The WorkThe Senior Manager, Hedge Accounting & Financial Operations is a key member of the Accounting and Finance team. Reporting to the Director, Financial Reporting, Policies and Controls, the role will be responsible for providing monthly analysis for derivatives, hedge accounting and fair valuations. The role works closely with various departments including Treasury, Capital Markets, Corporate Development, and Securitization operations, and is responsible for providing middle-office and back-office functions for securities trading and derivatives including settlements and valuations. The role will also be responsible for financial statement disclosures on derivative financial instruments, including compliance and reporting for IIROC debt transactions. The role will also provide support to the banking operations, procurement, and accounts payable functions within the Financial Operations team.
Core ResponsibilitiesHedge accounting - Manage fair value reporting of over $14 billion (notional amount) of derivatives and hedging instruments and eliminate P&L volatility through hedge accounting.
- Prepare hedge accounting documentation and effectiveness testing, ensuring full compliance with IAS 39 and IFRS 9 disclosure requirements.
- Develop and implement new procedures to achieve hedge accounting for various derivatives (swaps, forwards, etc.)
Middle Office and Valuation - Manage settlements for security transactions, including swap payments and receipts.
- Coordinate with traders in Treasury/Capital Markets, custodians, and counterparties to resolve any settlement issues.
- Review and provide entries related to fair value through P&L (FVtPL) investments.
- Ensure appropriate controls exist over securities and derivative valuations, and hedge accounting transactions.
Month-end/Quarter-end/Year-end - Prepare/review general ledger entries, and monthly reconciliation and continuity schedules for various accounts.
- Prepare/review monthly financial statements, financial report packages and variance analysis commentary as well as other monthly, quarterly, and year-end analyses, as required.
- Prepare/review assigned financial statement notes in the annual and quarterly financial reports.
- Coordinate with various groups to obtain information such as counterparty collateral margins to complete the related financial statement disclosure.
- Assist external auditors during quarterly reviews and the year-end audit.
Regulatory and Internal Reporting - Ensure reporting for IIROC debt transactions and ICOFR documentation are submitted on a timely basis.
Other - Document new operational processes.
- Develop process improvement initiatives.
- Complete ad-hoc projects, as assigned.
Let's Talk About You- University/post-graduation education in Accounting, Commerce, or Business.
- CPA designation (CMA, CGA, CA) is required.
- 10+ years of experience at financial institutions including 3 years with an accounting firm having worked with clients from financial institutions.
- 1-3 years derivative accounting/valuation experience, including hedge accounting, with sound technical knowledge.
- Knowledge of IFRS is required.
- Ability to clearly communicate technical, analytical, quantitative or conceptual information and ideas using language that is appropriate to the target audience.
- Demonstrated ability using MS Office (Excel, Access, PowerPoint and Word).
- Advanced Microsoft Excel skills, including developing/running macros would be an asset.
- Ability to work extensively with formulas, data and spreadsheets.
- Knowledge of Microsoft SQL Server Management Studio would be an asset.
- Experience in securitization would be an asset.
- Possess strong problem-solving and analytical skills, attention to detail, and organization skills.
- Ability to multi-task competing priorities.
- Ability to work in both team and individual environments.
