Head Asset Classes Product Control - Sandton at Absa Group Limited (Absa)

Job Summary

• The core responsibility of the role is to assume the leadership responsibility of the PCT Finance function of CIB FICC, NLD and Markets Funding.
• The role is to head the team and be a senior member of the Product control management team that informs the direction of Product Control Team a sub department of Finance CIB

Job Description

The main responsibilities are as follows:

•  Accounting – posting to the General Ledger accurate and timely information
• Substantiation of the trading balance sheet – ensuring the full trading balance sheet can be substantiated
• Regulatory reporting alignment - ensuring the Balance sheet is aligned to reports send to regulators
• Data ownership – Ensuring the quality and accuracy of the data going downstream to other infrastructure areas
• Control environment – Overseeing the control environment in which the business operates
• P&L review – understanding and providing commentary on the P&L
• New product, business development from a support point of view

In the process of managing the team, responsibilities include

• Team Management – recruiting, succession planning, ensuring staff are skilled up via training, performance review, career development, secondments, re-structures.
• Efficiency – Looking for continuous improvement in the efficiency by which the desk carries out it work
• Reporting – Looking for continuous improvement in the reporting ability and performance of the desk
• Control - Looking for continuous improvement in the ability of the desk to control the business

The role involves being the main interface to the Head of Trading  and the business heads for financial control of their respective books and records as well as to senior management in Finance, Financial Control, Second and Third Line of defense (LOD) teams (being Operational risk and Internal/External Audit) on all governance and conformance matters that involve Finance PCT.

• The successful candidate is required to drive and deliver a robust, end-to-end control framework and build strong partnerships with management across the broader infrastructure areas, specifically Finance, IT, Risk and Operations and other First line of defense such is Front Office Risk and Controls and Corporate Internal controls Teams. This requires strong communication and influencing skills particularly at senior levels in the firm.
• The role requires management and leadership of a team of fourteen including three managers able to identify and prioritize all required resources, processes and technology to deliver the Product Control function, which operates at the level of quality and sophistication, needed to support a fast-growing, complex investment banking business. The role requires extensive product knowledge in respect of financial instruments particularly equity products and some familiarity with process flows in booking such products across the various departments. A robust control mentality is essential. Candidate should be familiar with the Southern African financial market and in particular operations of the JSE, JSE Clear exchanges as well as London Clearing House (LCH).

Key Accountabilities

Accountability: Control oversight over P&L production and BS substantiation

• In depth, knowledge and understanding of products traded on the desk.
• Sound understanding of the risk and P&L drivers for the products coupled with a keen awareness of external markets and changes in market parameters
• A hands-on approach coupled with proactive leadership skills and the ability to delegate effectively
• The ability to build strong working relationships with the traders and other infrastructure units
• The ability to appraise issues/situations/new products quickly and to identify appropriate next steps
• Thoroughness, rigor and attention to detail with regard to products, processes and controls
• The capacity to work under pressure and the experience needed to contribute at a more strategic level
• Responsible for daily P&L production for various portfolios
• Responsible for consolidated financial information for Senior FO and Finance Management
• Ensure all staff are trained and fully understand the underlying revenue attribution approach
• Product specific subject matter experts within the team and across finance
• Responsible for Daily/weekly/monthly P&L and balance sheet commentary
• Responsible for Monthly balance sheet and income statement reconciliations to the general ledger
• Help executives to understand and complete the daily P&L
• Challenge existing processes and controls ensuring best practice across finance
• Manage a team of controllers (analysts) to ensure a high level of FO client service
• Interact with other infrastructure areas, specifically Operations and Financial Control, for issue resolutions
• Field various ad hoc requests

Accountability: Technical knowledge:

• Excellent understanding of relevant and up-to-date technical knowledge, applications and techniques.
• Recognised as an expert in their discipline.
• Continually delivering process improvement and challenging the status quo
• Proactively transfers knowledge to the team.
• Mentors line managers to ensure technical knowledge is cascaded.
• Champions best practice
• This includes but is not limited to oversight of the teams’ responsibility across:
• Investment Banking Product specific subject matter experts within the team and across finance
• In depth knowledge and understanding of products traded in the Investment Banking and Treasury Businesses
• The ability to appraise issues/situations quickly and to identify appropriate next steps
• JSE Stock Exchange and JSE Clear Futures Exchange knowledge is preferred

Accountability: Management and Leadership:

• Excellent understanding of relevant and up-to-date technical knowledge, applications and techniques.
• Recognised as an expert in their discipline. Deep technical knowledge.
• Continually delivering process improvement and challenging the status quo.
• Proactively transfers knowledge to the team. Mentors line managers to ensure technical knowledge is cascaded.

