AVP, Business Unit Control

Role Overview

Assistant Vice President, Business Unit Control at First Abu Dhabi Bank, Global Markets Business Finance team, based in Abu Dhabi.

Company Overview

The Global Markets Business Finance team comprises Business Unit Control, Independent Price Verification, and Central MI and Change Management teams. The team supports the Global Markets and Group Treasury businesses locally and internationally. The unit falls under the Group Finance department and reports to the CFO, CIB Finance & International.

Role Purpose

Deliver world-class financial reporting and support services to the Global Markets and Treasury business, providing professional, independent, and objective financial advice that aids achievement of business objectives while ensuring compliance with Group policies, standards, and external statutory obligations. The role focuses on day-to-day International Business Unit Control functions including daily P&L preparation, general ledger reconciliations, variance analysis, and management information reporting.

Key Responsibilities

Compliance, Governance and Control

• Follow all relevant departmental policies, processes, standard operating procedures, and instructions to ensure work is carried out in a controlled and consistent manner.
• Demonstrate compliance with the organization's values and ethics at all times to support establishment of a value-driven culture within the bank.
• Function within the framework and boundaries of Group policies as well as overall organizational and governance frameworks.
• Ensure compliance and control of specific accounting processes and practices for proposed new product initiatives or product variations.
• Provide independent validation of the financials reported for the Global Markets businesses by maintaining a robust control framework between Front Office and reported financials.
• Maintain a strong understanding of the products traded and the trading strategies within the business.
• Understand specific business models, analyze structured deal packages, and apply appropriate accounting standards.
• Provide professional and ethical behaviors by ensuring compliance with external legislation, bank standards, internal operating policies, and procedures.
• Identify issues which impact Global Markets and implement solutions.
• Escalate any issues to management and assist in mitigating any operational risk.

Financial Reporting and Analysis

• Produce financial and management accounting reporting statements for the functional area of responsibility in line with Group reporting standards whilst maintaining a robust control environment.
• Assist in the preparation of timely and accurate statements and reports to meet department requirements, policies, and quality standards.
• Manage the day-to-day and month-end controls of P&L and Balance Sheet reconciliation, substantiation, and reporting for Global Markets.
• Deliver comprehensive P&L analysis including detailed analysis and interpretation of daily results, variances, risk positions, realized and unrealized P&L components, revaluation curve movements with P&L attribution, new deals, cancelled and amended trades, and price and rate validation.
• Compile all daily revenue reporting for the business, ensuring the accuracy and integrity of source system interfaces into the General Ledger.
• Conduct P&L reporting decomposition and attribution, reconciliation and substantiation of P&L and Balance Sheet between the General Ledger (Oracle General Ledger and OneSumX) and Source systems (e.g. Murex).

Reporting and Business Partnership

• Serve as finance business partner and trusted advisor on reporting and day-to-day support of the Global Markets business, providing prompt and effective support to the Global Markets Front Office, Market Risk, Group Treasury, Group Financial Planning & Analysis, Group Financial Reporting, and Business Unit Control management.
• Act as key liaison for sales reporting, playing a vital role between Global Markets Products and Sales, which includes segmental and coverage-based reporting.
• Act as key business finance contact for all Global Markets Front Office related queries, leading discussions as appropriate with Front Office to ensure P&L analysis is agreed.
• Serve as one of the prime points of contact across all processes to ensure all customer needs are being met.
• Provide Line of Business and Desk level commentary with market relevance when internal P&L thresholds are breached.
• Act as a central point of contact for Group Finance functions and Global Markets desks: Financial & Regulatory Reporting, Treasury, FP&A, Tax, Financial Control relating to Global Markets Products, and Valuation Control.
• In conjunction with FP&A, continuously assess the quality of service provided to principal customers and strive to ensure that the area adds value to their objectives through provision of accurate and valuable financial data and advice.

Stakeholder Management and Relationships

• Maintain key linkages and strong working relationships with Desk Heads, Head of Business Finance, Senior Management, Group Finance, Middle Office, Operations, Business Finance peers internationally, FP&A, IT, Market Risk, Legal, Compliance, Operational Risk, Regulators, Internal and External Audit.
• Support Head of Business Unit Control to work with Treasury on FTP, capital and liquidity matters affecting Global Markets Products as required.
• Provide input to wider Finance strategy activities and strive to work together effectively on overall regional and global programs.
• Provide relevant support to Vice President, Business Control Unit, ensuring all business transacted is compliant, safe, and sustainable.

Process Improvement and Systems Management

• Contribute to the identification of opportunities for continuous improvement and sustainability of systems, processes, and practices considering global standards, productivity improvement, and cost reduction.
• Engender and role model a culture of continuous improvement, ensuring that operations are kept continually under review and that all opportunities for re-engineering and achieving economies of scale are identified and implemented.
• Review existing systems, processes, procedures, and MIS to proactively identify areas of improvements.
• Ensure Business Unit Control adopts a proactive attitude to changing environments, both internal and external, and provide value-added solutions.
• Support new business requests, ensuring they are controlled through the existing or new system architecture, providing responsive support to Front Office, ensuring speed to market of new products.
• Manage projects driven by new regulatory requirements in local and international locations to ensure the key criteria of the regulation is met in a sustainable, efficient, and effective manner.

Analysis, Modeling and Communication

• Use sophisticated arithmetic models for numerical analysis and evaluation.
• Write papers on strategy or other complex issues with logical sequencing and supporting recommendations.
• Synthesize information from a variety of sources and extract relevant concepts and themes.
• Prepare and deliver presentations with context across business functions to deliver maximum impact.
• Demonstrate a proven ability to operate effectively at various organizational levels and a willingness to adopt a hands-on approach to problem solving where appropriate.
• Practice good relationship management skills working closely with internal stakeholders to constantly improve operational performance.

Qualifications & Experience

• 3–5 years' experience in a Product Control Function.
• Experience in developing Financial and other Management Information reporting and automating processes.
• Technical knowledge in Pricing and Accounting of Financial products: Fixed Income, Money Markets, Foreign Exchange, Interest Rate, Commodities, Equities, and Derivatives (Vanilla and Complex).
• Strong understanding of Global Markets and Investment Banking products, with related Technical and Accounting treatments.
• Excellent understanding of modern governance, risk, and control assessment techniques.
• Strong financial mathematics (zero, par, and forward/forward curves).
• Qualified Professional (ACA, CFA, or MBA in Finance) preferred.

Skills & Competencies

• Murex.
• SumX.
• PowerBI.
• T24.
• Working knowledge and experience in these systems is an advantage.