Job Details
Product control is responsible for the reconciliation and substantiation of the SA balance sheet and income statement for trading activities of the front office areas they are assigned to, including daily P&L reporting and validation process. The income statement and balance sheet is signed of a monthly basis for group finance and annually for the purposes of the external audit.
The head of the team is accountable for the above and responsible for managing and influencing internal and external stakeholders relationships. Stakeholders include the front office, internal and external auditors, market risk, operations, IT and central finance.
This role oversees the weekly P & L Cash submissions from AR ensuring standardisation across the TPS business with respect to product segmentation on the balance sheet and correct revenue recognition on the income statement.
In addition, this role involves determining the strategy and goals of the product control team in line with the greater Wholesale Clients and Group strategy, managing direct reports and reports directly to the head of product control for TPS.
Job Purpose
Product control is responsible for the reconciliation and substantiation of the SA balance sheet and income statement for trading activities of the front office areas they are assigned to, including daily P&L reporting and validation process. The income statement and balance sheet is signed of a monthly basis for group finance and annually for the purposes of the external audit.
The head of the team is accountable for the above and responsible for managing and influencing internal and external stakeholders relationships. Stakeholders include the front office, internal and external auditors, market risk, operations, IT and central finance.
This role oversees the weekly P & L Cash submissions from AR ensuring standardisation across the TPS business with respect to product segmentation on the balance sheet and correct revenue recognition on the income statement.
In addition, this role involves determining the strategy and goals of the product control team in line with the greater Wholesale Clients and Group strategy, managing direct reports and reports directly to the head of product control for TPS.
Key Responsibilities/Accountabilities
Ensure the integrity of the TPS SA Cash Management Finance Balance Sheets
Accountable for signing off on the validity, accuracy and completeness of valid, accurate and complete balance sheets across the Cash Management Finance Desk with TPS, that reflects the financial position and the financial results in accordance with International Financial Reporting Standards.
Accountable for the reconciliation of deals on the balance sheet back to source systems and across businesses (for intragroup transactions).
Accountable for the independent verification and validation of Cash Management exposures and loans on the balance sheet through independent checking against data on source systems.
The above is measured by:
Results of internal and external audit.
Month end balance sheet substantiation
Balance sheet adjustments not raised as at risk via Assurenet
Balance Sheet commentary & Front Office interaction
Deliver accurate and timeous reports on Profit and Loss (P&L) for the Cash Management Finance Desk, and ensure interdivisional and intercompany alignment
Lead the face off to the Cash Management Finance Desk on all P&L issues
Lead the face off to the Cash Management Finance Desk on all P & L issues relating to UFSO products, ie. Face off to all segments across the Group, operating on a Wholesale managed platform
Deliver accurate P&L reports (weekly & monthly) analysis and commentary to business, legal entity control and other stakeholders without delay
Prepare and distribute Cash Management related information for stakeholders
Monitor and report on all interdivisional and intercompany breaks with the aim of resolving these when they occur
Monitor and report on high risk accounts and operational risk areas through Group and Wholesale Clients governance forums and weekly / monthly results reporting, where necessary, non Wholesale governance forums (UFSO products)
Provide strong communication and resolution of external, internal and operational risk incidents
Collate revenue and balance sheet commentary
Complete monthly BA returns and submissions
Update budgets and estimates as well as perform margin forecasts
Lead a team of Product Controllers to deliver outputs that support execution of the business strategy
Responsible for managing the TPS Cash Management Finance product control team and the Operational team responsible for the reconciliation of the GTB Wholesale receipt account
Instil a discipline of risk management and ownership of the balance sheet within the team.
Develop a high performing team through embedding the Bank's performance process, structuring the team to best support the business, regular performance feedback and coaching
Determine development needs of the team and ensure that development opportunities (training, rotation, on-the-job learning) are budgeted for and executed
As part of the employee value proposition, ensure succession plan is maintained for the team addressing talent and skills development
Address poor performance, and, when required, initiate disciplinary processes for team members. Resolve grievances raised by team members, escalating only if unresolved
Measured by the effectiveness of the team in providing a strong control environment, interactions with stakeholders (specifically front office) and a continued positive, engaged attitude with the drive to achieve brilliant basics in everything they do.
Drive teams and reporting to future construct to drive customer experience and operational effectiveness encouraging modernisation of finance
Work towards developing a team of Value managers
Responsible for ensuring alignment of the management of the GTB Wholesale receipt account to the TPS Wholesale Clients Cash strategy
Manage Change
This role will be responsible for the successful delivery and project management for all RTB (Run the Bank) and CTB (Change the Bank) programmes either impacting or initiated by TPS Product Control, across the Group
Responsible for the necessary development required to drive and facilitate a change oriented team supporting a dynamic transactional business
Drive the implementation and acceptance of automation and constant process review
Make best use of available technology.
Facilitate improved collaboration through effective stakeholder management
This role is responsible for the development and maintenance of strong relationships with multiple Stakeholders including:
Front Office – lead the engagement with the Cash Management finance front office. Enable them to be client centric and provide a value added service.
Internal Audit – proactively manage any audit engagements planned for the desk
External Audit – proactively manage the annual external audit process
Wholesale Clients Finance – manage interaction with FIA, Financial Control, NPC, TCM, Operational Risk and other product control teams
Non Wholesale Finance Teams – in support of UFSO products
Group Finance, Group iTABS, Group Tax
Operations – manage Operations deliverables to Finance for balance sheet substantiation.
Market Risk – close working relationship with Market Risk for Provision calculations and business understanding.
TPS IT
Responsible for the review of New Product Papers for new TPS products in SA & AR
SA - Responsible for approving the New Product Paper and provide requirements to Business and Pricing & Billing Team to ensure that best accounting practises are followed in the recording of the new product Balance Sheet and Income Statement
AR - Responsible for working with the Central Finance representative to review and approve the New Product Paper and provide requirements to Business and Finance in the local country based on financial risks identified
Group – Responsible for ensuring that UFSO products have the relevant New Product Paper documentation in detail for all products operating on a Wholesale managed platform
Responsible for ensuring the TPS Product Controller/s is adequately trained and supported in their role for preparing New Product Papers and providing guidance and insight that they may need to consider in the process.
Responsible for ensuring timeous review and sign off of New Product papers is performed to allow business strategy to be delivered in across the Group
The above is measured by:
Timeous turnaround of New Product Paper review and approval by Central Product Control
Successful engagement with Central TPS Business and local country teams on the New Product
Preferred Qualification and Experience
CA.SA or CFA
5-7 Years Exposure to the TPS or Transactional Banking business
At least 3-4 years’ experience in Product Control
