Head of Hedge Accounting

Purpose of the role

To report and analyse hedging relationships, identify potential hedge accounting opportunities, and implement effective hedging strategies to mitigate accounting asymmetry risk.  

Accountabilities

• Design and implementation of effective hedge accounting strategies that support the bank's overall risk management framework and adjust as needed to maintain hedge effectiveness and respond to changes in market conditions.
• Assessment of potential hedge accounting relationships between financial instruments, considering factors such as effectiveness, designation, and hedge ratio.
• Preparation and maintenance of comprehensive hedge accounting documentation, including hedge designation reports, effectiveness testing results, and fair value measurements and ensure that hedge accounting documentation is accurate, compliant with accounting standards, and readily available for audit review.
• Fair value measurements for financial instruments, including both hedged and hedging instruments, using appropriate valuation methodologies, and calculation and recording of hedge accounting adjustments, including hedge ineffectiveness adjustments, to reflect the impact of hedging relationships on the financial statements.
• Management of regular effectiveness testing of hedging relationships to assess whether they continue to meet the requirements for hedge accounting, and evaluation of the effectiveness of hedging strategies and adjust as needed to maintain hedge effectiveness.
• Report the internal and external statutory view of hedge accounting effectiveness for presentation into Barclays Annual Accounts.

Director Expectations

• To manage a business function, providing significant input to function wide strategic initiatives. Contribute to and influence policy and procedures for the function and plan, manage and consult on multiple complex and critical strategic projects, which may be business wide..
• They manage the direction of a large team or sub-function, leading other people managers and embedding a performance culture aligned to the values of the business. Or for an individual contributor, they lead organisation wide projects and act as deep technical expert and thought leader, identifying new ways of working and collaborating cross functionally. They will train, guide and coach less experienced specialists and provide information affecting long term profits, organisational risks and strategic decisions..
• Provide expert advice to senior functional management and committees to influence decisions made outside of own function, offering significant input to function wide strategic initiatives.
• Manage, coordinate and enable resourcing, budgeting and policy creation for a significant sub-function.
• Escalates breaches of policies / procedure appropriately.
• Foster and guide compliance, ensure regulations are observed that relevant processes in place to facilitate adherence.
• Focus on the external environment, regulators, or advocacy groups to both monitor and influence on behalf of Barclays, when appropriate.
• Demonstrate extensive knowledge of how the function integrates with the business division / Group to achieve the overall business objectives.
• Maintain broad and comprehensive knowledge of industry theories and practices within own discipline alongside up-to-date relevant sector / functional knowledge, and insight into external market developments / initiatives.
• Use interpretative thinking and advanced analytical skills to solve problems and design solutions in often complex/ sensitive situations.
• Exercise management authority to make significant decisions and certain strategic decisions or recommendations within own area.
• Negotiate with and influence stakeholders at a senior level both internally and externally.
• Act as principal contact point for key clients and counterparts in other functions/ businesses divisions.
• Mandated as a spokesperson for the function and business division.

All Senior Leaders are expected to demonstrate a clear set of leadership behaviours to create an environment for colleagues to thrive and deliver to a consistently excellent standard. The four LEAD behaviours are: L – Listen and be authentic, E – Energise and inspire, A – Align across the enterprise, D – Develop others.

All colleagues will be expected to demonstrate the Barclays Values of Respect, Integrity, Service, Excellence and Stewardship – our moral compass, helping us do what we believe is right. They will also be expected to demonstrate the Barclays Mindset – to Empower, Challenge and Drive – the operating manual for how we behave.

'The successful candidate will become the Accountable Executive for the Hedge Accounting Transformation programme. An exciting and unique opportunity to re-build the hedge accounting ecosystem leveraging strategic architecture across the bank, whilst expanding the global coverage of our offering across regions and GAAPs.

The successful candidate will also lead the oversight of Barclays adoption of the new accounting standard Dynamic Risk Management, driving considerations for accounting and risk management strategy and navigating through the field testing period.

Essential

• Qualified accountant
• Minimum of 3 years' experience within a Hedge Accounting Function
• A demonstrable track record of complex project management and execution
• Thorough knowledge of the complex financial instruments and structures used by Treasury and the Bank to manage and hedge risk
• A detailed knowledge of mark to market, accruals and risk measurement, including how the various components are calculated
• Thorough knowledge of IFRS accounting standards and their impact for the Group.
• Detailed knowledge of the specific accounting standards relating to hedge accounting and financial instruments
• Good understanding of regulatory environment as it impacts a banking Group.
• Experience of team management and leadership with strong communication skills, both written and oral
• Strong sense of financial control with good knowledge of the SOx and operational risk framework.
• Demonstrate a range of styles and techniques in leadership and communications, including influencing and negotiating across a broad set of stakeholders

Desired

• Prior experience in a Treasury and/or Product Control environment
• Familiarity with Asset & Liability Management
• French, US, Asia GAAP experience''