Senior Specialist

 FM Reconciliations – Senior Specialist (Customer Loyalty Level 15)

Background on what ING is about (Generic ING background):

ING Hubs Philippines (ING Hubs PH) is an international part of the ING organization delivering services to many Business Units across the world for both Wholesale Banking and Retail Banking activities. Working for ING Hubs PH means working with the most diverse workforce and where no challenge is the same.

At ING our purpose is to empower people to stay a step ahead in life and business. We believe that sustainable progress is driven by people with the imagination and determination to make a better future for themselves and those around them.

ING is changing what banking is. For you, that means plenty of opportunities for personal growth in a continuously evolving environment. If this is the environment you thrive in, then apply and join us in changing the future of banking!

Job Overview:

• • Processor or Reconciler of Front and Back office, Front to Front office systems, Interbook and Intercompany, internal systems and external parties (Custodians, Clearing Brokers, Trading/Affimation and Clearing platforms) Credit Risk, Financial Statements (ledger and/or statements), and P&L movements. The role involves ensuring the accuracy and integrity of financial transactions and data between various entities within the financial markets. Regularly reviewing and verifying trades, payments, and other financial transactions to ensure they are accurately recorded in the financial systems. Comparing records from internal systems with external sources, such as broker statements and clearinghouse reports, to identify discrepancies. Investigating and resolving mismatches or discrepancies between various financial records, working closely with trading desks, finance teams, and external partners. Generating detailed reconciliation reports that outline findings, discrepancies, and resolutions. Maintaining accurate documentation for compliance purposes.
• • This role is part of Wholesale Banking Operations which encompass a wide range of financial services and products tailored for corporate clients, institutions, and governments. These operations are designed to facilitate large-scale financial transactions, risk management, asset utilization, and financing needs that are characteristic of larger entities, as opposed to individual banking services provided to retail customers.
• • The role entails to interact with different types of stakeholders from trade processing teams within the organization to our COEs globally. The role is reporting to a Circle Lead or Department Head.

Key Responsibilities:

• • Demonstrates a high level of proficiency in understanding the intricate landscape of financial reconciliations, ensuring processes are executed with maximum efficiency.
• • Delivers formal training and guidance to junior staff members, while regularly assessing their performance and providing constructive feedback to management.
• • Drive process improvement initiatives. Strategically plans and implements innovative ideas aimed at enhancing team processes, thereby increasing operational efficiency and strengthening internal controls.
• • Undertakes diverse responsibilities within a highly complex operational environment, adapting to varying challenges as they arise.
• • Develop analytical skills for root cause analysis. Cultivates comprehensive skills necessary for executing structured routine operational tasks, while analyzing underlying issues that may affect key performance indicators (KPIs).
• • Solution-Oriented Problem Solving. Effectively addresses both routine and complex challenges by applying existing procedures and exploring alternative solutions when necessary.
• • Demonstrate Subject Matter Expertise. Possesses extensive knowledge of all aspects related to financial reconciliation processes, products, operational standards, and company culture, while also aligning with client requirements.
• • System testing. Oversee user access entitlement reviews, perform User Acceptance Testing (UAT), and address other systems testing requirements.
• • Document procedures and best practices. Maintain accurate documentation of operational procedures and best practices to ensure consistency, efficiency, and compliance across all reconciliation activities.
• • Enhance stakeholder management and client relationships. Proactively engage with clients to understand their needs and expectations, ensuring that reconciliation processes align with their objectives and contribute to overall satisfaction.
• • Communicate effectively with stakeholders regarding reconciliation results and any necessary follow-up actions.

Key Capabilities/Experience:

• • Familiarity with various financial instruments and transactions (e.g., equities, bonds, derivatives, foreign exchange, and other traded instruments) and how they are processed in the market. Knowledge of market conventions and operational workflows related to these products is also beneficial.
• • Awareness of financial regulations and compliance requirements, as reconciling processes often need to adhere to guidelines set by financial authorities.
• • Ability to identify issues in data discrepancies and develop effective solutions quickly to minimize impact on operations.
• • Capability to evaluate existing reconciliation processes and suggest improvements to enhance efficiency and effectiveness.
• • Background in finance, accounting, or related fields; hands-on experience with financial reconciliations and accounting practices is crucial.
• • Experience in operations or back-office roles within investment banks, asset management firms, can provide insights into the intricacies of FM reconciliations.
• • Capability to evaluate existing reconciliation processes and suggest improvements to enhance efficiency and effectiveness. Involvement in projects related to reconciliation processes, system upgrades, or process redesign can demonstrate the ability to drive change and enhance reconciliation efficiency.

Minimum Qualifications:

• • Advanced analytical skills. Ability to analyze complex financial data and reconciliation reports with a keen eye for detail, identifying discrepancies and trends that require attention.
• • Process Improvement Expertise. Proven track record of identifying inefficiencies in reconciliation processes and successfully implementing enhancements that improve accuracy and reduce turnaround times.
• • Problem solving aptitude. Strong ability to approach routine and complex issues with creativity and strategic thinking, utilizing existing policies and procedures or developing new solutions as needed.
• • Capability to build and maintain strong relationships with clients, understanding their needs, and delivering excellent service through effective reconciliation processes.
• • Excellent verbal and written communication skills to convey complex information clearly and concisely to both technical and non-technical stakeholders.
• • Interpersonal skills: Building rapport and maintaining positive relationships with a diverse range of stakeholders.
• • Commitment to working synergistically with cross-functional teams, sharing expertise and coordinating efforts to achieve common goals.
• • Strong organizational and time management skills to balance multiple priorities and meet tight deadlines.
• • Familiarity with banking regulations and compliance standards, including understanding of risk management practices and internal controls.
• • Collage graduate from a respected Tertiary Institution or equivalent working experience.
• • A minimum of 5-7 years of experience in financial reconciliations, financial analysis, or related roles within the baking and finance industry, with demonstrated progression in responsibilities.
• • Microsoft O365 proficient.
• • Familiar with any reconciliation tools (example: Duco Tool and Intellimatch).
• • Knowledgeable in swift messaging (MX or MT).