Manager, Hedge Accounting - Group Finance

Abu Dhabi Commercial Bank; Abu Dhabi; On-site; AED 120,000 - 200,000; Full time

Job summary

A leading financial institution is seeking a Manager for their Hedge Accounting team. This role involves overseeing hedge accounting processes, managing a team, and ensuring compliance with International Financial Reporting Standards. The ideal candidate will have substantial experience in Treasury accounting and a relevant degree. Competitive salary and benefits included, along with opportunities for professional development.

Benefits

Competitive Salary

Comprehensive Benefits Package

Flexible Working Options

Learning and Development Opportunities

Qualifications

• 5+ years of post-qualification experience in Treasury accounting.
• Experience with capital markets and derivatives products.
• Understanding of financial reporting standards.

Responsibilities

• Manage hedge accounting requirements and oversee team.
• Perform hedge effectiveness testing and monitor portfolios.
• Ensure compliance with accounting standards and manage reporting.

Skills

Advanced knowledge of IFRS

Hedging strategies

Treasury accounting

Financial reporting

Team management

Education

Bachelor’s Degree in Finance or Accounting

Chartered Accountant or equivalent

Tools

Microsoft Office

Flex-cube

Murex - Treasury system

Bloomberg/Reuters

Job description

Manager – Hedge Accounting

Embark on a journey where your unique contributions are celebrated, and your professional growth is embraced. At ADCB, we nurture a diverse, inclusive community where every voice is valued.

About the Business Area - Finance

As a Finance team, we are partners to the business in achieving the company’s goals and driving the banks performance. We have been able to significantly add value in guiding and influencing decisions through our insight and understanding of the numbers. We focus on our clients and customers, on building deep and long-standing relationships and on improving the quality of our service and solutions; whilst balancing the pursuit of growth focusing on disciplined management of costs and risks, keeping a firm grip on liquidity and capital.

In this role, your key responsibilities include:

• The purpose of this job role is to manage hedge accounting requirements including, policy documentation and performing hedge effectiveness testing.
• The Bank devises various hedging strategies to manage interest rate risk and foreign currency risks arising from various financial instruments by applying the accounting requirements of hedge accounting under IFRS 9
• Perform hedge effectiveness testing on all hedges entered by the Bank.
• Maintain the universe of hedge items that can be hedged regular/monthly to ensure the portfolio of underlying hedged item is within the hedge able balance as identified by ALM/ Treasury front Office.
• Ensure the underlying hedged item is constantly monitored and rebalanced for portfolio hedges.
• Post hedge accounting entries on monthly basis based on the hedge effectiveness results.
• Substantiate monthly hedge ineffectiveness results through market data movement.
• Manage accounting and reporting requirements in respect of discontinued hedges
• Monitor and maintain the list of underlying loans that are being hedged for portfolio hedges.
• Ensure that the underlying balance of hedged loans is available to be hedged for portfolio hedges. Ensure that the movement of hedged item balances is being rigorously monitored to make sure that the hedge relationship remains valid.
• Re-calibrate the weighted average cash flow date of the underlying hedged item on portfolio hedges and monitor the same against the initial date that was calculated at the time of hedge inception. Post the re-calibration, ensure the weighted average cash flow date for the hedged item is reflected correctly in the system for hedge effectiveness testing purposes.
• For investment securities which are hedged, ensure that the make whole price of the bond is less than the current market price of the bond on a quarterly basis and any exceptions is being flagged off to Treasury Front Office.
• Calculate the currency basis that needs to be amortized to the income statement for hedge designations which are classified as Net Investment hedges.
• For hedge relationships which are discontinued in line with risk management objective & policy, ensure that the hedge accounting rules for these hedges are reviewed, monitored and accounted for as per the applicable reporting standards.
• Conduct self evaluation by applying Relatives and Close Associates (RCA) approach on the identification of critical data points,areas of operational oversight, potential manual input error and weak link assessment to ensure the financial/operational risk on the areas of work carried out is minimised
• Manage self and team in line with ADCB’s people management policies, procedures, processes and practices to ensure adherence and to maximise own and employee contribution to business performance
• Organise and supervise the activities and work of the team to ensure that targets and objectives are achieved and the business plan is delivered in line with the required policies, processes, procedures and systems
• Implement approved departmental policies, processes and procedures, and ensure employee adherence so that work is carried out to the required standard while delivering the required standards of service to customers and stakeholders
• Manage and motivate the team to ensure they contribute to, and participate in, the identification and implementation of change initiatives, programmes and projects in line with the Bank’s standards

The ideal candidate should have the following experience

• At least 5 years of post-qualification experience with at least 3 plus years of experience in Treasury accounting in Banks
• Bachelor’s Degree in Finance or Accounting
• Chartered Accountant or other equivalent qualification
• Advanced knowledge and understanding of International Financial Reporting Standards with special focus and rich experience and niche areas such as hedging / derivatives products /capital market products and other treasury related accounting and financial reporting matters
• Significant experience in banking / private equity / financial sector both as external auditors and finance team of banks.
• Microsoft Office (Excel / word / Power point, Power BI tools)
• Flex-cube/ Desk-top Business Intelligence Core Banking Software
• Murex - Treasury system
• Bloomberg/Reuters/other platforms which are used for pricing & valuation of derivative products

What we offer:

Competitive Salary + Additionally, all employees are eligible to participate in one of our rewarding variable pay plans.

Comprehensive Benefits Package: This includes market-leading medical insurance, group life and personal accident insurance, paid leave and leave airfare, employee preferential rates on loans and finance facilities, staff discounts and offers, and children education assistance (for certain job levels).

Flexible and Remote Working Options: We understand the importance of work-life balance and offer flexible working arrangements, subject to eligibility and job requirements.

Learning and Development Opportunities: We value and facilitate continuous learning and personal development through a variety of exciting learning opportunities, such as structured instructor-led courses, a comprehensive e-learning catalog, on-the-job training, and professional development programs.