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Vice President, FICC Business Finance & Control

Hong Kong, HK

Job Description:

Key Requirements / Background

  • Previous large, complex financial services organization experiences performing valuation control with technical product expertise, preferably in FICC products.
  • Analytical abilities to interpret and examine complex information and arrive at well-founded conclusions
  • Demonstrate risk identification and management ability. Independent control mindset, attention to details,
  • Comfortable working in a fast paced environment. Ability to deal with multiple deadlines
  • Strong communication, organization, presentation, documentation and leadership
  • Demonstrated Financial acumen and problem solving ability
  • Be innovative. Generate creative ideas
  • Financial accounting knowledge.
  • Excel, VBA, Microsoft office suite experiences
  • Minimum of a Bachelor’s degree in Accounting, Finance, Quantitative Finance or Mathematics. Master’s degree, CFA, CPA preferred.

About Bank of America:

Our purpose as a firm is to make financial lives better, through the power of every connection. Across the world, we partner with leading corporate and institutional investors through our offices in more than 35 countries. In the U.S. alone, we serve almost all of the Fortune 500 companies and approximately 67 million consumer and small-business clients. We provide a full suite of financial products and services, from banking and investments to asset and risk management. We cover a broad range of asset classes, making us a global leader in corporate and investment banking, sales and trading.

Connecting Asia Pacific to the World

Our Asia Pacific team is spread across 19 cities in 12 markets. We are focused on connecting Asia to the world and the world to Asia, using our global expertise to ensure success is shared between us, our clients and our communities. Our regional footprint covers 12 currencies, more than a dozen languages and five time zones, placing us firmly among the region’s leading financial services companies.

Position Description

The APAC FICC team carries out the Business Finance and Control (BFC) function in support of the regional LOB trading businesses primarily in Emerging Markets, Global Foreign Exchange, Credit and Rates.

The BFC core responsibilities include but not limited to the following functions:

  • Valuation controls including Independent price verification and Valuation adjustment calculations
  • P&L analysis
  • Financial data analysis including Balance sheet, Expenses, Funding and Capital costs.
  • Significant transaction review and substantiation
  • Oversight on P&L production and month end close
  • Provide guidance and insight based on the Financial data to Business to deliver responsible growth
  • Assist Business partners in their responsibility for valuation control with independent challenges
  • Understand end to end process and constantly challenge status quo for continuous improvements of control and efficiency
  • Regulatory reporting and Financial disclosures to meet the U.S and local regulatory requirements
  • Embrace control and governance
  • Partner with Front Office, Technology, Risk Managers, Operations and Compliance to deliver sustainable strategic solution

Our vision is to be credible business advisors, flawless at the basics, and relentless focus on operational excellence and controls.

The business is constantly evolving and moving into new markets and products. Business Finance & Control plays a key role in enabling business activity in a robust control environment. You will be actively encouraged to develop close working relationships with the business and other key stakeholders i.e. Market Risk, Legal Entity Controllers, Accounting Policy, Operations, Audit, Tax, Treasury, Technology.

You will be expected to lead and inspire team members, collaborate with the desk and other business partners, impose structure on complex issues and focus on delivering solutions in line with the long term strategic goals of the bank. Products covered include Bonds, Swaps, FX, Funding Trades and CDS. More detailed characteristics you will be expected to display are described below.

Key Responsibilities

Valuation Control

  • Perform independent price testing to ensure fair value accounting. Analyze material variances and post valuation adjustment where needed before month end close deadline, Business Day 3.
  • Calculate/validate valuation adjustments. Analyze and substantiate significant balance movement
  • Partner with Business to obtain market insight, independently assess information provided by Business and collaborate with Global Valuation Group for in-depth understanding of valuation methodology to derive conclusion.

P&L Reporting/Analysis

  • Analyze P&L drivers and provide comprehensive commentary and substantiation based on market events
  • Understand significant P&L drivers e.g. market changes, new deals, book remarks, reserves etc.
  • Provide guidance to the India team in relation to P&L production and front to back reconciliation
  • Review and analyze P&L and balance sheet at each legal entity level

Business Partnering

  • Provide decision support analysis and advice on the optimization of business activities with regards to accounting rules, regulatory issues and legal entity structures
  • Development and analysis of key performance metrics
  • Provide regular updates, analytics and commentary on Business performance
  • Provide guidance and insight based on Financial data analysis to support strategic growth
  • Regular price review meeting, escalate issues, discuss remediation and track closure
  • Influence on sustainable responsible growth
  • Participate in Business budgeting and forecasting

Operational Effectiveness

  • Lead and drive team initiatives, including automation and process enhancement.
  • Retain detailed comprehensive quality procedure documents
  • Challenge the status quo and asking the “why” questions.
  • Ensure all front to back breaks are understood and escalated in accordance with standards
  • Ensure a strategic solution is being sought for all manual processes
  • Accurate analysis on the root cause of the data issues to place a strategic remediation.

       Balance Sheet Reporting

  • Overview of daily balance sheet, ensure accurate and timely reporting including analytical review on significant movements and balances
  • Decomposition of balance sheet for the business, identify opportunities to reduce adjusted assets
  • Analytical review and provide commentary based on business strategy and market events
  • Ensure all adjustments are properly documented and appropriately authorized
  • Ensure validity of allocated/attributed balances as well as funding charges

New Product Development

  • Review and sign off New Product Review. Work with Finance stakeholders including Legal entity Finance, Capital, Accounting Policy and Regulatory Reporting, to ensure readiness to support the product from overall Finance perspective. Collaborate with Technology and Operations where a system / process change is required.

