JOB DESCRIPTION, SKILLS REQUIRED AND SKILLS DESIRED
We are looking to hire an Associate in the Finance Risk and Assurance (FinRiA), specifically into the Regulatory Reporting Quality Assurance team (RRQA). The FinRiA group is represented in our New York, Glasgow, London, Tokyo and Hong Kong offices performing an oversight, governance and execution role in relation to the Finance SOT division in support of the Firm’s operational risk programs and objectives. The group interacts across all areas of Finance, Firm Operational Risk Department, the Front Office, Internal Audit as well as Operations, providing accurate risk reporting across Finance whilst furthering the risk management culture and infrastructure.
The RRQA team works collaboratively across New York, Glasgow and Mumbai on a validation programme to support the continuously expanding regulatory reporting environment impacting the Clients Finance Division.The Regulatory Reporting Quality Assurance Group (“RRQA”) is an independent second line of defense group responsible for validating processes upstream/downstream of Firm Risk Management (“FRM”) for Capital, Credit, Market, Operational and Liquidity Risk. RRQA is also responsible for validating processes supporting regulatory reporting submissions to various US and regional regulators as determined through its annual scoping and prioritization activities. RRQA’s objectives include, but are not limited to, validating the regulatory reporting control environment which includes in-scope controls, data, governance and oversight, models/capital planning tools (“tools”), methodology and processes from transaction capture through sourcing and consolidation (i.e., completeness, accuracy and timeliness).
The RRQA Associate will be responsible for performing activities related to Regulatory reporting validation programs and quality assurance on a global basis. This review includes, but are not limited to, validating the regulatory reporting (Basel, CCAR, other regional regulatory reports) control environment which includes in-scope controls, data, governance and oversight, models/capital planning tools (“tools”), methodology and processes from transaction capture through sourcing and consolidation (i.e., completeness, accuracy and timeliness). Products subject to review may include derivatives, secured financing transactions, loans, securitizations, debt and equity.
- Participating in walkthroughs, assessing the design adequacy and operating efficacy of the internal control environment around the regulatory reporting
- Substantive testing around transaction capture throughout the life-cycle of the regulatory reporting processes performing data due diligence around the data flow and processing through multitude of trade booking systems, aggregation systems and their hand-offs from the trade capture to the regulatory systems.
- Rule conformance testing to ensure the regulatory reporting is complying with the respective regulatory frameworks (Basel regulations, CCAR instructions, CAAP guidance, Pillar 3 requirements etc)
- Substantive testing around the attributes/parameters consumed in arriving at the exposure and risk-weighted assets, for credit risk, market risk, liquidity risk and operational risk reported in the respective regulatory reports.
- Analysing identified issues in the upstream and downstream processes or systems for their impact on capital and regulatory reporting, as well as escalating the issues and finding an appropriate remediation, after consulting with the stakeholders.
- Cultivating relationships across the Finance organization with key constituency groups, such as Regulatory Controllers, Legal Entity Controllers, Product Controllers, Operations, Treasury, Technology, Credit Risk, and Market Risk.
- Working with review leads in drafting recommendations and liaising with the business units to remediate risks, findings and gaps identified during the validation process.
- Driving the projects/review tagged with the guidance from the senior members of the team; monitoring, tracking and reporting project progress to Senior Management
- Qualified accountant or MBA or Company Secretary or graduation/masters in Law.
- Ability to organize and present data in a meaningful way, including analysing and summarizing detailed information from various sources.
- Strong written, communication, and presentation skills, including the ability to liaise with and influence senior subject matter experts
- Strong quantitative and qualitative analytical skills
- Self-starter with ability to multi-task, adapt, and work well under pressure
- Ability to work within a team and to collaborate with peers and leadership to create effective solutions to validation issues
- Ability to create, drive and manage detailed project plans, including managing interdependencies and expectations.
- Advanced Excel, Word, and PowerPoint skills
- Sense of ownership and accountability for work
- Possesses strong project management and interpersonal skills, makes sound decisions, exhibiting initiative and intuitive thinking
- Up to 5 years’ experience, preferable in assurance, banking regulatory reporting and CCAR experience.
- Understanding of Financial Services or the Banking Industry.
- Understanding of Credit Risk, Market Risk, Liquidity Risk and Operational Risk
- Understanding of global and regional regulatory regimes and reporting such as Basel frameworks, capital adequacy assessment processes, recovery and resolution planning and others.