Job Description
Company DescriptionJoin the UAE’s largest bank and one of the world’s largest and safest financial institutions. Our focus is to create value for our employees, customers, shareholders and communities to grow through differentiation, agility and innovation. We are looking for top talent and your success is our success. Accelerate your growth as you help us reach our goals and advance your career. Be ready to make your mark a top company, in an exciting and dynamic industry. Job DescriptionJob Purpose:The Global Markets Business Finance team comprises Business Unit Control, Independent Price Verification and Central MI and Change Management teams. The team supports the Global Markets and Group Treasury businesses locally and internationally. The unit falls under the Group Finance department and reports to the CFO, CIB Finance & International.Key priorities of this role include:
▪ Providing world class financial reporting & support services, adding value through providing professional, independent & objective financial advice which assist in the achievement of business objectives whilst complying with Group policies and standards, and external statutory obligations.
▪ Production of financial & management accounting reporting statements for the functional area of responsibility in line with Group reporting standards, whilst maintaining a robust control environment.The Business Unit Control team is responsible for accounting and financial reporting of the Global Markets & Treasury 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 decomposition and attribution, dealing with ad hoc management reporting queries, reconciliation and substantiation of P&L and Balance Sheet between the General Ledger (Oracle General Ledger & OneSumX) and Source (e.g. Murex). This role is focused on the day-to-day tasks related to the International Business Unit Control function, such as daily preparation and control of P&L, general ledger reconciliations and variance analysis, explanations, commentaries, and MI reporting.KEY ACCOUNTABILITIES:Policies, Systems, Processes & Procedures
• Follow all relevant departmental policies, processes, standard operating procedures, and instructions so that work is carried out in a controlled and consistent manner.
• Demonstrate compliance to organization’s values and ethics at all times to support the establishment of a value drive culture within the bank.
Continuous Improvement
• Contribute to the identification of opportunities for continuous improvement and sustainability of systems, processes and practices considering global standards, productivity improvement and cost reduction.
Reporting
Assist in the preparation of timely and accurate statements and reports to meet department requirements, policies and quality standards.Job Context
• Finance business partner and trusted advisor on reporting and day-to-day support of the Global Markets business, providing prompt and effective support to the Global Markets Front Office, Market Risk, Group Treasury, Group Financial Planning & Analysis, Group Financial Reporting and GM Finance management.
• Comprehensive P&L analysis for the trading desks including detailed analysis and interpretation of daily results, variances, risk positions, realized and unrealized P&L components, revaluation curve movements with P&L attribution, new deals, cancelled and amended trades and price / rate validation.
• Provide relevant support to Head of GM Business Unit Control, ensuring all business transacted is ‘compliant, safe and sustainable’
• Provide independent validation of the financials reported for the GM businesses by maintaining a robust control framework between FO and reported financials. Maintain a strong understanding of the products traded and the trading strategies within the business.
• Understanding of specific business models, analysis of structured deal packages and application of appropriate accounting standard thereupon. To provide professional & ethical behaviors by ensuring compliance with external legislation, bank standards, internal operating policies and procedures.
• Managing the day to day and month end controls of P&L and Balance Sheet reconciliation, substantiation and reporting for GM.
• Support of new business requests, ensuring they are controlled through the existing or new system architecture, providing responsive support to front office, ensuring “speed to market” of new products. Delegated authority for New Activity Working Group (NAWG), for new product sign-off.
• Drive development projects to enrich financials and MI data at source systems and aligning / standardizing process across groups to have consistent reporting.
• Line of Business and Desk level commentaries with market relevance when P&L thresholds are breached.
• Enhance Sales, Segmental & Customer Profitability Reporting.
• Manage monthly forecasting process and enable forward looking view for the management to drive business based on run rates and drive timely corrective actions.
• Partner with the GM business in planning and coordinating the budgeting process across UAE and International locations for the GM business.
• Act as a central point of contact for Group Finance functions and Global Markets desks: Financial & Regulatory Reporting, Treasury, FP&A, Tax, Financial Control relating to GM Products, and Valuation Control
• Engender and role model a culture of continuous improvement, ensuring operations are kept continually under review. Identify and implement any opportunities for re-engineering to achieving economies of scale.
• Escalate any issues to the management and assist in mitigating any operational risk.
• Use of sophisticated arithmetic models for numerical analysis and evaluation. Writing papers on strategy or other complex issue with logical sequencing and supporting recommendations. Synthesizing information from a variety of sources and extracting relevant concepts / themes.
• Preparing and delivering presentations with context across business functions to deliver maximum impact.
• Manage and lead personnel within the Business Unit Control team, end-to-end ownership of functions, guiding the team on complex matters and resolution of any issues.
• Development and ownership of Business Unit Control policies and accountability for adherence therewith. Identification & reporting of any policy breaches.#LI-MA3QualificationsExtensive track record of successfully working in a Product Control function, with proven leadership and managerial experience within a top tier financial institution;Strong verbal and written presentation and senior stakeholder management skills; Min. 10-12 years’ experience in reputed international / global banks;Advanced degree in a financial discipline or relevant qualifications (CA/ CPA/ ACCA / CFA;Strong understanding of Global Markets and Investment Banking products, with related Technical and Accounting treatments. Excellent understanding of modern governance, risk and control assessment techniques;Highly developed numerical, analytical, presentation & interpersonal skills with expertise to represent the team on strategic initiatives.
