Senior Trade Finance Officer (Letter of Credit Negotiation)

Anonymous Employer

Job Summary

To provide operational support and efficiency for Letter of Credit process as regards LC Negotiations bank-wide for Corporate, Commercial & Retail Banking Group with tactical and operational support to the Relationship managers to ensure quality service to the customers in order to drive Trade volume & revenue growth.

  • Minimum Qualification: Degree
  • Experience Level: Senior level
  • Experience Length: 5 years

Job Description/Requirements

RESPONSIBILITIES:

  • Provide operational support to the Letter of Credit Negotiation, strategic advice, and support to the Transaction Banking teams as well as  Corporate, Commercial & Retail Bank coverage Relationship managers’ bank-wide in order to meet and exceed trade product revenue,  volume targets, and market ambitions. 
  • Responsible for handling complex Trade Negotiation operational structures.
  • Working with Transaction banking, CBG & Commercial Banking teams, design value-adding, and customer-centric operational Negotiation strategy and finance products solutions and structures by proactively gaining client insight through consultative customer engagements in the key sectors of the industry within our bank and trade target market.
  • Implement trade operational strategies and initiatives to capture different structured Negotiation opportunities, grow active trade customer base and revenues.
  • Develop the Operational dynamics of local/supply chain finance as well as international trade flows and corridors with a view to constantly attract key market opportunities, assess market changes and trends, growth ambitions, and proactively identify competitive threats
  • Implement a process that will ensure strict adherence/compliance to internal policies & procedures, local exchange control rulings, and international standard/best practices in the processing of Letters of Credit Negotiations. 
  • Implement policies and processes that guarantee that all Letters of Credit negotiation processes are executed accurately and expeditiously within agreed SLAs.
  • Process transactions on Trade Innovations within operating limit
  • Develop a robust checklist for Letters of Credit Negotiations.
  • Timely responses to inquiries 
  • Effective Communication with clients, branch managers, senior management as well as correspondent banks on all issues affecting Letter of credit Negotiation. 
  • Drive prompt resolution of inquiries and queries received from foreign banks and customers.
  • Implement & Drive an effective cost control strategy
  • A thorough examination of all incoming shipping documents for compliance
  • Communicating all observed and noted discrepancies to RMs and customers
  • Handling of all offshore charges on LCs and communicating same to RMs and customers
  • Implementing an efficient process of recovering and repatriating the same.
  • Direct responsibility for implementing policies and procedures of the vanilla and specialized trade service products (local, international and regional trade). 
  • Maintain the highest standards of operation and service delivery in order to avoid operational and reputational losses. 
  • To provide a high level of operational efficiency and customer intimacy required for best customer experience and minimize operational losses  as well as ensure good external relationships

Key Performance Indicators:

  • Improved product knowledge to drive innovation & Flexibility within the confines of existing regulations. 
  • Improved Internal Customer Satisfaction Survey
  • Satisfactory Internal Audit Assessment
  • Reduced Turn Around Time on Transactions
  • Consistent achievement of high levels of customer service and satisfaction
  • Compliance and improvement on turn- around times (TAT)
  • Reduction of costs and increased throughput (output)
  • Compliance with regulatory requirements governing banking practices
  • Effective management and mitigation of operational risks
  • Constant feedback and support to Head, Letter of Credit, Negotiation, ITF & Payment.
  • Error-free processing.
  • A proactive approach to work, willing to take responsibility, ownership, and throughput

Education: 

  •  A Good First Degree (B.Sc.). Relevant Master’s Degree. 
  • Other Professional Qualification Will Be An Added Advantage. 

Requirements: 

  • Must not be older than 34 years
  • Minimum of 5 years’ experience in banking operations, the last 2 of which must be in Foreign Operations’ functions, Trade Services, and  Finance.

Skills/Competencies: 

  • In-depth knowledge of the various systems used within the Foreign  Operations environment 
  • Knowledge of corporate banking and the interface between frontline  service, sales and support functions
  • Knowledge of banking transaction processes relevant to products and  services offered to customers
  • Practical knowledge of how to input, access and utilize information to  analyze forecast trends
  • Working knowledge of capacity management principles and processes • Knowledge of cost management principles and practices • Knowledge of the applicable legislation 
  • Must demonstrate a thorough understanding of Trade Finance, Processes,  Product and Risk Management
  • Good exposure to trade operation and Financial Institutions
  • Sound knowledge of Structured Trade and Commodity Finance
  • Understanding of regulatory and compliance requirements
  • Process/project management experience will be an added advantage 
  • Must demonstrate a thorough understanding of Trade Finance, Processes, Product and Risk Management
  • Good exposure to trade operation and Financial Institutions
  • Sound knowledge of Structured Trade and Commodity Finance  - Firm understanding of CBN & ICC regulations  
  • Display initiative and drive is a self-starter and works with energy.  Readily assume greater responsibility, is not easily discouraged, and is realistically ambitious.
  • Have the ability to adjust thoughts and behavior to rapidly changing situations and conditions, cope with the unexpected.  Have the ability to withstand adverse advents and stressful situations without falling apart.
  • Have the ability to identify and define problems as well as generate and implement effective solutions. Must be self-reliant and self-directed in one’s thinking and be free of emotional dependency. Be able to make calculated and tough decisions in a  reasonable time frame.
  • Risk identification and assessment skills 
  • Negotiation skills 
  • Excellent interpersonal and communication skills (across the  business)
  • Strong customer focus and service orientation
  • Creative, analytical with good problem-solving skills
  • Conflict management skills and ability to manage ambiguity
  • Self-driven, values-based, innovative, independent adaptive and  results orientated person 
  • High emotional intelligence
  • Strong business acumen and ability to translate strategy into  business plans


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