Role Description

The COO, ZA, has primary responsibility for these key business services:

Asset Servicing / Investment Operations;Service and Support (Production Support, Client Services, Investor Services)Business Readiness Management.

This comprises the key business services that FNZ delivers to its customers. It requires a combination of:

Delivery of services in line with contractual terms and to service excellence;Implementation and maintenance of operational controls and robust control frameworks across FNZ ZA to limit the risk of financial crime and mitigate fraud;Effective management of the ZA business continuity plan to minimise disruption and adverse impact for ZA customers, employees and ZA offices.Ensuring that all services are well controlled and monitored in line with regulatory and customer requirements.Compliance with legislation and regulation in relation to asset servicing operations.Identifying and mitigating operating risk; ensuring robust control frameworks and risk aware culture is embedded.Managing the customer and account manager interface; andManaging the internal interface with shared group services, particularly technology.Gatekeeper responsibility for change releases to ensure they are fit for purpose and that appropriate due diligence has been carried out prior to launch.

The COO ZA role is responsible for ensuring that processes, controls, operating risk framework in relation to these key business services are standardised globally. As FNZ’s scale increases it also involves extracting cross‐market synergies and other cost efficiencies. FNZ’s customers should receive the benefit of a global scale provider of industrial strength operations.

Specific Role Responsibilities

Asset servicing / Investment operations

Responsibility for FNZ‘s outsourced asset servicing functions that it provides to all its ZA customers, which includes asset custody, trading & settlement services;Delivery of services at least in line with contractual customer KPIs;Delivery of operations service excellence via measurable continuous improvement programme;Implementation and maintenance of financial and operational controls to reduce errors and mitigate potential for fraud;Compliance with legislation and regulation, including FCA regulations

Service and Support (Production Support, Client Services, Investor Services)

Ensuring that processes, controls, operating risk framework in relation to these business services are standardised and consistently applied. As FNZ’s scale increases it also involves extracting cross‐market synergies and other cost efficiencies. FNZ’s customers should receive the benefit of a global scale provider of industrial strength operations.

Manage regional operations and regional leadership teams;Implement the following on a standardised basis globally for areas of responsibility:Processes;Control framework;Operating risk management framework;Develop consistent global metrics to assess relative cost efficiency, controls, risk, service quality;Identify and implement improvements in customer service, cost, controls and risk through global collaboration and synergies.Ownership of production support (including operations & technology);Provide world class production support function in respect of FNZ globally; technology and operations delivery; andIncludes issue management and resolution (although resolution involving software change will occur within shared solution centres).

System and task Monitoring

Oversee the Service and Support team that carries out the morning health check of each platform. The health check results are distributed each morning by email to the organization. Daily failed task checks are automated and critical tasks are alerted where necessary.

Financial Crime

Responsibility for ensuring robust control frameworks are implemented and embedded across FNZ ZA to limit the risk of financial crime.

Business Continuity

Responsible for the effective management of the ZA Business Continuity Plan to minimise disruption and adverse impact for ZA customers, employees and ZA offices.

Pensions Administration

Responsibility for FNZ‘s outsourced pension administration functionDelivery of services at least in line with contractual customer KPIs;Delivery of service excellence via measurable continuous improvement programmeImplementation and maintenance of financial and operational controls to reduce errors and mitigate potential for fraudCompliance with relevant legislation and regulation

The COO will also be responsible for:

Financial Performance;Strategy;Leadership & Collaboration;Customer Interface; andOperating Risk.

Financial performance

Work with regional ZA CFO and ZA CEO to define annual budget;Manage cost structure within budget;Balance service quality, risk management and control framework with the need to optimise cost structure;Maintain process‐driven cost model to accurately forecast cost variation with volume;

Strategy

Define and agree (with ZA CEO) a strategic plan for relevant functions through annual and semi‐annual strategic planning process; andInput to regional strategy.

Leadership & collaboration

Provide strong leadership within the ZA COO function to promote and obtain collective buy‐in to service excellence, risk management and controlsCollaborate with ZA & global leadership team to deliver group objectives.

Customer Interface

Actively engage and build relationships with all ZA customers;Take ownership with customers for FNZ’s service delivery

Operating Risk and Monitoring

Own the operating risk model that identify and quantifies key operating risksOversight of operational monitoring. FNZ Operational teams carry out day to day tracking of their processes and escalate where appropriate for problems identified. Spearhead the creation of a more robust form of monitoring.

Change Governance

Gatekeeper responsibility for change releases to ensure they are fit for purpose and that appropriate due diligence has been carried out prior to launch. The following are considered change releases:New Platforms or new Propositions;Upgrades, amendments or enhancements to Existing Platforms or material changes to existing Propositions that involve a code release;Emergency Releases; andAddition of New Clients onto Existing platforms, e.g. Multi-tenant platforms.

Production Services

Collaborate with regional leadership teams and implement the following on a standardised basis globally for areas of responsibility:Processes;Control framework;Operating risk management framework;Develop consistent global metrics to assess relative cost efficiency, controls, risk, service quality;Identify and implement improvements in customer service, cost, controls and risk through global collaboration and synergies.

Operating Model

Weekly ZA Leadership Team meeting

Weekly meeting with ZA leadership team.Update on key operational performance indicators, sales pipeline delivery, compliance issues, customer issues

Quarterly business review

Day long review of performance over prior quarter including financial performance and “road to value” objectives and plan for next quarterIncludes feedback on ZA CEO quarterly key‐customer meetingsAttended by ZA CEO and regional leadership team

Annual budget

Budget is set semi‐annually in Q2 and Q4 of each year for following 12‐18 months;Multi‐day process involving all of regional senior management teamIncludes setting of medium term value generation objectives encapsulated in a “road to value” plan

FNZ ZA Board

Statutory director on the FNZ ZA boardRegular reporting and attendance in respect of operating performance, risks, issues and actions to mitigate.

Group Board Advisory Committee

Periodic presentations at group board advisory committee in respect of ZA business performance and strategic plan

Technology shared services interface

ZA COO has direct ownership of all resources required to deliver customer servicing except for direct ownership of software delivery and ownership of the underlying technology platformSoftware delivery and the technology platform is via the group technology shared services function, which should be managed like an outsourced software function

Performance Assessment

Performance will be assessed in line with:

Achievement of monthly, quarterly and annual financial targets set via budgetAchievement of non‐financial objectives (service metrics, control and risk objectives)Quantitative customer KPIsQualitative customer feedback provided via quarterly ZA CEO customer meetings and annual board review meetingsQuantitative customer feedback via net promoter score (NPS)Qualitative feedback from direct reports via 360 review process and group‐wide staff surveys

Formal feedback will be provided through:

Quarterly business review processAnnual performance review

About FNZ

FNZ is committed to opening up wealth so that everyone, everywhere can invest in their future on their terms. We know the foundation to do that already exists in the wealth management industry, but complexity holds firms back. 

We created wealth’s growth platform to help. We provide a global, end-to-end wealth management platform that integrates modern technology with business and investment operations. All in a regulated financial institution. 

We partner with over 650 financial institutions and 12,000 wealth managers, with US$1.5 trillion in assets under administration (AUA).

Together with our customers, we help over 20 million people from all wealth segments to invest in their future.