Manager Global Markets Product Control

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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
Product Control (PC) is a critical support function to the Markets and Securities Services (MSS) and Markets Treasury (MKTY) businesses. It provides independent control and assurance of financials, product expertise, commercial insight and guidance to the business and other related support functions. The role sits within a team that is performs PC processes and deliverables supporting the Hong Kong Markets Treasury business, with a focus on quality, performance, and process design, to ultimately protect the quality of the bank’s financial statements. The role requires an understanding of key Profit & Loss (P&L) drivers and controls, and assisting in detection of inappropriate trading activity.

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, and Significant Trade Review.

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.
• 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.

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

• Implementation of policy changes as approved by the Valuation Committee
• Contribute to the 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 and Markets Treasury Front Office teams across Asia Pacific as well as other internal clients within Finance, Middle Office, Internal Audit, Change Team and IT.

Leadership & Teamwork 

• Roleholder will be responsible for assisting the Team Lead (Vice President Markets Treasury Product Control) in 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. Roleholder will also 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.

Qualifications

• Preferably with background in financial, economic, accounting or mathematical subjects.
• Product Control experience (min 3 years), preferably in Treasury
• Very good accounting and valuation knowledge.
• Very good written English and oral communication skills.
• Advanced MS Excel skills, quantitative skills, VBA or Python experience
• 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.
• Willing to work in shifts schedules, change on weekly statutory rest day and weekly contractual rest day from time to time, depending upon operational and/or business requirements.
• 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.

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Issued by Hong Kong and Shanghai Banking Corporation Limited Philippines