Back office operations

Initial Situation (2 business analysts in different departments)

  • Following the takeover of Fortis by BNPP, within the Fixed Income and ALM settlement unit, take part in the implementation of a new front-to-back software called Calypso
  • Due to new regulatory constraints, appears the urge to reinforce the BO Interest Rate Derivatives & Structured Products team to ensure the meeting of regulator’s expectations

Tasks

  • Daily follow-up of new deals : support to FO and MO for booking in BO systems, make sure the EMIR timely confirmation rules are respected
  • Test and execute the UAT related to the automation of trades between BNP Paribas Fortis and Central Counterparties Clearing House
  • Define post-production defects for IT units in order to identify proper solutions
  • Support internal staff with post-implementation processes and the organizational change
  • Payment reconciliation with counterparties
  • Cash reconciliation for BNPP Fortis account at Central Counterparties Clearing House
  • BO Securities position reconciliation
  • Investigate and solve breaks in accounting of IRD products
  • Investigate and solve breaks in accounting of Securities
  • Handle the extra-workload related to the requirement of FSMA to remediate all Bermudan Callable Swaps sold to non-financial counterparties

Actions

  • Design methodology and controls on Back office’s side for the remediation of Bermudan callable swaps, and provide support to Front Office for the bookings in the back office systems
  • Modelisation of cash reconciliation processes into a user-friendly template
  • Work with senior management to establish procedures and policies

Result

  • Migration to Calypso is successful and operational
  • Automation of Securities is successful and operational
  • All Bermudan callable swaps have been remediated in vanilla Interest rate swaps
  • EMIR requirements on OTC interest rate derivatives are fulfilled