Job Description
The Counterparty Exposure Management (CEM) function is responsible for managing GBM's global counterparty exposure from our derivatives trading businesses- It will: - Provide front office with explicit details on the pricing (reserving) of credit, capital, funding and WWR;
- Identify and reduce risk concentrations, including improving our measurement of risk;
- Buy credit protection on residual risk exposures;
- Proactively manage the funding and capital arising from our derivative trading;
- Maximise benefits from Collateral Management and client documentation; and
- Work with the newly formed GBM Capital Allocation Committee to optimise and increase the use of Credit, Capital and Funding capacity-
The core purpose of this role is to provide the business with financial analysis supporting the Counterparty Exposure Management business- The role will provide exposure to: · Multiple Products, including particularly credit default and interest rate swaps · Technical IAS Accounting, including valuation and credit reserving policy and accounting Regulatory, balance sheet and liquidity considerations
Requirements
Essential Experience: · Qualified Accountant · Experience of provision of detailed financial and/or management information; · Experience of working and building effective business relationships; · Experience of/demonstrated ability of working autonomously to prioritise own workload in a time-pressured environment; · Good working knowledge of IFRS and FSA rule book- Supplementary Experience: · Knowledge of credit product set including valuation and accounting for credit products-
Responsibilities
This role will be responsible for product and financial control reporting for deals within the Counterparty Exposure Management business- Specific requirements and responsibilities are:
- Provision of accurate and timely management and financial information together with balance sheet reporting and substantiation for the relevant deals;
- Delivery of accurate financial internal and external MI to support the Business and central functions (monthly financial cycles, including year-end and half year statutory and/or management reporting requirements);
- Delivery of a substantiated and materially accurate balance sheet for own deals;
- Responsibility for closing the books accurately and on time each month end for own deals;
- Responsible for delivering a daily/weekly P&L and weekly balance sheet;
- Maintain strong balance sheet control, including general ledger reconciliation, reconciliation of P&L between the front and back office systems, clearance of breaks and reporting of adjustments and reconciled P&L;
- Responsible for maintaining bank standard controls including ensuring that reporting is on a timely and accurate basis for RCU/SOX and that any issues are identified, flagged and fully explained to team leader;
- Contribute to the review and approval of new products or trades in terms of valuation, booking methodology and profit recognition; ensuring thorough understanding to enable ongoing reporting;
- Provide good quality detailed commentary for Monthly MI packs, including monthly commentary on P&L and balance sheet;
- Responsible for price testing, reserving and ensuring sign off from the business on all elements of the P&L;
- Build effective working relationships with key customers and stakeholders including delivering daily/weekly/monthly/ad hoc requests to dates/times indicated and adapting daily reporting requirements as necessary;
- Work collaboratively with colleagues to provide cover across the team and contribute to overall team performance-
The Individual
· Strong controls focus and attention to detail; · Strives to gain business and product understanding to provide insight and value added analysis rather than being purely production focused; · Shows resilience and is therefore able to work to tight deadlines with a flexible approach; · Strong inter-personal and communication skills; · Able to work successfully both within immediate team and with the business and support areas as well as wider Finance, in order to provide an integrated and proactive approach to business development and facilitation-
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