New York, NY
CCAR / Basel Quality Assurance Manager
The Finance Division reports to the Chief Financial Officer and consists of some 3, 000 employees worldwide. Finance protects the Brokerage franchise by serving as Client of the Firm's books and records, and by contributing to Firmwide risk management and risk reduction. This division maintains relationships with Brokerage's various industry and government regulators, and also serves as the conduit of financial information to the outside investment community. Finance plays a critical role as advisor to Brokerage's various businesses and its senior management team.
The Financial Control Group (FCG) is responsible for overseeing the accounting and financial and regulatory reporting for the Firm. FCG prepares external financial reports for public filings and regulators. For internal reporting FCG, along with Financial Planning and Analysis (FPA), summarizes, plans and forecasts the organization's financial position, including income statements, balance sheets, and analyses of future revenues, expenses and earnings. FCG is comprised of Business Unit Controllers, Infrastructure Controllers, Accounting, Regulatory and Reporting groups, and Valuation Review.
We are currently looking to hire an Associate in the Finance Division's Risk, Information Security and Control Group (FinRISC), specifically into the Regulatory Reporting Quality Assurance team (RRQA). The FinRISC group is represented in our New York, Glasgow, London, Tokyo and Hong Kong offices performing an oversight, governance and execution role in relation to the Finance Division in support of the Firm's operational risk programs and objectives. The group interacts across all areas of Finance, Firm Operational Risk Department, the Front Office, Internal Audit as well as Operations, providing accurate risk reporting across Finance while furthering the risk management culture and infrastructure. The RRQA team works collaboratively across New York and Glasgow to satisfy both the US and UK Basel III frameworks.
The RRQA Manager will work to promote completeness, accuracy and validity of regulatory reporting data quality by independently validating Basel III processes and controls from transaction capture through to regulatory reporting. Products subject to review may include derivatives, secured financing transactions, loans, securitizations, debt and equity.
? Assessing the internal control environment by conducting walkthroughs and performing control and sample data testing
? Validating transaction capture through regulatory reporting processes
? Analyzing identified issues for their impact on capital and other upstream and downstream processes or systems, as well as communicating and escalating observations
? Drafting recommendations and liaising with the business units to remediate risks, findings and gaps identified during the validation process
? Cultivating relationships across the Finance organization with key constituency groups, such as Regulatory Reporting, Product Controllers, Operations, Treasury, Technology, Credit Risk, and Market Risk
? Monitoring, tracking and reporting project progress to Senior Management
***Prior audit or consulting experience***
? Prior experience in a line role or supporting a finance or reporting function
? Ability to organize and present data in a meaningful way, including analyzing and summarizing detailed information from various sources
? Strong written, communication, and presentation skills, including the ability to liaise with and influence senior subject matter experts
? Strong quantitative and qualitative analytical skills
? Ability to multi-task, adapt, and work well under pressure
? Ability to work within a team and to collaborate with peers and leadership to create effective solutions to validation issues
? Advanced Excel, Word, and PowerPoint skills
? Sense of ownership and accountability for work
? Possesses strong project management and interpersonal skills, makes sound decisions, exhibiting initiative and intuitive thinking
? 3-5 years of experience
? Understanding of the Basel Framework and/or regulatory reporting
? Experienced with testing and proposing remediation plans
1. How many years' experience do you have in external audit and internal audit functions?
a.We would expect this to be in excess of 3, but ideally in excess of 5
b.We would want to drill into this in a bit more detail, namely at what organization (ideally Big 4) and what exactly was the role (audit senior, associate?)
2. How many years' experience do you have in first line reporting functions? Specifically regulatory reporting (FRB, OCC), for example FR Y-9C, FFIEC 101, FFIEC 041, 5G, CCAR FR-Y-14A/Q/M, DFAST, FFIEC 009, FR 2314, etc.?
a.Follow ups could be, to what extent is your knowledge of US Capital and/or US Liquidity Reporting?
b.This is important, but secondary to the knowledge of how to conduct an audit.
3. Financial services experience is important, so we should be vetting the number of years of experience in FS audits, first line FS roles.
a.We can ask about knowledge of products, OTC derivatives, stock lending, repurchase agreements, loans.
b.We can ask about knowledge of securitizations.
c.We can ask them about their understanding of how MS conducts business.
4. We should ask about senior management presentations
a.Ideally the candidate will be comfortable with presenting technical or challenging information to senior management on relatively frequent basis
5. We should ask about their Excel/PowerPoint skills as we use those tools a lot on a day-to-day basis