The large number of documents required for derivatives transactions creates roles for documentation specialists who work closely with the legal departments to help develop standardised documentation in this space. Derivative trades are newer, more complex and are still evolving, so the industry continues to develop the most effective ways to confirm and settle these transactions.
The move offshore has been parallelled by increased use of technology. None of this bodes particularly well for jobs in operations, which are taking a hit, as processes are electronically streamlined and business moves offshore.
Despite their seemingly invisible presence, back-office personnel provide functions essential for operations. Prime brokers are a lucrative part of large investment banks. The good news, however, is that the jobs left behind tend to be more interesting and higher paid.
Twenty years ago, clearing and settlements were labour-intensive businesses involving a lot of form filling Back office operations customer letters of large filing systems. Many are located in cities where commercial leases are inexpensive, labor costs are low, and an adequate labor pool is available.
The operations division is at the core of processing every transaction at the bank. But the back office has had a huge boost from its compliance and anti-money laundering activities.
Electronic systems have vastly increased the speed with which simple vanilla trades are processed. Real estate marketing professionals frequently interact with sales agents to create attractive and relevant marketing materials, and IT professionals regularly interact with all divisions within the company to ensure proper functioning systems.
The Flow From Back Office to Front Office Although back-office staff do not interact with customers, they tend to actively interact with front-office staff.
Benefits include rent savings and increased productivity. But there are still opportunities, particularly in niche areas such as product control and office operations in the financial markets, where specialist knowledge is needed.
The more efficient a bank is at conducting its business, the greater the percentage of revenues that will feed into the bottom line. Unlike traders or successful sales people, who can receive a bonus equal to many multiples of their salary, people working in operations typically receive a fraction of their salary as a bonus.
Because of this, you get exposure to nearly all business divisions from across the firm, which gives you a fantastic range of experience and allows you to carve out a long-term, influential career within financial services. In Australia, many of the lower-end back-office operations are moving offshore, largely to Asia and India, which has resulted in less growth.
The cost savings can be significant when employing many remote professionals. You also need to be a good communicator, in terms of communicating the solution.
Whether you work with derivatives or not, most operations roles also have a strategic element - banks use operations staff to continually analyse ways of making processes more efficient, and project managers implement their suggestions; the more senior you become, the more likely you are to be assigned to this kind of strategic or project management role.
Back-office functions are so broad that operations staff typically specialise in only one of these areas.
As markets and the products being traded continue to change, so must the skills of operations professionals who are at the core of processing each transaction. Roles and career paths Roles in operations are continually evolving. Not only must these positions stay onshore, they have also brought excitement and forensic glamour to the back office.
Operations staff work closely with the other divisions - trading, sales, technology, market risk, credit, compliance, tax and legal - as well as external clients to help facilitate business and provide guidance and direction, especially with new products.
The term "back office" originated when early companies designed their offices so that the front portion contained the associates who interact with customers, and the back portion of the office contained associates who have no interaction with customers, such as accounting clerks.
Banks have belatedly realised this and are now looking for a higher calibre of person to work in operations.Back Office Executives have support responsibilities and handle functions that help the front office work well. Main Back Office Executive Responsibilities are processing projects, managing databases, performing market research, analyzing consumer trends, and handling accounting and finance tasks.
Created customer contact letters and. The unsung heroes of investment banking.
The operations division is also known as the 'back office'. Unlike the traders, sales people, capital markets bankers and corporate financiers of the. Jun 02, · BackCover Letters. Cover Letter Builder; Cover Letter Examples; Cover Letter Services; Home > Resumes > Resume Samples > Manager Resumes > Back Office Manager Resume Sample.
Resume Samples. Back Office Manager Resume Sample. Manager. Skilled at implementing efficient office operations through a 5/5(1).
The back office is an essential contributor to the overall customer journey. When things go wrong in the back office the impact is felt in the contact center (or. The New Back Office Focuses on Customer Service arrives in the mailroom at Citibank’s operations headquarters on Wall Street in New York.
to effect some fundamental changes in the back. The back office is the portion of a company made up of administration and support personnel who are not client-facing.
Back-office functions include settlements, clearances, record maintenance.Download