Business Finance Officer - FICC
About Bank of America Merrill Lynch:
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 40 countries. In the U.S alone, we serve almost all Fortune 500 companies and approximately 59 million consumers and small-business customers. 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 23 offices 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.
Bank of America Merrill Lynch is committed to attracting, recruiting and retaining top diverse talent from across the globe. Our diversity and inclusion mission is to actively promote an inclusive work environment where all employees have the opportunity to achieve personal success and contribute to the growth of our business. Each of our global Employee Networks bring together employees, create dialogue and awareness in support of our Diversity and Inclusion.
The Asia Pacific FICC Finance Group carries out the Business Finance and Control function in support of the Asia Pacific Region FICC business. The group is responsible for Front to Back reconciliation; Balance Sheet and PNL substantiation; Financial Disclosure reporting; PL Explain and New Deal Analysis as well as valuation control including price verification, valuation adjustment etc. It has the ultimate responsibility on the financial representation of the business lines supported and any related GAAP disclosure requirements.
The functions of the team includes:
- Daily PL Explain Attribution and Substantiation
- PL Review, Reporting and Commentaries
- Ownership of the Books and Records and Balance Sheet Control including front to back reconciliation
- Monthly and Quarterly Financial Disclosure Reporting including Fair Value Hierarchy
- New Deal Review/Substantiation
- Independent Price Verification and Valuation adjustment calculations
- Business Performance Review (Revenue and Expense Analysis)
- Value Added Business Control and Support (e.g., New product review, risk forum)
- Management of scarce resource (Balance sheet, funding, capital, etc.)
- Budgeting, Forecasting & Financial advisory on Business Strategy
Business Finance & Control's core responsibilities include production and reporting of P&L and Balance Sheet on a daily basis, together with all the relevant month-end requirements that accompany it. Our vision is to be flawless at control, effective and efficient processors and credible business advisors.
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 support teams i.e. Legal Entity Controllers, Accounting Policy, Operations, Audit, Tax, Treasury, Technology and Risk Management.
Key responsibilities will include:
- Detailed P&L decomposition including escalation of material unexplained variances
- Provide explanations for significant P&L drivers e.g. market changes, new deals, book remarks, reserves etc.
- Complete daily reconciliation of estimate to actual, and ensure reporting website is updated with explanations for all material differences
- Complete month-end financial legal close, P&L and balance sheet as well as management close
Balance Sheet Reporting
- Produce daily balance sheet estimates, ensure accurate and timely reporting including analytical review on significant movements and balances
- Decomposition of balance sheet for the business, identifying opportunities to reduce adjusted assets
- Complete month-end balance sheet reporting by internal deadlines, explaining movements or variances between estimates and final results
- Ensure all balance sheet accounts are reconciled, escalating variances.
- Ensure all reserve balances and valuation adjustments are reconciled and appropriately authorized
- Ensure validity of allocated/attributed balances as well as internal funding charge
- Drive automation and process enhancement;
- Ensure all front to back control processes are understood and any breaks are escalated in accordance with standards
- Ensuring a minimum of manual, stand-alone processes are maintained. Where tactically used, ensuring a strategic solution is being sought.
- Accurate analysis and recording of operational loss events;
New Product Development
- Involvement in completion of New Product Review documentation for new businesses / products proposed by Trading Desk, and the implementation of systems and process changes / enhancement that are required
Price Testing and Valuation adjustment
- Perform independent price testing
- Calculate/validate valuation adjustments and reserves
- Work with the business and Global Valuation Group on valuation related issues
- Methodology review and discussions with Global Valuation Group
Partner with Business
- Be a value-added advisor to business by assisting with resource management including expense analysis, efficient capital management and return ratio analysis
- Financial advisory on Business Strategy
- Regular independent price review meeting, escalating issues, and tracking closure
In-depth knowledge of accounting, FICC (with a focus on Rates, FX) products and valuation. FRM or CFA or CPA certification is preferred but not required.
- Highly developed reasoning and analytical skills
- Strong Control mind-set.
- Ability to communicate with a diverse audience (Traders, Market Risk Managers, Auditors, Accounting Policy Group, Middle Office, Operations)
- Self-driven and proactive, ability to influence & challenge
Bank of America Merrill Lynch is an equal opportunities employer.
Posting Date: 21/07/2017
Hong Kong, , KOWLOON COMMERCE CENTER TOWER 2, 51 KWAI CHEONG ROAD,
- Hong Kong
Full / Part-time: Full time
Hours Per Week: 40