Open Accounts Specialist at Absa

•  To deliver and administer all procedures pertaining to Open Account Products and services within required SLA’s
• Work with front line teams to ensure timely and accurate processing and monitoring of Open Accounts Portfolio of Invoice Discounting, Factoring Clients, Supplier Finance, Trade Loans, Selective Receivables Finance
• Fully understand the mechanics of the Open Account Products to allow risk issues to be identified and escalated
• Responsible for placing the Client at the heart of the operating model, ensuring that only value add services are provided

Job Description

Accountability: Stakeholder Services (Internal & External) (10%)

• Ensure all client instructions received is dealt with in a timely and professional manner
• Build and maintain strong relationships with clients, through providing exceptional service levels
• Take ownership of resolving client (either internal or external) queries regarding portfolio accounts (such as availability breakdown; funds in use; retention and unapproved debt information)
• Act as point of contact for Operational issues from Clients, Relationship teams and Credit
• Work as part of a team committed to achieving success through sharing of best practice and continuous improvement
• Ensure complaints are logged on the required Complaints management system.
• Make suggestions to the line manager on improvements to client solutions based on Knowledge of the Open Accounts value chain.
• Highlight issues and make suggestions to product teams to improve customer service.

Accountability: Transactions (40%)

• Ensure workflow is efficiently and effectively managed within the team to meet business targets
• Ensure all SLA¡¦s are achieved
• Address and manage escalated queries and complaints
• Complete Daily and Monthly Management Information (MI) reporting requirements as defined by Management and Stakeholders
• Understand portfolio of Clients businesses and implement necessary checks and controls to monitor facility performance and trend analysis
• Diarise and follow up on outstanding acceptances, payments and advices
• Ensure adherence to quality standards to avoid risks to the Bank through effective &efficient submission of transactions
• Draw Day End listings and action accordingly to ensure that all work received is actioned on the same day
• Review and monitor all office suspense accounts to ensure that there is a debit for very credit within 48 hours and that the reconciliation has a nil balance.
• File each document pertaining to transactions according to the set criteria within the
• department for ease of reference.
• Ensure the effective filing, archiving & retrieval of documentation is in line with Absa Policies
• Instruct and follow up Client On Boarding and the Trade Solutions Specialist / Financial Institutions Team on the need to create banks¡¦ and customer portfolios.
• Compile and clear reconciliations of accounts by passing entries over the relevant accounts to correct entries when required.
• Action Day End procedures to mitigate risk
• Ongoing management of the risk profile of the Clients
• Complete Docufiling procedures on a quarterly basis, in line with Records Management requirements
• Deliver market leading service excellence via an effective Open Account Operations framework
• Prepare and verify all information to ensure that the required standards are adhered to

Accountability: Networking & Relationship Building (5%)

• Build and maintain effective relationships with key stakeholders, across all relevant business areas (e.g. Product; Credit; Legal; other Operations business units)
• Liaise continuously with internal customers for which the departments services are primarily geared, to ensure that their needs are identified, logged for action and appropriately addressed
• Perform advisory services to internal customers to teach, coach, mentor, train and generally enlighten

Accountability: Risk and Control Management (10%)

• Ensure that all Open Account related risks are identified and effectively mitigated
• Accountable for financial losses as a consequence of processing failures in areas of owned responsibility
• Responsible for Data Quality integrity across the allocated portfolio
• Ensure effective documentation retention and retrieval policies, in-line with ABSAs policies and procedures are complied with
• Ensure all required compliance training as defined by the business is completed timeously and be conversant with the relevant regulations that impact on day to day functions.
• Ensure that all regulatory requirements are adhered to as necessary
• Identify losses due to processing errors or internal fraud in the department. Escalate to the manager and provide all the required information to allow logging of the Risk and Loss events. Participate in the investigations.
• Comply with prescribed policies, processes and procedures to prevent any financial Losses.
• Comply with statutory and regulatory requirements, by checking that clients are FICA Compliant, adhering to Exchange Control Regulations and Barclays Sanctions Screening Policy.
• Apply individual technical expertise to ensure 100% accuracy of all transactions.Ensure charges are recovered correctly as per specific agreed client deviations/tariffs, immediate escalation to Management if there is an issue identified.
• Authenticate and complete instructions/transactions received within turnaround times and in line with the Barclays Sanctions Screening policy.
• Escalate and report risks, near misses, losses as per Escalation Process.

Accountability: Personal Development (5%)

• Set own personal development goal objectives and completed all required actions in order to achiev
• Continuously look for opportunities to further develop own skills and expand knowledge base

Education And Experience

• B-degree or (NQF level 6) Preferably or
• 5 years (Technical/Business) experience
• Experience in the Receivables Finance/Working Capital product set

Knowledge & Skills: (Maximum of 6)

• In-depth Open Account Operations knowledge, with a good understanding of the
• products and product life-cycles (essential)
• Knowledge of regulatory and statutory requirements: FICA, Exchange Control,
• Sanctions Screening, Money laundering
• Analysis of verbal and numerical data
• Knowledge of banking systems