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Senior Analyst Correspondent Banking Due Diligence L1 (13 Month Secondment)

Commonwealth Bank of Australia
Sydney, Australia
Closing date
May 8, 2024

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Job Function
Industry Sector
Finance - General
Employment Type
Full Time
See yourself in our team

You will join the team covering 13 months parental leave.

In the Senior Analyst capacity, you will be part of the Correspondent Banking Due Diligence (CBDD) Line 1 (L1) team within Correspondent & Counterparty Management (CCM) in Payments, Business Banking (BB).

CCM is accountable for the Bank's network of correspondent and global payment counterparties. They are responsible for the sourcing and ongoing management of correspondent and supplier arrangements used in the international payments business. They ensure our counterparties meet our stakeholders needs and achieve the best outcomes for the Bank and its customers. CCM also complete specialist risk assessments, due diligence, business analytics and regulatory reporting across the lifecycle of inward and outward payment clearing and settlement arrangements.

The CBDD L1 team is responsible for the Bank's Line 1 Correspondent Banking governance and regulatory obligations. Correspondent Banking is the provision of current liability accounts (Vostros) and related services (Relationship Management Applications, RMAs) to other Financial Institutions, including the Group's affiliates. These are used for the execution of third party cross border payments and Trade Finance, as well as international cash clearing and liquidity management (Nostros), covering the Groups customers across all segments.

Do work that matters

You will ensure Correspondent Banking Due Diligence for new and existing Correspondent Banking Relationships across the Commonwealth Bank Group is conducted within policy, standards and resources as well as ensuring a sustainable and effective financial crime capability relating to correspondent banking.

You will apply subject matter expertise as well as an understanding of risk and compliance to support and achieve broader business objectives. You will:
  • Complete in-depth subjective risk assessments (correspondent banking due diligence) of all Correspondent Banking Relationships, prior to on-boarding and throughout the life of the relationships to comply with regulatory obligations in Australia and the global jurisdictions in which the CBA Group operates
  • Assist in ancillary tasks relating to correspondent banking due diligence
  • Identify, discuss and mitigate any foreseeable risks
  • Assist drive continuous improvement in the end-to-end risk and control environment and work effectively with stakeholders to ensure this environment is designed and managed within risk appetite
  • Adhere to regulatory obligations, industry guidelines, policy, standards, resources and standard operating procedures.

We're interested in hearing from people who have
  • Demonstrated experience in Correspondent Banking Due Diligence within a financial services organisation
  • Solid understanding of Correspondent Banking & related due diligence including writing comprehensive subjective risk assessments
  • SWIFT / payments knowledge
  • Conceptual, analytical, research and communication skills
  • Ability to analyse trends, identify critical threats and opportunities, diagnose problems and issues and then recommend appropriate actions to deal with the underlying root causes
  • Ability to research, analyse and provide guidance on improving the risk and control environment of the business

If you're already part of the Commonwealth Bank Group (including Bankwest, x15ventures), you'll need to apply through Sidekick to submit a valid application. We're keen to support you with the next step in your career.

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Advertising End Date: 03/05/2024

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