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About us:
Institutional Banking and Markets (IB&M) is responsible for managing the Group’s relationships with major corporate and government clients and institutional investors, and provides a full range of capital raising, transactional and risk management products and services. The division also performs an important internal role for the Group by providing markets, lending and transaction banking execution capabilities to other CBA business units that allows them to capture opportunities with business customers.
IB&M’s purpose is to combine global connectivity and capability to build a better Australia.
IB&M Finance supports the IB&M businesses (Institutional Banking and Markets) in providing financial control, financial analysis, product control, regulatory accounting and related project implementation for finance related functions.
Picture yourself in the team:
Globally Product Control is responsible for the independent oversight and financial control of the Financial Markets business. In the offshore centres, responsibility includes daily P/L production and analysis including attribution and commentary, month end accounting, General Ledger balance sheet reconciliations and other special tasks of the business across the full product range. International Product control forms an integrated part of this global group.
This role is predominantly responsible for the independent oversight and financial control of designated elements of the London and New York Financial Markets businesses. The responsibilities include production and analytical review of P&L reporting, whilst providing subject-matter expertise on P&L drivers and risk sensitivities. In addition, the role involves performing month end accounting, General Ledger balance sheet reconciliations and providing bandwidth to enable the team to participate in projects to enhance P&L production for the business. The role will also involve close working relationships with Global Markets, Risk Management, Wholesale Operations, Group Treasury and other IB&M finance areas.
Do work that matters:
Your main responsibilities will include:
- Preparation of the daily P&L including analysis, attribution and explanation of month end balance sheet validation ensuring completeness, accuracy and integrity of the ledger. Responsibilities will cover London, New York and Amsterdam.
- Daily risk reporting, including new deals, referral and significant P&L reporting.
- Investigating and resolving all variances relating to front to back office reconciliations, escalating to management where necessary.
- Understanding the end-to-end flows and processes for the products traded.
- Production of P&L commentaries on daily and monthly basis for circulation to senior management. This will include presenting to desk and branch heads on monthly basis.
- Compilation and update of Standard Operating Procedures (SOPs) for all process adopted by Product Control.
- Identify and implement productivity initiatives both in terms of time saving exercise and cost saving.
- Support for system implementation projects on both UAT testing and IDRs.
- Preparation of B/S recs and ensuring other month end closing responsibilities are properly discharged.
- Exposure to Capital Structuring for London and Amsterdam, including month end close, analysis of performance drivers and business partnering.
- Ensure regular review of controls being performed and adherence to internal and external audit and compliance with regulatory requirements.
- Identify and assess risks that prevent the Product Control function performing its key controls and objectives.
- Interfacing and forging strong relationships with traders and desk heads and other key stakeholders supporting the business, by providing superior service aligned with client’s needs and organisation’s business objectives.
- Taking ownership of issues and following up on a timely basis for ultimate resolution.
- Provide timely and up-to-date financial information to the businesses and hence, support decision-making.
We are interested in hearing from you if you have:
- At least 3 years experience with Product Control.
- A degree in Finance (or related discipline) and accounting Qualification CIMA, ACCA or ACA.
- Knowledge in financial markets instruments, namely derivative valuations and pricing techniques including specifying and delivering P&L decomposition reporting.
- Good accounting knowledge and understanding of a range of Financial Markets products – ideally including FX, Repo, securities, rates, swaps and other derivatives.
- Ability to identify problems, determines possible solutions, and actively works across various groups to resolve issues in a timely manner.
- Ability to succinctly communicate and escalate results and issues to line manager.
- Experience in process improvement and change management.
- Advanced Excel skills and intermediate to advanced Access skills. Knowledge of VBA, SQL and familiarity with databases.
In order to be considered, please indicate your notice period and salary expectations on the application form.
If you're already part of the Commonwealth Bank Group (including Bankwest, x15ventures), you'll need to apply through Sidekick to submit a valid application. We’re keen to support you with the next step in your career.
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