Finance Graduate Trainee - Product Control

Finance Graduate Trainee - Product Control

The role sits in Product Control which is part of the Finance function at the Bank and acts as an independent control function to help ensure the integrity of the Bank’s financial statements through preparation and independent verification of the daily and monthly Profit and loss account, balance sheet reconciliation and substantiation, and valuation (price) testing of trading inventory.

At its core it involves preparing daily P&L reporting for a trading desk or group of trading desks within a specific asset class (e.g. Precious Metals or Credit Trading)

The role also involves month-end reconciliation between reported P&L and the official books and records and price testing of inventory to ensure that the carrying value of a trading book’s inventory has been independently verified.

In addition the role also involves the preparation and development of Management Information (MI) and also has a project based component, e.g. involvement on the implementation of new systems or processes in the Bank.

As a Product Controller, you will work in close contact with the Front office trading functions as well as other support departments such as Risk and Operations, allowing you to understand why and how a bank trades on a daily basis.

The Product Control department is part of the wider Finance division within ICBCS, with all staff based in London.

The department itself is organised into four distinct teams:

P&L controller role - Is responsible for the day to day and month end P&L reporting and control of one or more of the desks within the Front office business areas.

Balance sheet and revenue control role - is responsible for the accounting integrity of the SAP General Ledger

MI role - Is responsible for the day to day and month end MI reporting and central controls performed by the team, as well as aid in the development of Product Control MI and KRI frameworks.

Independent Price Verification role - Is responsible for the daily and monthly independent price testing verification of one or more of the Front office business areas.

What you’ll be doing

• Production of the Daily profit and loss (P&L) accounts from trading activity, including:
• Validating the P&L to the P&L attribution received from the Trading or Risksystems;
• Understanding the drivers of the P&L, based on knowledge of Risk exposure and market movements;
• Raising appropriate P&L adjustments and providing appropriate adjustment commentary and classification to aid the managerial review of the adjustments.
• Comparison and analysis of Front office end of day estimates to actual P&L, providing analysis once relevant thresholds have been exceeded
• Providing daily commentary on P&L once relevant thresholds have been exceeded
• Providing fortnightly, monthly and year to date P&L commentary, outlining the material P&L drivers in the period
• Help ensure an overall strong and efficient control environment to minimise operational risk
• Assisting in daily Risk reporting, through backtesting signoff to help validate the accuracy of value at risk calculations
• Balance sheet and P&L validation ensuring completeness, accuracy and integrity of the Bank’s accounting ledger via reconciliations, posting ledger entries and attestation
• Provide analysis and information in response to ad hoc requests from the various internal and external stakeholders (e.g. Front Office, Head office, internal/external audit functions)
• Provide department specific input and participate in testing and implementation of the Bank’s strategic initiatives

In addition there is an expectation to:

• Identify and flag to Management any issues encountered (accounting, booking, valuation, processes etc) before they become major issues, and suggest ways to remedy where feasible
• Constantly looking for ways to improve / streamline current processes

Finance Graduate Scheme

This Analyst role falls under the Finance graduate trainee programme and the Bank envisages that for the first 36 months of your employment (until graduation) you will participate in this scheme.

Under the scheme the role involves cross training and rotation opportunities across the different disciplines within the team as well as other Finance areas and there also is an expectation that graduates study towards and complete a relevant professional qualification (such as CIMA or ACCA) offered by the Bank.

What you’ll need to be successful

Preferred Qualifications and Experience

• Degree educated with strong academic background
• Previous experience working in Financial Services is desirable although not required
• Basic financial instrument knowledge would be beneficial
• Microsoft Office application knowledge (Excel, PowerPoint, Access) would be beneficial

Suitability for the role

The role would suit someone who:

• Prefers a day to day role with a set schedule and relatively stable workload
• Prefers working in a controlled environment and operating in accordance with agreed policies and procedures
• Has an affinity for accounting concepts (including willingness to study towards an accountancy qualification)
• Is a good communicator and enjoys working collaboratively across a range of stakeholders in a multicultural environment
• Is self-driven and has a natural curiosity and desire to learn
• Is organised and can prioritise and attend to a number of tasks at one given time
• Emphasises great attention to detail
• Has good problem solving/analytical skills
• wants to fully understand end to end processes and proactive in following up on and resolving any issues

The role would not suit someone who:

• Prefers a role with a very varied workload and a more flexible schedule
• Wants to express their creativity and prefers to innovate rather than following set processes
• Prefers to work independently and has difficulty working in a team
• Has difficulty working in a traditional hierarchy
• Does not want to study for an accountancy qualification whilst working full time which requires dedication and good time management skills

Why should you join us?

ICBC Standard Bank Plc (ICBCS) is a leading financial markets and commodities bank, driven to deliver the right outcomes for our stakeholders, clients, counterparties and markets. We benefit from a unique Chinese and African parentage and an unrivalled global network and expertise. We're headquartered in London, with operations in Shanghai, Singapore and New York.

We're a diverse and close-knit global team. We put people first, giving talented, self-driven professionals the flexibility, rewards and freedom to grow their expertise and realise their potential.

Our vison statement, "Be Yourself, Succeed Together" underpins our drive for an open and transparent culture which values difference, enabling everyone to thrive whilst being themselves. We have an active E, D&I forum and we're growing other employee network groups, including for women and neurodiversity.

We're committed to the principle of equal opportunities. All applicants will be treated equally and will be considered on their merits and skills without discrimination.

What’s in it for you?

• Financial – market-based pay based on skills and experience, discretionary annual bonus, pension contribution 10% (employee contribution 5%), travel insurance, life assurance and income replacement insurance.
• Hybrid working – the option to work remotely up to two days per week, depending on the role.
• Family - 6 months fully paid maternity leave and enhanced shared parental leave. Coaching for family leave returners and access to emergency care via My Family Care. Miscarriage and menopause policies.
• Wellbeing - private medical insurance, Bike2Work scheme, health and fitness subsidy, holiday exchange and an Employee Assistance Programme.
• Community – paid volunteering leave and Give As You Earn scheme. Vibrant CSR and engagement forums and fundraising for our charity partners.
• Development – a suite of opportunities to build the skills you need to excel in your role

If you’re excited about becoming part of our team, get in touch. We’d love to hear from you!

ICBCS has appointed Robert Walters Outsourcing (RWO) to manage its recruitment process and Preferred Supplier List (PSL). Unsolicited CVs sent directly to ICBCS or its staff from non-PSL agencies will not be accepted and no fees will be paid for such submissions.