Description
Role Purpose
Assist the team with:
- Consolidation and preparation of the global independent price testing (IPV) results and fair value adjustments (FVA's) including review and challenge of detailed returns
- Collect and review Regional desk level valuation committee packs and minutes to ensure compliance with FIM requirements
- Update and distribute the IPV and FVA database of global results, follow up and escalate any unexplained anomalies in the data trend
- Preparation of quarterly statutory disclosures driven by Product Control including ABS exposures and the BSM balance sheet
- Assist with the preparation and analytical review of the Credit Valuation and Debit Valuation Adjustments including challenge of and commentary on drivers of material variances
- Assist in the consolidated Group and European entity level Prudent Valuation Adjustment reporting necessary to support the calculation
- Assist with ad-hoc system testing
- Preparation of the global KRI and Brightline reports, including review and challenge of any breaches and associated commentaries
- Preparation of monthly monoline insurers reporting
Principal Accountabilities Key activities and decision making areas
- Challenging of Product Controllers in respect of data supplied for their respective business lines
- Production of monthly valuation report
- Production of daily Collateral Valuation report
- Documentation of procedures and processes
Typical KPIs and Targets
- Reports produced on a timely basis, in line with HSBC style guidelines and with significant valuation issues properly highlighted.
- Comments fully descriptive and a presentation used that is appropriate to the report's audience
- Efficiency of report production whilst maintaining accuracy and reduced low error rate within reports
- All issues raised by the line recorded and properly documented
Customers/Key Working Relationships
- Line Management
- Achievement/Feedback
Leadership & Teamwork
- Team
- Awareness of role in team and effective integration into the wider governance framework.
- Understanding of the roles of other team members to be able to provide support as required.
- Build relationships across Product Control globally and with other functions within HSBC.
Operational Effectiveness and Control
- Integrity, Conduct and performance against ethical standards
- Documented Knowledge of Current Role
To act with high levels of integrity, conduct and performance against ethical standards. All employees should exemplify the highest standards of personal and professional ethics in all aspects of our business and comply fully with both the spirit and the letter of the laws, rules and practices that govern the HSBC Group globally.
Key Business Values that support this include
a) the highest personal standards of integrity at all levels;
b) commitment to the truth and fair dealing;
c) openly esteemed commitment to quality and competence;
d) adherence to the HSBC code of conduct.
To understand in full the role currently held by the individual and the expectations HSBC holds in regards to this role
Major Challenges (The challenges inherent in the role that require a continual test of the role holder's abilities)
- Understanding products, risk positions and key trading strategies globally and leveraging this understanding to add value and enhance reports
- Understanding the valuation reports produced by satellite sites and using accounting knowledge and experience to challenge postings
- Understanding reasons for collateral valuation differences and the actions required to resolve them
- Developing relationships within and outside Product Control (Line Management, Group Finance, Market Risk Management, Operational Risk Management, Finance IT) and across the regions.
- Working under pressure to meet reporting deadlines
Role Context (The environment and operating conditions of the role including the extent of guidance and authority)
- The job holder will be part of a wider Global Valuation Reporting team situated within Product Control and currently comprising 12 finance professionals with a breadth of skills and experience.
- The team is stakeholder focussed and its main purpose is to efficiently produce relevant, high quality cross asset class consolidated information for Product Control supported businesses and all related processes, to facilitate decision making and evidence control processes. As far as possible, the team seeks to provide an initial one-stop portal for high level summary information pertaining to Product Control.
- The team provides daily, monthly and quarterly financial information to Product Control Senior Management, Regional CFO, GBM CFO, Risk Management, Group Finance, Operational Risk management, Internal Audit, External Audit, Regulatory Bodies.
- The job holder will have daily contact with the Business Area Product Controllers and therefore will be a conduit to ensure all departments have accurate and timely information.
Management of Risk (GHR/FIM requirements)
- Management of risk is an integral part of the whole role profile
Observation of Internal Controls (GHR/FIM requirements)
- Maintain HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.
Role Dimensions
- For internal requirements only
Total Staff reporting to this role
Education/Relevant Experience/Other Qualifications
Education
- Top grade A levels (or equivalent)
- University degree (Class 2:1 or equivalent)
- Accounting qualification (1st time passes)
- Audit Training in one of the top accountancy firms
Skills
- Strong technical and analytical skills
- High degree of emotional intelligence
- Strong written and verbal communication skills with an ability to succinctly convey pertinent information.
- High degree of intellectual curiosity is a pre-requisite.
- Flexible interpersonal style capable of adapting to a range of customers and personality types across the organisation.
Experience
- Experience of a Product Control environment would be an advantage