Bilingual (Chinese & English) Middle Office Specialists|
The Retail Banking Wealth Management (RBWM) proposition is a strategic priority for HSBC and the role of RBWM Middle Office West Coast Wealth Services Specialist is a key role that, as a member of the HSBC Securities Middle Office, provides servicing and trade execution to the RBWM Client base in achievement and alignment of the segment objectives, and must be fluent in Cantonese, Mandarin, and English.
The West Coast Middle Office will work in close connection with the existing Wealth Services Desk located in Buffalo, NY. The team will be responsible for providing service and trade support to our self-directed channel as well as our current Advisor led business in English, Cantonese, & Mandarin.
The role holder will maintain and foster a close relationship with supporting areas not limited to: External Clients, Regulatory and FCC Compliance, Legal, Corporate Tax, External Fraud, Internal Fraud, Middle Office, External Vendors, as well as the RBWM branch network staff to provide ongoing operational support and raise issues and concerns to management and participate in devising solutions to better streamline processes and improve the customer experience.
The role holder must be able to function in a fast paced environment.
The RBWM Middle Office West Coast Wealth Services Desk Specialist also provides support to the Field, Sales Management, and certain members of Senior Management by researching policies, responding to regulatory inquiries, and group requirements as needed for updates and revisions. They will also maintain direct and indirect roles in support of the HSBC Securities Self Directed platforms.
The incumbent will receive, review and analyze a variety of reports and documents for accuracy and follow up with appropriate key areas to ensure adherence to bank guidelines.
This role is expected to have regular interactions with key areas/functions and to support a culture of continual process refinement to ensure an efficient regulatory compliant work environment.
The role holder should be familiar with Wealth product sets and execution processes. Including but not limited to; Equities, Mutual Funds, Options, Advisory Accounts.
This role is a Subject Matter Expert (SME) and will ensure operational effectiveness. The incumbent must be well spoken and well written, with a people focused attitude.
Impact on the Business
- Support the integration of operational measures for required functions.
- Work with the broader organization including but not limited to RBWM Management team, CVM (Customer Value Management), Business Performance and CART team to ensure end to end delivery of client and account onboarding experience including streamlining process, documentation and understanding / enhancement of systems capabilities.
- Adopt and ensure effective utilization of all tools and systems provided to assist in effective service delivery.
- Support development and execution of plans to achieve the operational risk management goals.
- Keep up-to-date on knowledge of HSBC’s strategy, capabilities and policies and keep abreast of external factors influencing business e.g. economic, cultural, geographical, procedural and regulatory requirements.
Customers / Stakeholders
- Serve as liaison as assigned with other departments in implementing initiatives impacting Wealth Services including complex procedural changes, new / enhanced system deployment, operational training, security investigation and fraud for support.
- Challenge, where appropriate, the operational process and look for opportunities to enhance / improve.
- Coordinate with back-office to develop solid working relationships and reduce workflow inefficiencies.
- Ensure fairness in all aspects of strategy, product design and delivery, sales processes, customer literature and correspondence, financial promotions, administration and complaint handling.
- Work in partnership with colleagues across the HSBC Group to improve connectivity, deliver exceptional standards and quality of service across all interactions with (prospective) customer or other professionals.
- Be an ambassador for HSBC and develop the bank’s profile in the local business community.
- Deliver fair outcomes for our customers and ensure own conduct maintains the orderly and transparent operation of financial markets.
Leadership & Teamwork
- Awareness and assessment of reporting mechanisms used in Wealth Management Operations, including operational control reviews, report monitoring activities and project plans, to ensure consistency and quality of results as well as compliance with regulatory requirements.
- Serve as project member as assigned by management for operational improvements ensuring all project aspects are coordinated to meet target dates and objectives. This may include activities such as, but not limited to; Onboarding, Servicing, BRCM, FCC, Compliance, Marketing, Training and other key support departments to ensure schedules and task are synchronized across departments.
- Awareness of a clear vision for the RBWM MO West Coast Wealth Services Desk that is aligned to the overall HSBC Vision, Values and Goals, and inspires and engages people to create an inclusive, high performing, customer-centered culture.
