Derivatives Accounting Analyst

Financial Services Company

Our client, a major financial institution located in N.Y.C. is seeking a Derivatives Accounting Analyst to join their Derivatives Accounting Group. Key responsibilities will include:

• Assist the Derivatives Accounting Manager with the monitoring, reporting and analysis of derivative activity.
• Prepare the FAS 157 Non-Hedge Accounting Request Checklist for each new third party derivative transaction submitted by the Business Unit.
• Structure new third party derivative transactions in the appropriate valuation system.
• Assist with the preparation of the quarterly FAS 157 process, including:
  • Prepare, reconcile and distribute monthly and quarterly P&L and balance sheet reports for each of the firm’s business unit that hold derivatives instruments.
  • Analyze credit value adjustment on intercompany derivatives for inclusion in segment reporting, and annual and quarterly SEC filings.
  • Perform variance analysis of derivative valuations (entity submitted vs. provided by DAG)
  • Review of quarterly non-hedge accounting SI submissions and preparation of the FAS 157 control binders.
• Assist in the preparation of derivative disclosures as required for the 10-Q/10K.
• Respond to and explain changes in valuations to business units across the firm as needed.
• Assist in the DAG’s user acceptance testing of automated solutions to the above responsibilities to increase the speed and accuracy of deliverables.
• Special projects and preparation of ad hoc reporting.

Requirements:

• 5-8 years experience in finance and/or accounting in financial services with
• 1–2 years experience working with FAS 133/157 preferred.

Candidate can come directly out of public accounting

• Strong MS Excel skills
• Knowledge of derivatives
• CPA preferred but not required
• Highly motivated, keen to develop and advance, a team player
• Strong communication and interpersonal skills
• Control oriented, good attention to detail
• Compensation: 130k plus bonus

Director Accounting Operations

Location: Northern Virginia

The Director in Accounting Operations (Controllers) will manage activities related to the accounting, analytics and reporting for the Firm’s Securities Impairment accounting and Amortization accounting. This includes directing an accounting team, establishing appropriate controls and relationships with the Capital Markets Group, other Finance departments and directing the priorities of the team including providing strategic vision, making key decisions and developing the team.

Direct the monthly accounting activities associated with the Impairments processing and amortization accounting in accordance with the company’s accounting policies. The Impairment policies are aligned with FAS 115-2 and FAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments while the company’s accounting policies for Amortization are aligned with FAS91. Candidate must have a solid understanding of Agency and Non-Agency bond structures and the associated bond analytics to qualitatively assess for credit loss. This is done by working closely with our Credit Risk Management group which is part of the Enterprise Risk Management division. Direct the month-end business validation processes to ensure accuracy of data used for downstream accounting and reporting.

Direct the development and continued maintenance of operational accounting policies and procedures in compliance with firm’s accounting policies. Support any internal or external audit requests associated with Impairments and Amortization Accounting ensuring that the unit is accurately represented. Participate and contribute when necessary to new FASB accounting standards as it impacts the business (i.e. FIN. 46R). Ensure major processes are fully documented and evidenced to be in compliance with Fannie Mae’s policy related to the Sarbanes Oxley Act. Ensure proper review and monitoring are occurring and in compliance with policies and procedures. In conjunction with the Systems Support team; ensure requirements for systems projects reflect the appropriate accounting and operational policies.

Requirements:

BS in Accounting or Finance; CPA or MBA is a plus.10-15 years of progressively challenging experience in accounting related position; experience in the secondary mortgage market and/or financial institution desired, public accounting experience a plus. Must be strong in interpreting GAAP accounting theory. Must have strong analytical skills and the ability to solve problems. Must have a demonstrated ability to analyze complex transactions. Must also possess excellent interpersonal and communications skills with the ability to understand and respond to various inquiries in order to maintain good relationships with customers and internal partners. Strong experience with quantitative methods and bond analytics.

Senior Manager Risk Audit

Our client a leader in Financial Services, is seeking a Manager with technical subject matter expertise in Risk Management and capital markets audits.

Responsibilities:

•Works closely with the Vice President and Director of the Risk Management audit team and line management in coordinating/conducting audits, performing follow-up with business areas, documenting outstanding recommendations, and ensuring compliance with final recommendations.

•Responsible for making recommendations that help enhance the internal control structure and evaluating the control implications of changes and/or new product offerings.

•Ensures adherence to department standards.

•Assist in the preparation of the annual Audit Plan and Risk Control Ratings.

•Provides necessary documentation to regulatory bodies and external auditors.

