VP – India Hedging Unit GSC’s

Business: Global Service Centre

Open positions:1

Role Title:VP – India Hedging Unit GSC’s

Global Career Band: 4

Location (Country / City ):India/Gurgaon

Why join us?

• If you’re looking for a career that will unlock new opportunities, join HSBC and experience the possibilities. Whether you want a role that could take you to the top, or simply take you in an exciting new direction, HSBC offers opportunities, support and rewards that will take you further.
• Global Finance is integral to HSBC’s purpose and strategy, playing a valued role in managing costs and deploying capital in the most effective way. Our global team of finance professionals partner with the business to provide trusted insights and forward looking analysis, accuracy, efficiency, and control to frame and influence business decisions.

The Hedging Unit specializes in 4 main areas:

• Working with the Front Office business, Financial Control, Group Accounting Policy, Global Treasury and Business Finance to help facilitate the identification and implementation of new hedging strategies.This is a coordination role to ensure that systems, processes and controls are in place for new strategies (ensuring that NPDDs are signed off by all the respective process and control owners)
• Hedge Accounting booking controls and testing:
• Booking of the ‘dummy’ where this is not automated
• Production, review and finalisation of inception Hedge Accounting designation documentation
• Initiating and performing the initial regression testing that is required for any new Hedge

Monthly controls

• Deal completeness and reconciliation to the ledger,
• Ongoing regression tests and ineffectiveness testing
• Review of HPFs and Actuals vs the high watermark
• Coordinating and secretariat duties for RHACCs and GHACC
• The department has region and process aligned teams and is responsible for daily service delivery to respective regional and central teams ensuring effective controls, transparent management information and becoming a center of excellence delivering process simplification and efficiencies. The daily processing involves providing meaningful support to the relevant business and maintaining an effective control environment.

The Opportunity:

• Partner with Treasury business, to facilitate in the execution of a sustainable framework for using hedge accounting designations (such as FVH, CFH, NIH) for all new hedge accounting proposals to support capital and IRRBB beneficial hedging strategies.
• At the same time, support the Global/Regional Hedging Units (GHU/RHU’s) in delivering a globally consistent, compliant, and future proof hedging framework in terms of operational processes, controls, and procedures for both the new and existing strategies. This includes identifying risks, escalating issues, and driving forward the solutions required to address these risks and issues particularly around the manual aspects of the process.
• This would also include responsibility for working with the Global Head, the Regional Heads including Head of India Offshore Hedging Unit for driving forward the implementation of a globally consistent set of processes, controls and IT systems for Hedge accounting through to P&L reporting and collaborating with Finance Change to deliver the changes needed.
• Work with the other Hedging Unit resources across the Group to integrate the recommended changes and processes needed to deliver a globally consistent and compliant hedging framework. These include but are not limited to the following:
• Contribute as an SME to the design and the implementation of IT Change Projects and Initiatives for RHU with an aim to use globally consistent IT infrastructure.
• Contribute to implementing hedging models compliant with the Internal Modelling requirements applicable to RHU hedging activities.
• Contribute to the compliance with the Group Sarbanes-Oxley (SOX) requirements for RHU.
• Work closely with other Product Control teams which support Front Office in the Treasury and Markets Treasury (outside the hedging risk management framework) so that business receives a seamless and comprehensive support from a Finance perspective.
• Be the delegated point of contact (as required) for Hedge Accounting activities, controls, and practices, and will be the delegated contact point with stakeholders (including management of Front Office, Traded Risk, Operations, IT, and other Finance teams) regarding the daily and month end accounting hedging activities within the various regions. This includes communicating risk, control framework and accounting requirements in a way that non-experts can understand.
• Promote continuous improvement for all activities including increasing efficiency and controls through procedures/systems change process by having an effective engagement with Finance Change to automate manual processes.
• Maintain HSBC internal control standards, including timely implementation of assurance, internal and external audit points.

What you’ll do:

Impact on the Business/Function

• Deliver against the RHU objectives to provide the necessary support to Treasury for their hedging risk management activities.
• Contribute to the identification and prioritization of process/systems changes to ensure function is aligned with HSBC and market best practice.
• Contribute to the delivery of the hedging components within PC, Finance IT, Front Office IT and non-IT Projects, such as (but not limited to) PC Transformation, FRTB, Hedge Accounting Transformation and new accounting standards such that there are close to zero manual touchpoints across the end-to-end process, including Financial and Regulatory reporting.
• Be a delegate (as needed) for daily, month end or quarter end reports for the hedging activities, including appropriate review and evidencing. This includes appropriate escalation of issues or risks arising from the above reports and activities to the Global/Regional Head of the Hedging Units, Treasury and Finance.
• Be a delegate (where needed) to represent the function for hedging activities when dealing with the Auditors, Internal control and Finance as required either for a specific region or a group wide basis for the SME topics relevant to hedge accounting for which the team is responsible for.

Leadership & Teamwork

• Set high delivery standards by identifying areas for improvements and simplification to the processes and controls in scope of RHU.
• Be aware of opportunities to change the operating model in line primarily with the target GHU model and drive forward the change.
• Build and maintain a timely and regular communication framework with key stakeholders including senior management leaders across the regional and local Hedging Units heads and Front Office
• Work closely with colleagues in the other Product Control functions (Core PC/Valuations), near-shore Product Control teams and other support functions.

Operational Effectiveness & Control

• Ensure that there is full compliance with the Global Markets FIM and the Accounting Policy Database requirements for hedge accounting and fair value option designations, including all the relevant Hedge Accounting SOX controls.
• Act with integrity, conduct and perform their role in compliance with ethical standards.
• Document processes, controls, IT systems and policies applicable in the context of hedge accounting and fair value accounting options applicable to Group and to the SME topics they globally contribute to across all the regions.
• Facilitate automation of manual processes to improve productivity.
• Prompt resolution of problem issues and management queries related to the relevant hedging strategies.