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CIB F&BM –FVA / DVA Product Control - Associate- New York

Job Description

 

About J.P. Morgan Corporate & Investment Bank
 
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18 trillion of assets under custody and $393 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world.
 
Controllers within the CIB Finance & Business Management organization are responsible for ensuring the overall integrity and validity of the financial statements and controls over the transaction cycle.  This includes performing critical functions such as daily P&L and Risk reporting and contributing to financial and regulatory reporting.
 
The Credit Portfolio Group (CPG) is one of the key sub-groups within IB Risk and is mandated to actively manage the Corporate & Investment Bank's (CIB) retained credit exposures resulting from traditional lending and derivative activities.  Specifically, CPG is responsible for developing and executing strategies with the primary goals of reducing credit risk concentration and losses from credit events, as well as aiming to increase the capacity for future business. A major component of these responsibilities is to manage the credit and associated market risk of derivative counterparty exposures. This entails risk position analysis for a number of separate markets, and executing a coherent strategy across them. 
 
The CPG FO will be responsible for managing the risk associated with the implementation of SN FVA, which is a key CIB priority for 2016.  The CPG Controller team is heavily involved in the SN FVA implementation/Deposits migration from corporate treasury to IB treasury. On-boarding of Deposits PL into strategic PL aggregator, and is expanding the team to facilitate this as well as the on-going support post go-live. 
 
The P&L team is responsible for supporting the Front office from an E2E control perspective, partnering to ensure that the business is managed in a controlled fashion with key operational controls in place.  Responsibility spans across P&L and Risk reporting, partnering with Financial Control to review and ensure general ledger integrity and interfacing with the Front Office located in New York and London.
 
Specific responsibilities of the P&L Product Controller:
  • Ownership of the daily P&L reporting process for FVA Hub, covering SN DVA, FVA Funding hedge P&L and Deposits Pl.
  • Responsible for producing a complete, accurate and explained daily P&L, both from a Ledger and Risk perspective. 
  • Key point of contact for the Front office to ensure that queries are explained and issues closed out.
  • Partner/work closely with LOB controllers to understand the SN booking structure/Impact on DVA/FVA and OCI on large notes issuance
  • Partner with the Risk Product Control team and Control team to ensure daily process completion and efficient identification and action of issues across the teams.
  • Partner with Financial Control to review the balance sheet ensuring accounts are reconciled and substantiated.  
  • Understanding of the accounting, tax and regulatory treatment of the products supported and how developments will impact SN DVA/FVA, Funding hedges and Deposits PL.
  • Partner closely with Middle Office to ensure that Finance requirements are considered as part of the transaction flow and that trade activity is effectively controlled from a P&L perspective.
  • Proactively identify opportunities to improve efficiencies, stability and the quality and timeliness of the service delivery to the business. 
  • Partner with Technology and CPG Product Control Managers on the SN FVA Phase 2 implementation and contributing to ensure requirements are well understood and documented; participation in testing; future state operating models and processes are understood and documented.
·         Good Understanding of Financial market products / instruments
·         Previous derivatives product control experience would be an advantage
·         Good technical skills (P&L, Risk, Control concepts, Accounting)
·         A self-starter who is organized and is delivery focused
·         Good team player with the ability to create an effective working relationship with trading desk and other stakeholders
·         Energetic team player with the ability to build strong working relationships within the team and can partner with multiple stakeholders effectively
·         Strong Accounting background and Controller mindset
·         Strong analytical, quantitative, and investigative problem-solving abilities
·         Excellent communication skills; verbal, written and presentation
·         High level of attention to detail and time management. Highly organized and proactive
·         Ability to work under pressure, prioritize multiple tasks, and bring tasks to complete closure
·         Knowledge of Microsoft products - Word, Excel, Power point, Outlook. Knowledge of Advanced  excel, macros or VBA will be an added advantage
Req #: 160039541
Location: New York, NY US
Job Category: Accounting/Finance/Audit/Risk
Employment Type: Full Time
Potential Referral Amount: US Dollar (USD)

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