Hedge Accounting HAT SME BA

Job title: Business Analyst – Global Hedging Unit ( HAT BA )

Projects, Change initiatives and Governance support

Location London, UK

Reports into the Global Head of Hedging Unit

Rate: £706.38 Per Day Via Umbrella

Duration: until the end of 2023

Role context

GHU is aimed at delivering a globally consistent set of policies, processes and controls guidance to the RHUs, and to provide support to Treasury and to Markets Treasury for their hedging strategies where hedge accounting is applied. In order to discharge their duties, GHU and RHUs work closely with the Financial Control and Financial Risk Reporting to ensure that the existing hedge accounting treatment is compliant, is in line with general industry practices and is adequate to achieve the relevant risk management strategies.

This role is new and is aimed at providing support to GHU and to the RHUs during a period of significant structural change and sustained focus on improving global consistency, improve the current operating model, increase the range of hedging strategies as well as broader Finance change projects.

Role Purpose

The role will assist the GHU and the RHUs to cover the following key areas:

1. Projects:

The scope of this role includes projects which impact the front office and Finance IT systems used to deliver the hedge accounting treatment, or impact the key inputs used in hedge accounting (such as changes to the products and risks hedged or changes to the hedging instruments used).

1. Change initiatives:

The scope of this role includes providing guidance and working with other functions to change the Hedging Units operating model, their roles and responsibilities across the HSBC Group with an aim of achieve global consistency and optimising the overall end-to-end hedge accounting environment within HSBC.

This role is also expected to be involved in the PC Transformation initiative, which is aimed to simplify, automate processes and controls, improve consistency and efficiency of the core PC function.

Specific responsibilities can cover some of the below:

§ Act as RHU SME in business analysis by defining current and target state hedge accounting business process flows, describing use cases and defining requirements; liaise with business/IT BA/Dev

§ Perform feature testing (acceptance testing) and pre-UAT on all testable tickets developed by both Front Office and Finance IT teams during the sprints. Prepare test cases, scripts and expected results for testing. Ensure what has been developed meets the acceptance criteria for both Front Office and Finance. Identify defects and perform re-testing

§ Coordinate UAT and gather end users’ feedback for further development

§ SIT support – ensure test cases are adequate from users’ perspective. Verify SIT results performed by IT BAs

§ Provide user training for new business products (e.g. hedge documentation in PCP)

§ Participate in and/or conduct show and tell demonstrations of the product to users as it is developed

Key attributes sought for the role

• Extensive practice in hedge accounting in PC, Treasury/ALCM or other Finance environments
• Ability to distil complex hedge accounting concepts into practical and efficient processes and controls
• Understanding the operation, the related risks and the accounting of banking products, including good knowledge of financial instruments and practices (if not held at start, rapid accumulation of this knowledge is required)
• Knowledge and experience of applying IFRS accounting standards in practical business situations
• Accounting, business or relevant degree qualification or equivalent experience
• Capacity to manage multiple tasks while being able to prioritise deliverables in the due time line
• Effective leveraging of GHU and RHU resources to ensure that internal and regulatory expectations can be met whilst maintaining appropriate control standards
• Rapid escalation for issues as they arise
• Team player with positive service attitude with an understanding of the project lifecycle and an understanding of risks and issues and when and how they should be escalated
• Excellent communication skills, both in verbal and in writing, to abroad range of stakeholders including PC, Finance Change, Finance and Business IT, Treasury and Markets Treasury, Global Accounting Policy
• Present and document requirements in a clear and concise manner appropriate to the audience
• Experience of agile delivery techniques such as the Scaled Agile Framework and tooling such as Confluence and JIRA would be an advantage
• Self-motivated, proactive and delivery focused, but who is also able to demonstrate strategic vision and a strong ability in problem solving

Background

Hedging Units are part of Product Control (‘PC’), which is part of Global Finance. PC provides independent control and assurance, product expertise, commercial insight and guidance to all businesses involved in trading activities throughout HSBC.

PC accomplishes this by:

• Providing globally consistent fair & prudent value expertise and oversight across the organization;
• Supporting, analysing and controlling Business/Front Office activities through various profit/loss, trade reviews and balance sheet reporting;
• Developing and driving staff to be independent thinking individuals who work together as one team to make PC part of the healthiest human system.

Global Hedging Unit (‘GHU’) supervises, coordinates and works together with the Regional Hedging Units (‘RHU’s) to deliver a globally consistent framework to support hedge accounting activities initiated by Treasury and Markets Treasury within the HSBC Group. There are 3 key Regional Hedging Units (RHUs): Americas (based in NY), APAC (based in HK) and EMEA (based in London). These key RHUs are in turn supported by a team based in India and Poland, which is responsible for the majority of the operational execution of the hedge accounting control framework and provide oversight of the PC processes within their regions.

If you think you are up for the task and feel you meet the above criteria or interested to hear more information, please contact me at renn.alfonso@tapfin.com

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