Job Description
Background:
The HY & Distressed Flow desks sit within the Credit Flow business- The portfolio comprises vanilla credit products; Bonds, CDS, Loans- The Distressed business focuses on trading activity including market-making on liquid distressed credits, sourcing distressed credit opportunities and through successful medium term positioning capture upside from illiquid distressed credits during workout- Responsibilities: - The candidate will have the following key responsibilities:-
- Manage the production and control of the daily P&L process-
- Manage and review of the month end and quarterly deliverables-
- Monitoring of all pricing and valuation issues, including off-market rate analysis in respect of all positions held by the Desk(s)-
- Ensure balance sheet substantiation and control is completed and maintained-
- Project work covering controls enhancement, efficiency initiatives and strategic developments in order to provide business advantage-
- Regular and ad-hoc analysis of aspects of the business both tactical and strategic-
- Contribute significantly to individual development of team members-
The individual will be required to establish collegiate working relationships, at all levels, with both the business and support areas (e-g- Market Risk, Operations, Credit Risk) as well as other areas within Finance, in order to provide an integrated and proactive approach to business development and facilitation- Specific Responsibilities: Month-end financial reporting process for the allocated Desks - Review full balance sheet substantiation and seek verification relating to areas outside immediate control e-g- nostro balances
- Ensure integrity between the financial and management accounts with minimal differences between daily and monthly-
- Ensure currency p & l is monitored and sold off together with remittance to a central area
- Oversee the quarterly reporting submissions for the desks, inc INV4, RECL- Submission of APS data tape to Central team in a timely manner on a monthly basis-
- All pricing and valuation issues, including off-market rate analysis in respect of all positions held by the Desk(s)
- Ensure that independent pricing of all positions is performed on a weekly basis else as identified by the "IPV Compliance Statement" ensuring that non-compliance is escalated accordingly-
- Liaise closely with the Global Pricing Unit on valuation issues
Balance sheet substantiation and control for the allocated Desk(s) - Responsibility for ensuring that all balances within agreed cost centres are subject to strict reconciliation, substantiation and control
- Liaise closely with other support areas who provide Finance with the above service whilst noting that ultimate responsibility rests with the Finance Escalate all control issues
Project work covering controls enhancement, efficiency initiatives and strategic developments in order to provide business advantage Identify control and efficiency initiatives - Contribute to control and efficiency initiatives
- Assist in major systems developments
- Assisting in system development, testing and implementation
Regular and ad-hoc analysis of aspects of the business both tactical and strategic - Assist as appropriate in order to ensure that all proposed new products or variations of existing products can be appropriately booked, accounted for and independently valued and measured through the New Product Approval Process
- Ensure daily and monthly p & l commentaries are produced to the highest standards and accurately reflect market movements vs- positions held
- Liaise as appropriate with the Business in order to perform ad-hoc value added analysis
Contribute significantly to individuals development - Agree relevant development challenges that focus on improved delivery to customers or colleagues
- Actively identify and undertake relevant training in order to improve performance or enhance career development
- Agree appropriate and challenging objectives with team members
Generic Responsibilities - Ensure the business area conducts its activity in accordance with all relevant external regulators and RBS policies-
- Ensure compliance with the regulatory and statutory requirements and RBS compliance policies and procedures affecting the business area-
- Report any breaches of regulations to Legal and Compliance-
- Ensure the business unit operates in accordance with stipulated risk management policies and procedures, covering market risk, credit risk and operational risk-
- Ensure failures and shortcomings in policies and procedures are reported-
Requirements
Essential Experience: - Qualified accountant with a background in Product Control, ideally in the FI Credit area-
- Strong academic background
- Strong Microsoft Excel and Access skills
- Good appreciation of Investment Banking business
- Good understanding of Finance operations and processes
The Individual
- Self motivator with excellent interpersonal skills
- Excellent communication skills
- Have demonstrated a proven ability to identify and resolve issues with minimum supervision
- Flexibility to cover other areas within the Debt Markets business
- Able to collaborate closely with other departments
- Capable of influencing the decisions and actions of others
- Creative, practical and reliable
- Able to break down complex problems into their core components
- Able to work under pressure and meet tight deadlines
- Team player with the skills to help in developing the team and meet the business objectives
- A forward thinking driver who will make things happen
- Ambitious with a strong appetite to understand the products traded so as to provide insight and analysis rather than being purely production focused
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