Trust Operation Officer

Description:

Job Purpose
Adherence to RERA (Real Estate Regulatory Agency) guidelines by ensuring compliance to laws issued by land department. To gain a higher internal control while reducing risk potential fraud, additionally ensure that unit minimizes risk for all internal processes.
To be responsible for feed back to business partners on any issues related to payments.
To work closely with business partners and make sure that there are no communications gaps in the implementation of policies / procedures.
Key Result Areas
To prepare all types of payments from Trust A/C s & ensure that all payments have been processed as per RERA guidelines and SOP.
To ensure that all Trust and Retention accounts are under account security level code in system.
To ensure that Bank Guarantees are tracked with proper intimation to developer on expiry of same.
To ensure Retention recovery & all changes report are checked & filled on daily basis.
To ensure recover monthly charges & MER circulations.
Ensuring implementation of approved procedures & policies in the unit for achieving acceptable Audit Rating.
To assist in finding out automation opportunities to enhance the process.
To assist in designing /improve operational processes & implement new processes, system enhancement to improve staff productivity, enhance accuracy, reduce repetitions and processing time, and eliminate non-value added activities and increase output quality.
Controlling errors (if any) and finding out corrective actions for its non repetition.
To ensure timely processing of all OPS transactions in trust & retention accounts.
To ensure that all required documents required for any transactions from Trust accounts/ Retention accounts are strictly as per bank policies and RERA guidelines.
To ensure issuance of right buyer statements to investors as per law # 8 of 2007
Operating Environment, Framework and Boundaries, Working Relationships
Regular interaction and working relationship with:
Relationship Managers in Mashreq Bank- CIBG
Relationship Managers MASHREQ AL Islami.
Team leaders/ unit managers in remittance department & FTC.
Problem Solving
Exception identification to the team Leader / unit manager.
Corrective actions on Un-Authorized exceptions.
Devise & implement effective policy compliance reviews to highlight process gaps and lapses WHICH MAY impact portfolio quality.
Track fraud applications and review of compliance with documentation parameters.
Comply with day to day operational, maintenance and payment issues.


Decision Making Authority & Responsibility
Authorize payments from TRUST AND retention accounts as per RERA guidelines on Trust Account System.
Retention report checking and exception identification & reporting.
Authorize the issuance of buyer statements to the investors as per law # 8 of 2007.
Checking the approved bought by RERA and authorizing the payments on MOLAK system for Owner Association.


Knowledge, Skills and Experience
Graduate with at least 5 years experience in checking documentation or similar environment
Extensive knowledge of Real Estate market & RERA guidelines.
Good adaptability to systems/technology.
Good understanding, experience and feel of business RISK.
Good market/product/competitor knowledge
Good knowledge in process control.

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