Assistant Manager Global Markets Product Control, ROAP

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HSBC is one of the largest banking and financial services organisations in the world, with operations in 64 countries and territories. We aim to be where the growth is, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We are currently seeking an experienced professional to join our team in the role of Assistant Manager Global Markets Product Control (please confirm)

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:

Impact on the Business:

Primary responsibility includes market data management, providing financial accounting, control and analytical support to the Markets business including one or more tasks of the following:

Market Data Management

• Manage and validate market data for accurate revaluation and yield curve construction, independent price verification, and daily Pricing-End-of-Day (EOD) control
• Ensure the reasonableness of market rates collected from a variety of independent sources such as brokers and other electronic screen based media and investigating any unusual parameters prior to input to the relevant revaluation systems. 
• Confirm the market rates and yield curves are updated correctly in Global Market Systems such as TREATS, SUMMIT, RIVER and Murex.
• Manage new discounting curve, product mapping and exception controls
• Support the market data vendor pricing source review process and assess boundary observability by providing relevant market data

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.

Customers / Stakeholders

• The candidate is expected to proactively build and manage relationships with onshore Product Control teams across Asia Pacific as well as other internal clients within Finance, GFC, Middle Office, Internal Audit, Change Team and IT.

Leadership & Teamwork

• To work with teams in the Valuation Control function to achieve the goals and objectives as established by the Line Manager. Provides assistance to Team Lead in resolving Product Control related queries from stakeholders and ensure accurate and timely control and service delivery.

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.

Due to the urgent hiring need, candidates with immediate right to work locally and no relocation need will be prioritised.

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Issued by Hong Kong and Shanghai Banking Corporation Limited Philippines