Unclassified - Quincy, MA
posted 5 months ago
The qualified candidate will support ERM-Credit Risk in the daily approval, escalation, and reporting of daylight and end-of-day overdrafts for the firm's custody clients. This role involves direct collaboration with Global Delivery-RMCOE to ensure that suspended transactions are reviewed and either approved or declined as necessary before settlement deadlines. The individual will also work closely with custody business units to gain a comprehensive understanding of issues and coverage plans. In addition, the candidate will support State Street's institutional clients by reviewing and authorizing (or declining) cash, foreign exchange (fx), and securities settlement transactions that exceed established guidelines. A key aspect of this position is to ensure that risk is managed as efficiently and automatically as possible, which requires a thorough understanding of transaction flows, client types, and structures. The candidate will provide oversight of intra-day overdrafts, analyze counterparty creditworthiness, and assess methods of coverage and history for custody clients. The role also includes assisting management with projects related to overdraft reporting and payment system risk initiatives. The candidate will be responsible for creating daily, weekly, and monthly overdraft reports for senior management and regulators. Staying informed of market conditions and industry trends is crucial to anticipate credit deterioration and recommend corrective actions as needed. The candidate will alert senior management of any breaches in risk appetite and potential credit concerns or trends to assist in dealing with multiple regulatory agencies. Furthermore, the candidate will partner with Credit Risk colleagues in the design and testing of the newly developed overdraft approval platform, which is part of the Payment Cash and Custody (PCC) program.