Back Office
- 01:05
An overview of the key skills required to work in the back office of an investment bank
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Transcript
The back office is the engine room of a financial organization. Working to keep the vast quantities of information, money and products flowing correctly. It ensures millions of transactions are processed every day. It plays a crucial role in managing risk and minimizing losses by ensuring that business activities are carried out in an efficient, controlled, and timely manner. The focus is on central support rather than front office deal support. This is middle office. Having said that, there is a significant blur between back and middle office. Operations roles usually focus on a particular function, for instance, compliance, accounting, and in some organizations, risk management. For example, you could be responsible for ensuring that the information in an organization's profit and loss account is correct, or that risks are being reported accurately. Most graduates will have the chance to work in several different areas of operations. This would allow you to gain an overview of the various types of work available, eg, process driven or project management roles. A recent graduate's work could include initiating the introduction of a new product.