VP Product Control

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Business Descriptor:

Global Finance

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 Product Control (PC) function within Controllership in Finance provides independent control and assurance, product expertise, commercial insight and guidance to all businesses involved in trading activities throughout HSBC.

PC is responsible for ensuring accurate reporting of Front Office (FO) based P&L and ensuring that the assets and liabilities are recorded at their appropriate accounting treatment. This includes providing an analysis of the components of P&L to provide insight into the apparent sources of P&L and enable assessment of these against expectation based on knowledge of trading portfolio, trading activity, market movements and other factors. The team is also responsible for ensuring that the Balance Sheet of the Markets business is fully controlled and substantiated. Additionally, the team looks at all aspects of calculation of Fair Value for traded instruments in Markets and Securities Services (MSS), Markets Treasury (MKTY) and more widely across HSBC.

We are currently seeking an experienced high calibre professional to join the Global Markets Product Control team.

Job Introduction

VP, Product Control, Mumbai, India

Primary responsibilities of the role holder

Controls

- Deliver the Core PC control framework for Markets Treasury within the HSBC Risk Management Framework; support ongoing monitoring, issue management and escalation
- Partner across Controllership teams (Core PC, Valuations, Financial Control, Accounting Policy, Reconciliations) to support integrity of Markets Treasury reporting.
- Deliver Balance Sheet controls including monthly analytical review and Balance Sheet Reconciliation & Substantiation (BSRS) for PC-owned accounts.
- Operate and evidence key Level 1 / Level 2 controls for Markets Treasury; identify control gaps and support remediation
- Engage with Controls Remediation and governance forum to raise, track and support timely remediation of MSIIs (Management Self‑Identified Issues).

Business Support

- Challenge and act as enablers for the business, supporting our partners in achieving their objectives while maintaining a strong control environment with the aim to facilitate growth and innovation without compromising on our standards.
- Support Markets Treasury hedging initiatives by providing timely P&L and balance sheet analysis, trade/valuation commentary and control-focused challenge
- Partner with Front Office and relevant Finance teams to support appropriate booking, substantiation and reporting for hedging activity (including supporting analysis required for hedge accounting where applicable)
- Support delivery of new activity / change for hedging initiatives via existing controls (e.g., new product due diligence, significant trade review, issue/actions tracking)
- Maintain a strong understanding of business strategy and product pipeline, and share relevant insights to strengthen PC support for Markets Treasury

Stakeholder Management

- Act as a key PC contact for the Markets Treasury desk and support engagement with COO / Non-Financial Risk stakeholders; escalate topics as appropriate
- Deliver briefings to desk heads and senior traders that include accurate and timely Balance Sheet and P&L analysis, Valuation Adjustment details including trending and key PC change initiatives.
- Support valuation control and explain movements in valuation adjustments relevant to hedging activity (e.g., trend commentary, drivers, and anomalies).
- Ensure high quality operation and delivery of PC processes and control outcomes to FO and PC/Controllership management, and seamless operation of the function regardless of team location – onshore, nearshore, offshore.
- Engage with other parts of the organisation to get a holistic understanding of the control environment and challenges for the business front to back including Operations, Middle Office, Risk, Finance. Contribute to governance forums and support audit requests/deliverables, partnering with senior PC management as required.

Continuous Improvement & Transformation

- Work closely with Finance Change to support delivery of key projects impacting Markets Treasury PC; contribute PC input to asset-class / Finance initiatives
- Maintain and deliver an agreed continuous improvement book of work for Markets Treasury PC; raise prioritisation decisions to PC leadership
- Support standardisation and consistency; share best practice and help embed agreed changes across locations
- Identify and deliver Stop/Simplify/Automate opportunities; build simple business cases and implement with support from change partners.

People Agenda

- Act as a role model for an inclusive culture; coach junior colleagues and support knowledge-sharing across locations.
- Keep abreast of the latest technological developments to ensure the team is equipped for the future – StratPy, Alteryx, Tableau, Productivity Suite, AI tools, Machine Learning etc.

Education Qualifications / Certifications and Requirements:

- Relevant experience in a Product Control function, or similar, with a strong control focus and understanding of the Product Control workflow.  A sound understanding of Hedge Accounting would be preferred.
- Professional qualifications such as CFA, ACA, CPA, FRM etc will be an advantage
- Knowledge and experience of financial market products and their associated risks, data flows, trade lifecycle, accounting principles and valuation techniques/models, with a focus on Foreign Exchange and Interest Rate products
- Knowledge of primary financial statements (Balance Sheet & Income Statement) and notes to ARAs (Fair Value Disclosure, Derivative Assets/Liabilities, Trading Assets/Liabilities)
- Track record of driving change and automation using available tools such as Alteryx, Python, AI / ML etc
- Good understanding of the HSBC Risk Management Framework and how it applies to Product Control
- Excellent written English and oral communication skills to be able to communicate at all levels of the organisation and different stakeholders in Finance and Front Office
- Ability to influence and work though others to achieve results and maintain strong collaborative partnerships
- Excellent interpersonal skills and able to work with people across different locations and backgrounds.  Experience working with nearshore and offshore teams
- Work independently, knowing when to escalate and seek guidance and able to work under pressure to meet tight deadlines
- Excellent analytical skills and a proactive approach to problem solving, driven and enthusiastic

Pro-Tip: Familiarity with AI-enabled tools is an advantage.

As an employee, you are required to perform your duties in a professional capacity exercising independent judgement, discretion and decision-making authority in planning, organising, directing work, supervising and appraising the work of team members, as applicable; and taking accountability for delivery outcomes. You will represent the organization with relevant internal and external stakeholders. You will allocate and prioritize work, provide direction and feedback, manage team capacity and leave in line with policy as applicable .

You’ll achieve more at HSBC.

HSBC is committed to building a culture where all employees are valued, respected and opinions count. We take pride in providing a workplace that fosters continuous professional development, flexible working and opportunities to grow within an inclusive and diverse environment.

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Issued by The Hongkong and Shanghai Banking Corporation Limited, India