Manager Global Markets Product Control
HSBC · Taguig
Some careers shine brighter than others.
If you’re looking for a career that will help you stand out, join HSBC and fulfil your potential. 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.
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 Manager Global Markets Product Control.
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. Role Holder will support Manila PC but will be reporting under the Near Shore Team.
Principal Accountabilities:
Impact on the Business:
Primary responsibility includes providing financial accounting, control and analytical support to the Markets business including one or more tasks of the following:
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.
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
- Team Lead will be responsible for reviewing the team’s daily deliverables, ensuring accurate and timely control and service delivery, leading the team in resolving issues, and addressing queries and adhoc requests made by various stakeholder. Provide assistance to Line Manager to achieve the goals and objectives as established by Senior Management in Product Control.
Operational Effectiveness & Control
- Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.
- Help define the target processes, understand the gap between current and target process, and work with line manager to identify the opportunities for improvement and work with other project teams to ensure that the proposed solutions will meet the requirements and are implemented on time.
Experience, Skills and Qualifications
- Preferably with background in financial, economic, accounting or mathematical subjects.
- Product Control experience
- Good accounting and valuation knowledge is an advantage
- 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.
- 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.
You’ll achieve more when you join HSBC.
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