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Business Specialist

CIBC

This is a Full-time position in Toronto, ON posted August 30, 2017.

CIBC is a leading Canadian-based global financial institution.Through our three major businesses

– Retail and Business Banking, Wealth Management and Wholesale Banking – we provide a full range of financial products and services to 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world.We invest in our businesses, our clients, our people and our communities to deliver consistent and sustainable earnings to our shareholders.To learn more about CIBC’s Lines of Business, please visit our website.CIBC focuses on what matters to our employees – access to career and development opportunities, safe and healthy workplaces, effective training, and positive work-life balance – so that employees are able to perform at their best, contribute to their communities and focus on cultivating deeper relationships with our clients.Every year, CIBC is recognized for its business success, community commitment and employee initiatives.We are proud of this success and are committed to creating an inclusive workplace and an environment where all employees can excel.To learn more about CIBC and the CIBC Group of Companies please visit CIBC.com.Business Unit Wholesale/Brokerage Operations provides support for CIBC’s brokerage businesses, mutual fund and institutional money management businesses, and large corporate and commercial clients in Canada, US, UK and Asia in way that provides appropriate controls to manage risk, meet CIBC requirements and protect information, enables CIBC to achieve its productivity objectives and take advantage of emerging opportunities, provides operational support that is focused on the needs of our clients and business partners.The Brokerage Credit & Client Services provides account opening and maintenance, document management, asset transfer, estate settlement, entitlement processing, tax reporting and client fulfillment for individual client accounts across multiple businesses, discretionary managed accounts, regular investment accounts and registered retirement accounts.

