Core Operations - Senior Manager

About the role
We are hiring an Officer to support the end-to-end business analysis, deployment and operational transition of the Direct Custody model for Italy, France, Belgium, the Netherlands & Germany and other T2S markets. The role will support the translation of complex client, market and infrastructure requirements into clear business requirements, process documentation, test scenarios and implementation deliverables across securities settlement, cash and FX support, corporate actions, income, reconciliation and client/account setup.
The successful candidate will operate as a business analyst within the Direct Custody Business Design & Deployment team, supporting senior workstream leads and partnering with Product, Operations, Technology, Vendors, Market Infrastructures and Control Functions. Following implementation, the role may support subsequent market launches or transition into the relevant BAU Direct Custody operations.
Why this role is important to us
State Street is progressing a strategic transformation from sub-custodian arrangements to direct market participation across key markets. Project requires a coordinated operating model across T2S direct markets, non-direct and sub-custodian routes, multiple client archetypes, account structures and market-specific exception mechanisms.
This role is critical to:
Supporting controlled direct-market implementation through accurate business analysis, requirements documentation, testing and operational-readiness execution.
Supporting a scalable and integrated service model across settlement and market-facing activities, while aligning upstream processing with the existing operating model.
Documenting client and market-specific complexity by distinguishing standard custody processing from exceptions requiring operating-model, technology and control closure.
Building sustainable internal capability through documented processes, training, knowledge transfer and reusable implementation artefacts.
Key responsibilities (Direct Custody aligned)
Market, Client and Account-Structure Analysis
Analyse market rules, clients, transaction volumes, operating locations and service requirements across Italy, France, Belgium, the Netherlands, Germany and associated non-direct routes.
Gather and analyse requirements for the different client archetypes and local market participants.
Document operational requirements for Cash & Securities Account structures.
Review existing roles and responsibilities and identify functional, process, control and ownership deltas against the target Direct Custody model.
Target Operating Model and End-to-End Process Design
Support the design and documentation of target-state processes aligned to State Street capabilities and the Direct Custody Target Operating Model across settlement, cash and liquidity, corporate actions, income, reconciliation and client servicing.
Prepare process flows for T2S direct markets, including Euronext Securities Milan, Clearstream Banking Frankfurt and ESES markets, and document interfaces with non-direct or sub-custodian routes.
Support definition of operating models for traditional OTC activity, ONEX flows, and applicable settlement or netting types.
Identify process dependencies, hand-offs, exception ownership, service-level requirements and escalation paths across internal and external parties.
Market-Specific Mechanisms and Exception Design
Gather and document requirements, operating controls and design considerations for market specifics such as auto-collateralisation, auto-borrowing, French registration and deregistration and corresponding market notifications.
Gather and document requirements, operating controls and design considerations for client specifics such as pool creation and specialised Hold & Release processing, including control points, eligibility logic and operational ownership.
Support portfolio-transfer analysis and documentation of market-specific position reflection or rebuild requirements.
Business Requirements, Technology and Vendor Engagement
Prepare and maintain business requirements, user stories, process maps, functional clarifications and traceability across business, technology and vendor deliverables.
Analyse vendor and application capabilities, document functional and integration gaps, and support definition of remediation or target-state solutions.
Partner with Technology and vendors to document interface requirements, data mapping, messaging, workflow and exception-management capabilities.
Review vendor Functional Solution Documents, record comments and gaps, and support senior business approval of the proposed design.
Maintain scope, dependency, decision, action and issue logs, with clear impact assessment and timely escalation to workstream leads.
Testing, Operational Readiness and Implementation
Develop detailed test scenarios and test cases covering standard processing, client/market variants, exceptions, controls and end-to-end integration.
Execute or coordinate system integration testing, market testing and user acceptance testing, including defect logging, remediation validation, retesting and regression testing.
Maintain business-readiness assessments across operating procedures, staffing, access, static data, connectivity, controls, reporting and contingency arrangements.
Prepare evidence and status reporting to support go-live and client-conversion decisions, risk assessment and stakeholder sign-off.
Support implementation, stabilisation and structured handover into the Direct Custody BAU organisation.
Risk, Controls, Compliance and Operational Resilience
Document risk, compliance and governance requirements within the target operating model and solution deliverables.
Support operational resilience and business-continuity readiness, including critical process documentation, recovery requirements and BCP knowledge transfer.
Assist with business-function, control and organisational-framework setup, risk assessments and evidence requirements.
Coordinate access, security and identity-governance requirements, including role mapping, approvals and segregation-of-duties evidence.
Track regulatory, market-infrastructure and connectivity requirements through to closure before implementation.
Procedures, Training and Knowledge Transfer
Review existing procedures and Business Process Maps to determine applicability and gaps for new Direct Custody functions.
Draft and maintain market- and application-specific SOPs, control procedures, operating guides and process documentation aligned to the Target Operating Model.
Prepare and support delivery of training on market structures, applications, operating processes, exceptions and controls for implementation, BAU and BCP teams.
Support structured handover, cross-training and maintenance of reusable artefacts for future Direct Custody market launches.
Stakeholder Coordination and Delivery Support
Coordinate assigned activities and provide analytical, documentation and subject-matter support to senior workstream leads and project resources.
Partner across Product, Operations, Technology, vendors, Market Agents, Risk, Compliance, Client Service and other internal stakeholders.
Prepare workshop materials, capture requirements, decisions and actions, and communicate operational matters clearly to stakeholders.
Escalate business-design and readiness issues promptly, ensuring risks, dependencies and decisions are transparent and tracked to resolution.
Promote standardisation, automation, operational resilience and continuous improvement across the regional and global Direct Custody operating model.
Operational analytics and reporting
Build and maintain implementation dashboards covering requirements, design decisions, gaps, testing, defects, controls, training and operational-readiness milestones.
Maintain implementation dashboards covering requirements, design decisions, gaps, testing, defects, controls, training and operational-readiness milestones.
Produce concise workstream reporting on progress, risks, dependencies, decisions, remediation actions and readiness status.
Support capacity, footprint and workforce planning for phased market delivery and transition into BAU operations.
Use defect, exception and post-implementation metrics to support root-cause analysis and identify opportunities for control enhancement, process standardisation and automation.
Qualifications and experience
Bachelor’s degree in finance, Accounting, Business, Technology or a related discipline; a Master's degree, MBA or relevant professional qualification is advantageous.
Typically, 6-9 years of experience in securities services, custody, post-trade operations, business analysis, testing or transformation delivery.
Good knowledge of securities settlement and familiarity with cash and liquidity, reconciliation, corporate actions and income processes within a global custody or direct custody environment.
Practical understanding of T2S, European CSD/ICSD models, Dedicated Cash Accounts, settlement messaging, market cut-offs and exception management.
Experience producing business requirements, user stories, process maps, test scenarios, test evidence, SOPs, training materials and project reporting.
Experience supporting vendor engagement, application