Product Control Manager - PFSS
Description Job Purpose:
- Primary Location: Hungary,Budapest,Budapest
- Education: Bachelor's Degree
- Job Function: Finance
- Schedule: Full-time
- Shift: Day Job
- Employee Status: Regular
- Travel Time: No
- Job ID: 19027197
Product Control is the largest department in Finance with responsibility for controlling daily profit and loss and balance sheet reporting, price verification and new trading activity for the ICG in EMEA.
We work closely with all other areas of the business (including the Trading desks, Risk Management, Operations, and other areas of Finance) and develop a good understanding of the products traded, along with the associated market risks and accounting complexities.
The role is part of the Product Control team in Budapest, supporting the EMEA Prime Finance and Securities Services (PFSS) business as Senior Manager of the Prime Finance Team.
A challenging role within the PFSS Product Control team, primarily responsible for managing the team reporting and analysing the daily P&L and balance sheet for the business and also ensuring that the Books and Records (Ledgers) of Citi show a fair and economically correct view of the business activity in line with the accounting standards and Citi's internal policies.
Candidates will work closely with all other areas of the Finance department including Treasury, Regulatory reporting, Projects, FP&A and Accounting policy.
They will be also liaising with the trading desk, risk management, operations and middle office daily. Job Background:
The department is organised into product-aligned teams. The product scope is comprehensive, contains of investment and institutional banking products, includes cash, derivative, as well as structured and exotic variants of the following asset classes; credit, FX, equity, money markets and rates.
We offer unique opportunity to get to know all the full range of institutional and investment-banking products in the working practice of a globally leading multinational financial services conglomerate.
Our Budapest office is deeply integrated part of the EMEA regional hub, establishing direct contact with the business and finance areas in the regional centre. Key Responsibilities:
• Daily validation and supervision of P&Ls/BS production. Explanation of P&L/BS movements to senior finance and management in terms of trading activity, key drivers, risk and profit attribution analysis (greeks).
• Daily and monthly documentation and evidencing of P&L/BS validation and performance of financial controls.
• Producing and participating in the daily and monthly communication of business performance and monitoring of business control metrics with Finance management and stakeholders for effective challenging. Includes preparing the daily product specific business level revenues and commentary and explaining variances.
• Lead the efforts to enhance the infrastructure and improve data quality upstream and in the Finance systems alike including FO Risk based PAA, P&L data, front to back reconciliation, Volcker and other regulatory reporting.
• Support design of controls and standardization project to underlying Product Control's P&L working files for efficiency and consistency across multiple P&L's to enable effective cross-training and consistent controls in detailed working files.
• Understand the Price Verification process and its impact on the P&L.
• Reviewing new trades, understanding the structure, associated risks and the P&L generated on them.
• Working with Accounting Policy to determine appropriate accounting treatment for trades under U.S and U.K GAAP.
• Perform routine reviews to ensure adequate Balance Sheet and P&L controls exist and are monitored daily.
• Complete all tasks in connection with the organization's activity but not detailed in the current job description, charged by the direct manager, or the functional head.
• Manage the daily operation of the team to ensure all controls are in place and those are working effectively.
• Work with internal and external auditors.
• Actively manage and develop your team including analysts and supervisors to ensure there is strong and motivated team, attrition rate is low and a succession plan is in place for all levels.
• Participate in the wider initiatives of Budapest Product Control team.
• Actively contribute to the common goals of EMEA Product Control and work on other control related tasks charged by the Budapest Product controls head. Development Value:
• The successful candidate will have the opportunity to learn more about investment banking products to complement their skills set
• The candidate will have the opportunity to manage a team in an international banking environment including close interaction with other regions
• Ability to learn and adopt and shape control framework used within Citi and Finance
• Lead complex projects, coordinate with various areas of the bank to gain complete end-to-end oversight Qualifications Knowledge and Experience:
• Good understanding of Investement Banking Products, knowledge of secured financing transactions and prime brokerage products is a large plus
• Good financial accounting skills
• Management/supervisory experience
• Minumum of 8-10 years experience in financial controls, accounting Skills:
• Excellent spoken and written English
• Strong mathematical or analytical background
• Keen attention to detail.
• Strong communication skills - written and oral. Qualifications:
• - University/College degree in Accounting/Finance Competencies:
• Excellent interpersonal skills - able to deal with a range of senior/junior staff across a number of departments of the Corporate Investment Bank.
• Ability to meet tight reporting and project deadlines.
• Pro-active, able to manage time, people and issues.
• Candidate will be expected to demonstrate strong leadership abilities and decision making skills.
• Self starter who proactively seeks to improve existing controls and streamline processes both from a tactical short term viewpoint, and also from a strategic long term perspective, and implement these initiatives to completion.
• A high calibre individual with strong communication skills, both written and oral. Attention to detail and the ability to meet reporting and project deadlines.
• Someone who can hit the ground running, and can operate independently once deliverables clearly specified.