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Hedge Accounting Transformation Lead

London, United Kingdom
Closing date
Aug 31, 2023

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Job Function
Industry Sector
Finance - General
Employment Type
Full Time
Barclays Overview

Barclays is a British universal bank. We are diversified by business, by different types of customers and clients, and by geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group.

We are an equal opportunity employer and we are opposed to discrimination on any grounds.

Working Flexibly

We're committed to providing a supportive and inclusive culture and environment for you to work in. This environment recognises and supports ways to balance your personal needs, alongside the professional needs of our business. Providing the opportunity for all our employees, globally to work flexibly empowers each of us to work in a way that suits our lives as well as enabling us to better service our customers' and clients' needs. Whether you have family commitments or you're a carer, or whether you need study time or wish to pursue personal interests, our approach to working flexibly is designed to help you balance your life. If you would like some flexibility, then please discuss this with the hiring manager, and your request will be reviewed subject to business needs.

Hybrid Working

We are currently in the early stages of implementing a hybrid working environment, which means that many colleagues spend part of their working hours at home and part in the office, depending on the nature of the role they are in. We're flexible on how this works and it may continue to change and evolve. Depending on your team, typically this means that colleagues spend a minimum of between 20% to 60% of their time in the office, which could be over a week, a month or a quarter. However, some colleagues may choose to spend more time in the office over a typical period than their role type requires. We also have a flexible working process where, subject to business needs, all colleagues globally are able to request work patterns to reflect their personal circumstances Please discuss the detail of the working pattern options for the role with the hiring manager.

About Finance

Finance and Treasury have an important role in supporting Barclays' businesses by providing high-quality reporting and accounting services whilst also supporting business planning and strategy. The strong control environment in which we operate is at the core of everything we do and this is reflected in the design of our operating model and functional lines. We have the critical role of being responsible for the integrity of the financial records for Barclays .

About Finance Transformation
The Finance Transformation program is a key priority for the Group. The program aims to organise our function to support performance and growth, improve our processes, efficiency, controls and quality and make a better place for Finance colleagues to work. The program will build the function of the future - one that meets the new, emerging demands of Finance and one that leads the way in our industry.

------------------ About 'Hedge Accounting Transformation'

The Hedge Accounting team acts as a key business partner, provides finance advice, support and control to manage the P&L volatility on the Group's banking book hedging portfolio, managing risks across interest rates, foreign exchange and inflation products. The hedge accounting team has hybrid expertise across multiple disciplines including Financial Control, Planning and Stress Testing, Derivative Modelling and Technical Accounting.

Risks are managed across multiple Group legal entities, including Barclays Bank, Barclays Bank UK, Barclays Bank Europe and BXSL, covering multiple currencies.

Hedge Accounting Transformation is a multi-year programme committed to extending the service offering and thus revenue and economic hedging opportunities to stakeholders globally, alongside revolutionising the reporting and control environment. It involves a grass roots re-design of the existing platform whilst managing business continuity and the wind down of the existing system, Consaepio. This will be executed aligning to the current IAS39 hedge accounting standards, delivering the future phases of Libor Reform and future proofing through design for IFRS9/dynamic risk management future adoption.

Overall purpose of role

This role will lead the Hedge Accounting Transformation programme to success over a 3-year delivery horizon. It will hold responsibility for design, planning and interlocking with delivery partners whilst leveraging a team of subject matter experts to ensure transformation outcomes align with finance architecture strategy, drive standardisation, efficiency of operation and future state design principles and business requirements. This will include data analysis, process assessment, and future state operating model/process design, promoting best practice design concepts and solutions .

Key Accountabilities

The Hedge Accounting Transformation Director is accountable for owning the successful delivery of the programme. This will include:
  • Actively drive transformation outcomes for the function, through a strategic lens;
  • Pro-actively identify external dependencies in the plan; influence and negotiate to unblock;
  • Narrating and championing the transformation journey;
  • Provide guidance and support to Treasury transformation teams and business users across Treasury;
  • Managing the stabilisation and new product development on the existing platform "Consaepio".
Key platform deliverables:
  • Standardised derivative product offering to include the hedge accounting of EM currencies and exotic derivatives;
  • A global operating model aware of local accounting rules (e.g. US GAAP) and IFRS consolidation at Group;
  • A hedge accounting centre of excellence within the Product Control FTC;
  • An operating model that aligns to the Product Control FTC 19 key control framework;
  • Identification and development of a single transaction data source across Treasury;
  • Design simplification and optimisation that allows the hedge accounting function to close its books on WD3;
  • Remove the necessity for EUDAs;
  • A P&L explain tool that promotes understanding and the forecasting ability of the function.
Key programme responsibilities include:
  • Defining business case and benefits measurement;
  • Expanding business requirements through design workshops
  • Be responsible for specific designs for the program, facilitate design workshops and prepare topics for the programme wide design authority;
  • Work closely with Programme Managers, Business Analysts and your team of subject matter experts to understand business requirements and how they translate into system, data and process change;
  • Analyse data sources to support the creation of design proposals to drive consistency within Finance and Treasury;
  • Working with the business analysts and business process owners to review and agree specifications and user stories;
  • Agreeing the UAT and testing strategy including identification of use cases and examples;
  • Enabling the process transformation and people transformation into the required centres of excellence
  • Optimising the process from end to end together with the Business management teams
Stakeholder Management and Leadership
  • Lead advisor to Accountable Executives across Treasury, Finance, PIO and technology regarding the Hedge Accounting Transformation programme and wider Finance business architecture strategy;
  • Presenting and influencing key stakeholders at the Design Authority, Project Forums and other project meetings.
  • Analyse data sources to support the creation of design proposals to drive consistency within Finance and Treasury;
Risk and Control Objective

Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Enterprise Wide Risk Management Framework and internal Barclays Policies and Policy Standards.

Person Specification

Personal attributes essential to performing role including competencies, expertise, knowledge, and experience.
  • Experience of finance transformation programs and strong command of project management techniques and principles, and process management skills and techniques (Lean, Six Sigma);
  • The successful candidate will possess a demonstrable track record within Treasury or Product Control, working on a variety of relevant projects;
  • Knowledge of interest rate derivatives and risk drivers, with experience of Finance process, system and technologies;
  • Demonstrate a range of styles and techniques in leadership and communications, including influencing and negotiating with a broad set of stakeholders;
  • Appreciation of data principles, including data modelling and data design;
Essential Skills/Basic Qualifications:
  • Excellent Power-point skills, with the ability to storyboard and produce best in class presentations;
  • Fully qualified accountant, with extensive post qualification experience
  • Degree (or higher) educated, from a top tier university
Desirable skills/Preferred Qualifications:
  • Hedge Accounting experience.
  • A continuous learning mind-set; someone who applies analytical reasoning and problem solving to all they do.
Purpose and Values

We deploy finance responsibly to support people and businesses, acting with empathy and integrity, championing innovation and sustainability, for the common good and the long term.

Our values underpin everything we do: Respect, Integrity, Service, Excellence and Stewardship.

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