This includes but is not limited to:

• Direct, manage and drive the performance of the team
• Manage a team of controllers (analysts/AVP’s and VP’s) to ensure a high level of client service
• Hands-on approach coupled with proactive leadership skills and the ability to delegate effectively
• Together with relevant BU head and Head: PCT, determine the people management strategy for the area with a focus on talent management, development, resourcing and retention.
• Embed formal Performance Development and informal coaching in the team.
• Review training needs of team members.
• Establish and maintain a succession plan for the key roles in the team.
• Interview and recruit direct reports.
• Review workforce and recruitment plans for the team and reallocate resources where required.
• Associated people management administration
• Act as escalation point for all grievances raised in the team.
• Review overall team performance and provide input to consistency check meetings.
• Recognize the efforts of their staff members

Accountability: Control environment:  Control oversight over Reconciliation Processes:

• Understands and complies with all applicable governance, compliance and risk policies and procedures
• Fosters an atmosphere of compliance, ensures regulations are observed, and puts relevant processes in place for staff to escalate problems
• Accountable for implementation of Group’s risk control framework for area of responsibility
• This includes but is not limited to oversight of the teams’ responsibility across:
• Sound understanding of the system and product flows, the risks associated with the breaks and root cause remediation
• Thoroughness, rigor and attention to detail with regard to products, processes and controls
• Ensure all staff are trained and fully understand the underlying revenue attribution approach
• Responsible for Daily/weekly/monthly breaks MI and commentary
• Responsible for Monthly balance sheet reconciliations to the general ledger, in respect of reconciliations owned
• Help executives to understand material risks and issues within reconciliations
• Challenge existing processes and controls ensuring best practice across finance

Accountability: Personal and Interpersonal:

• Sophisticated team player across the department and maintains good relations with team members. Proactively drives department cohesion.
• Leverages the full capabilities of the function / department by collaborating with others outside the immediate team.
• Demonstrates credibility and confidence when dealing with those outside function.
• Spokesperson for the department.

This includes, but is not limited to:

• Interact with Line Controllers for issue resolutions
• The ability to build strong working relationships with the traders and other infrastructure units
• The capacity to work under pressure and the experience needed to contribute at a more strategic level
• Interaction with various areas across the Absa in order to obtain and understanding of the impact these areas have on Product Control as well as providing both formal reporting as well as ad hoc query resolution to these areas.

Accountability: Commercial effectiveness:

• Excellent understanding of own field. Up-to-date with relevant sector/department knowledge, and has insight into external market developments/initiatives
• Networks effectively in the market
• Is able to look at information with understanding of strategic implications.
• Able to articulate the major issues surrounding his/her areas of work and the strategy for addressing them
• Understands cost drivers and manages budgets successfully.
• Demonstrates initiative in rethinking how the Group Centre function’s or departments objectives and practices should be changed to be more productive.
• Demonstrates effective use of a network of people and resources through the department.
• Able to focus resources on worthwhile opportunities.

Accountability: Business Skills:

• Superior influencing and negotiating skills.
• Consistently solves problems effectively and creatively.
• Initiates and designs projects for implementation within team or department.
• Excellent project management skills.
• Ability to mitigate risk.
• Excellent communication in both formal and informal settings, and at all levels
• Has the ability to break down barriers and ability to address conflict with another department.
• Can successfully manage and implement change and effectively communicates change to team members and guides team through change processes.
• Makes timely and effective decisions and produces results even in the face of adversity.
• Reputation for producing results.
• Significantly strengthened department performance
• A high level of focus on client relations. Always proactively seeking to improve the relationship. A role model to team members.
• Prioritises the output of the department, ensuring delivery within deadlines.
• Good understanding of roles outside own function

Role / Person Specification

Education and Experience Required

• Chartered Accountant /  Chartered Financial Analyst (CFA) /  Master in Finance / related
• 10 years+ Investment Banking or related Finance experience
• Business experience in a Banking environment gained from a Finance, Product Management or Front /Middle office role.
• Experienced manager
• Investment Bank product and process flow experience preferable
• Equities and FICC market and product experience is preferable

Knowledge & Skills: (Maximum of 6)

• Strong technical accounting skills and numeric ability
• Exceptional interpersonal and team-working skills and the ability to communicate at all levels
• The ability to work in a pressured and unstructured environment and to cope with the demands of working to tight deadlines
• Maturity - able to deal with senior executives
• Business acumen
• Performance orientated and client service driven
• Strong report writing and presentation skills
• Knowledge of Bank regulation and developments
• Excellent knowledge of financial markets and Investment Banking Products

Competencies:  (Maximum of 7 competencies)

• Leading, coaching and mentoring
• Deciding and initiating action
• Learning and researching
• Entrepreneurial and commercial thinking
• Relating and networking
• Adapting and responding to change
• Persuading and influencing
• Creating and innovating

Education

• Postgraduate Degrees and Professional Qualifications: Financial Sciences (Required)