Job Description
State Bank of India began its operations in Australia in 1998 and has since played a crucial role in fostering trade between India and Australia through trade finance products. We operate under the oversight of the Reserve Bank of India and Australian Prudential Regulation Authority (APRA), providing services such as deposits, remittances, trade finance solutions, and syndicated loans. Join us in our dynamic office environment and become part of a global legacy in banking.
Job Summary:
The Trade Finance Officer is responsible for managing and executing trade finance transactions, including Letters of Credit (LCs), bill negotiations, buyer’s credit, and related operational tasks. This role ensures the accuracy and efficiency of trade finance operations, upholds high standards of document management, and delivers exceptional service to clients and internal stakeholders.
Key Responsibilities:
A. Trade Finance Management:
CRM and Account Corrections: Perform monthly CRM/account corrections and maintain accurate records.
Document Checking and Forwarding: Review and forward documents (bill lodgement) for customers, ensuring compliance with bank procedures.
Bill Discounting and RA Transactions: Input bill discounting and RA transactions, prepare sanctions, and manage related processes.
Buyer’s Credit, Supplier’s Credit and MRPA Transactions: Input buyer’s credit supplier’s credit and MRPA transactions, prepare sanctions, and manage related processes
Due Diligence: Conduct due diligence using tools such as Purple Trac, Dow Jones, and Accuity.
LC Management:
Add LC confirmations and handle LC lodgement and subsequent amendments in TI Plus.
Manage LC advising in the TI Plus system and coordinate with back-office teams for accurate processing.
SWIFT Messaging: Handle and prepare SWIFT messages related to bills and LCs (MT799, MT742, MT710).
Beneficiary Marketing: Promote and manage beneficiary marketing activities.
Document Preparation: Prepare old documents and files for warehouse storage, scan, and maintain team documents.
Rate Chart and RMA Arrangements: Prepare rate charts (Bexi approval letters) and arrange RMA as needed.
Reporting: Assist with monthly reports required by IBG and other internal stakeholders.
MTP On boarding: Manage MTP on boarding for local customers and address any related queries.
Fund Check and Interest Reset: Conduct fund checks for buyer’s credit/RA/SC payments and reset interest for buyer’s credit/RA/SC loan accounts.
Document Housekeeping/Storage Preparation: Prepare old documents and files for warehouse storage, scan, and maintain team documents.
BA Funding: BA Funding Trade Assets Management.
RMA Review and Establishment- Proposals for RMA Review and RMA Establishment.
B. Buyer’s Credit and Bill Negotiation:
Customer Maintenance: Oversee customer maintenance, account openings, and disbursements of all buyer’s credit.
Query Management: Respond to queries from branches regarding buyer’s credit/SC/RA via phone and email.
Bill Negotiation: Negotiate bills under documentary credit, including proposals and control reports for committee approvals.
Document Verification: Verify documents presented under documentary credit and manage import/export bills in TI Plus.
Filing and Maintenance: Maintain records of confirmed and unconfirmed LCs, send financial advice, and statements.
Coordination with Local Clientele: Coordinate with local clients regarding discounting transactions, LC issuance, amendments, and document couriering.
Follow-Up and Reconciliation: Follow up with banks/officers for payment reminders, overdue buyer’s credit, and reconcile trade finance entries.
Rollover and Closing: Manage rollover and closure of buyer’s credit/RA accounts, ensuring timely processing.
C. BG Issuance:
Proposals and Control Reports: Create proposals and control reports for committee approval for BG issuance.
Issuance and Communication: Issue BGs, send draft copies to customers via email, and handle entry of inward and outward guarantees in Finacle.
Coordination and Charges: Coordinate with counter-guarantee issuing branches for BG issuance and share charges.
Charge Recovery: Send SWIFT messages/letters for recovery of charges and ensure timely recovery.
Advising and Closure: Advise the Guarantee advising bank upon BG expiry and manage reversal and closure of guarantees.
D. Three Lines of Defence Responsibilities:
Daily Risk Management: Manage daily risk management activities and implement controls and actions established by senior management.
Risk Documentation: Maintain and update the risk register, document identified risks, and track mitigation actions.
Routine Analysis: Perform routine risk analysis, conduct stress testing, and self-assess the adequacy of processes and controls.
Issue Management: Record issues and incidents in the GRC tool, conduct root cause analysis, and develop appropriate remediation actions.
Reputational Risk Awareness: Monitor daily activities for potential reputational risks and flag concerns promptly.
Adherence to Risk Culture: Uphold a positive risk culture that aligns with organizational values and the risk management framework.
Training: Ensure timely completion of all required risk management training programs.
E. Additional Responsibilities:
Other Tasks: Perform any other tasks or responsibilities assigned by the VP Trade Finance/ AVP Trade Finance.
Qualifications:
Education: Bachelor’s degree in finance, Accounting, Business, or a related field.
Experience: Less than 12 months of experience in trade finance or a related field.
Visa Requirements: Must be an Australian Citizen or Permanent Resident.
Skills:
Proficiency in banking/trade finance systems.
Strong analytical skills and attention to detail.
Excellent communication and interpersonal skills.
Ability to manage multiple tasks and priorities effectively.
Knowledge of SWIFT messaging standards and trade finance documentation desired but not mandatory.
Additional Information:
Work Environment: Office-based with occasional client meetings.
Travel: Minimal travel required.
