Business Finance Control Professional
- London, England, United Kingdom London England GB
- Permanent, Full time
- Bank of America Merrill Lynch
- 19 Mar 18 2018-03-19
Business Finance Control Professional
Corporate Title: Assistant Vice President
Line of Business: EMEA Business Finance Control
Here at our London office, we are seeking a Business Finance Control Professional to join our EMEA Business Finance Control team. The primary function of the BFC team is to provide control & business advisory guidance. Key business partners are Valuation Methodology (GVG), trading desk, credit & market risk, regulatory group and the RWA team.
The BFC team supports the Linear Rates businesses which trade a variety of interest rate products. The Linear BFC team is comprised of 8 dedicated professionals based in London & Chester. P&L production is performed by the BACI team based in India (Gurgaon & Hyderabad).
We are committed to the development of our people through:
- Career progression and internal mobility
- Internal targeted training as well as assisted study for professional qualifications
- Work life balance
- Special interests such as volunteering and the environmental working group
- Social activity
With your ambition, we will constantly develop your skills to enable you to reach your full potential. Bank of America Merrill Lynch offers a number of outstanding career opportunities designed to attract and retain all skill levels.
As a Business Finance Control Professional your main responsibilities will involve:
- Review & enhancement of the PL explain processes, ensuring all market risks are appropriately detailed, and review of daily P&L Production & EOD/Monthly Reporting
- Balance Sheet substantiation and sign off
- Ensure that all correct control procedures are adhered to and a full audit trail is recorded and maintained at all times and assist in the streamlining and enhancement of all Product Control processes and become actively involved with system development ranging from technical enhancements, new product release and automation of existing processes.
- Price verification (daily, weekly, monthly) with communication to stakeholders (including the desk) and calculation of valuation adjustments & reserves and ensuring appropriately reflected in ledger
- Maintaining/updating policy and procedures for valuation adjustment & reserves, and price verification
- Review of risks across portfolios and ensuring that all policies / procedures are appropriately applied
- Identify opportunities to streamline existing practices and engage in the design, build, testing, and implementation of new Technology Platforms & Systems
- Participate to the business initiatives (new activities, entity migration, source system migration, etc) and drive standardization of process, application and data source
- Working with GVG group on valuation reviews: deal specific, e.g. day 1 PL review; sensitivity analysis; and developing price verification & reserving methodology and practices
- Engage with Accounting Policy Group to implement appropriate accounting policies & procedures
- Managing key accounting, legal entity, regulatory and P&L issues with the business and exercise of valuation control oversight on behalf of the business
- Participation in the New Product Review processes and contributing to Governance process, operational error reporting and support of other internal control process, including SOX
As a Business Finance Control Professional your skills and qualifications will ideally include:
- Qualified Accountant (ACA, ACCA, CIMA or equivalent) or CFA with good working knowledge of accounting concepts
- Investment banking experience (desirable)
- Experienced in price verification of derivatives, in particular vanilla interest rate derivatives
- Solid experience of P&L production in interest rate derivatives
- Understanding of front to back flows and lifecycle events
- Excellent Excel skills with the ability to build and use spreadsheets
- Demonstrable risk identification and management
- Ability to communicate with a diverse audience (trading desk, GVG, middle office & market risk)
- Applies Financial Accounting & Reporting Expertise
- Applies Financial Analysis and Reasoning Skills
- Demonstrates Accounting Knowledge
- Demonstrates Financial Acumen
About Bank of America Merrill Lynch
Bank of America is one of the world's leading financial institutions, serving individual consumers, small- and middle-market businesses, large corporations and governments with a full range of financial and risk management products and services. Bank of America Merrill Lynch is the marketing name for the global banking and markets businesses.
The company has had a presence in EMEA since 1922. With offices in 23 countries on three continents, it offers an integrated and comprehensive set of products and services across Global Corporate and Investment Banking, Global Markets and Consumer Card, serving the needs of individual, corporate, institutional and government clients, combining the best of local knowledge and global expertise. Developing solutions for social and environmental challenges is at the core of Bank of America Merrill Lynch's responsibility platform. In more than 90 countries around the world, we partner with employees, clients and stakeholders to help make financial lives better.
If you're interested in this opportunity please send your details to us by applying online.
Good conduct and sound judgment is crucial to our long term success. It's important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mindset are the cornerstones of our Code of Conduct and are at the heart of managing risk well.
We are an equal opportunities employer, and ensure that no applicant is subject to less favourable treatment on the grounds of gender, gender identity, marital status, race, colour, nationality, ethnic or national origins, age, sexual orientation, socio-economic background, responsibilities for dependants, physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience.
As part of our standard hiring process to manage risk, please note background screening checks will be conducted on all hires before commencing employment.