Head of Confirmations - SMBC : Job Details

SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG's shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.

In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization's extensive global network. The Group's operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.

The anticipated salary range for this role is between $173,000.00 and $214,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.

**Role Description**

The Director of Confirmations will be a senior member of the Capital Markets Derivative Operations team, responsible for daily confirmations processes for Capital Markets derivative trading business as well as provide support for the derivative business conducted by group companies in New York, London, and Hong Kong. This role will closely partner with Front Office, Back Office, and IT to deliver on business objectives.

The Derivative Operations group handles operations for Capital Markets and is comprised of 5 key functions: Sales Middle Office, Confirmations, Settlements, Margin, and Client Service Operations. The Confirmations team actively manages trade-documentation processes while accounting for operational risks and regulatory compliance. The function is focused on remaining current with industry standards, regulations, risk mitigation and progressing operations capabilities. The team continues to evolve to successfully support the growth of the business.

**Role Objectives**

- Manage and develop a remote team of 17-20 while driving a culture of transparency, accountability, and process consistency within the team.

- Oversight of daily, weekly, and monthly processes.

o Prepare paper confirmations for non -electronic trades (Swaps, some FX, CAPS

o Dispatch and execution of all confirmations in accordance with regulatory requirements.

o Monitor electronically confirmed trades across various platforms such as CLS, SWIFT, or other Matching Platforms and ensure all trades are matched at the end of each day

o Affirm Bank trades and enter mirrors into Markitwire and clear trades subject to mandatory clearing.

o Resolve issues related to clearing rejections, Etrading/BBG VCON clearing and setups

o Confirmations KRI's

o Escalations

- Understand and ensure compliance with relevant regulatory requirements. Ensure team is also properly educated with respect to industry and regulatory requirements and initiatives.

- Identify opportunities for process improvements and implement changes to enhance efficiency and accuracy.

- Maintain and update accurate documentation for all group-owned controls and processes.

- Act as a liaison for senior management on confirmation-related issues.

- Manage the direction and productivity of the team by establishing clear goals and objectives, setting priorities, and providing guidelines and recommendations for approach to ensure team success. Establish benchmarks and performance milestones for measuring tangible results.

- Mitigate operational risk by leveraging established processes, key risk indicators and timely escalation of issues.

- Cross functional collaboration with key stakeholders across Operations, Technology, Legal, Audit, Compliance, and Sales and Trading teams.

- Assist in ad-hoc requests related to management and investigations of operational issues.

- Lead role in projects & planning related to industry initiatives and operational efficiencies.

- Track and monitor changes in derivative regulations and policies as pertains to Confirmations management and develop strategic solutions for the firm.

**Core Competencies/Skills**

+ Knowledge of regulatory control and risk frameworks applicable to Operations

+ Knowledge of ISDA and Confirmations standards and best practices.

+ Forward thinker who seeks to improve business processes that deliver better service to stakeholders.

+ Excellent verbal and written communication skills with ability to articulate concepts and ideas to diverse audiences.

+ Project-management experience is preferred but not required.

+ Ability to balance management of BAU and the ongoing strategic development of the function.

+ High-level customer service mindset with a commitment to supporting both internal and external stakeholders.

+ Must have the ability to independently assess a situation and formulate and articulate an approach.

**Qualifications and Skills**

+ 10+ years of specialized experience in Financial Services

+ 5+ years of proven supervisory experience

+ 5+ years of experience working in Confirmations/Documentation capacity

+ BA/BS required

+ Degree in Finance, Accounting or related discipline is preferred

+ Proficiency in Microsoft Office (Word, Excel, PowerPoint, etc.)

**Additional Requirements**

D&I Commitment

Responsible for fostering a culture of diversity and inclusion, holding leaders accountable for creating an inclusive environment through awareness and practice of equity in recruiting, developing, and promoting diverse talent.

SMBC's employees participate in a Hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process. Hybrid work may not be permitted for certain roles, including, for example, certain FINRA-registered roles for which in-office attendance for the entire workweek is required.

We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, national origin, disability status, protected veteran status or any other characteristic protected by law. SMBC provides reasonable accommodations for employees and applicants with disabilities consistent with applicable law. If you need a reasonable accommodation during the application process, please let us know at [email protected].