VP of DGO Operations

Overview

Summary

Administration of the Bank’s letters of credit portfolio, specifically the issuance, confirmation, and advising Standby/Guarantees and Import/Export letters of credit. Ensuring daily workflow is properly processed and backup for approval and release of transactions. Management of all associated reconciliation issues and management of front office relationship.

• Ensure that letter of credit transactions are in conformity with client instructions, UCP Publication 600/ISP
  98, and the Bank’s credit/ compliance procedures.
• Ensure timely processing of sensitive transactions and report to management any unusual or intricate transactions requiring review, discussion and or approval.
• Provide assistance/support to clients and corporate groups on technical aspects and practices of letters of credit.
• Prepare and execute required letter of credit documents using LCMS, Microsoft Word, or ACBS, as needed.
• Review daily maturity report to ensure action has been taken by Administrators, as applicable, for maturing transactions.
• Approve transactions to record standby/commercial letters of credit activity in ACBS and LCMS, Swift Alliance as required.
• Monitor pending inquiries, discrepancies and resolution of documents filed, ensure that all items are actively traced via correspondence with respective parties, tickler schedule and actively follow-up until payment is secured and transaction is finalized.
• Ensure amendment notices/confirmations are completed and forwarded to clients or commercial group by the L/C Administrator.
• Coordinate clearing/reconciling of open cash items and daily exceptions reported by the CBO Control Unit for L/C portfolio.
• Ensure that Letters of Credit file contains relevant supporting documentation i.e. copy of executed letter of credit/ amendments and completed compliance checklist, when required.
• Ensure timely disbursement of funds, as required for LC drawings, and record transaction through the Bank’s accounting system (ACBS) for accurate accounting and reporting.
• Produce outgoing SWIFT messages for LC transactions and manual wire transfers for payments, as required.
• Review past due fee report for LC portfolio to insure accuracy and timely presentation for management reporting.

• Provide support to and coverage for the DGO Team Leader
• Positions Supervised:
  None

• Key Internal contacts
  :
  Control & Reconciliation team;
  Various IT supports;
  International Trade and Transaction Banking (ITB) Front and Middle Offices;
  Compliance;
  Finance
• Key External contacts
  :
  Clients, as required

Salary Range: $100k - $140k