Purpose of Job
The Manager – Interest Rate Derivatives is a senior member of the Product Control team, responsible for producing daily P&L tofront office, FRM and MRM and Accounting support for a number of books and / or strategies using multiple systems and sophisticated analytical modelling techniques. The Role can be responsible for the supervision of other P&L Analysts. The role also entails managing reconciliation processes including independent pricing valuation and valuation of portfolios. Accuracy review of booked transactions, investigation of discrepancies and resolution of a diverse number of issues to ensure accuracy of daily reporting and accounting.
The Product Control Department provides Scotiabank Global Banking & Markets with daily financial estimates, accounting and control and analytics support. This encompasses daily P&L reporting and risk attribution and analysis, valuation & independent price verification (IPV), reconciliation of reported P&L to Front Office estimates and to the general ledger, the substantiation ofbalance sheet accounts, issue identification and resolution, and the maintenance of business performance and control MIS. Product control operates within an evolving business environment and adapts to facilitate an evolving business and support their growth and expansion.
As the Product Control function is still relatively new to Scotiabank, the Manager should provide a proactive and dynamic approach.
The position is based in Toronto.
The candidate will play a key role in the maintenance of an efficient and risk effective control environment for Interest Rate Derivatives. The incumbent will be responsible for:
1. Production or coordination of staff to ensure established process flows are completed to produce and report daily P&L. Confirmation of P&L integrity/ validation through risk based attribution. Reconciliation of daily P&L to FO expectations withcorresponding P&L explanatory to ensure P&L Sign-off by the Front Office. Coordination and resolution of P&L breaks between FO and Product Control through collaborative dialogue.
2. Ensuring daily reported P&L is reconciled to the Bank’s General Ledger and associated source system sub ledgers. Adoption of a proactive approach to ensure breaks are escalated and resolved on a timely basis as required by established work-flows. Ensuring balance sheet accounts are substantiated and that all accounting issues are resolved on a timely basis. Orchestrate and complete the Month-End Close Sign-off and MIS Package.
3. Strong understanding of risk analytics to develop and implement infrastructure processes aimed at effectively capturing and reflecting risk profile of business.
4. Production, Review and Analysis of IPV, Reserves and Fair Value Adjustments as may be required in agreement with Risk Management and as required by Bank Guidelines. The coordination and timely resolution of Issues with the Front and Back Offices, and Risk Management.
5. Coordinate resolution of reporting issues across multiple regions and ensure accuracy of reporting. Summarize issues and put forth recommendations to management in a clear and concise manner. Suggest resolution to rectify and deficiencies.
6. Maintain the various organizational controls and processes and ensure adherence to all regulatory requirements.
7. Conduct daily funding verification.
The candidate will support the Senior Manager and Director in establishing support for new products/business in a controlled manner and actively engage in requests for support, analysis and information from various constituents including the Front Office, Risk Management, Operations, Finance, Audit and Regulators.
Skills, Experiences and Functional Competencies
Interest Rate Derivatives employ multiple products supported across multiple processing systems, multiple exchanges and spanning various bank legal entities. The candidate must have the experience required to establish expert knowledge of thebusiness profit model and the ability to deliver accurate P&L and Attribution Analysis for the assigned books.
The candidate must have:
- An understanding of Derivative and Structured Finance products and collateral management.
- Experience with P&L construction and risk attribution, capital markets accounting, balance sheet substantiation and IPV process.
- A minimum of 4 – 6 years in relevant hands-on experience in Product Control (alternatively, Middle Office, Product Control, Finance or Operations) supporting a Capital Markets environment.
- Expert knowledge of P&L and Balance Sheet control backed by a Business Degree focused on Finance and Accounting and/ or Risk Analytics. A professional accounting designation is preferred. A CFA or FRM will also be an asset.
- A solid understanding of Bank accounting policies, trading policies, market practice, regulatory requirements and the inherent risks associated with all of capital market products.
- Strong problem solving skills and proficiency with Excel.
- Strong communication skills and the ability to interact with a demanding Front-Office client base.
- The candidate must have leadership ability, be self-motivated and be able to operate in a back-up capacity to the Senior Manager.
Requisition ID: 3430