Product Control - Assistant Vice President
- The primary function of Product Control is to work closely with all business stakeholders in achieving the objectives of the firm, in compliance with all relevant regulations and reporting requirements.
- The PC Product Line teams play a key role in ensuring an independent validation, substantiation, and reporting of financial information for a particular FO business unit.
- The responsibility by Line PC Teams for completeness and accuracy of the books and records comprises of:
- P&L and B/S substantiation and reporting (including P&L explain / attribution, reconciliations, P&L commentaries, adherence to accounting principles, etc.).
- Monitoring trading activity for compliance with various related policies.
- Providing management with a technical and operational analysis of the business unit.
- Regular interaction with FO business, Financial Control, Technical Accounting Group, PC Change Management, Technology and other infrastructure areas
Overall purpose of role
- Produce daily desk PL including commentaries, investigate Flash/Formal differences
- Ensure the maintenance of a strong internal control environment. Review key controls: FOBOs, adjustment substantiation and New, Amends & Cancels trades review
Key Accountabilities
Responsible for the line product control of a subset of an asset class, managing a line PC sub-team to fulfill responsibilities below:
Daily Responsibilities:
- Review daily P&L, P&L attribution, P&L commentary, flash to formal differences and manual adjustments
- Develop a sound understanding of risk positions through detailed discussion with traders and risk managers on risk positions so that an appropriate P&L model is deployed with focus on key risk items and market moves
- Perform insightful financial analysis to draw sound conclusions to present to senior stakeholders in onshore PC locations and Financial Control
- Ensure that the team's KPI and SLA are met.
- Attend to ad hoc queries from the traders and other infrastructure partners relating to trading revenue and balance sheet
- Foster a culture of performance improvement by serving as a lead for recommendations and be accountable for the delivery of qualitative and efficiency benefits from direct reports
Weekly / Monthly Responsibilities
- Review key weekly & monthly MIS to senior management.
- Gain in-depth understanding of provisioning and price testing controls and processes, and perform a detailed review of the working files.
- Engage in detailed discussion with traders, risk managers and Independent Valuation Control team on the results. Liaise with valuation expert on modeling appropriateness and other technical/booking issues.
- Perform detailed review of month end adjustments, and Balance Sheet substantiation
Controls
- Ensure the maintenance of a strong internal control environment. Monitor control reports to ensure the accuracy of data for P&L, validation, and downstream processes.
- Raise the team's level of control awareness. Lead by example and engender a strong control culture.
- Ensure clean audit results from internal and external reviews. Ensure the completeness and accuracy of key stroke documentations for key PC processes, risk assessment, and SOX documentation.
- Projects and Continuous Improvements Identify and drive process re-engineering and constantly challenge status quo for control improvement and process efficiency.
- Motivate and empower the team to deliver continuous improvements.
Stakeholder Management and Leadership
- Responsible for performance and development of the sub-team.
- Responsible for resource allocation within the sub-team and setting clear objectives for both business deliverables and personal development.
- Provide leadership and support/advice to the team. Focus on prioritization and delivery.
- Drive team training.
Decision-making and Problem Solving
Relevant Details updated above
Risk and Control Objective
Person Specification
- Preferably a qualified accountant or similar qualification (CA/ CIMA/ CFA/ Financial Engineering)
- Strong control awareness
- Confident and assertive manner
- Ability to work independently with a spectrum of people from junior finance staff to front office business heads.
- Proactive and change focused with problem-solving ability.
- Mature and able to negotiate through difficult situations
- Ability to drive the team's agenda in large forums spread across various locations.
- Good influencing and negotiation skills and excellent communication and interpersonal skills.
- Displays enthusiasm, initiative, and diligence.
- Opportunity to be groomed to be future leaders, where there will be expanded remit for future growth.
- Works well in a team with high standards for team work
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