Accounting Consultant - Derivative Hedge Accounting

  • Competitive
  • Tampa, FL, USA Tampa FL US
  • Permanent, Full time
  • Brighthouse Financial, Inc.
  • 20 Sep 18 2018-09-20

Accounting Consultant - Derivative Hedge Accounting

Brighthouse Financial is a new company established by MetLife. We're on a mission to help people achieve financial security. Built on a foundation of industry knowledge and experience, we specialize in offering essential annuity and life insurance products designed to help customers protect what they've earned and ensure it lasts more predictably. In an industry that often has a reputation for complexity, confusion, and cost, Brighthouse Financial is different. Our approach includes simplicity, transparency, and more value so customers can face the future with confidence.

Brighthouse Financial is seeking passionate, high-performing team members to help us carry out our mission and be part of an exciting journey toward improving the financial futures of our millions of customers. Sound like you? Read on.

Role Value Proposition:
This position is responsible for supporting the Derivative Hedge Accounting Program and associated reporting for Brighthouse Financial's investments in derivative instruments. The company uses derivatives to manage its exposures to changes in interest rates, foreign currency exchange rates, equity markets and credit risk across its diverse investment portfolio as well as hedging liabilities. Some of these derivatives are designated as qualifying hedges for GAAP and STAT and have special documentation and accounting requirements

Key Responsibilities:

  • Responsible for developing reports associated with qualifying derivatives including on-going tracking of hedged items for derivative accounting, analytics and reporting
  • Data Analysis with the ability to write / debug SQL statement.
  • Working with hedge accounting vendor to ensure successful load and implementation of the program, including establishing necessary processes for new qualifying hedges
  • Support management with ongoing review of hedge designation documentation for new trades and monthly review of effectiveness tests provided by vendor
  • Responsible for reviewing journal entries associated with hedge accounting, de-designation OCI amortization
  • Responsible for working with the accounting vendor to ensure correct accounting is generated for qualifying derivatives
  • Assist management in monthly review of reconciliations provided by vendor
  • Assist in implementation of new accounting pronouncements impacting derivatives
  • Support management's initiative to expand or implement hedge accounting program for new derivative strategies
  • Respond to questions from external and internal auditors, front office and financial reporting teams regarding qualifying derivatives, documentation & testing

Essential Business Experience and Technical Skills:
  • Bachelor's degree in Accounting, Finance
  • Experience with transforming dataset via mapping table, parent-child, etc.
  • Researching data issues using SQL, Excel and other tools.
  • Experience using MS-Access (General DB creation, maintenance, and controls process)
  • General finance and/or derivatives knowledge a plus
  • Completion of or progress towards CPA or MBA preferred
  • 5+ years of accounting experience in a public or private company environment is preferred
  • Working knowledge in GAAP or Statutory accounting and reporting is required;
  • Previous experience working in derivative hedge accounting and reporting is a plus
  • Organizational skills and ability to track various issues at one time
  • Excellent oral and written communication skills
  • Proficiency in Microsoft Office (Excel, Word, and Access) is preferred