The posting
⇒ Role Summary
The Tax & Regulatory Reporting Business Analyst is responsible for gathering, analysing, documenting business requirements for FATCA, CRS and Withholding Taxes (US Withholding Taxes and also for other regimes).
⇒ Main Responsibilities
- Act as a key conduit between Front Office, Operations, Tax Stream, focusing on STP, process efficiency and recommendations of industry practices.
- Experienced in driving PLWs and able to advise new processes for new Transact applications, preferably with implementation experience.
- Gathers and documents Transact-focused requirements and translate operational/business needs into functional specifications; experience in writing a BRD/FSD is a MUST.
- Analyses gaps in functionality and processes across European and Asian sites and proposing solutions to converge and align them into a common design, respecting WMIS standards and allowing for mutualization / reuse as much as possible between sites.
- Analyze and structure new requirements with all stakeholders involved in order to propose to the organization the best way to deliver appropriate solutions and integrate them in the overall program.
- Ensures all requirements are approached from a global perspective for all sites; specific solution should only be considered to address regulatory, tax or accounting specific requirements.
- Provides SME support for FATCA, CRS and QI Compliance within Temenos Transact R24 (in line with market standards and regulatory requirements).
- Ensures accurate client classification, withholding determination, reporting and auditability across securities, corporate actions, cash, FX and Derivatives/Structured Products, working closely with Tax, Compliance, Operations and Finance teams.
- Supports configurations of event-driven determination for FATCA/US WHT (US Withholding & Reporting) – Client Classification (US/Non-US, Chapter3 / 4 status), Withholding on US-Source Income (W8 and W9 indicators) and IRS Reporting (1042 / 1042-S data support).
- Analysis of FATCA/US WHT impact on Mandatory (Dividends, Coupons, Redemptions) and Voluntary Corporate Actions (Dividend Options, Dividend Reinvestment Plan, etc) Events and ensure correct handling of Income Segregation and Withholding at Source vs Intermediary Level.
- Supports compliance with CRS (OECD Common Reporting Standard) – Tax residency identification, Controlling person classification and Annual Regulatory Reporting and Data Quality Controls.
- Supports compliance with QI (Qualified Intermediary) – Beneficial Owner Identification (QI status and beneficial owner tags), Treaty eligibility and documentation validation and Gross vs. Net Income Processing and Reclaims.
- Ensure correct propagation of client tax attributes across Securities Trading, Corporate Actions, Cash and Accounting Services.
- Support configurations of Client Classifications, Instrument Source of Income and Treaty Rates and Exemptions.
- Coordination of testing of tax-driven Tax Re-calculation.
- Support integration with External Regulatory Reporting Platforms, Compliance and Data Warehouses.
- Support regulatory change implementation.
- Collaborate with our Vendor (Temenos) and/or integrator for the implementation project and enable our internal team to acquire knowledge and deep expertise on Temenos Transact product.
- Drive the definition of use cases for Integration tests with testing team and for User Acceptance Test with end users
- Manage all the decision-making and analysis process allowing designing, validating the solution, and getting the necessary approvals in terms of architecture, IT risk and IT Security, budget and capacity planning.
- Coordinate the implementation from a project management perspective and ensure the WMIS Project governance is applied at each step.
- Bring benefits to both the IT tools functionality and potential changes to operational processes affected.
- Ensure that every new solution implemented respects WMIS standards and allows for mutualization / reuse as much as possible between sites.
- Ensure all requirements are approached from a global perspective for all sites; specific solution should only be considered to address regulatory, tax or accounting specific requirements.
- The SBA will be the privileged contact for user representatives during the analysis and project phases, and will be responsible for all standard business analysis tasks such as:
o Preliminary studies and analysis (including leading user workshops); o Cost estimation and planning elaboration and follow-up; o Organize and run dedicated meetings or committees, as required; o Identify and report on project risks, attention points and issues to follow-up; o Requirements and general functional specifications (GFS): Coordination of workshops, minutes, writing GFS, Review and validation with Sponsors, Presentation and support to Dev Team, etc.; o Coordinate with all teams, from same division or other divisions, working on the same project; o Plan the migration strategy and change management activities related to these new projects; o Coordinate, supervise and contribute to Users Acceptance Tests (UAT) related to new implementations and support user sign-offs; o Ensure the good relationship with business sponsors and stakeholders on each location; o Support production deployment activities, data migration and user training.
⇒ Qualifications & Experience
- Bachelor's Degree in Information Technology or relevant fields.
- At least 7 years of experience in Banking Industry, as a Business Analyst and/or as a “hands-on” Project Manager.
- Strong knowledge of FATCA, CRS, QI and Management of Withholding and Transactional Taxes Topics within Temenos Transact (T24) – in-depth knowledge of Customer Static Data and Instrument Referential (pertaining to tax determination) is essential.
- Understanding of FATCA/CRS/QI Regulatory Reporting Requirements, configurations of Tax-Related referentials at Customers and Portfolios, management of Tax-related documents tagging and impact of taxation on Security Trading and Corporate Actions processing.
- Experience producing BRDs/FRDs/Functional Specifications – through interviews, document analysis, requirement workshops with business users, business process descriptions, use cases, scenarios and workflow analysis.
- Strong analytical and problem-solving skills to challenge business/technical requirements to build good and scalable solutions.
- Product management skills required, including a thorough understanding of how to interpret customer business needs and translate them into application and operational requirements.
- Hands-on UAT and production support experience.
- Understanding of STP flows and system integrations (CFT, MQ, KAFKA flows) will be advantageous.
- Excellent verbal and written communication skills and the ability to interact professionally with a diverse group, managers, subject matter experts and technical teams.
- Self-driven, highly motivated, hardworking, and agile enough to work both independently and as a team player.
- Should have high standards for services delivered to business and should have an eye for details.
- Ability to work under pressure and manage multiple, concurrent priorities with business and other IT stakeholders.
Technical Skills
- Expert knowledge and experience on TEMENOS T24/TRANSACT Core Banking platform for Wealth Management, understand the various flows and functions, familiar with system parameterization and configuration, specifically in the area of Temenos Transact FATCA/CRS/QI/Security Trading/Corporate Actions Modules (including Withholding taxes, Transactional Taxes setup, Data Requirements for Regulatory Reporting for FATCA/CRS/QI), integration with external Regulatory Reporting Platforms/Compliance and Data Warehouses, etc) – Mandatory.
- Proficiency in User Acceptance Testing (UAT), Functional & System Integration testing of banking and financial applications.
- Fluent in investigation and testing techniques (Data Analysis, SQL, API, etc).
Soft Skills
- Excellent communication skills, both oral and written.
- Active listener and have the ability to ask follow-up questions to uncover the actual business problem.
- Experience in management of stakeholders, essentially balancing Operations, Compliance, IT and Front Office Requirements.
- Analytical and Critical Thinking required so as to be able to break complex problems into manageable components and have the ability to challenge business assumptions.
- Good Problem Solving and Questioning skills.
- Meticulous and have attention to detail.
- Have curiosity and willing to learn new skills and knowledge through on-the-job guidance and training.
- Strong proficiency with Powerpoint, Excel, Word, Visio.
- Working experience of SDLC and Agile Methodologies like SCRUM and KANBAN is a plus.
- Familiar with project management tools as well as issue and release management, production and support (JIRA, Confluence, Sharepoint, etc).
