Hedge Accounting Transformation Lead

2 weeks ago

London, United Kingdom Barclays Full time

**Job Title: Hedge Accounting Transformation Lead**

**Corporate Grade: Director**

**Barclays Overview**

Barclays is a British universal bank. We are diversified by business, by different types of customers and clients, and by geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group.

**We are an equal opportunity employer and we are opposed to discrimination on any grounds.**

Working Flexibly

Hybrid Working

About Finance

Finance and Treasury have an important role in supporting Barclays’ businesses by providing high-quality reporting and accounting services whilst also supporting business planning and strategy. The strong control environment in which we operate is at the core of everything we do and this is reflected in the design of our operating model and functional lines. We have the critical role of being responsible for the integrity of the financial records for Barclays.

About Finance Transformation
The Finance Transformation program is a key priority for the Group. The program aims to organise our function to support performance and growth, improve our processes, efficiency, controls and quality and make a better place for Finance colleagues to work. The program will build the function of the future - one that meets the new, emerging demands of Finance and one that leads the way in our industry.

About ‘Hedge Accounting Transformation’

The Hedge Accounting team acts as a key business partner, provides finance advice, support and control to manage the P&L volatility on the Group’s banking book hedging portfolio, managing risks across interest rates, foreign exchange and inflation products. The hedge accounting team has hybrid expertise across multiple disciplines including Financial Control, Planning and Stress Testing, Derivative Modelling and Technical Accounting.

Risks are managed across multiple Group legal entities, including Barclays Bank, Barclays Bank UK, Barclays Bank Europe and BXSL, covering multiple currencies.

Hedge Accounting Transformation is a multi-year programme committed to extending the service offering and thus revenue and economic hedging opportunities to stakeholders globally, alongside revolutionising the reporting and control environment. It involves a grass roots re-design of the existing platform whilst managing business continuity and the wind down of the existing system, Consaepio. This will be executed aligning to the current IAS39 hedge accounting standards, delivering the future phases of Libor Reform and future proofing through design for IFRS9/dynamic risk management future adoption.

Overall purpose of role

Key Accountabilities

The Hedge Accounting Transformation Director is accountable for owning the successful delivery of the programme. This will include:

- Actively drive transformation outcomes for the function, through a strategic lens;
- Pro-actively identify external dependencies in the plan; influence and negotiate to unblock;
- Narrating and championing the transformation journey;
- Provide guidance and support to Treasury transformation teams and business users across Treasury;
- Managing the stabilisation and new product development on the existing platform “Consaepio”.

**Key platform deliverables**:

- Standardised derivative product offering to include the hedge accounting of EM currencies and exotic derivatives;
- A global operating model aware of local accounting rules (e.g. US GAAP) and IFRS consolidation at Group;
- A hedge accounting centre of excellence within the Product Control FTC;
- An operating model that aligns to the Product Control FTC 19 key control framework;
- Identification and development of a single transaction data source across Treasury;
- Design simplification and optimisation that allows the hedge accounting function to close its books on WD3;
- Remove the necessity for EUDAs;
- A P&L explain tool that promotes understanding and the forecasting ability of the function.

**Key programme responsibilities include**:

- Defining business case and benefits measurement;
- Expanding business requirements through design workshops
- Be responsible for specific designs for the program, facilitate design workshops and prepare topics for the programme wide design authority;
- Analyse data sources to support the creation of design proposals to drive consistency within Finance and Treasury;
- Working with the business analysts and business process owners to review and agree specifications and user stories;
- Agreeing the UAT and testing strategy including identification of use cases and examples;
- Enabling the process transformation and people transformation into the required centres of excellence
- Optimising the process from end to end together with the Business management teams

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