PNL Production and Explain
1 month ago
Job Title PNL Production and Explain - AVP 15475 / ID57
Corporate Title Associate Vice President
Location London
Business Unit Product Control
Line Manager Head of PNL Production and Explain– Vice President
Business Area/Dept Overview
The PNL Production and Explain ex-FI Analyst role belongs to the Product Control department.
Encompassing a variety of different teams globally across Global Markets and ALMT perimeters:
In accordance with the Charter of Responsibility on Valuation defined within the Group, Product Control is responsible for the accuracy of the economic result calculation for the Business, Risk and Finance departments. To do so, the PNL team is in charge of PNL production and analysis, performance reporting to management, and controls on Valuation in cooperation with Group Risk Management and Finance.
Within Product Control, Trade Support’s function over flow and exotic products for Global Markets is the monitoring of transactions, the Front-to-Back workflow from FO to Post Trade systems and the validation of trade representation.
Product Control acts as a second level control function for the benefit of Heads of GBLs and ALMT to monitor that trading activity is conducted within a specified framework.
Product Control is part of the control framework for valuations and Anti-Fraud. As a consequence, Product control is the point of contact for operations on valuation, risk or trader mandates related issues.
Product Control is a key contributor to projects related to Finance or Regulatory requirements.
Product Control sponsors and contributes to strategic transversal projects related to their mandate and other ad hoc analysis as necessary.
Job Purpose
The role of the PNL Production and Explain - AVP is to produce and validate the daily PNL and PNL Explains for Exotic Trading Desks within ex-Fixed Income and be accountable for the delivery of the PNL for all sign-off groups within the PNL group belonging to the team.
Core accountabilities of role
Accountable for:
Overseeing the production of Associate members of the team providing the mandatory 4-eyes check on the figures delivered to Front Office, RISK and Finance where required
Reviewing and challenging the PNL delivered by Associate members of the team.
Running end of day Predict where relevant, and investigating discrepancies with the traders’ predict and understand the economic reasons justifying the P/L (market moves, new deals, strategies etc.).
Producing the official PNL figures, investigating the discrepancies with the expectations done the previous day and understand the economic reasons justifying the P/L (market moves, new deals, strategies etc.).
Reviewing the PNL Explain in depth and correct wrong effect if no technical solution can be found to overturn the misallocation.
Reviewing the Risk based market PNL and analyse differences against the PNL Explain until the gap is understood and documented.
Reconciling the system valuation against our calculation for specific products such as Futures and Bonds.
Reviewing the cash payments expected from exotic products
The adjustment validation in the economic PNL and explain as cover for the manager where required.
Provide Associate members of the team mentoring whether on the complex instruments or on the general PNL construction.
Delivers small-scale projects or well defined tasks on major projects to improve operational support to the business.
Participate actively in meetings to represent PNL Control function to add expertise to projects and initiative that would benefit the team through the framework we use.
Establish relationships with the Business to better understand their needs to deliver the change needed to improve our quality of service, therefore build and maintain Front Office relationships based on trust, respect and professionalism.
Deputise for manager in their absence where required.
Knowledge, Skill and Experience
Typically require a university degree (in Finance, Business, Economics or hard science) as an indicator of an ability to understand and apply complex theoretical concepts, although may have progressed into the role via equivalent business experience.
Broad experience working in a control function within an investment bank
Previous Experience in project management
In-depth knowledge of instruments traded in Fixed Income as well as exposure to other asset classes
Detailed theoretical knowledge of derivative pricing
Working experience with PNL explains (Step Revaluation as well as Risk Based Explains) and strong knowledge and understanding of risk factors (the “Greeks”)
Ability to translate detailed knowledge and experience of specific processes into recommendations to improve team operating practices.
Look to add value in all tasks performed and able to suggest process improvements
Effective time management and ability to prioritise workload and escalate issues to management.
Sound working knowledge and understanding of operational risk and permanent control framework.
Ability to handle multiple tasks simultaneously and prioritise independently
Strong focus on accuracy and attention to detail and able to review and improve work of more junior colleagues.
Excellent written and oral English skills in order to articulate technical issues and to be able to take the complex and make simple to enable effective communication with the business
Good Stakeholders management skills and ability to collaborate across teams
Strong analytical skills and ability to meet deadlines under pressure.
Computer literacy and a good knowledge of standard computer software including Excel and VBA and able to learn and utilise specialist applications appropriately.
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