SVP Product Control

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Business Descriptor:

Global Finance

Global Finance is integral to HSBC’s purpose and strategy, playing a valued role in managing costs and deploying capital in the most effective way. Our global team of finance professionals’ partner with the business to provide trusted insights and forward-looking analysis; accuracy; efficiency and control to frame and influence business decisions.

The Product Control (PC) function within Controllership in Finance provides independent control and assurance, product expertise, commercial insight and guidance to all businesses involved in trading activities throughout HSBC. 

PC is responsible for ensuring accurate reporting of Front Office (FO) based P&L and ensuring that the assets and liabilities are recorded at their appropriate accounting treatment. This includes providing an analysis of the components of P&L to provide insight into the apparent sources of P&L and enable assessment of these against expectation based on knowledge of trading portfolio, trading activity, market movements and other factors. The team is also responsible for ensuring that the Balance Sheet of the Markets business is fully controlled and substantiated. Additionally, the team looks at all aspects of calculation of Fair Value for traded instruments in Markets and Securities Services (MSS), Markets Treasury (MKTY) and more widely across HSBC.

We are currently seeking an experienced high calibre professional to join the Global Markets Product Control team.

Job Introduction

SVP, Product Control, Mumbai, India

Primary responsibilities of the role holder

Controls

• Ownership of the Core PC control framework operating within the HSBC Risk Management Framework.  Active management of PC controls, SOX processes, risks and issues and ensure FO/PC/Controllership are aware of emerging risks.
• Work across Controllership for improved control outcomes and be responsible Markets and Markets Treasury businesses, such as Core PC, PC Valuations, Financial Control, Accounting Policy, Accounting Control and Reconciliation, to ensure integrity of reporting.
• Ownership of Balance Sheet controls including monthly analytical review and Balance Sheet Reconciliation & Substantiation (BSRS) for PC owned accounts.
• Direct ownership of controls (L1/L2) that mitigate Financial Reporting Risk for the Global Macro business.
• Engage with Controls Remediation and governance forums to identify risks and potential control weaknesses early.  Log and remediate MSIIs in a timely manner.

Business Support

• Challenge and act as enablers for the business, supporting our partners in achieving their objectives while maintaining a strong control environment with the aim to facilitate growth and innovation without compromising on our standards.
• Oversight of business support controls such as new product due diligence, significant trade reviews, control continuous monitoring plans, remediation of PC owned actions from self-identified or audit identified issues and internal events.
• Responsible for continuous “user experience” improvement across FO/PC with adoption of PCP2 self-service enhanced functionality and other tooling.
• Equip the PC team with the latest business insights, strategy and product pipeline to equip them to better support the business.

Stakeholder Management

• Be the key relationship manager and PC point contact for Desk heads, senior traders, COOs and NFR leads.  Relationships are expected to be maintained through various means including regular in-person meetings.
• Deliver briefings to desk heads and senior traders that include accurate and timely Balance Sheet and P&L analysis, Valuation Adjustment details including trending and key PC change initiatives.
• Ensure high quality operation and delivery of PC processes and control outcomes to FO and PC/Controllership management, and seamless operation of the function regardless of team location – onshore, nearshore, offshore.
• Engage with other parts of the organisation to get a holistic understanding of the control environment and challenges for the business front to back including Operations, Middle Office, Risk, Finance. Represent PC in governance meetings and manage relationships with auditors.
• Act as the “officer in charge” when Head of Product Control is out of office.

Continuous Improvement & Transformation

• Work closely with the Finance Change team to ensure PC and the business are well represented on key projects and change initiatives.  Represent PC on asset class specific or Finance initiatives
• Responsible for oversight and prioritisation of the process and controls continuous improvement book of work for PC
• Drive standardisation and consistency of processes and controls across onshore and offshore PC teams
• Define and implement Stop, Simplify & Automate initiatives to improve processes & controls and the efficiency of the team to focus on higher value add work.

People Agenda

• Whilst the role does not have any direct reporting lines, in essence, the onshore PC team in Mumbai and offshore PC team in Manila supporting India, will have a dotted line reporting responsibility to the role holder.  Therefore, the role holder is expected to develop and sustain a high-performing, capable and motivated team while fostering an inclusive and collaborative culture.
• Keep abreast of the latest technological developments to ensure the team is equipped for the future – StratPy, Alteryx, Tableau, Productivity Suite, AI tools, Machine Learning etc.

Education Qualifications / Certifications and Requirements:

• Significant experience in a Product Control function, or similar, with a strong control focus and understanding of the Product Control workflow.  Professional qualifications such as CFA, ACA, CPA, FRM etc will be an advantage
• Knowledge and experience of financial market products and their associated risks, data flows, trade lifecycle, accounting principles and valuation techniques/models, with a focus on Foreign Exchange and Interest Rate products
• Knowledge of primary financial statements (Balance Sheet & Income Statement) and notes to ARAs (Fair Value Disclosure, Derivative Assets/Liabilities, Trading Assets/Liabilities)
• Track record of driving change and automation using available tools such as Alteryx, Python, AI / ML etc
• Deep understanding of the HSBC Risk Management Framework
• Excellent written English and oral communication skills to be able to communicate at all levels of the organisation and different stakeholders in Finance and Front Office
• Ability to influence and work though others to achieve results and maintain strong collaborative partnerships
• Excellent interpersonal skills and able to work with people across different locations and backgrounds.  Experience managing nearshore and offshore teams
• Work independently with minimum guidance and able to work under pressure to meet tight deadlines
• Excellent analytical skills and a proactive approach to problem solving, driven and enthusiastic

Pro-tip : Familiarity with AI-enabled tools is an advantage. 

You’ll achieve more at HSBC.

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Issued by The Hongkong and Shanghai Banking Corporation Limited, India