Now it’s your time to join the #1 bank in the Middle East and one of the most prestigious financial companies in the region. Shaking up the world of banking requires a lot of smarts and skill. We’re looking for the brightest and best to help us reach our goals and we’ll also help you reach yours. Your success is our success as you grow stronger in your career. Join us and leave a legacy of your own, as a pioneer in both the company and the industry.

JOB PURPOSE:

The Global Markets Business Finance team comprises Product Control, Independent Price Verification and Financial Control & MIS and Change Management teams. The team supports the Global Markets and Group Treasury businesses locally and internationally. The unit falls under the Group Finance department and reports to the CFO, CIB Finance & International.

Key priorities of this role include:

§  Providing world class financial reporting & support services, adding value through providing professional, independent & objective financial advice which assist in the achievement of business objectives whilst complying with Group policies and standards, and external statutory obligations.

§  Production of financial & management accounting reporting statements for the functional area of responsibility in line with Group reporting standards, whilst maintaining a robust control environment.
The Product Control team is responsible for accounting and financial reporting of the Global Markets & Treasury business, acting as a primary control function, and monitoring trading activity to ensure it is in a specified remit. Tasks include Profit & Loss (P&L) reporting and attribution, dealing with ad hoc management reporting queries, reconciliation and substantiation of P&L and Balance Sheet between the General Ledger (Oracle General Ledger and OneSumx) and Murex, and hedge monitoring and effectiveness testing. This role is focused on the day-to-day tasks related to the International Product Control function, such as daily preparation and control of P&L reporting & attribution and general ledger reconciliations.

KEY ACCOUNTABILITIES:

This section shall not be customised to reflect accountabilities, which may be unique to one role. Please use Section 5 to capture any accountabilities specific to the role which are over and above those mentioned in this section.

§  Finance business partner and trusted advisor on reporting and day-to-day support of the Global Markets business, providing prompt and effective support to the Global Markets Front Office, Market Risk, Group Treasury, Group Financial Planning & Analysis, Group Financial Reporting and Product Control management.

§  Comprehensive P&L analysis for the trading desks including detailed analysis and interpretation of daily results, variances, risk positions, realised and unrealised P&L components, revaluation curve movements with P&L attribution, new deals, cancelled and amended trades and price / rate validation.

§  Key finance contact for all Global Markets Front Office related queries, leading discussions, as appropriate, with Front Office to ensure P&L analysis is agreed. Act as one of the prime points of contact across all processes in order to ensure all customer needs are being met.

§  Provide relevant support to Head of Product Control, ensuring all business transacted is ‘compliant, safe and sustainable’

§  Compilation of all daily revenue reporting for the business, ensuring the accuracy and integrity of source system interfaces into the General Ledger.

§  Provide independent validation of the financials reported for the GM businesses by maintaining a robust control framework between FO and reported financials. Maintain a strong understanding of the products traded and the trading strategies within the business.

§  Understanding of specific business models, analysis of structured deal packages and application of appropriate accounting standard thereupon. To provide professional & ethical behaviours by ensuring compliance with external legislation, bank standards, internal operating policies and procedures.

§  Managing the day to day and month end controls of P&L and Balance Sheet reconciliation, substantiation and reporting for GM.

§  Support of new business requests, ensuring they are controlled through the existing or new system architecture, providing responsive support to front office, ensuring “speed to market” of new products. Delegated authority for New Activity Working Group (NAWG), for new product sign-off.

§  Manage projects driven by new regulatory requirements in International locations to ensure the key criteria of the regulation is met in a sustainable, efficient and effective manner

§  Line of Business and Desk level commentary with market relevance when internal P&L thresholds are breached.

§  Ensure compliance and control of specific accounting processes and practices for proposed new product initiatives or product variations.

§  Responsible for identifying issues which impact GM, and implementing solutions.

§  Act as a central point of contact for Group Finance functions and Global Markets desks: Financial & Regulatory Reporting, Treasury, FP&A, Tax, Financial Control relating to GM Products, and Valuation Control

§  Maintain key linkages & strong working relationships with Desk Heads, Head of Business Finance, Senior Management, Group Finance, Middle Office, Operations, Business Finance peers Internationally, FP&A, IT, Market Risk, Legal, Compliance, Operational Risk, Regulators, Internal & External Audit.

§  Support the Head of Product Control to work with Treasury on FTP, capital & liquidity matters affecting GM Products as required. Provide input to wider Finance strategy activities and strive to work together effectively on overall regional and global programs.

§  In conjunction with FP&A, continuously assess the quality of service provided to the principal customers and strive to ensure that the area adds value to their objectives through the provision of accurate and valuable financial data and advice.

§  Ensure PC adopt a proactive attitude to changing environments, both internal and external, and provide value added solutions for Global Markets Finance business partner and trusted advisor on reporting and day-to-day support of the Global Markets business.

§  Engender and role model a culture of continuous improvement, ensuring that operations are kept continually under review and that all opportunities for re-engineering and achieving economies of scale are identified, implemented.

§  Escalate any issues to the management and assist in mitigating any operational risk.

§  Review existing systems / processes / procedures and MIS to proactively identify areas of improvements.

§  Use of sophisticated arithmetic models for numerical analysis and evaluation. Writing papers on strategy or other complex issue with logical sequencing and supporting recommendations. Synthesising information from a variety of sources and extracting relevant concepts / themes. Preparing and delivering presentations with context across business functions to deliver maximum impact.

Specific Accountability

•        Manage and lead personnel within the Product Control team, end-to-end ownership of functions, guiding the team on complex matters and resolution of any issues.

•        Provide relevant support to Head of Business Finance - Global Markets, ensuring all business transacted is ‘compliant, safe and sustainable’. Leading the team which provides independent validation of the financials reported for the GM and Treasury businesses by maintaining a robust control framework between FO and reported financials.

•        Lead and manage projects driven by new regulatory requirements in International locations to ensure the key criteria of the regulation is met in a sustainable, efficient and effective manner

•        Development and ownership of Product Control policies and accountability for adherence therewith. Identification & reporting of any policy breaches.

•        Understanding of specific business models, analysis of structured deal packages and application of appropriate accounting standards thereupon. Encourage professional & ethical behaviours by ensuring compliance with external legislation, bank standards, internal operating policies and procedures.

•        Implement external best practice, legislative changes, financial management approaches and methodologies

FRAMEWORKS, BOUNDARIES, & DECISION MAKING AUTHORITY:

§  Functions within the framework and boundaries of Group policies as well as overall organisational and governance frameworks.

§  Authorised to take decisions as per the approved authorisation matrix.

QUALIFICATIONS & EXPERIENCE:

Extensive track record of successfully working in a Product Control function, with proven leadership and managerial experience within a top tier financial institution. Strong networking & senior stakeholder management skills.

§  Min. 10-12 years’ of relevant experience.

§  Advanced degree in a financial discipline or relevant qualifications (CA/ CPA/ ACCA / CFA).

§  Strong understanding of Global Markets and Investment Banking products, with related Technical and Accounting treatments. Excellent understanding of modern governance, risk and control assessment techniques.

§  Highly developed numerical, analytical, presentation & interpersonal skills with expertise to represent the team on strategic initiatives.

§  Working knowledge and experience in Murex, SumX, PowerBI, T24 systems is preferred.