Associate - Asset Reconciliation

About the Opportunity
Job Type: Permanent
Application Deadline: 02 June 2023
Job Description

Title: Associate
Department: India Product Ops and Control
Location: Gurgaon
Level : 1
We’re proud to have been helping our clients build better financial futures for over 50 years. How have we achieved this? By working together - and supporting each other - all over the world. So, join India Product Ops and Control team and feel like you’re part of something bigger.
Department Description
Banking, Reconciliations & Control (BRC) is responsible for the receipt and payment of monies to / from investors / intermediaries and the reconciliation of cash and stock positions for Fidelity’s European based funds and FundsNetwork fund supermarket business. In addition, BRC includes the processing of fund distributions, tax & interest accrual processing and various other control related activities for Customer Services.
The successful candidate, as a member of the BRC team will be responsible for supporting the growth of the BRC activities based in the India Service Centre. This role is responsible for ensuring that appropriate client money regulations and controls on customer assets are adhered to and best practice standards are maintained across all activities, particularly in the protection of customer assets and client monies.
Purpose of the Role
The objective of this role is to support ISC BRC by providing the best possible service to our customers by responding appropriately to the changing regulatory framework and business priorities. By virtue of having in-depth knowledge of all related aspects of the process within the team, an individual in this role, as Process Specialist, would be able to define and support customer centric solutions, with focus on protection of client monies and assets within the FCA’s (UK Regulator) prescribed rules and regulations, as well as meet all expected and defined deadlines within agreed service standards.
Client Assets, by virtue of having in-depth knowledge of the process / procedures / system, will in addition to contributing to the business as usual working and processing activities, also act as a single point of contact for any team related technical issue, especially around client assets. The candidate will also be expected to work closely with the Technical Support and Client Money Operational Support Functions to assist with the delivery of tactical and strategic initiatives for the team specifically and also ISC BRC as a whole. This may require building an increasing awareness of FCA’s regulatory requirements on protection of client monies and assets through training, workshops, assisting with process improvements within the team and other BRC teams with focus on making processes more automated and straight through, reduced regulatory risk and enhanced controls, being engaged in projects along with operational areas and providing expert inputs to ensure timely and quality delivery on projects.
Key Responsibilities
To be able to perform and support timely automated reconciliation of client assets along with Pricing reconciliation.
Identify and address potential shortfalls / surpluses in client money bank reconciliations and ledgers to avoid client money breaches.
To perform timely reconciliations of Third Party deals on a daily basis, in order to enable timely settlements to Fund Providers
To update and maintain the ledgers, including recoding reasons for outstanding items over a set period.
To create correcting journals / cashbook keyings for reconciliation purposes.
To investigate & follow up on outstanding items with other departments within BRC (Cashmatch, CBU, Controls & Settlements, etc) as well as other departments in UK, Luxembourg, Germany, Hong Kong, etc. This includes monitoring of departmental mailboxes and timely action on emails received, especially impacting Client Money/Assets.
To ensure regulatory knowledge is regularly updated and maintained. Work with Technical Support to build awareness around the protection of client money and assets per the FCA’s prescribed rules and regulations.
To ensure knowledge of the products & procedures within Fidelity and also within the Financial Market is maintained and updated regularly. Understands, articulates and implements best practices related to their process / task. Communicates effectively across all levels.
Experience and Qualifications Required
B.Com or an equivalent bachelor’s degree from a recognised university.
Strong analytical skills with attention to detail.
To be able to prioritise and organise effectively to ensure deadlines are met.
Demonstrates a high level of commitment to improving customer service / processes internally.
Excellent communication skills.
Good computer skills with knowledge of MS Word, Excel and Power Point. Sound knowledge of Autorek & AS 400 is required.
A flexible approach with an ability to work with other departments in the organisation.
Ability to remain highly motivated and focused towards the key measurements.
Team player who is also self-motivated and can work independently.
Adaptable to changing business needs – a team player with a flexible approach and the ability to multi-task.
Energetic & enthusiastic and a supportive and proactive team player.
A good understanding of the FCA Client Money regulations will be an added advantage.
Energetic & enthusiastic and a supportive and proactive team player.
Working knowledge of various teams within the Function / Department.
Feel rewarded
For starters, we’ll offer you a comprehensive benefits package. We’ll value your wellbeing and support your development. And we’ll be as flexible as we can about where and when you work – finding a balance that works for all of us. It’s all part of our commitment to making you feel motivated by the work you do and happy to be part of our team. For more about our work, our approach to dynamic working and how you could build your future here, visit careers.fidelityinternational.com.
For more about our work, our approach to dynamic working and how you could build your future here, visit careers.fidelityinternational.com.
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