Treasury Finance - Hedge Accounting and Financial Control- AVP
Location: Manila
Corporate Title: Assistant Vice President
Treasury and Business Finance (TBF) owns the Treasury and Investment Banking Finance controls and provides insights on Treasury and Business performance. TBF is a control function with a critical role of ensuring integrity, completeness, and accuracy of the Bank’s financial books and records.
The group performs the Financial Control function, which entails providing transparent and accurate reporting and appropriate regulatory control to avoid reputational damage to the Bank. In Deutsche Bank, this control function leverages on a multi-skilled team with capabilities to understand the financial impact of trades from the analysis of Risks and Profit and Loss up to the substantiation of the Balance Sheets and interacts with a diverse set of stakeholders.
The Financial Control and Analysis function performs various period-end activities inclusive of but not limited to journal postings, MAFA (Management Accounts vs Financial Accounts) and FOBO (Front Office vs Back Office) reconciliations, hedge accounting and substantiating balance sheet accounts - to ensure accuracy and completeness of financial and risk reports for multiple legal entities globally.
Overview of the Issuance and Hedge Accounting role
The Issuance desk contributes over €100bn of funding for the bank through a global desk structure spanning London, Frankfurt, New York, and Singapore. Smaller Issuance activity also exists in China, Hong Kong, and Spain. The funding activity comprises of high value, low volume vanilla fixed and floating Issuance to low value, high volume structured Issuances which are typically driven by client activity in the Investment Bank (Credit/FX/Equity/Interest rate linked).
The Issuance program is vital to the banks long-term capital and liquidity performance, and the desk is constantly looking for innovative market opportunities, which will help drive down funding costs for the bank. Finance plays a key part in supporting this activity, working in partnership on every aspect of new transactions.
The Financial Accounting and Risk and P&L processes are often complex due to the nature of the transactions and the fact that we span a mixed accounting world of both Accrual and Fair Value Products. The same team supporting the Issuance desk, also runs the Global Hedge Accounting Program for the bank because Issuance creates such a large demand on the program itself.
We also run the Valuation and Timing Segment which is where over €100m of PV01 accounting risk of the bank is closely managed and new solutions and techniques are developed to help reduce the banks’ earnings volatility in alignment with IAS 39 accounting standards. It’s the team’s responsibility to run the explain each month reporting up to Stakeholders including Group Treasurer, Head of Business Finance, Head of Treasury Finance, and the CFO.
Types of Hedge Accounting the team is currently involved are: Fair Value Hedge ; Net Investment Hedge and Cash Flow Hedge .
Projects
The candidate will work in partnership with Treasury, Hedge Accounting, and Treasury Strategic Team to develop new Hedge Accounting Programs. This will involve setting up the financial accounting for the programs tactically in spreadsheets and working as part of the team to strategically build out the financial accounting strategically on KANNON and IHAP (the banks strategic risk and P&L and financial accounting systems).
Once programs are built, the candidate will then be involved in the financial accounting and balance sheet substantiation involved with month end reporting.
The candidate will work within the Issuance and Hedge Accounting Finance function with responsibilities related to:
- Building the Financial accounting for new hedge accounting programs, and partnering with other key strategic partners in Treasury, Finance and Corporate Bank across the globe.
- Responsible for daily / monthly hedge designations and de-designations.
- Responsible for monthly PV01 risk re-balancing and communicating the results to stakeholders.
- Responsible for providing and reporting daily P&L and Risk numbers, review of daily exceptions within the P&L e.g. failed trades, currency breaks and booking issues analysis, provide explanation and commentary on the P&L and report the analysis of risk exposures, calculate, post and comment on daily P&L adjustments and provide detailed review and provide accurate data to the businesses and downstream groups on a daily basis.
- Responsible for raising concerns both production and IT related issues to relevant stakeholders and partnering with them to create solutions (both tactical and strategic fixes).
- Supporting Production based FC (Financial Control) activity for Issuance and Hedge Accounting and forming strong relationships with our colleagues in London.
- Assisting / Leading in the coordination of various Hedge Accounting topics/Projects.
- Ad-hoc project work as required.
Your skills and experience:
- Bachelor's Degree in either Accountancy or Business equivalent degree, while further professional qualification or study. e.g., CPA, CFA, CMA, or Master’s degree will be an advantage.
- Knowledge of a range of financial products and markets will be expected from you in this role, while knowledge of US-GAAP/IAS/IFRS is beneficial.
- Strong competencies in investigation, problem resolution and detail intensiveness.
- Possess excellent communication skills and ability to confidently interact and present information and findings with a diverse set of stakeholders and senior Finance people, as well as a change mindset- as Deutsche Bank embarks on a multi-year program to transform its strategic architecture and improve its processes.
- Relevant experience in Finance function, e.g., P&L / risk, financial reporting and have a solid understanding of the workings within a Finance department - i.e., trade booking and P&L front to back process flow.
- Computer-literate and skilled in MS Office applications (with particular emphasis on Excel) and experience in automation and using programming languages such as Visual Basic for Applications, Visual Basic, Python, Tableau and Alteryx will be an advantage.
You will be:
- Focused on control and have innovative ideas related to continuous improvement.
- A self-starter, able to identify and fix issues as they arise.
- Able to build & maintain strong relationships with Treasury and Business stakeholders.
- Able to work under pressure and to tight deadlines.
- Open minded, able to share information, transfer knowledge and expertise to team members.
- A team player, able to work in virtual global teams and in a matrix organization, and to demonstrate leadership skills.
We strive for a culture in which we are empowered to excel together every day. This includes acting responsibly, thinking commercially, taking initiative and working collaboratively. Together we share and celebrate the successes of our people. Together we are Deutsche Bank Group.
We welcome applications from all people and promote a positive, fair and inclusive work environment.
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