Credit Portfolio Group – Product Controller
Location: Greater London
Job Type: Full time
Credit Portfolio Group (CPG) is one of the key product control groups within the CIB and is mandated to actively manage the Investment Bank’s retained credit exposures resulting from traditional lending and derivatives activities. Specifically, CPG is responsible for developing and executing strategies with the primary goals of reducing credit risk concentration and losses from credit events, as well as aiming to increase the capacity for future business. A major component of these responsibilities is to manage the credit and associated market risk of derivative counterparty exposures. This entails risk position analysis for a number of separate markets, and executing a coherent strategy across them.
As a CIB's Controller you will have product control responsibilities for CVA (credit valuation adjustment - which
is essentially marking to market JPM's derivative receivables to reflect the counterparty's creditworthiness) and FVA (funding valuation adjustment). As the CPG EMEA derivatives Product controller you will ultimately be looked at as a subject matter expert and will be responsible for:
- reviews/analyse daily of CVA results for specific CVA books and associated hedges providing substantiation for the material
drivers of CVA balance changes.
- understands fundamental concepts of CPG such as Derivative products and Risk Management.
- validates and understands daily P&L explains, first order & higher order explains and residual amounts
- voordinates closely with traders on understanding the movement in books and Day 1 PnL issues.
- provides daily/weekly/monthly P&L commentaries to senior traders, senior management, explaining P&L in terms of desk's risk position, strategy and economic factors
- identifies, design and implements new controls and processes around the P&L production to drive efficiencies and to keep up to date with Global Product Control standards
- participates in a wide range of on-going and new projects ensuring the needs and requirements of Product Control are met
- identifies & corrects system shortcomings by providing input to technology team during design, buildout, and testing.
Required Qualifications, Skills and Capabilities
- Bachelor s degree in Business, Accounting, Finance or other related area
- Knowledge of derivative products from prior experience of working in P&L, Risk (Product Control) or trade support function
- Self-starter, motivated individual able to work independently with changing levels of work load throughout the month
- Ability to build and influence partnerships within the various product-aligned businesses, corporate reporting teams as well as senior CPG management
- Demonstrated track record of process and controls improvement
- Some knowledge of GL Hierarchy and Financial Reporting is advantageous