Outsourcing Manager
Northern Trust
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Job title : Outsourcing Manager Location : Findel (Luxembourg) Role This role is for Outsourcing Manager for the forthcoming Luxembourg Bank with 5 foreign branches as a result of Brexit.

This role will report into the Chief Operations Officer for the Luxembourg Bank and will work intelligently and in partnership with Global & EMEA Northern Trust entities, but also with the Business, the Internal Control and Support functions in Luxembourg and foreign branches.

As Vice Chairperson of the NTGS SE Luxembourg Outsourcing Committee, you will closely work with its Chairperson (i.e.

the Chief Risk Officer) and its other members (key business representatives, risk, compliance, information security representatives, outsourcing / oversight management roles) and standing or regular guests (representing branches, other business units or subsidiaries of NTGS SE Luxembourg) towards your common goal :

  • Outsourcing Framework : Provide a consistent framework for outsourcing which is compliant with NTGS SE Luxembourg outsourcing policy and discuss new outsourcing proposals that fall within the scope of relevant regulations,
  • Oversight of Outsourcing Matters : Provide oversight of outsourcing management matters and to keep authorised management informed of outsourcing matters,
  • Review and Challenge : (i) Create and ensure the ongoing ability and capability to monitor the outsourced activities of the existing business environment, through its review of business and risk reporting, (ii) Monitor ongoing adherence to the board’s outsourcing policy, review findings and monitor the completion of remedial actions,
  • Recommendations : Recommend further enhancements and implementation of controls to be undertaken by the relevant and respective business units, when deemed necessary, to ensure that robust governance arrangements are in place to meet the business requirements and regulatory obligations.
  • You will be responsible for the oversight / management of a number of Operational activities migrated to centres outside of Luxembourg.

    The primary responsibility will be to ensure the agreed work is migrated as per plan, within budget, in compliance with the EU Directives (MiFID) / EBA / ECB / CSSF outsourcing requirements.

    You will be responsible for the on-going compliance of migrated work and ensuring adequate oversight is in place.

    You will be responsible for all actions from internal audit and external client due diligence visits and ensure all open items are closed on a timely basis.

    You will be responsible for ensuring outsourced locations are fully engaged with Luxembourg and there is adequate Management oversight of this.

    Principal Responsibilities

  • Work with internal departments and support them through the stages of outsourcing, from new proposals through the first 12 months then on to BAU, including any changes to the outsourced activities on to the termination of an outsourced activity should it occur.
  • Complete a due diligence review on each outsourced location annually.
  • Work with internal departments to evaluate and implement changes in proposed new regulations and to ensure that all current requirements are met in relation to activities outsourced in both the home country and outsourced location
  • Work with Heads of Function to ensure all Services outsourced are appropriately completed including working with appropriate Vendors.
  • Oversight of processing quality and timeliness in the outsourced location
  • Work with the Compliance and Training teams to build and keep current Outsourcing Training for home and outsourced location partners.
  • Produce Management reporting monthly, focussing on activities currently outsourced and overall performance including risk rating and future activities to migrate by Function and end state location
  • Manage client issues in conjunction with Heads of Function ensuring appropriate resolution, including regular liaison with clients, relationship managers and other operational managers to provide a seamless service.
  • Liaise with all applicable Internal clients regarding applicable Service Descriptions.
  • Ensure Business Continuity Plans are in place in both onshore and outsourced location around migrated activities
  • Report on operational risk exposure of each department around outsourced work highlighted in the oversight process.
  • Work with Heads of Function to ensure full compliance with the Luxembourg Outsourcing policy and procedures
  • Attend (as Vice Chairperson) at the Luxembourg Outsourcing Committee and NTGS SE Luxembourg Board meetings to present status of all operational activities
  • Run workshops covering Luxembourg regulatory requirements in outsourced locations for partners supporting NTGS SE Luxembourg activities.
  • Work with Heads of Functions to identify and implement new efficiencies in the daily processing.
  • Qualifications / Skills / Experience

  • Significant operational experience gained in an operational area
  • Proven man management and change management skills essential
  • Process analysis / improvement experience will be advantageous
  • Significant experience in offshoring work outside of Luxembourg
  • Effective verbal reasoning and numeric skills
  • Good keyboard skills to include MS Excel and ability to learn systems used within the business
  • Ability to work under pressure meeting challenging deadlines
  • Excellent planning and organisation skills
  • Flexible approach to work
  • Ability to review and resolve complex issues
  • Ability to work on own initiative
  • Strong client focus gained in a financial services company
  • Strong Process Control focus will be advantageous Core Competencies
  • Motivation
  • Thinking & Organisation Knowledge
  • Client Service and Quality
  • Leadership
  • Technical, Regulatory & Compliance About Northern Trust For more than a century, Northern Trust has worked hard building our legacy of outstanding service, expertise and integrity.
  • From a Chicago-based bank founded in 1889, we now have more than 20 international locations and 18,500 employees globally.

    We serve the world’s most-sophisticated clients from sovereign wealth funds and the wealthiest individuals and families, to the most-

    successful hedge funds and corporate brands.

    We burnished our reputation as a global leader delivering innovative investment management, asset and fund administration, fiduciary and banking solutions enabled by sophisticated, leading technology.

    And through it all, we continually laid a solid, forward-looking foundation on which future generations can continue growing and achieving greater.

    Northern Trust proudly cultivates a diverse workforce, to serve our diverse client base.

    We strongly believe that diversity of experience contributes to a broader collective perspective that will consistently lead to a better company.

    We encourage applications from the best regardless of ethnicity, gender, gender identity, age, nationality, disability, sexual orientation, education, socio-

    economic background, parental and caring status, or religion.

    As of September 30, 2018, Northern Trust Corporation had : $10.8 trillion in assets under custody / administration $8.2 trillion in assets under custody $1.

    2 trillion in assets under management $132 billion in banking assets As Northern Trust is a financial organisation; all new employees will be required to undergo a criminal record check.

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