Borrower in Custody (BIC) Program Associate
About The Position
The BIC Program Associate reviews loan documentation and applies Federal Reserve Bank of New York (FRBNY) guidelines to determine whether loans are eligible to be pledged as collateral under the Borrower in Custody (BIC) program. The Associate completes a CTDAD BIC checklist for each loan, reviewing collateral, security, and other legal documents. The role also includes reviewing and editing proposed Standby Letter of Credit (SBLC) terms and conditions before issuance by the Trade Credit Services (TCS) Team. The Associate supports operational risk and control activities, maintains transaction records, contributes to audits and investigations, and works with internal teams and clients to resolve documentation questions and discrepancies. The role also contributes to process improvements, training and procedures, system testing, and departmental initiatives. SMBC uses a hybrid workforce model that allows employees to work from home and an SMBC office. Employees must live within reasonable commuting distance of their office. The specific hybrid schedule is discussed during the interview process; hybrid work may not be permitted for certain roles.
Requirements
- Knowledge of loan document examination and SBLC structures.
- Risk and control awareness.
- Regulatory and compliance knowledge.
- Knowledge of SWIFT messaging.
- Strong attention to detail.
- Excellent written and verbal communication skills.
- Client-focused mindset.
- Sound judgment and decision-making skills.
- Ability to work independently and collaboratively.
Nice To Haves
- Continuous improvement orientation.
Responsibilities
- Review deal documentation monthly to assess potential eligibility for the FRBNY BIC Program.
- Determine the type of deal and facility that can be pledged.
- Review legal documents, including security documents, credit and loan agreements, guaranties, and other relevant documents.
- Determine the jurisdiction and country of obligors and future obligors, where allowed.
- Determine the location of deal security and future security, where applicable.
- Distinguish syndicated deals from sole-borrower deals to identify potential assignment or sale restrictions.
- Review Federal pledge language in credit and loan agreements for conformity with Loan Syndication and Trading Association (LSTA) guidelines.
- Review SBLC terms and conditions, as delegated by the Head of SBLC Docs Management, before issuance by the TCS Team.
- Identify and escalate loan and SBLC discrepancies, operational risks, and potential compliance concerns.
- Ensure adherence to internal control procedures and operational standards.
- Support audit, regulatory, compliance, and risk management reviews.
- Maintain appropriate documentation and evidentiary records for transactions.
- Assist in investigating and resolving incidents and exceptions.
- Liaise with Front Office, Relationship Managers, Loan Operations, Legal, Compliance, and clients regarding documentary requirements and discrepancies.
- Communicate findings clearly and professionally to internal and external stakeholders.
- Contribute to process improvement and automation initiatives.
- Assist in developing procedures, training materials, and best practices.
- Participate in testing and implementation of new systems, controls, and regulatory requirements.
- Support departmental projects and strategic initiatives as required.
Benefits
- Competitive portfolio of benefits.
- Potential eligibility for an annual discretionary incentive award.
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
Education Level
No Education Listed