Job Types: Full-time, Permanent
Pay: $58,000.00 per year
Work Authorisation:
Australia (Preferred)
Work Location: In person
Job Summary:
The Trade Finance Officer is responsible for managing and executing trade finance transactions, including Letters of Credit (LCs), bill negotiations, buyer’s credit, and related operational tasks. This role ensures the accuracy and efficiency of trade finance operations, upholds high standards of document management, and delivers exceptional service to clients and internal stakeholders.
Key Responsibilities:
A. Trade Finance Management:
CRM and Account Corrections: Perform monthly CRM/account corrections and maintain accurate records.
Document Checking and Forwarding: Review and forward documents (bill lodgement) for customers, ensuring compliance with bank procedures.
Bill Discounting and RA Transactions: Input bill discounting and RA transactions, prepare sanctions, and manage related processes.
Buyer’s Credit, Supplier’s Credit and MRPA Transactions: Input buyer’s credit supplier’s credit and MRPA transactions, prepare sanctions, and manage related processes
Due Diligence: Conduct due diligence using tools such as Purple Trac, Dow Jones, and Accuity.
LC Management:
Add LC confirmations and handle LC lodgement and subsequent amendments in TI Plus.
Manage LC advising in the TI Plus system and coordinate with back-office teams for accurate processing.
SWIFT Messaging: Handle and prepare SWIFT messages related to bills and LCs (MT799, MT742, MT710).
Beneficiary Marketing: Promote and manage beneficiary marketing activities.
Document Preparation: Prepare old documents and files for warehouse storage, scan, and maintain team documents.
Rate Chart and RMA Arrangements: Prepare rate charts (Bexi approval letters) and arrange RMA as needed.
Reporting: Assist with monthly reports required by IBG and other internal stakeholders.
MTP On boarding: Manage MTP on boarding for local customers and address any related queries.
Fund Check and Interest Reset: Conduct fund checks for buyer’s credit/RA/SC payments and reset interest for buyer’s credit/RA/SC loan accounts.
Document Housekeeping/Storage Preparation: Prepare old documents and files for warehouse storage, scan, and maintain team documents.
BA Funding: BA Funding Trade Assets Management.
RMA Review and Establishment- Proposals for RMA Review and RMA Establishment.
B. Buyer’s Credit and Bill Negotiation:
Customer Maintenance: Oversee customer maintenance, account openings, and disbursements of all buyer’s credit.
Query Management: Respond to queries from branches regarding buyer’s credit/SC/RA via phone and email.
Bill Negotiation: Negotiate bills under documentary credit, including proposals and control reports for committee approvals.
Document Verification: Verify documents presented under documentary credit and manage import/export bills in TI Plus.
Filing and Maintenance: Maintain records of confirmed and unconfirmed LCs, send financial advice, and statements.
Coordination with Local Clientele: Coordinate with local clients regarding discounting transactions, LC issuance, amendments, and document couriering.
Follow-Up and Reconciliation: Follow up with banks/officers for payment reminders, overdue buyer’s credit, and reconcile trade finance entries.
Rollover and Closing: Manage rollover and closure of buyer’s credit/RA accounts, ensuring timely processing.
C. BG Issuance:
Proposals and Control Reports: Create proposals and control reports for committee approval for BG issuance.
Issuance and Communication: Issue BGs, send draft copies to customers via email, and handle entry of inward and outward guarantees in Finacle.
Coordination and Charges: Coordinate with counter-guarantee issuing branches for BG issuance and share charges.
Charge Recovery: Send SWIFT messages/letters for recovery of charges and ensure timely recovery.
Advising and Closure: Advise the Guarantee advising bank upon BG expiry and manage reversal and closure of guarantees.
D. Three Lines of Defence Responsibilities:
Daily Risk Management: Manage daily risk management activities and implement controls and actions established by senior management.
Risk Documentation: Maintain and update the risk register, document identified risks, and track mitigation actions.
Routine Analysis: Perform routine risk analysis, conduct stress testing, and self-assess the adequacy of processes and controls.
Issue Management: Record issues and incidents in the GRC tool, conduct root cause analysis, and develop appropriate remediation actions.
Reputational Risk Awareness: Monitor daily activities for potential reputational risks and flag concerns promptly.
Adherence to Risk Culture: Uphold a positive risk culture that aligns with organizational values and the risk management framework.
Training: Ensure timely completion of all required risk management training programs.
E. Additional Responsibilities:
Other Tasks: Perform any other tasks or responsibilities assigned by the VP Trade Finance/ AVP Trade Finance.
Qualifications:
Education: Bachelor’s degree in finance, Accounting, Business, or a related field.
Experience: Less than 12 months of experience in trade finance or a related field.
Visa Requirements: Must be an Australian Citizen or Permanent Resident.
Skills:
Proficiency in banking/trade finance systems.
Strong analytical skills and attention to detail.
Excellent communication and interpersonal skills.
Ability to manage multiple tasks and priorities effectively.
Knowledge of SWIFT messaging standards and trade finance documentation desired but not mandatory.
Additional Information:
Work Environment: Office-based with occasional client meetings.
Travel: Minimal travel required.
Job Types: Full-time, Permanent
Pay: $58,000.00 per year
Work Authorisation:
Australia (Preferred)
Work Location: In person
💡 Quick Summary
Seeking a career-building opportunity? The Trade Finance Officer position is now open for candidates interested in the Bank Jobs sector. This role in Sydney offers a professional environment and growth potential.
Requirement Snapshot: Candidates should possess basic communication skills, a proactive attitude, and the ability to work in a team. Experience in Bank Jobs is a plus.
