Manager - Forex Middle Office (Rcsa / Kri / Basel

5 months ago

Johannesburg, South Africa CA Global Headhunters International Full time

Reference No. SR-MFMO-001

**Job Description:
Our banking client is currently seeking to employ a Manager - Forex to be based in Johannesburg, South Africa, reporting to the CFO. The incumbent will be responsible for establishing and growing our clients Forex Middle Office, through:

- Developing, establishing, and executing frameworks against the companies Forex Middle Office mandate and risk framework.
- Representing the bank in various forums where new regulations and reforms are debated by the market.
- Influencing the companies risk management strategy and policies, in so far as Forex is concerned.
- Developing policies and procedures for the business to enable the Bank to grow responsibly in the Forex Market.
- Growing and managing the Middle Office teams in line with operational and regulatory requirements in line with the vision of the Bank.

**Responsibilities:
**FUNCTIONAL STRATEGY AND EXECUTION**
- Work with Divisional Executive: Business Bank Finance and Group Risk Officer and provide inputs towards the development of the Forex Middle Office strategy, business plan and budget (including metrics, and an operating model to ensure the optimal delivery).
- Remain up to date with advancements and developments, including technology, best practice, and legal/statutory requirements to optimise functional performance.
- Manage and control expenses and guide budgetary requirements when necessary.
- Develop, enhance and implement procedures for Forex internal processes to ensure the Group's strategic goals and objectives are ultimately met.

**FOREX RISK MANAGEMENT**
- Responsible for timely identification of potential risk, development of cost-effective controls, implementation and ongoing recommendations to monitor and manage Forex risk and ensure that it is escalated where necessary.
- Manage and oversee the measurement, monitoring and forecasting of Forex related risks including, but not limited to the impact on the Bank’s income of potential market price changes, settlement processes and risk processes relating to Forex intermediaries.
- Guide business analysis and oversee the implementation of technology-based solutions in Forex (not limited to the risk management function) and align the Forex risk management function to international best practice.
- Embed Forex risk management principles by analysing the existing processes and procedures using Risk Control Self-Assessment (RCSA) and Key Risk Indicators (KRI) in Forex to ensure that processes and procedures are effective, ultimately supporting and forming an intrinsic part of proper business planning and decision making.
- Identify and implement broad based risk related initiatives.

**EVALUATION - Assessment**
- Manage and guide the assessment of variances on all products per the system against the balance sheet on a daily basis and follow up with relevant parties to understand context and document this for purposes of preparing commentary.
- Manage and guide the assessment of day end position and level of liquid assets daily, and the identification of anomalies/variances. Follow up with relevant parties to ensure resolution and communicate outcomes to Finance, Risk and Group Forex.
- Ensure daily profit and loss verification and commentary is provided to Finance.
- Manage the execution of the dealer profitability assessment.
- Guide and oversee stress-testing and back-testing of Additional Monitoring Metrics on liquidity (“AMM”) and other Forex related assumptions.
- Ensure Forex activities (turnover, rolling trades, profitability, etc.) are being monitored.
- Responsible for daily forward exchange contracts margin management.
- Aggregate, validate and escalate normal and excessive exposures.
- Ensure the resolution of account executive and counterparty (intermediaries or clients) queries relating to margin policy /calculations.
- Manage the reconciliation of intermediary account balances with exposures covered and escalate shortfalls.
- Manage daily liquidity assessment against minimum regulatory and group requirements and communicate breaches, or near breaches, to the Divisional Executive: Forex, Finance, Risk and Treasurer.
- Manage and guide the Forex intermediary profit distributions, deal analysis and reconciliations.
- Investigate and identify trends for speculative trading, client behaviour and recommend controls to Front Office / Forex Operation.
- Collaborate with both the Divisional Executive: Forex and Divisional Executive: Finance to set measurement targets (including budgets) relating to the Forex Department.
- Liaise with Treasurer and Operational Risk to ensure processes and philosophies are aligned and rolled out / implemented in the Business Bank.
- Create and run simulations / scenarios to determine the effect of changes in the marketplace on the balance sheet and/or income statement.

**Monitoring**
- Manage the daily total net open position monitoring (CFC / FCA / FX / Nostro / Vostro etc.) and ensure any breaches are es

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