AVP Product Control

HSBC Holdings plc; Gurugram District; On-site; INR 2,600,000 - 3,800,000; Full time

Job summary

HSBC Holdings plc in India is hiring an AVP, Product Control for Global Markets. You will own P&L production, balance sheet reconciliations, hedge designations and reporting, ensuring IFRS/IAS and US GAAP compliance across traded products.

The role involves partnering with Operations, IT, Risk and Front Office, leading process improvements, Six Sigma/Lean initiatives, and mentoring a finance team. A Chartered Accountant / CWA / CPA / CFA / MBA with 5+ years in Product Control within a Global

Qualifications

• Qualified professional with global markets or product control exposure.
• Strong knowledge of IFRS, IAS and US GAAP reporting.
• Excellent communication and stakeholder management skills.

Responsibilities

• Produce P&L, perform balance sheet reconciliations and substantiation.
• Manage hedge designations, de-designations and related reporting.
• Ensure compliance with hedge accounting standards and internal controls.
• Lead process improvements and control environments within the team.
• Collaborate with Operations, IT, Risk, Front Office and Central Finance.

Education

Chartered Accountant / CWA / CPA / CFA / MBA

Tools

MS Office Suite

MS Excel

MS Access

Project Management Software

Job description

Job Title: AVP Product Control

Global Markets Product Control is a division of Global Banking and Markets Finance responsible for the production and independent validation of Global Markets' profit and loss and balance sheet. In this regard, Product Control will ensure, inter alia, that accounting policies are correctly and consistently applied, and that Trading portfolios are appropriately valued.

The department has region aligned, business aligned and process aligned teams and is responsible for daily service delivery to respective regional and central teams ensuring effective controls, transparent management information and becoming a centre of excellence delivering process simplification and efficiencies. The daily processing involves providing meaningful support to relevant business and a close liaison is required to be maintained between Operations, IT, Risk, Front Office, Central Finance functions, etc. for all aspects of the role. The role requires the incumbent to represent Product Control in internal /external meetings.

In this role, you will:

Principal Accountabilities KPI and Targets

• Individual is expected to act as an individual contributor delivering P&L production, analysis & commentaries, P&L and Balance Sheet Reconciliations & substantiation, Hedge Designations/Documentations, De-designation & Re designations (Fair Value, Cash Flow Hedge- Micro and Macro and Fair Value Options), have sound knowledge of Interest rate Swaps & Bond valuation and reporting activities pertaining to Global Markets business.
• To ensure all Hedge Accounting processes were performed in line with Hedge Accounting FIM and SOX compliances.
• Ensure service delivery of Finance Product Control processes per the standards set out in agreed SLAs within the HSBC Global Resourcing operating framework taking into account key operational risk (including people & processes) and ways to mitigate them and operating a well-defined control environment
• Functionally manage a team of finance professionals managing contingencies, learning & development, succession & progression planning, expectations and attrition management.
• Initiate and implement high-impact quality projects leading to operational efficiency and higher productivity (Within Six Sigma, Lean process improvement methodology)
• Continuous review of processes with the objective of improving the service delivery timeframes and identify areas of improvement

Typical KPI and Targets

• Performance Standards as defined in SLA met or exceeded
• Minimal errors Six Sigma approach
• Re-engineering opportunities identified and implemented
• Feedback on service delivery received from Business Area

Customers / Stakeholders

• Establish and maintain effective relationship with business areas and identify areas of service improvements by implementing regular calls and feedback mechanism
• Influence and elevate key customer issues in an effective way to ensure timely resolution
• Continuous reviews of the customer issues and ensure products and services are tailored on an on-going basis to meet expectation.

Typical KPI and Targets

• Timely and accurate MI produced with minimal queries against required deadlines
• All queries acknowledged and resolved in a timely manner

Leadership & Teamwork

• Effective communication with the team members on organization strategy and goals required for the respective roles and responsibilities
• Motivate, develop, reward and recognize team members in order to meet process deliverables, manage staff expectations, achieve efficiency in operations and maintain work-life balance.
• Create an environment within the team which fosters free sharing of knowledge & ideas
• Develop the soft skills and technical competency of team by putting together a personal development plan
• Ensuring that within the team there is succession planning, talent management, performance management and improved employee engagement.

Typical KPI and Targets

• Timely and accurate MI produced with minimal queries against required deadlines
• Feedback from direct reports and other colleagues
• Low employee turnover/internal career progression
• Improving engagement scores

Operational Effectiveness & Control

• Adherence to Group policies, audit, controls, and compliance requirements including but not limited to Declaration of secrecy, data protection act, health, safety and security, clear desk policy
• To continually assess the operational risks inherent in the processes, taking account of changing operating procedures, staff movements, legal and regulatory requirements, management restructures, and the impact of new technology.
• Effectively drive and manage change, plan business contingency and achieve cross-training
• Ensuring BCP plan is documented, agreed with business partner and tested as per agreed timelines
• Ensure that there is full compliance with the Global Markets FIM, Internal Control Objectives
• Integrity, conduct and performance against ethical standards
• Documented knowledge of current role

Typical KPI and Targets

• Timely and accurate delivery of process objectives per the agreed SLA along with Zero control issues
• The annual Internal Audit Review will determine whether the team is in full compliance with the Global Markets FIM (Hedge Accounting FIM 63)
• To maintain the HSBC Internal Control standards including the timely implementation of internal and external audit points, together with any issues raised by external regulators.
• To act with a 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 the spirit and the letter of the laws, rules and practices that govern the HSBC group globally. Key business values that support this include
• the highest personal standards of integrity at all levels;
• commitment to the truth and fair dealing
• openly esteemed commitment to quality and competence;
• 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.

To be successful you will:

Skills/Experience Required

• Qualified Chartered Accountant/ CWA/CPA /CFA / MBA from Tier I/II institute with at least 5+ years of experience in Product Control or Global Markets environment and organization of similar scale with US GAAP, IFRS, IAS reporting framework
• Knowledge of Product Control functions in a banking environment with exposure to Traded markets products is mandatory.
• Knowledge of various Global Market products like Equities, Foreign Exchange, fixed income, Derivatives - Options, Interest rate swaps, Credit Derivatives etc.
• Good knowledge of IAS 39/IFRS 9 is mandatory, specifically related to Hedge Accounting strategies.
• Proven ability to manage migrations of finance processes and exposure to diverse/multi-culture work environments with strong organization, time management and prioritization skills
• Excellent communication skills and presentation skills are mandatory, as are good tact and diplomacy, as the role requires relationship management with other individuals and teams within the HSBC Group
• Interpersonal skills: persistent, ability to work effectively with senior & junior staff, ability to challenge inputs from senior colleagues in a constructive manner, ability to give feedback positively, co-ordinate work across multiple teams, multi-tasker
• Orientation towards Quality (Six Sigma/Lean methodology) and technical bent of mind
• Proficiency in MS Office Suite; Exposure to Project Management Software and experience in working on MS Access databases
• Ideally, experience of functionally managing team of between 3-5 members or experience of being a senior/deputy within a team.
• Global Exposure and experience in multi-tasking

Hsbc.Com/Careers

You’ll achieve more at HSBC

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