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Job Details
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| Product Controller |
| bs/3e3a732e/00007853 |
| RBS |
| Capital Markets |
| Negotiable |
| London - UK |
South East
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| Permanent |
| 21/04/2009 20:33:00 |
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| Job Description |
Job Description
The GBM Division of RBS is a key division of the Group, with revenues seeing strong growth rates in recent years. The Division represents an entrepreneurial and challenging environment in which to develop a career.
Credit Markets Origination is one of the largest businesses in GBM and is a significant contributor to the Group's Core business. FI Debt Capital Markets FI Debt Capital Markets is a core part of GBM within the wider Origination and Coverage business. FI Debt Capital Markets is one of the most successful and profitable areas within RBS. The unsecured bond business is a strong performer in all the global league tables whilst the securitisation business is widely acknowledged as the number one player in the European market. The business covers Securitisation, Covered Bonds, Conduits, Principal and Distressed, Syndicate and Hybrid Capital. Finance team The Origination Business Unit comprises six main business areas: Leveraged Finance, Syndicate, Real Estate Finance, FI Debt Capital Markets (incl Conduits and Bond Syndicate), Corporate & Structured Debt Capital Markets and Financial Structuring. The finance function comprises c45 staff supporting a global Front Office. The FI DCM Finance team has a current headcount of 10 in London. We cover the Primary bond distribution business and securitisation activity undertaken by RBSG. The team has a global remit in respect of advising the business on securitisation transactions. The team also includes 5 headcount in Singapore who are responsible for Statutory accounting for 50 SPV's and some RBSG month end accounting.
Requirements
· Qualified ACCA/ACA/CIMA
· Exposure to Structured Transactions, Securitisations or Principal Trading. · Significant Product and Financial Control experience in a Financial Institution. · Good Knowledge of IFRS · Strong PC skills- in particular Excel · Strong process and systems skills and understanding · Understanding of Bank Regulatory capital issues desirable · Experience with Access an advantage · Knowledge of key Finance systems such as SGL, Calypso & GDS
Responsibilities
The team acts as a one stop shop / CFO function to the FI DCM business for all finance related queries and issues.
Typical finance responsibilities include: · Financial and Product control (Daily P&L and month end balance sheet substantiation) for both banking and trading book assets · Provision of accounting and regulatory advise to the Securitisation business on all transactions · Assisting front office with technical advice relating to client pitches. · Production and analysis of MI data in respect of business performance (including involvement in budgeting process) · Risk weighted asset/capital forecasting - of particular importance to the business is the impact of Basel 2. · Independent Price verification - including pricing on complex and illiquid products. Frequent liaison with other business support areas in respect of legal, tax and credit issues, to resolve issues for the business. ROLE OVERVIEW
- Reporting to the Financial Controller - Principal & Distressed, Structured notes & Bond Syndicate, the role will support the Financial Control, Product Control and Business Analysis activities of the Term Structuring, Structured note investments held by the business and Structured Consumer Capital Swap books. These include the investments held within the SL-EPFG book on Bloomberg (currently in ABN systems). Duties will include: - Assistance in the production of the daily p & l process, including explanation of p & l by driver, for the allocated Area(s) - Ensuring that the month end numbers agree to the sum of the daily p & l or provide meaningful explanations for the allocated Areas(s) - Assistance with pricing and valuation issues, including off-market rate analysis in respect of all positions held by the Area(s) - Balance sheet substantiation and control - Participation in project work covering controls enhancement, efficiency initiatives and strategic developments in order to provide business advantage - Compilation of regular and ad-hoc analysis of aspects of the business both tactical and strategic 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 CORE ROLE Daily p & l process for allocated Desk(s) - Accurate and timely production of the daily p & l process - Ensure all adjustments are corrected on a timely basis - Ensure p & l by driver is investigated, understood and delivered to the Front Office - Ensure p & l on new deals is monitored and reported - Ensure that appropriate controls are exerted on a daily basis in order to facilitate balance sheet substantiation. - Ensure that any issues are escalated appropriately on a daily basis Month-end financial reporting process for the allocated Area(s) - Ensure the timely validation and sign-off of the sub-ledgers and accurate population with the main consolidation systems - Ensure full balance sheet substantiation and seek verification relating 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 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 daily basis or as identified by the “IPV Compliance Statement” ensuring that non-compliance is escalated accordingly. - Liaise closely with the Global Independent Pricing Unit on valuation issues - Prepare and contribute to the monthly Banking Book IPV Memo sent to the GPU. Balance sheet substantiation and control for the allocated Desk(s) - Ensure 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 to the Financial Controller 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 - Perform ad-hoc project roles - Contribute significantly to the Basel II project - Assisting in system development, testing and implementation - Assist in providing MI to the business - Assist in the implementation of the strategic review including Core / Non-core business distribution and the asset protection scheme - Contribute to clearing items on the team issues log 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 individual 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 line manager Generic Responsibilities (Applicable to all staff) General Ensure the business area conducts its activity in accordance with all relevant external regulators and RBSGBM policies. Compliance Ensure compliance with the regulatory and statutory requirements and GM Finance compliance policies and procedures affecting the business area. Report any breaches of regulations to Legal and Compliance. Risk Management 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.
The Individual
· Very Strong Control focus
· Active appreciation of general Financial Control concepts/requirements · Ability to understand the products traded so as to provide insight and analysis rather than being purely production focused · Ability to work efficiently as part of a team across varying disciplines · Ability to investigate issues fully in order to ensure that all areas of concern are covered · Sound product knowledge across all relevant products would be an advantage · Sound analytical and mathematical skills · Ability to work with minimal supervision; · Able to deliver under pressure · Excellent inter-personal and communication skills required; · Must be able to work to tight reporting deadlines; · Ad hoc nature of role requires a flexible approach and the ability to multi-task. · Self motivator with an inquisitive nature · Hands on team player · Independence · Flexible and willing to learn
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