| Job Description: |
Overview of Company
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Bank of America Merrill Lynch is the marketing name for its international businesses and is a long-established participant in Asia Pacific with a presence since 1947. With 23 offices in 12 geographies, covering nine currencies, more than a dozen languages and five time zones, the company offers an integrated and comprehensive set of products and services across Global Corporate & Investment Banking, Global Markets and Wealth Management, serving the needs of individual, corporate, institutional and government clients, combining the best of local knowledge and global expertise.
Bank of America Merrill Lynch is committed to attracting, recruiting and retaining top diverse talent from across the globe. Our diversity and inclusion mission is to actively promote an inclusive work environment where all employees have the opportunity to achieve personal success and contribute to the growth of our business. Each of our global Employee Networks bring together employees, create dialogue and awareness in support of our Diversity and Inclusion mission.
The HK Equity Business Finance Group carries out the product control function in support of the Asia Pacific Region Equity business. The group is responsible for Balance Sheet and PNL substantiation, PL Explain and New Deal Analysis as well as price verification. It has the ultimate responsibility on the financial representation of the business lines supported and any related GAAP disclosure requirements.
The functions of the team includes:
Daily PL Explain Attribution and Substantiation
PL Review, Reporting and Commentaries
Price Verification & Monthly MTM Price Testing
New Deal Review/Substantiation
Management Reporting (Revenue and Expense Analysis)
Value Added Business Support
Ownership of the Books and Records, Balance Sheet Control
Monthly and Quarterly Financial Disclosure Reporting
Product Control core responsibilities include production and reporting of P&L and Balance Sheet on a daily basis, together with all the relevant month-end requirements that accompany it. Our vision is to be flawless at control, effective and efficient processors and credible business advisors.
The business is constantly evolving and moving into new markets and products. Product controllers play a key role in enabling business activity in a robust control environment. You will be actively encouraged to develop close working relationships with the business and other key support teams i.e. Legal Entity Controllers, Accounting Policy, Operations, Audit, Tax, Treasury, Technology and Risk Management.
- Detailed P&L decomposition including escalation of material unexplained variances
- Provide explanations for significant P&L drivers e.g. market changes, new deals, book remarks, reserves etc.
- Complete daily reconciliation of estimate to actual, and ensure reporting website is updated with explanations for all material differences
- Complete month-end financial legal close, P&L and balance sheet as well as management close
Balance Sheet Reporting
- Produce daily balance sheet estimates, ensure accurate and timely reporting including analytical review on significant movements and balances
- Decomposition of balance sheet for the business, identifying opportunities to reduce adjusted assets
- Complete month-end balance sheet reporting by internal deadlines, explaining movements or variances between estimates and final results
- Ensure all balance sheet accounts are reconciled, escalating variances.
- Ensure all reserve balances and valuation adjustments are reconciled and appropriately authorized
- Ensure validity of allocated/attributed balances as well as internal funding charge
- Leading role in driving team projects, including automation and process enhancement;
- Ensure all front to back breaks are understood, and escalated in accordance with standards
- Ensuring a minimum of manual, stand-alone processes are maintained. Where tactically used, ensuring a strategic solution is being sought.
- Accurate analysis and recording of operational loss events;
New Product Development
- Involvement in completion of New Product Review documentation for new businesses / products proposed by your trading desk, and the implementation of systems and process changes / improvements that are required
- Calculate/validate valuation adjustments and reserves
- Working with the business and Product Valuation Group on valuation related issues
- Monitor and analyze material reserve movements
Meetings with Business
- Development and production of Financial Reporting for Asia Pacific Equity Businesses
- Regular independent price review meeting, escalating issues, and tracking closure
- In-depth knowledge of accounting and equity products.
- Highly developed reasoning and analytical skills
- Ability to communicate with a diverse audience (Product Controllers, Traders, Market Risk Managers, Auditors, Accounting Policy Group, Middle Office/Operations)
- Self-driven and proactive, ability to influence
- Bank of America Merrill Lynch is an equal opportunities employer
Posting Date: 24/02/2017
Location: HK--Hong Kong
Full / Part-time: Full time
Hours Per Week: 40