Job Band:

H5

Shift: 

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

Key Requirements / Background

  • Previous large, complex financial services organization experiences performing valuation control with technical product expertise, preferably in FICC products.
  • Analytical abilities to interpret and examine complex information and arrive at well-founded conclusions
  • Demonstrate risk identification and management ability. Independent control mindset, attention to details,
  • Comfortable working in a fast paced environment. Ability to deal with multiple deadlines
  • Strong communication, organization, presentation, documentation and leadership
  • Demonstrated Financial acumen and problem solving ability
  • Be innovative. Generate creative ideas
  • Financial accounting knowledge.
  • Excel, VBA, Microsoft office suite experiences
  • Minimum of a Bachelor’s degree in Accounting, Finance, Quantitative Finance or Mathematics. Master’s degree, CFA, CPA preferred.

About Bank of America:

Our purpose as a firm is to make financial lives better, through the power of every connection. Across the world, we partner with leading corporate and institutional investors through our offices in more than 35 countries. In the U.S. alone, we serve almost all of the Fortune 500 companies and approximately 67 million consumer and small-business clients. We provide a full suite of financial products and services, from banking and investments to asset and risk management. We cover a broad range of asset classes, making us a global leader in corporate and investment banking, sales and trading.

Connecting Asia Pacific to the World

Our Asia Pacific team is spread across 19 cities in 12 markets. We are focused on connecting Asia to the world and the world to Asia, using our global expertise to ensure success is shared between us, our clients and our communities. Our regional footprint covers 12 currencies, more than a dozen languages and five time zones, placing us firmly among the region’s leading financial services companies.

Position Description

The APAC FICC team carries out the Business Finance and Control (BFC) function in support of the regional LOB trading businesses primarily in Emerging Markets, Global Foreign Exchange, Credit and Rates.

The BFC core responsibilities include but not limited to the following functions:

  • Valuation controls including Independent price verification and Valuation adjustment calculations
  • P&L analysis
  • Financial data analysis including Balance sheet, Expenses, Funding and Capital costs.
  • Significant transaction review and substantiation
  • Oversight on P&L production and month end close
  • Provide guidance and insight based on the Financial data to Business to deliver responsible growth
  • Assist Business partners in their responsibility for valuation control with independent challenges
  • Understand end to end process and constantly challenge status quo for continuous improvements of control and efficiency
  • Regulatory reporting and Financial disclosures to meet the U.S and local regulatory requirements
  • Embrace control and governance
  • Partner with Front Office, Technology, Risk Managers, Operations and Compliance to deliver sustainable strategic solution

Our vision is to be credible business advisors, flawless at the basics, and relentless focus on operational excellence and controls.

The business is constantly evolving and moving into new markets and products. Business Finance & Control plays a key role in enabling business activity in a robust control environment. You will be actively encouraged to develop close working relationships with the business and other key stakeholders i.e. Market Risk, Legal Entity Controllers, Accounting Policy, Operations, Audit, Tax, Treasury, Technology.

You will be expected to lead and inspire team members, collaborate with the desk and other business partners, impose structure on complex issues and focus on delivering solutions in line with the long term strategic goals of the bank. Products covered include Bonds, Swaps, FX, Funding Trades and CDS. More detailed characteristics you will be expected to display are described below.

Key Responsibilities

Valuation Control

  • Perform independent price testing to ensure fair value accounting. Analyze material variances and post valuation adjustment where needed before month end close deadline, Business Day 3.
  • Calculate/validate valuation adjustments. Analyze and substantiate significant balance movement
  • Partner with Business to obtain market insight, independently assess information provided by Business and collaborate with Global Valuation Group for in-depth understanding of valuation methodology to derive conclusion.

P&L Reporting/Analysis

  • Analyze P&L drivers and provide comprehensive commentary and substantiation based on market events
  • Understand significant P&L drivers e.g. market changes, new deals, book remarks, reserves etc.
  • Provide guidance to the India team in relation to P&L production and front to back reconciliation
  • Review and analyze P&L and balance sheet at each legal entity level

Business Partnering

  • Provide decision support analysis and advice on the optimization of business activities with regards to accounting rules, regulatory issues and legal entity structures
  • Development and analysis of key performance metrics
  • Provide regular updates, analytics and commentary on Business performance
  • Provide guidance and insight based on Financial data analysis to support strategic growth
  • Regular price review meeting, escalate issues, discuss remediation and track closure
  • Influence on sustainable responsible growth
  • Participate in Business budgeting and forecasting

Operational Effectiveness

  • Lead and drive team initiatives, including automation and process enhancement.
  • Retain detailed comprehensive quality procedure documents
  • Challenge the status quo and asking the “why” questions.
  • Ensure all front to back breaks are understood and escalated in accordance with standards
  • Ensure a strategic solution is being sought for all manual processes
  • Accurate analysis on the root cause of the data issues to place a strategic remediation.

       Balance Sheet Reporting

  • Overview of daily balance sheet, ensure accurate and timely reporting including analytical review on significant movements and balances
  • Decomposition of balance sheet for the business, identify opportunities to reduce adjusted assets
  • Analytical review and provide commentary based on business strategy and market events
  • Ensure all adjustments are properly documented and appropriately authorized
  • Ensure validity of allocated/attributed balances as well as funding charges

New Product Development

  • Review and sign off New Product Review. Work with Finance stakeholders including Legal entity Finance, Capital, Accounting Policy and Regulatory Reporting, to ensure readiness to support the product from overall Finance perspective. Collaborate with Technology and Operations where a system / process change is required.

Learn more about this role

Full time

JR-22025528

Band: H5

Manages People:

Manager:

Talent Acquisition Contact:

Hoey Mok

Referral Bonus:

0

Street Address

Primary Location:
51 KWAI CHEONG ROAD, Hong Kong