Letters of Credit Team Lead

at  Groom Associes

Title: Letters of Credit Team Lead
Status: Permanent, Full time
Salary: $110,000
Location: Downtown Montreal, Quebec - Onsite for the first 3 months and then switch to 3 days in office, 2 days work from home
TO APPLY: Please send your resume to emily.woods@groomassocies.com
Our client is an international banking and financial institution with divisions located in the Americas, Europe, Asia,and the Middle East. They are establishing their first Canadian office and are expecting exponential growth.
They are looking for a Documentary and Guarantee Operations Team Lead as their first wave to join their team.
The opportunity
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.

What you will do

• Supervision of staff daily work for staff of 7 individuals & report into DGO head daily.
• Ensure that letter of credit transactions are in conformity with client instructions, UCP Publication 600/ISP98, 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.
• Approve required letter of credit documents.
• Manage daily maturity report to for maturing transactions and review daily dashboard[s] to ensure all items have been processed
• 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.
• Manage 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.
• Approve outgoing SWIFT messages for LC transactions and manual wire transfers for payments, as required.
• Review and approve letter of credit authorizations entered by LC staff in ACBS from submitted ALTAR Closing Requests.
• Act as point of contact for periodic LC Compliance review and provide documentation requested for LCs being reviewed.
• Manage past due fee report for LC portfolio to insure accuracy and timely presentation for management reporting

Qualifications

• Strong knowledge of UCP 600/ISP 98/URDG 758 - Working knowledge of OFAC, Anit-Boycott, - Sanctions and Trade Finance Documentation

• Good analytical, organizational and interpersonal skill

• Must have experience managing staff on a daily basis
• Adaptable & flexible
• Ability to build strong relationship and foster collaboration among team members
• Strong attention to details
• Able to work independently with minimal supervision
• Ability to communicate fluently and clearly orally and in writing
• Ability to deal with multiple stakeholders.
• Hard-working, comfortable with multi-tasking and able to work under pressure
• Proficient in MS Excel/MS Word
• A self-starter who is highly motivated

Education

• Bachelor’s or Master’s degree in fields related to Business, Management, Information technology, or a related discipline,

• 5 to 7 years of experience in Letters of Credit - must have prior management experienc

• Supervision of staff daily work for staff of 7 individuals & report into DGO head daily.
• Ensure that letter of credit transactions are in conformity with client instructions, UCP Publication 600/ISP98, 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.
• Approve required letter of credit documents.
• Manage daily maturity report to for maturing transactions and review daily dashboard[s] to ensure all items have been processed
• 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.
• Manage 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.
• Approve outgoing SWIFT messages for LC transactions and manual wire transfers for payments, as required.
• Review and approve letter of credit authorizations entered by LC staff in ACBS from submitted ALTAR Closing Requests.
• Act as point of contact for periodic LC Compliance review and provide documentation requested for LCs being reviewed.
• Manage past due fee report for LC portfolio to insure accuracy and timely presentation for management reportin