- Share best practice as additional support to RBWM RM’s and other branch personnel to ensure that they maximize their performance, meet the required standards, and continuously develop their capabilities and experience.
- Encourage teamwork by demonstrating collaboration and matrix management in action and challenging actions and behaviors that are not consistent with HSBC's diversity policy and/or the best interests of the business and its customers.
Operational Effectiveness & Control
- Work with management for timely identification and escalation of Management Self-Identified Issues; document and monitor progress of remedial actions.
- Ensure adherence to established internal policies and external regulations as well as consistency of processes and controls; approve policy exceptions as required.
- Assist with the identification of compliance risks and associated controls, reporting of results of control testing, identification of trends and escalation of issues to the management team.
- Participate as active liaison with BRCM to build a robust Risk and Control Assessment (“RCA”) including review and revisions of scope, assist in identify material risks, assess the design and operating effectiveness of key controls to mitigate operational risk as it relates to procedural development.
- Assist in review of control monitoring results including development of monitoring plan, progress against plan, execution of control, report results, action plans and oversee remediation for all controls assessed as “ineffective” or “needs improvement” as needed by management,
- Communicate and adhere to HSBC policy and procedures in order to ensure good operational, financial and project management, policy and procedural compliance and early identification and effective resolution or escalation of issues that arise.
- Contribute to the development, implementation and maintenance of a management information, analysis and reporting framework that supports and informs timely and effective business management and decision making at all levels.
- Build and maintain relationships with the business, key areas and operations and interact with process and control owners to maintain current knowledge of the operations and business, organizational and/or technological changes impacting operational risk and internal controls.
- Assess in the review of adequacy of remediation of issues, including audit findings, internal control issues, and regulatory observations.
- Complete other responsibilities, as assigned.
Management of Risk
- The jobholder will ensure the fair treatment of our customers (internal and external) is at the heart of everything we do, both personally and as an organization.
- This will be achieved by consistently displaying the behaviors that form part of the HSBC Values and culture and adhering to HSBC risk policies and procedures, including notification and escalation of any concerns and taking required action in relation to points raised by audit and/or external regulators.
- The jobholder is responsible for managing and mitigating operational risks in their day to day operations. In executing these responsibilities, the Group has adopted risk management and internal control structure referred to as the ‘Three Lines of Defense’. The jobholder should ensure they understand their position within the Three Lines of Defense, and act accordingly in line with operational risk policy, escalating in a timely manner where they are unsure of actions required.
- Through the implementation the Global AML, Sanctions and ABC Policies, supporting Guidance, and Line of Business Procedures the jobholder will make informed decisions in accordance with the core principles of HSBC's Financial Crime Risk Appetite.
- The following statement is only for roles with core responsibilities in Operational Risk Management (Risk Owner, Control Owner, Risk Steward, BRCM, and Operational Risk Function
- The jobholder has responsibility for understanding and ensuring that Operational risks are managed in accordance with the Group Standards Manual, Risk FIM, & relevant guidelines & standards. The jobholder should comply with the detailed expectations and responsibilities for their core role in operational risk management through ensuring all actions take account of operational risks, and through using the Operational Risk Management Framework appropriately to manage those risks.
This will be achieved by:
- Continuously reassessing risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology.
- Ensuring all actions take account of the likelihood of operational risk occurring, addressing areas of concern in conjunction with Risk and relevant line colleagues, and also by ensuring that actions resulting from points raised by internal or external audits, and external regulators, are correctly implemented in a timely fashion.
Observation of Internal Controls
- The jobholder will adhere to, and be able to demonstrate adherence to, internal controls and will implement the Group compliance policy by adhering to all relevant processes/procedures. The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.
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Qualifications & Requirements
- Series 7 and 63 licenses required for Wealth Services Desk due to client contact requiring securities/investment knowledge
- Minimum of three years proven and progressive brokerage operations experience or equivalent.
- Bachelor’s degree in business, related field or equivalent experience
- Proven organizational, communications, decision-making, analytical and customer service skills.
- Working knowledge of banking and brokerage operations, as well as external regulations impacting activities
- Proficiency with personal computers as well as pertinent mainframe systems and software packages
- Bilingual Candidates English and Chinese Cantonese & Mandarin