AVP, Product Control - FX & Rates

Company Description

Now it's your time to join the #1 bank in the Middle East and one of the most prestigious financial companies in the region. Shaking up the world of banking requires a lot of smarts and skill. We're looking for the brightest and best to help us reach our goals and we'll also help you reach yours. Your success is our success as you grow stronger in your career. Join us and leave a legacy of your own, as a pioneer in both the company and the industry.
Job Description

JOB PURPOSE:

The Global Markets Finance team comprises Product Control, Independent Price Verification, FPA & Sales 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, WB & 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 Product Control team is responsible for accounting and financial reporting of the Global Markets & Treasury business and individual trading, 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 and Murex, and hedge monitoring and effectiveness testing.

KEY ACCOUNTABILITIES:

This section shall not be customised to reflect accountabilities which may be unique to one role. Please use Section 5 to capture any accountabilities specific to the role which are over and above those mentioned in this section.

• 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 Front Office and Product Control management.
• Comprehensive P&L analysis including detailed analysis and interpretation of daily results, variances, risk positions, realised and unrealised P&L components, revaluation curve movements with P&L attribution, new deals, cancelled and amended trades and price / rate validation.
• Key business finance contact for all International Global Markets queries, leading discussions, as appropriate, with Front Office to ensure P&L analysis is agreed. Act as one of the prime points of contact across all processes in order to ensure all customer needs are being met.
• Provide relevant support to SVP, Product Control and FPA, ensuring all business transacted is 'compliant, safe and sustainable'
• Compilation of all daily revenue reporting for the business, ensuring the accuracy and integrity of source system interfaces into the General Ledger.
• 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 behaviours by ensuring compliance with external legislation, bank standards, internal operating policies and procedures.
• Identify impacted packages for hedge monitoring and effectiveness testing.
• Managing the day to day and month end controls of P&L and Balance Sheet reconciliation, substantiation and reporting for GM.
• Development and ownership of Product Control policies and accountability for adherence therewith. Identification & reporting of any policy breaches. Development and implementation of Global operational financial policies and procedures for the specific functional areas.
• 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.
• Manage projects driven by new regulatory requirements in International locations to ensure the key criteria of the regulation is met in a sustainable, efficient and effective manner
• Line of Business and Desk level commentary with market relevance when internal P&L thresholds are breached.
• Ensure compliance and control of specific accounting processes and practices for proposed new product initiatives or product variations.
• Responsible for identifying issues which impact GM, and implementing solutions.
• 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
• Maintain Key linkages & strong working relationships with Desk Heads, Head of Business Finance, Senior Management, Group Finance, Middle Office, Operations, Business Finance peers Internationally, FP&A, I.T, Market Risk, Legal, Compliance, Operational Risk, Regulators, Internal & External Audit.
• Support the Senior Manager, Business Finance - Product Control to work with Treasury on FTP, capital & liquidity matters affecting GM Products as required. Provide input to wider Finance strategy activities and strive to work together effectively on overall regional and global programs.
• In conjunction with FP&A, continuously assess the quality of service provided to the principal customers and strive to ensure that the area adds value to their objectives through the provision of accurate and valuable financial data and advice.
• Ensure PC adopt a proactive attitude to changing environments, both internal and external, and provide value added solutions for GM Finance business partner and trusted advisor on reporting and day-to-day support of the Global Markets business.
• Engender and role model a culture of continuous improvement, ensuring that operations are kept continually under review and that all opportunities for re-engineering and achieving economies of scale are identified, implemented.
• Escalate any issues to the management and assist in mitigating any operational risk.
• Review existing systems / processes / procedures and MIS to proactively identify areas of improvements.
• Use of sophisticated arithmetic models for numerical analysis and evaluation. Writing papers on strategy or other complex issue with logical sequencing and supporting recommendations. Synthesising information from a variety of sources and extracting relevant concepts / themes.
• Preparing and delivering presentations with context across business functions to deliver maximum impact.
• Participate in the identification of opportunities for continuous improvement and sustainability of systems, processes and practices considering global standards, productivity improvement and cost reduction

FRAMEWORKS, BOUNDARIES, & DECISION MAKING AUTHORITY:

• Functions within the framework and boundaries of Group policies as well as overall organisational and governance frameworks.
• 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.

Qualifications

QUALIFICATIONS & EXPERIENCE:

Minimum Qualification

• Qualified Professional (ACA / CFA /MBA in Finance) preferred or 3-5 years' experience in a Financial Reporting Function, ideally in an Investment bank/ FI.
• Experience in developing Financial and other MI reporting, automating processes.
• A proven ability to operate effectively at various organization levels & a willingness to adopt a hands-on approach to problem solving where appropriate.
• Understanding project plans and ability to clearly articulate roles, goals and timelines. Adhere to project plans defined by project management.
• Good relationship management skills are essential in this role as the candidate will be working closely with internal stakeholders to constantly improve operational performance.
• Ability 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 meet daily deliverables.
• International experience working within an International Investment bank or FI.

Minimum Experience

• 3-5 years' relevant experience in a banking sector or financial institution.