What are the responsibilities and job description for the Trade Credit Services Associate position at Sumitomo Mitsui Banking Corporation – SMBC Group?
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.
In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
The anticipated salary range for this role is between $78,000.00 and $125,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.
Role Description
The Trade Credit Services Associate verifies and approves the work of the team's administrators and representatives. This is a tactical and transactional role with a broad range of responsibilities related to the department and the bank's objectives. Serves as an expert resource based on experience handling both loan deals and letters of credit transactions. Acts as an SME for department and across other functions. May train others. May lead a team of direct and indirect reports. Follows established guidelines to identify problems and frequently applies subject matter expertise to resolve problems and issues.
Role Responsibilities
Reviews and approves input of newly assigned deals into the LoanIQ system.
Verifies that bank records accurately reflect the terms of the credit agreement and approval limits.
Verifies that standby letters of credit are accurately processed and booked.
Quality assures lending services to customers and supports the maintenance of accurate data in their
profiles.
Interprets reimbursement agreements, approved credit applications and credit agreements.
Adheres to internal and external regulatory policies and procedures.
Troubleshoots basic structure related functional problems/issues.
Verifies that all monies due to the bank are collected and/or reconciled.
Supports Treasury Desk and its daily requirement to accurately manage its cash and funded positions.
Manages end-to-end work flow; prioritizes team tasks in accordance with departmental objectives.
Trains and coaches staff; provides daily performance feedback and technical expertise as needed.
Drafts and reviews PPM annually.
Coordinates and responds to audit requests.
Participates in Disaster Recovery exercises to ensure smooth recovery of applications in the event of
unplanned business disruption.
Critical Knowledge
Extensive knowledge of UCP, OCP, ISP regulations
Extensive knowledge of Evergreen L/Cs and Direct Pay L/Cs (monthly draws).
Functional knowledge of 700 SWIFT series (799,760, 700)
Strong analytical and critical thinking skills, with ability to analyze risk and identify mitigating factors
Ability to coordinate and communicate with various internal departments across the organization.
Excellent verbal, interpersonal and written communication skills.
Excellent mentoring and management proficiency with demonstrated ability to delegate and influence
others.
High level customer service mindset with a commitment to supporting both internal and external
stakeholders.
Qualifications And Skills
Work Experience: 5 to 7 years of comparable or relevant experience
Education: BA/BS
Skills: MS Word, MS Excel, MS PowerPoint, MS Access; LoanIQ
SMBC’s employees participate in a Hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process. Hybrid work may not be permitted for certain roles, including, for example, certain FINRA-registered roles for which in-office attendance for the entire workweek is required.
SMBC provides reasonable accommodations during candidacy for applicants with disabilities consistent with applicable federal, state, and local law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.
In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
The anticipated salary range for this role is between $78,000.00 and $125,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.
Role Description
The Trade Credit Services Associate verifies and approves the work of the team's administrators and representatives. This is a tactical and transactional role with a broad range of responsibilities related to the department and the bank's objectives. Serves as an expert resource based on experience handling both loan deals and letters of credit transactions. Acts as an SME for department and across other functions. May train others. May lead a team of direct and indirect reports. Follows established guidelines to identify problems and frequently applies subject matter expertise to resolve problems and issues.
Role Responsibilities
Reviews and approves input of newly assigned deals into the LoanIQ system.
Verifies that bank records accurately reflect the terms of the credit agreement and approval limits.
Verifies that standby letters of credit are accurately processed and booked.
Quality assures lending services to customers and supports the maintenance of accurate data in their
profiles.
Interprets reimbursement agreements, approved credit applications and credit agreements.
Adheres to internal and external regulatory policies and procedures.
Troubleshoots basic structure related functional problems/issues.
Verifies that all monies due to the bank are collected and/or reconciled.
Supports Treasury Desk and its daily requirement to accurately manage its cash and funded positions.
Manages end-to-end work flow; prioritizes team tasks in accordance with departmental objectives.
Trains and coaches staff; provides daily performance feedback and technical expertise as needed.
Drafts and reviews PPM annually.
Coordinates and responds to audit requests.
Participates in Disaster Recovery exercises to ensure smooth recovery of applications in the event of
unplanned business disruption.
Critical Knowledge
Extensive knowledge of UCP, OCP, ISP regulations
Extensive knowledge of Evergreen L/Cs and Direct Pay L/Cs (monthly draws).
Functional knowledge of 700 SWIFT series (799,760, 700)
Strong analytical and critical thinking skills, with ability to analyze risk and identify mitigating factors
Ability to coordinate and communicate with various internal departments across the organization.
Excellent verbal, interpersonal and written communication skills.
Excellent mentoring and management proficiency with demonstrated ability to delegate and influence
others.
High level customer service mindset with a commitment to supporting both internal and external
stakeholders.
Qualifications And Skills
Work Experience: 5 to 7 years of comparable or relevant experience
Education: BA/BS
Skills: MS Word, MS Excel, MS PowerPoint, MS Access; LoanIQ
SMBC’s employees participate in a Hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process. Hybrid work may not be permitted for certain roles, including, for example, certain FINRA-registered roles for which in-office attendance for the entire workweek is required.
SMBC provides reasonable accommodations during candidacy for applicants with disabilities consistent with applicable federal, state, and local law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.
Salary : $78,000 - $125,000
