Latest Jobs at I&M Bank

Job Summary:

Reporting to Assistant General Manager, Central Operations in Shared Service, the main function of the role is to actively manage and take responsibility for the Payments team within the Shared Service Centre. 

The jobholder will ensure that all payments are processed and settled in an accurate and timely manner and in compliance with all relevant regulation, policies and procedures.

Key Duties/Function:

Task

Provide effective leadership to ensure Bank’s objectives are met:-  30%

• Provide leadership and support for payments team to ensure strategic plans translate into actionable work plans for under shared services in compliance with applicable laws regulatory guidelines.
• Ensure support to subsidiaries at the shared service center to provide effective banking services, cash management services and supporting operations.
• Provide technical support and advice in the field of Payments to senior management, other stakeholders such as Business Development teams to help drive new business solutions.

Work planning and supervision- 30%

• Manage and supervise the Funds Transfer Dept., to ensure effective and efficient operations i.e. in payments processing, resolving queries, NOSTRO reconciliations, reporting etc.
• Ensure accurate and timely processing of all payments and settlements transactions within agreed turnaround times and ensure SLAs compliance.
• Ensure that all transaction processing is in compliance with regulatory and Bank's policies and procedures with prompt intervention to resolve problems/ concerns.
• Act as a payment/transaction authorizer of transactions within specified SLAs while ensuring accuracy
• Ensure that operational risk is effectively managed in all aspects of the payments function.
• Process Improvement to ensure overall efficiency and cost effectiveness- 20%
• Develop, improve and maintain, policies and procedures and user manuals for the Payments unit.
• Ensure continuous review of department delivery processes with a view to smooth workflow within the department, reduce turnaround times, cost benefits and drive effective and efficient services to customers.
• Actively participate in payments related projects, coordinating and where required oversee implementation of the bank’s payment related initiatives across the region under the shared services outfit.
• Ensure that any audit issues or exceptions noted are addressed and cleared in a reasonable time.

Staff Development, Management and Supervision- 20% 

• Carry out all people management responsibilities for Funds Transfer Dept. –SSC team, including performance reviews, attendance, leave plan and disciplinary matters.
• Stay well informed on applicable and leading practices in payment operations and drive continuous up-skilling of team members through Coaching, mentoring and training of funds transfer staff.
• Convening, planning and chairing of department meetings and facilitate resolution of dept. or related issues raised.

Academic Requirements

• A Bachelor’s degree in social sciences or business i.e. banking and finance, economics, accounting, business administration or any other relevant discipline.
• A Master’s degree in any of the above disciplines from a reputable institution will be an added advantage
• Membership with relevant professional bodies.

Experience:

• Ten to fifteen years’ experience in banking operations and SWIFT is key.
• At least 5-8 years in career history must be in a related role in terms of scale and complexity.
• Demonstrable knowledge of and exposure to all aspects of banking operations (i.e. front office and back office operations, payment systems operation, etc.)
• An experience of managing change in relation to systems, processes, workflows and resources is beneficial
• Good grasp of applicable laws and regulations.
• Knowledge of and experience using core-banking systems.
• Good knowledge of risks and controls with respect to banking operations and payment systems.
• Ability to work with work with data to present insights and optimize banking and payments processes.
• Customer and vendor relationship management.

Closing: 24 Oct, 2022

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JOB PURPOSE:

The objective of the job is to thoroughly process Letters of credit (LC) & Standby Letters of Credit (SBLC) in compliance with bank limits and policies, International Customs and Practices for LCs, Standby LCs and Central Bank Prudential guidelines.  To provide timely and efficient service delivery, revenue generation as per set targets, and customer experience, while safeguarding the bank’s interest in prevention of money laundering activities, potential litigations and losses.

PRIMARY RESPONSIBILITIES:

Processing of Import Letters of credit and Standbys:

• Receiving, confirming authenticity and completeness of all Letters of Credit/Standbys or amendment applications, and contact customers in case of un-filled application details and for any clarifications.
• Reviewing applications for AML compliance and escalating any AML issue in accordance with AML policy.
• Checking limits sufficiency and preparing Pre-Sanction Memos for approval by the Relationship Managers, where need be.

Processing the Letters of Credit or amendments which involves:

• Drafting in word or SWIFT system and availing these drafts to customers for their approval, where required.
• Issuing the Letter of Credit or amendments, once approved in both Core banking system and in SWIFT system, and collection of commissions and fees in line with the bank’s tariff, or approved concessions
• Responding to customer queries/complaints, or correspondent bank queries

Routine administrative tasks such as:

• Availing (via email), transaction advice and Swift copies to the customers.
• Monitoring the Nostro statements and Reconciliations, and accounting for and/or clearing any outstanding item(s).
• Printing and calling back the daily transaction journals
• Clearing/fructifying expired LC balances
• Following up with correspondent banks on L/Cs not acknowledged/advised 2 banking days after issuance.
• Preparing end month reports i.e GL Balances, Correspondent bank exposure.
• Participate in the regular review of procedure manuals for processes under direct oversight to ensure all changes occurring in the course of year are incorporated while also ensuring to incorporate procedures for new products or services introduced in the year.
• Participate in the update of RCSAs to ensure all emerging risks relating to Letters of Credit and Standby letters of credit.
• Filing and archiving.
• Any other duties as may be guided by Supervisor.

QUALIFICATIONS AND COMPETENCIES REQUIREMENTS:

Academic Qualifications

• Master’s in Business Administration or its equivalent from a recognized institution will be an added advantage; and
• Bachelor’s degree in a Business-related field from a recognized institution.

Professional Qualifications

• Certified Documentary Credit Specialist (CDCS) or Certificate in International Trade Finance; and
• Member of Association of Kenya Institute of Bankers

Experience

• At least 3 years’ relevant professional experience and track record in processing of trade products.

Generic Competencies

• Ability to write complex letters, comprehensive reports and to perform complex calculations.

Skills and Attributes

• Excellent communication and interpersonal skills.
• Good analytical and Report writing skills.
• Strong planning and organization skills; and
• Robust knowledge on processing trade products with excellent knowledge of professional and industry standards, bank policies and international Trade Customs and Practices, Anti-Money-Laundering (AML) and Trade Based Money Laundering (TBML)

Closing: 22 Oct, 2022