Job Description
The Business: Corporate Banking (CB) is the umbrella division for the UK Corporate Banking, Business & Commercial Banking, Large Corporate Banking and Global Transaction Services businesses- Newly formed, the division employs staff across 5 regions with an annual income in excess of £6bn- Global Transaction Services (GTS) provides innovative and tailored cash management, liquidity management, information services, merchant services, commercial card & trade solutions globally to meet our customers' needs- Clients are based in the UK, Netherlands, Western Europe & CEEMEA, Americas and Asia Pacific- Large Corporate Banking provides relationship management for circa 110 large UK Corporate Connections and is the market leading provider of Treasury Depository Services and Shipping- UK Corporate Banking provides debt financing, risk management and investment services to major corporations and financial institutions- Business & Commercial Banking provides small and medium sized UK businesses with support through a comprehensive range of tailored products and services, and a network of branch-based business advisers- Lombard and RBS Invoice Finance also form part of the business offering- The Finance Function: The Corporate Banking Finance team, headed by CFO Nigel Bretton, is responsible for working with the business delivering financial leadership, control, commercial insight and advice- Corporate Banking Treasury is a team of 14, within Corporate Banking Finance, which was established to proactively manage a broad range of composite risks across the Corporate Banking balance sheet and Off Balance Sheet commitments- Within these responsibilities, it is required to analyse and confirm the accuracy of the reporting of derivative P&L volatility within the Division and help to facilitate the related Group hedging process- This role initially reports to the Treasurer UKCB and LCB, who reports to the Treasurer, Corporate Banking- The intention for the role is to work alongside the Corporate Banking Treasury team for a period of up to 3 months as part of the handover of current responsibilities before transferring to SSF (Financial Control)- The main responsibility of the role is to coordinate all current activity associated with the reporting and analysis of derivative volatility reporting within the Corporate Banking Division- This is a volatile P&L number which requires substantiation prior to transfer to Group Treasury- The cumulative P&L impact can range between +/- £50m and requires careful analysis to validate and investigate the movements- Total notional principal value of derivatives covered is c-£3-5bn- In addition the role holder will undertake the production of monthly management information for the Corporate Banking ALCO meetings which provide a strategic overview and risk management of the Divisional Balance sheet- Key to this role is the understanding of source system data and derivative products as well as advanced Excel skills- This is a Financial Control role, but the job holder will initially be seconded to the Corporate Banking Treasury team, who currently undertake the main responsibilities of the role to enable a full handover and related training to be completed (expected to be c-3 months)- The job holder will then return to Financial Control but will continue to work closely with Corporate Banking Treasury in the course of normal activities-
Responsibilities
Key responsibilities include: Derivative Reporting · Take full ownership for the monthly analysis of derivative volatility and prepare the Divisional commentary for submission to Group Treasury/Central Statutory Reporting- · Undertake the necessary investigations into general movements in volatility levels and exceptional movements arising for specific transactions (e-g- "day one" profits)- Take appropriate action to resolve any issues which may involve discussions with Group Treasury, Divisional Finance, GBM Middle Office as well as interaction with front line or business support staff to investigate new or amended transactions involving derivatives- · Perform regular reconciliations on core system extracts and financial information for completeness and accuracy, and initiate the appropriate financial adjustments or actions to clear any reconciling items- · Ensure compliance with SOX controls and other financial control policies- · Assist with Group Financial reporting requirements for derivative volatility, including the relevant Divisional entries in the Group Statutory accounts- · Working in conjunction with Corporate Banking Treasury as a business contact on derivative accounting issues and related product developments- Provision of Strategic Management Information for Corporate Banking ALCO · CB ALCO meets monthly and is chaired by the Chief Executive, Corporate Banking Division- It is attended by the Finance Directors and Chief Executives from each Business and by representatives from Group Treasury and Corporate Banking Treasury- It is responsible for identifying, managing and controlling balance sheet risks within the Division and capital management in executing its chosen business strategy- The job holder is required to assist in the production of strategic management information for the ALCO pack including balance sheets, RWA trends, funding gap etc- Ad hoc Project work and other treasury related support work · To provide financial support to treasury related projects or processes that arise from time to time- This may include the provision of financial data, collating and analysing business forecasts of funding requirements used in the Group funding process and the provision and analysis of data used in the treasury recharge process- · Responsibility for liquidity reporting and stress testing is currently being driven into the Divisions and will require analytical and support for the reporting processes-
Requirements
Essential experience: · Demonstrated track record of financial control within the RBS Group/ Corporate Banking Division · Strong communication and facilitation skills, including interaction with technical and subject matter experts · Working knowledge of financial accounting reporting requirements · Would suit a newly or part qualified accountant- · Advanced Excel and Word skills, · Confident user of General Ledger and similar financial reporting systems- Additional experience: · IT literate including Powerpoint, Excel, Access, Walker and Khalix · Numerate and with strong analytical skills · Experience of accounting for derivatives under IAS-
The Individual
Personal attributes: · Excellent team skills, confidence and the ability to work under pressure- This role represents an opportunity to develop a strong understanding of the business and key analytical and technical skills- · Goal oriented and self motivating · Clear analytical skills- The ability to gather and interpret business data- This also includes the ability to understand complicated spreadsheets used in the analysis and reporting processes-
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