Philippines Job Openings

HSBC

Assistant Manager Global Markets Product Control - Benchmark Team

FULL TIME

October 11, 2024

Job Advert Details

Some careers open more doors than others.

If you’re looking for a career that will unlock new opportunities, join HSBC and experience the possibilities. Whether you want a career that could take you to the top, or simply take you in an exciting new direction, HSBC offers opportunities, support and rewards that will take you further.

We are currently seeking a high caliber professional to join our team as a Assistant Manager Global Markets Product Control - Benchmark Team

Role Purpose

The Valuation Control function is responsible for ensuring that traded products are completely & accurately recorded in HSBC’s books and records in accordance with applicable accounting standards. Valuation Controls are designed to ensure appropriate valuation of the traded products portfolio, an understanding of key Profit & Loss (P&L) drivers, assessment of reasonableness of execution margins, and to assist in detection of inappropriate trading activity.

Principal Accountabilities:

P&L Reporting
Production, analysis, explanation and reporting of the daily trading profit and loss.
Perform front-to-back reconciliations, inter-system reconciliations, and system delivery to ensure trade completeness and accuracy in P&L and reporting systems. This includes, but not limited to, reconciliation of Trader P&L Estimates to Actual P&L, P&L attribution, Fair Value Adjustments, Independent Price Verification, Own Credit Spread, Significant Trade Review and Off-Market Rate Checking.

Exception report monitoring and inter-system reconciliations

Review and investigate daily exception reports. This includes (but not limited to) monitoring of PTS-GL reconciliations, BOS exceptions, deal activity, controls over accrual books and hedge accounting, FX daily activity and FX corporate margins.
Perform inter-system reconciliations to ensure the integrity and consistency of the trade information recorded in the various systems utilized by the business.
Liaise with onshore Product Control teams to ensure daily reconciliations are accurate and breaks are cleared in a timely manner.

Benchmark Rate Monitoring

Provide independent review, monitoring and challenge across benchmark submissions made across the bank/business.
Analyze data submitted to external calculating agents and provide independent commentary and challenge to the business performing the submissions.
Ensure the bank’s internal controls around benchmark submission and administration are aligned to regulatory requirements.

Book Controls

Provide system administration and governance for book opening process.
Ensure data integrity, manage system interfaces, maintain access/controls and own the production support for various financial data platform applications.
Perform Quarterly Book Mapping Review

Balance Sheet Substantiation

Ascertain reasonableness, propriety and integrity of the account balances through reconciliation and substantiation.
Perform reconciliation of balances and review of pertinent supporting documentation.
Assessing and escalation of any potential impact to P&L and Equity Reserves arising from any misstatement.

Valuation and Market Data Review

Review of adequate operational effectiveness of the Fair and Prudent Valuation Adjustments control framework.
Review of market data sources and issues raised by members of the Valuation Committee (VC).
Review any significant items in reports from External Audit, Regulators and 2nd & 3rd line of defence including internal audit, BRCM, SOX and independent model review findings.
Communicate relevant information from the VCRG and Regional Valuation Committees (e.g. policy changes, key decisions).
Implementation of policy changes as approved by the VC.
Periodic review of control processes including thresholds, and implementation of control enhancements.

Production and Reporting of Monthly and Periodic Returns

Preparation of periodic reports primarily required for regional and group reporting. This include (but not limited to) Fair Value Adjustments, Hedge Accounting, Mark to Market Since Inception, Day 1 P&L Reserves.
Calculation and preparation of daily and month-end adjustments to Treasury profit and loss and balance sheet accounts. This includes posting of adjustment including accruals via manual entries to relevant Treasury and Bank reporting systems.

Audit and Other Reviews

Coordination with internal and external auditors during regular audits.
Preparation of various schedules and supporting documents as required.
Conducts walkthroughs and draft replies to address exceptions noted.

Other Responsibilities

Monitoring and reporting of Key Risk and Key Process Indicators (KRIs and KPIs)
Participation on all strategic change initiatives including various projects and system/ infrastructure enhancements within Product Control. Identify areas for process improvement and find innovative solutions with specific focus on improving controls and reducing operational risks.
Any other work assigned by the head of the team

Qualifications

Experience, Skills and Qualifications

Preferably with background in financial, economic, accounting or mathematical subjects.
Product Control experience, preferably in FX, Rates, or Equities.
Very good accounting and valuation knowledge.
Very good written English and oral communication skills.
Advanced MS Excel skills, quantitative skills, MS Access or VBA experience, or involvement in Robotics Process Automation (RPA) project initiatives is an advantage.
Excellent analytical skills and a proactive approach to problem solving.
Excellent interpersonal skills, ambitious, driven and enthusiastic.
Professional qualification such as CPA, CFA and FRM will be an added advantage.
Willing to work in shifts schedules, change on weekly statutory rest day and weekly contractual rest day from time to time, depending upon operational and/or business requirements.
Flexible to work at such premises of the Company.

You’ll achieve more when you join HSBC.

www.hsbc.com/careers

HSBC is committed to building a culture where all employees are valued, respected and opinions count. We take pride in providing a workplace that fosters continuous professional development, flexible working and opportunities to grow within an inclusive and diverse environment. Personal data held by the Bank relating to employment applications will be used in accordance with our Privacy Statement, which is available on our website.

Issued by Hong Kong and Shanghai Banking Corporation Limited Philippines

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