Corporate Actions Processing provides transactional, settlement and credit product support for a wide range of internal and external clients. Core responsibilities include event capture in all global currencies along with associated risk management; communication to Wood Gundy advisors, Prime Brokerage traders and Investors Edge/Imperial Service support Centres; payment processing on record keeping systems; payment and event submissions with external parties such as depositories, transfer agents and issuers; processing and reconciling solicitation fees; and investigations. The area is responsible for all corporate event processing on the over $142 billion in assets under custody for business lines supported.This includes processing and managing over $10 billion CDA in related income payments in a typical year in all global currencies supported.Job Purpose Reporting to a Senior Manager, Corporate Actions, the Business Specialist, Transaction Processing is accountable for providing professional, timely and efficient operational support to Investment Advisors across Canada in the Wood Gundy products group. The incumbent will be responsible for the timely and accurate processing, analysis and related activities within the department and handling high dollar transactions of a very complex nature with multiple inputs from advisors, traders, external brokers, transfer agents and depositories on tight deadlines, without direct supervision. The incumbent will always need to anticipate the downstream settlement impacts to ensure that they take action avoid being locked into a particular option, depository or timeline that creates market exposure. Further, they need to determine the appropriate processing in order to create the proper downstream tax processing.They will act as a point of contact providing functional guidance to junior team members in other operations support areas. May lead implementation of process improvement initiatives. The incumbent will work with colleagues and management to improve the quality of client service delivered to our clients, while seeking opportunities to streamline processes.The Business Specialist, Transaction Processing in Corporate Actions role is a complex one that demands and includes the following: The ability to assist, maintain and develop and enhance procedures and policies, investigating and identifying appropriate solutions to problems, that are sometimes unique to each event, is a skill that is required to prevent reoccurrence of errors and to ensure a consistent high standard of service and risk reduction.Continually being the subject matter expert for continuous improvement ideas is essential to continually improve our processes and streamline them.Variable, market imposed time deadlines make response time critical to our service levels and to executing our functions.Further, obtaining instructions or submitting securities to a depository/agent on a event requires an extremely high degree of accuracy because they apply across all clients and market action would be needed to apply any corrections. Analyzing data or information received and being able to fully understand the complexities of a corporate action event is a key requirement of this role since this has financial impact on client and our large proprietary holding.Decisions or assumptions made carry significant financial and reputational risk for CIBC.Key AccountabilitiesAssist in development and maintenance and enhancement of policies and procedures manual to ensure consistency and meet service level agreementsSupport and participate in any regulatory and audit reviews to ensure that business and client risk are identified and mitigated..Respond to clients’ inquiries and request within the department service level agreements to ensure customer satisfactionComplete all reconciliation activities and provide regular regulatory reporting to management team and control groups as requested ensuring accuracy of informationAnalyze and reconcile data or reports to ensure data integrity on clients accounts, control accounts, submissions to depositories, submissions to transfer agents.Assist in various department initiatives as a subject matter expert or on-going projects for continuous improvement purposesAssist and lead the management team and department in resolution of escalated or problematic issues that arise and provide recommendations for continuous improvement purposes..Assist in the design and implementation of new technology to improve current service or products and offer new products or services..Prioritize the work to be done in order to meet service level agreements.May at times re-direct/redistribute the work amongst the team members when necessary to meet SLA’s and quality service.Act as a subject matter expert providing guidance and assistance to junior team members as first point of escalation to ensure efficiency and consistency.Represent department on various projects and meetings with partners/advisors such as launches or enhancements to provide expert advice and obtain information.Provide product and system training to new business partners ensuring consistency and building business relationships.Assist with the training and job shadowing of new staff in department to ensure consistency and customer satisfaction.Communicate with partners and liaise with other departments to ensure accurate and timely processing of transactions in clients’ accounts ensuring high level of customer serviceHandle more complex issues or situations that require further analysis or investigation in order to determine nature of the problem and identify feasible solution for the client.Research and investigate and identify appropriate solutions for client complaints received to ensure customer satisfaction.Identify root cause and trends to avoid reoccurrence and identify, evaluate and implement solutions to improve service.Review and analyze reports or data to ensure quality assurance of transactions and maintain a high level of customer satisfaction..Process accurately and timely service inquiries and requests received in accordance to appropriate rules, regulations or procedures to meet service level agreements and customer satisfaction.Liaise with operations client service departments and external and internal partners in order to identify service gaps and find appropriate solutions to solve them.Cross-Functional RelationshipsKey relationships with a wide range of internal CIBC employees, teams and departments at the management level to ensure operational efficiencies, present strategies, recommend solutions and resolve issues Key relationships with external clients, Vendors, Financial Institutions, Regulatory Bodies and Government Agencies to negotiate Service Level Agreements, resolve problems and provide/obtain information as required Regular contact with internal employees, departments and management teams within Global Operations & INTRIA and CIBC lines of business (e.g.CIBC Wood Gundy) to respond to client inquiries and enhance and improve product efficiency; partner with peers and management team on activities to resolve issues, questions or concerns; ask, review information and resolve client issues, provide training and ensure high level of customer service.Regular contact with internal audit and control groups and external auditors to meet governance standards.Compliance Requirements/ResponsibilitiesAs an employee of CIBC, the incumbent must comply with all applicable CIBC and Line of Business policies, standards, guidelines and controlsAuthorities/Decision Rights As a Specialist, Transaction Processing this job has the authority to approve market action within prescribed limits.Job DimensionsGeographic regions for our distribution channels are all of the countries in which our clients reside including primarily North America and to a lesser extent, Europe. Geographic regions for trading and settlements include Canada, United States, Europe and Australia/NZ. This significantly increases the scope of knowledge needed to understand the regulatory and standard practices of trading and settlements in those locals and their impacts on the various events. The type of processes/events include tenders, mergers, warrants expiries and one-offs, puts, calls, rights, liquidations, maturities, name changes.What We’re Looking ForKnowledge of Wholesale/Brokerage Operations and/or brokerage industry (i.e.RESP, RRIF and/or RRSP products, related regulations, procedures and CRA guidelines)Enrolled in courses and/or pursuing CSC or IFIC certifications Knowledge of internal CIBC systems and applications (i.e.ADP, GOW, COINS etc.) Must have excellent interpersonal skills to work effectively with team members and successfully handle inquiries and empathize with client needsExcellent communication skills, verbal and written (written skills of a high professional standard)Ability to listen and to understand client queries and clearly communicate appropriate responsesAbility to work under pressure and meet established service levelsExcellent problem solving skills with ability to identify the source of problemsStrong time management skills and ability to manage multiple tasks at one timeProven leadership, coaching and people management skills sufficient to motivate a workforce faced with significant changeCompliance with all CIBC regulatory training and ensure these programs and policies are applied consistently across the business.The incumbent is personally responsible for compliance with all such regulatory and governance programs.Working ConditionsNormal office environmentMay be required to attend off-site meetings; may require business travelMay be required to occasionally work overtime during peak periods with limited noticeTypically sitting at a desk or table for long periods of timeRepetitive wrist, hand and/or finger movementSustained visual concentrationMay experience high degree of stress as a result of multiple deliverables/within tight deadlinesJob Related CompetenciesFinancial Services Industry: Knowledge of financial services industry’s trends, directions, major issues, regulatory considerations and trendsetters.Identifies key industry segments and associated characteristics.Decision Making and Critical Thinking: Ability to analyze situations fully and accurately, and reach productive decisions.Assists in assessing risks, benefits and consideration of alternatives.Accuracy/Attention to Detail: Ability to process information with high levels of accuracy.Demonstrates expertise in quality assurance tools, techniques, and standards.Managing Multiple Priorities: Ability to manage multiple concurrent objectives, projects, groups, or activities, making effective judgments as to prioritizing and time allocation.Works with or leads others to re-prioritize work and reschedule commitments as necessary.Interpersonal Relationships: Ability to work with a variety of individuals and groups in a constructive and collaborative manner.Establishes and maintains productive working relationships within and outside of own area.Effective Communications: Ability to effectively transmit, receive, and accurately interpret ideas, information, and needs through the application of appropriate communication behaviours, tools and techniques.Makes oral presentations and writes reports needed for own work.Avoids technical jargon when inappropriate.Office Support Tools: Knowledge of and ability to use office support tools available at the desktop (for example: word processing, e-mail, presentation software, and spreadsheets.) Demonstrates some advanced functions of at least one product.Problem Management Process: Knowledge of and ability to bring a reported problem to successful resolution.Identifies and documents specific problems and resolution alternatives.Service Request Management Process: Knowledge of and ability to apply the processes, activities and tools associated with managing customer requests.Receives, verifies and dispatches standard service requests.Please click here to Apply On-Line.