Pricing (in partnership with existing Cash Position Management functions)
    • Accountability for minimizing overdraft costs, appropriate allocation of direct costs and enabling Corporate Treasury to drive optimized transfer pricing strategy
    • Partner with Transfer Pricing organization (TCIO) to execute optimal e2e reallocation/ charge back model
    • Provide full transparency to cost and income flows related to overdrafts
    • Work towards objective of reducing overdraft costs globally to bare minimum
    • Work to provide LoB transparency of total cost of funding to help generate more informed profitability discussions (client / product)
    • Leverage intraday capability - drive good business reporting behaviour through reward of more accurate risk and credit intra day
Skills (Required)
  • Promotes an inclusive work environment; respects individuals at every level
  • Exemplifies the highest standards of ethics and integrity
  • Programme, project management mind set
  • Possesses the ability to work on a diverse team and with a diverse range of people
  • Escalates issues and concerns in a timely manner
  • Promotes partnership; encourages collaboration, information sharing and discussion to break down silos
  • Challenges the status quo
  • Ability to adapt to a multi-functional and cross-LoB role
  • Free thinker/problem solver who has the ability to offer and articulate alternative solutions
Skills (Optional)
  • Knowledgeable of banking functions, specifically, in one or more of the following areas: Finance, Network, Reconciliations, Cash Management, Risk and Controls
  • Experience using business analysis techniques and/or other relevant capabilities, such as data mining, process mapping, process improvement, measurement frameworks
  • Knowledge of end-to-end technology lifecycle
  • Builds/promotes a client/customer centred organization
  • Experience of Industrialisation of new processes
  • Experience of working in an Agile Environment
  • Experience of the following application: MagicDraw, Confluence/Jira, Microsoft products and Business intelligence applications such as Tableau/QlikView
About J.P. Morgan Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank (CIB) is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18 trillion of assets under custody and $393 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world.
PLEASE NOTE: ALL INTERNAL MOVES WILL NORMALLY TAKE PLACE ON THE SAME GRADE AND SAME SALARY. SALARIES ARE REVIEWED ANUALLY IN FEBRUARY. EXCEPTIONS TO THE RULE REGARDING TRANSFER ON CURRENT SALARY MAY INCLUDE A MOVE BETWEEN GEOGRAPHIC LOCATIONS.
Job
Business Analysis, Service Design, Process Design, Continuous Improvement
Primary Location
GB-ENG-BMH-1 Chaseside - Hampshire Building / 01212
Organization
CIB OPERATIONS
Schedule
Full-time
Job Type
Standard
Shift
Standard
Employee Status
Regular
Recruiter
Name
Hiring Manager
Fay Baynham
Salary Grade / Level
603