Letter of Credit Administrator
Job Purpose:
Our company's Integrated Supply Trading (IST) is an integrated world-class trading organization that links together the trading activities of Oil Trading, Oil Supply, Gas Power, Chemicals, Finance and Shipping to build trading capability and to optimise the revenue stream via a combination of market knowledge, people and systems. Responsibility for managing the risks deriving from these activities rests with the Risk Function headed by the Global Head of Risk, IST (GHoR).
The Letter of Credit Administrator role will be part of the Credit Operations team within the IST London Credit Risk Team. The main responsibilities of the Credit Operations team cover the daily exposure reporting requirements and collateral management activities in support of the oil, gas and power trading areas.
Job Dimensions:
The responsibilities of the post holder will include all aspects of import and export letters of credit (both documentary and standby) including, but not limited to, ensuring all letters of credit are received in a timely fashion, issued by an approved bank within Treasury approved limits and in an acceptable format. In addition the incumbent will be responsible for the timely presentation of documents to the bank for payment. It will also include the issuance of letters of credit to cover our purchases of crude, products, gas and power.
Accountabilities:
- Reviewing import documentary and standby letters of credit to ensure they cover the deal in question and do not put our company in any adverse financial position.
- Collating, reviewing and presentation of relevant documents under documentary letters of credit to the banks for payment.
- Monitoring receipt of funds and chasing bank for any unpaid items as and when required.
- Liaising with Operators/Financial Operators in all Letter of credit related matters.
- Liaising with Traders on non-vanilla type letters of credit
- Daily system and filing management
- Arranging the issue of letters of credit to cover our imports and dealing with the resultant claims and payment process
- Ensuring Bank LC issuance facility limits are adhered to at all times when requesting banks to issues instruments to cover our purchases
- Recording of instances where issues have arisen that result in either discrepant or late presentation of documents under export letters of credit
- Covering for other team members during sickness/holiday periods
Person Specification:
The role requires a full understanding and working knowledge of letters of credit. An experience of having been in an LC environment for 18/24 months is advantageous.
To succeed in this role, candidates will need to be able to work under pressure whilst meeting time constraints, be able to prioritise the workload and have an excellent attention to detail in order to ensure that the collateral is obtained in an efficient and timely manner.
Strong communications skills are required in order to be able to communicate issues simply, efficiently and clearly.
The individual is required to work with commercially aggressive traders and operators and be able to understand, and deal, with their various issues.
Core Competencies:
- Performance Bias - Bias for action - does things before being asked to or forced to by events - Skilful - Essential
- Partnership and Team working - Builds networks to enhance effectiveness and share knowledge - Skilful - Essential
- Partnership and Team working - Actively seeks out know-how and best practice, related to own area of contribution - Skilful - Essential
- Wise Decisions - Progresses issues, even when only partial information is available - Skilful - Essential
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