•Manages activities of staff within the Risk Management audit team.

•Provides training and guidance/oversight to staff.

•Responsible for developing technical subject matter expertise regarding the Operational Risk Framework deployed firmwide.

•Prepares/reviews/approves planning memos, risk control matrices, programs, audit reports and workpapers.

Requirements:

•10 to 12 years combined audit, credit risk and/or operational risk management experience in the financial services industry

•5+ years of management/supervisory experiences required.

•Deep experience and understanding of operational risk management and capital markets.

•Expertise in Operational Risk Management processes including event reporting, risk & control assessments, key risk indicators and governance.

•Expertise in performing and analyzing credit reviews.

•Strong organizational skills and ability to multi-task.

•Strong regulatory background, including familiarity with laws and regulations.

•Strong analytical, problem solving and decision-making skills.

•Strong communication and reporting skills.

•High initiative and highly independent.

•Bachelor/Master degree preferably in a business related field.

•One or more professional certifications, such as CPA, CIA, CISA, CFE, or CFA is preferred.

IT Audit Manager

Location: New York, NY

Our Client, a leader in the Banking industry is seeking an experienced IT Auditor for their New York City office. Participate in the firm’s audits with emphasis on those integrating Business and IT auditors.

• Perform pre and post implementation audits of new and enhanced application systems, and provide IT support to integrated business audits.
• Participate in planning of audits including assessing risk, developing scope, assessing and enhancing work programs and estimated resource.
• Ensure that audits are completes timely, including all deliverables and within budget.
• Ensure that we assess the risks and controls over the Bank’s critical business systems such as Money Transfer, Credit and trading products.
• Prepare work papers to professional audit standards, demonstrating the analysis and testing performed.
• Focus on business system risks and controls such as automatic entries & triggers; limit management; balancing activities and audit trails; critical automated business processes; edits, error correction and overrides; G/L reconciliations and suspense accounts; cross-system interfaces, key input transactions; tables & commands; sensitive and critical data files; backup and recovery; access rights/segregation; vendor services and others.
• Assess supporting infrastructure components leveraging infrastructure specialists as necessary.
• Establish relationships with the Program Management Office and key business managers.
• Establish relationships with business auditors.

Requirements:

• 4+ years experience in conducting integrated Bank technology and financial audits
• Expertise in banking and trading application systems
• Thorough knowledge of the banking industry

VP Financial Reporting

Location: New York, NY

Our client, an international investment bank is seeking their Vice President for their Accounting Advisory and Financial Reporting division. This role will be responsible of managing a team of 2-5 analysts responsible for the Financial Reporting function for the Firm. This position also liaises with the business on accounting advisory services for various issues that may arise during the course of transactions. Primary responsibilities for this group revolve around preparing comprehensive financial reporting packages in accordance with GAAP and completing the accounting close and consolidation process.

• Oversee the monthly, quarterly and annual closing and reporting processes of the firms North American subsidiaries.
• Ensuring internal and external reporting requirements to local management, the firm’s Head Office and various external regulatory bodies is complete.
• Coordinate the preparation, review and submission of reports and analyses to various external bodies, including the SEC, CFTC, FED, NASD, etc.
• Serve as a main liaison with external and internal auditors and regulators.
• Provide training and guidance to staff members on accounting principles and practices, product information, and reporting processes.
• Review and analyze both GAAP and IFRS top-sided journal entries and ensure accuracy and compliance with accounting standards
• Manage intercompany reporting and reconciliation and review processes for on and/or off balance sheet items of North America legal and/or reporting entities. Research and resolve breaks.
• Provide accounting advisory efforts in connection with general and deal/business specific accounting questions to Business and/or Support Groups as is applicable.
• Take responsibility for automation and process improvement efforts by identifying, developing and implementing automation enhancements.
• Lead and develop the testing of new or enhanced applications and reports.
• Ability to think and operate beyond standard scope of responsibility and take on new, unexpected tasks.
• Superior quantitative and analytical skills.
• Possess strong written & verbal communication skills & ability to communicate openly with all employee levels including senior management, Front office Business heads and associates, and varying levels of Support groups
• Must be very adept to time management and organization skills
• Be able to manage and develop a team and leverage that team for maximum productivity
• At least 10 yrs relative Experience
• Strong knowledge of Capital Markets and/or Corporate Banking
• Must have working knowledge of accounting governance specific to capital markets (FAS 133, FAS 140, FIN 46, FAS 157).

CPA/CA is a must. MBA/ MA is a plus.