Job Description
JOB PURPOSE:
The Wholesale Bank, Global Markets & Group Treasury (WB, GM & GT) finance team comprises Product Control, Independent Price Verification and Sales / MI Support teams. The team supports the WB, Global Markets and Group Treasury businesses locally and internationally. The unit falls under the Group Finance department and reports to the CFO, WB & International. Key priorities are to develop a best-in-class unit, to be seen as a value-add function with the skills and expertise to partner the business in new product development and their international expansion plans.
The Global Markets Finance team (Product and Valuation Control) is responsible for accounting and financial reporting of the Global Markets business, acting as a primary control function, and monitoring trading activity to ensure it is in a specified remit. Tasks include Profit & Loss (P&L) reporting and attribution, dealing with ad hoc management reporting queries, reconciliation and substantiation of P&L and Balance Sheet between the General Ledger (OGL) and Murex, Independent Price Verification and hedge monitoring and effectiveness testing. This role is focused on the day-to-day support of the Global Markets Product Control business and the daily preparation and control of P&L reporting & attribution, general ledger reconciliations and hedge effectiveness testing.
The successful candidate will also assist the Head of Product Control and Senior Product Controllers with strategic initiatives and control issues as required and contribute to process improvements within the function. The candidate should be able to demonstrate accounting and numeracy competence and have a good understanding of financial markets products. He / She must be able to communicate with a variety of divisions within the bank, respond to the dynamic nature of an international Global Markets operation whilst being able to supervise and manage staff in meeting challenging daily deadlines.
RequirementsP&L Reporting
• Production of daily and periodic reporting and management information for Global Markets
• Monitor and ensure that the P&L is approved by the respective desk on a daily basis
• Continually review the MI the unit is producing for correctness, accuracy, automation and efficiency
• Develop and implement P&L Attribution process, including P&L impacts from Cancel & Amend trades, Day One P&L, and Greeks.
• Work closely with IPV controllers to understand price testing P&L impacts and process relevant valuation adjustments
• Review and suggest changes to the daily sell down process. Ensure the MTM and accrual sell down process are performed as per pre –determined frequency
• Contribute to project to automate P&L reporting and adjustment process
General Ledger reconciliation
• Daily P&L reconciliation process.
• Balance Sheet reconciliation and substantiation process
• Develop and contribute to reconciliation process improvements, and Group Finance project initiatives
Hedge Effectiveness Testing
• Assist to review daily monitoring and quarterly effectiveness testing results of Hedge packages performed by Valuation Control Unit
• Monitor and advise on IFRS/IAS regarding Hedge accounting
Process and Procedures
• Ensure that Product Control audit queries and points have been responded to and managed appropriately
• Ensure that Operational Risks in the unit are identified, and the appropriate controls, processes, procedures and reconciliations are in place
• Ensure that all processes and procedures for the unit are appropriate, current and adhered to
• Manage accounting queries with Group Finance including changes to IFRS/IAS
• Ensure that all appropriate reconciliations are monitored and are cleared in a timely manner
• Assist with strategic initiatives including Global expansion, automation of reporting and reconciliation, implementation of automated Hedge testing, and development of P&L attribution.
FRAMEWORKS, BOUNDARIES, & DECISION MAKING AUTHORITY:
• If any, ensure compliance and execution of RACI, accountabilities and responsibilities assigned to him/her as per the approved authorization matrix or documents (e.g. policy, process, memorandum, DOA, etc.) which is updated from time to time.
• Authorized to take decisions as per the approved authorization matrix or documents (e.g. policy, process, memorandum, DOA, etc.) which is updated from time to time.
• Ensure awareness and understanding of authorization provided to him/her from time to time.
BenefitsQUALIFICATIONS & EXPERIENCE:
Minimum Qualification & Minimum Experience
• Qualified accountant or equivalent post graduate qualification (i.e. CA, CPA, CIMA or Masters in relevant field)
• 5-7 years’ experience in an international Global Markets banking environment
• Significant exposure to financial products including FX, Rates, Equities, Credit and Commodities
• Strong understanding of current IFRS and IAS including hedge accounting
• Well-developed team management skills & good experience in the management of a small team
• Well-developed communication skills, verbal & written
• A proven ability to operate effectively at various organization levels & a willingness to adopt a hands-on approach to problem solving where appropriate
