Balance Scorecard Review Officer (6months contract, CBP)
- Up to $3200
- Contract, Full time
- Allegis Global Solutions
- 02 Jan 18 2018-01-02
Based in Changi Business park you will be primarily responsible for the pre-checks required under the Balanced Scorecard Framework regulated by MAS. The team conducts documentation reviews relating to BSC requirements within Consumer Banking Singapore. This is to ensure regulatory and Group requirements are fulfilled, and as well as strengthen controls over Fair Dealing Guidelines / Treating Customer Fairly and frauds
1. Ensuring documents are reviewed in accordance to the BSC requirements within the stipulated review time frame.
a) Conduct documentation checks as per checklist requirements aligned with the post documentation checks conducted by the Customer Assurance Unit.
b) Review must be completed within trade date plus 5 days.
c) Flag all potential exceptions to front line staff, and monitor for rectification within I + 3 (I = day of identification of error). A daily error tracker was also sent by the Central team to the front line to share common errors found and aging of the rectifications.
d) Reviewing BOR (basis of recommendation) and products recommended by RM are suitable to client’s investment needs & objectives & financial situation.
2. Conducting callbacks relating to trades performed by Selected Clients / Selected Reps.
a) This is to check that the transaction was executed by the staff in line with the following.
- Customer’s Risk Profile understood
- Proper product selection / recommendation based on customer’s Risk Profile
- Clear explanation of product features and risks
- Transparency in explaining all charges, fees and commission
- Confirmation that customer has understood all relevant terms and conditions
b) Escalate deviations in transactions (including cases where customer could not be contacted) and escalate to team manager, line manager and WM reps.
c) Prepare letters to be sent to client for cases where the client cannot be contacted over 3 business days. A copy of the letter to be retained for bank records.
d) All deviations and un-contactable cases identified to be accurately recorded in the team tracker for reporting and monitoring purpose.
3. Ensuring rework documentations are rectified correctly and timely.
a) Flag all potential exceptions to front line staff, and monitor for rectification within I + 3 (I = day of identification of error). A daily error tracker will be sent by the Central team to the front line to share common errors found and aging of the rectifications.
b) Review all received rectifications are adequate and provide approval to these cases.
c) All rectifications to be accurately recorded in the team tracker for reporting and monitoring purpose.
4. 100% assurance checks on all flow products trade within a stipulated timeline of Trade date + 5.
a) This is a manual check that includes surveillance of ELN/PCI/CLSI transactions to ensure compliance to policy and regulations of AI / OI, CIP, CKA and CAR validity
5. WM Group Simplification Process - Call Monitoring
a) To perform call monitoring for the phone channel which is allowed to be used as part of conducting customer investment profile, basis of recommendation, sales transactions, KYIR and product documentation:
6. Due Diligence Reviews for New Accredited Investor Declarations
a) Ensure all new Accredited Investor Declarations by customers are corroborated with adequate supporting documents to validate the income and/or net asset declarations in satisfaction with the regulatory guidelines
7. Management Information Reporting & Reconciliation
All cases reviewed to be accurately recorded in the team tracker for reporting and monitoring purpose.
b) Perform reconciliation to ensure all trades in Transaction Processing Reports and/or Insurer Reports are reconciled against sighting signed documents routed for the team’s review
a) Work with relevant business unit to ensure adequate / proper followup and closure of issues raised by regulators, Group Internal Audit, Compliance and other internal reviews as well as for audit socialisation reports / reviews.