Treasury Operations Analyst (Collateral Management)

U.S. Bank National Association • Minneapolis, MN

1d • $64,855 - $76,300 • Hybrid

About The Position

Performs complex operational functions within derivatives collateral management, supporting portfolios governed by ISDA Credit Support Annex (CSA) and Initial Margin (IM CSA) agreements across a range of OTC and cleared derivative products. Serves as an experienced analyst with accountability for end‑to‑end collateral processes, operating with minimal supervision and exercising sound independent judgment.
Responsible for daily collateral margining activities, including variation margin and initial margin monitoring, reconciliation of exposures, issuance and validation of margin calls, settlement processing, and resolution of disputes. Ensures accuracy and timeliness of collateral movements while adhering to contractual terms, regulatory requirements, and internal control standards.
Maintains and reviews collateral accounts, eligibility schedules, thresholds, minimum transfer amounts, valuations, and settlement instructions, ensuring alignment with governing documentation and internal systems. Investigates and resolves breaks or discrepancies across statements, margin calls, and settlements, performing root‑cause analysis and documenting outcomes in accordance with audit and governance expectations.
Acts as a primary point of contact for counterparties, custodians, brokers, clearing agents, and internal stakeholders, responding to written and verbal inquiries and supporting complex or non‑standard collateral events such as disputes, substitutions, lifecycle changes, and documentation updates. Escalates material risks, control issues, or unresolved exceptions in a timely and transparent manner.
Coordinates multiple workstreams simultaneously, prioritizing tasks to meet service‑level agreements and regulatory deadlines. Contributes to process improvements, control enhancements, and procedural documentation, and provides guidance or informal mentoring to junior team members as appropriate.
Monitors, validates, and reports collateral pledged in support of government deposits at the state level, ensuring compliance with applicable state statutory requirements, custodial agreements, and internal treasury policies. Reviews collateral sufficiency, eligibility, concentration limits, and valuation thresholds, and coordinates with custodians, treasury, and reporting teams to remediate deficiencies or excesses. Produces and reviews periodic collateral reports for internal management, regulators, and state authorities, escalating shortfalls, breaches, or documentation gaps in accordance with established control and governance frameworks.

Requirements

• Bachelor’s degree, or equivalent relevant work experience
• Three to five years of experience in operations, collateral management, or a related financial services function
• Strong working knowledge of ISDA CSA and IM CSA frameworks and collateral lifecycle management
• Experience supporting OTC and/or cleared derivative products and associated margining methodologies
• Solid understanding of collateral settlements, reconciliations, dispute management, and operational controls
• Proven analytical, problem‑solving, and decision‑making skills with strong attention to detail
• Ability to independently manage priorities, deadlines, and complex exception scenarios
• Excellent interpersonal, verbal, and written communication skills
• Working knowledge of banking and financial markets operations

Responsibilities

• Performs complex operational functions within derivatives collateral management, supporting portfolios governed by ISDA Credit Support Annex (CSA) and Initial Margin (IM CSA) agreements across a range of OTC and cleared derivative products.
• Responsible for daily collateral margining activities, including variation margin and initial margin monitoring, reconciliation of exposures, issuance and validation of margin calls, settlement processing, and resolution of disputes.
• Ensures accuracy and timeliness of collateral movements while adhering to contractual terms, regulatory requirements, and internal control standards.
• Maintains and reviews collateral accounts, eligibility schedules, thresholds, minimum transfer amounts, valuations, and settlement instructions, ensuring alignment with governing documentation and internal systems.
• Investigates and resolves breaks or discrepancies across statements, margin calls, and settlements, performing root‑cause analysis and documenting outcomes in accordance with audit and governance expectations.
• Acts as a primary point of contact for counterparties, custodians, brokers, clearing agents, and internal stakeholders, responding to written and verbal inquiries and supporting complex or non‑standard collateral events such as disputes, substitutions, lifecycle changes, and documentation updates.
• Escalates material risks, control issues, or unresolved exceptions in a timely and transparent manner.
• Coordinates multiple workstreams simultaneously, prioritizing tasks to meet service‑level agreements and regulatory deadlines.
• Contributes to process improvements, control enhancements, and procedural documentation, and provides guidance or informal mentoring to junior team members as appropriate.
• Monitors, validates, and reports collateral pledged in support of government deposits at the state level, ensuring compliance with applicable state statutory requirements, custodial agreements, and internal treasury policies.
• Reviews collateral sufficiency, eligibility, concentration limits, and valuation thresholds, and coordinates with custodians, treasury, and reporting teams to remediate deficiencies or excesses.
• Produces and reviews periodic collateral reports for internal management, regulators, and state authorities, escalating shortfalls, breaches, or documentation gaps in accordance with established control and governance frameworks.

Benefits

• Healthcare (medical, dental, vision)
• Basic term and optional term life insurance
• Short-term and long-term disability
• Pregnancy disability and parental leave
• 401(k) and employer-funded retirement plan
• Paid vacation (from two to five weeks depending on salary grade and tenure)
• Up to 11 paid holiday opportunities
• Adoption assistance
• Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: Associate degree