Senior Consultant at Elixir Web Solutions
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Vice President - IFRS 9 - ECL Reporting - Investment Banking (13-17 yrs)
We have an opportunity with Investment banking client in Chennai.
IFRS 9 - Financial Instruments replaced IAS 39 and HSBC went live with the Expected Credit Loss approach w.e.f. 1 January 2018. In addition to the uplift of models and designing of new systems and processes, the implementation entailed establishment of - The Impairment Production and Analysis Centre (IPAC)- at GFO, a joint Risk and Finance initiative to calculate and report ECL.
IPAC is organised under three teams, i.e. - Wholesale Risk, Retail Risk and Finance to provide dedicated support to the respective functions. This role is focused on leading the Wholesale Risk team within IPAC
Role Summary :
The key responsibilities for this role include:
- Calculation, analysis and reporting of ECL for Wholesale Risk
- Act as a deputy for the Wholesale Risk GPO and support the Wholesale Risk GPO in executing his role through supporting analysis, packs, initiatives, etc.
- Establish and drive effective relationships with stakeholders including CROs, CFOs, CAO's and Risk and Regulatory Leads at a global, regional and site level
- Maintaining a robust control environment through sound control and SoX governance and audit management
- Lead, support and oversee key initiatives such as Ever greening, FotC, FEG additional scenarios, IBOR, etc.
- Lead, motivate and develop the team through continuous engagement, training and coaching interventions and transparent communication
- Ensuring that the source data is of desired quality through validation, remediation and adherence ot the data FIM
- Engage with upstream and downstream functions to drive end to end synergies and efficiencies
- Coordinating, reviewing and approving adjusments and overlays in line with the framework
- Continuous review of the data, process and systems to identity and resolve risks / gaps and drive improvements
Principal Accountabilities: Key activities and decision making areas Typical Targets and Measures
Impact on the Business :
- Calculate and report the ECL
- Analyze major movements, identify the business drivers and provide commentary and analysis to support business decisions
- Identify and remediate data issues and adherence to data FIM
- Identify and deliver on opportunities for process and system efficiency
- Lead key initiatives (E2E) - Ever greening, FotC, IBOR, FEG scenarios, etc.
- Timely and accurate ECL numbers
- Quality of the analysis and commentary
- Reduction in data defects and deviation from data FIM
- Reduction in cycle time and efforts
- Timely and effective deliver as per agreed plan
Customers / Stakeholders:
- Support the Wholesale risk GPO in executing his responsibilities as the GPO
- Engage and manage stakeholders across Risk & Finance, building strong relationships to ensure consensus
Effectiveness of the team :
- Effective collaboration across teams in Risk and Finance
Role Context (The environment and operating conditions of the role including the extent of guidance and authority):
- The volatile external environment requires frequent changes, manual interventions and multiple iterations. The role holder is required to navigate through a constantly changing environment and deliver the ECL results within challenging timelines
- The FTE span will be in the range of 15-25 FTEs, working closely with the Risk, Finance, FCD and FSO teams
- The jobholder is expected to be a self-starter and able to adapt to changing demands of the role
Management of Risk (Operational Risk / FIM requirements) :
The jobholder should continually reassess the operational risks and likelihood of operational risk occurring. This should be achieved by reviewing risks associated with the role and inherent in the business, taking account of changing global economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new processes. Effective and timely remedial action should be evidenced.
Observation of Internal Controls (Compliance Policy / FIM requirements) :
The jobholder will adopt the Group Compliance Policy by escalating any identified compliance risk in liaison with, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer. The term - compliance- embraces all relevant financial services laws, rules and codes with which the business has to comply.
Knowledge & Experience / Qualifications (For the role - not the role holder. Minimum requirements of the role.)
Technical Skill Requirements :
- Qualified Accountant (CA, CWA, CIMA) / MBA / FRM / Graduate in Statistics / Accounting with 13+ years of experience in the financial services domain
- Understanding of the risk and regulatory requirements and credit risk calculations
- Strong data mining and analytical skills, including hands-on experience in managing large volumes of data with a proven ability to interpret and comment on data movements
- Advanced technical skills (SAS, Python or other similar systems) including experience in business intelligence tools would be an advantage
Operational Requirements :
- Operations management including process governance and stakeholder management
- Understanding and experience in management of Operational risks
- Experience of managing large teams including resourcing, motivating, training and developing talent
- Proven track record of leading and managing projects and work-streams
Personal Skill Requirements:
- Ability to translate business strategy to team goals and align direction accordingly
- Capable of setting highest standards and stretch goals and delivering on them
- Capable of influencing and engaging stakeholders, colleagues and teams across the organisation to deliver at pace
- Strong problem solving and execution skills
- Excellent communication skills, including the ability to present information and participate in discussions at senior levels of management
- Effective team Player who collaborates, communicates progress, status and issues on a regular basis.
- Ability to work under pressure, report to tight deadlines and deal effectively with issues
- Ability to work in a dynamic environment and adapt to frequent and multiple changes