Product Control Manager – Oil Derivatives

DEPARTMENT/TEAM: Middle Office
LOCATION: London
SUMMARY

The role leads a team of Product Control Analysts whose role focuses on the preparation and production daily P&L reporting of the groups hedging activity to enable the business to understand and manage commercial performance. This includes daily volume exposure reporting, P&L reporting, analysis, limit monitoring and monthly Management Information to Management Accounts reconciliations. The role supports the business growth agenda by ensuring that new business opportunities are assessed appropriately within the business’s risk framework, and encourages a culture of continuous improvement to increase efficiency and effectiveness of processes and controls.

MAIN RESPONSIBILITIES

  • Leading a team of Product Control Analysts based in London, managing priorities and resource requirements. Attracting, developing, performance managing and retaining staff to maintain a consistently high level of expertise within the team; this includes annual performance and development reviews.
  • Responsibility for the preparation and production of the daily P&L reporting process for all hedging activities and timely provision of monthly key performance indicators to enable the business team to understand and manage commercial & trading performance, including daily volumetric exposure, P&L reporting, analysis, limit monitoring and monthly MI (Management Information) to MA (Management Accounts) reconciliations.
  • Daily broker reconciliation and checks to ensure the trading system is accurate and up to date.
  • Close liaison with hedging desk traders and physical controllers in contract locations to ensure data is accurate and timely.
  • Owning the month-end and quarter-end processes, including accountability for ensuring that Product Control outputs are compliant with accounting standards and policies.
  • Escalation point for trading limit breaches and other significant financial issues and incidents.
  • Mitigation of risk in relation to errors and corrections resulting in incorrect deal entry or hedging where gains and losses can be significant.
  • Help to implement process and system improvements to streamline activities performed by core team and enable increased focus on results analysis.
  • Proactively providing to the business beneficial commercial analysis. Specifically, monthly commercial performance measures, analysis of pricing and basis risk around physical operations. P/L attribution of hedging desk books.
  • Price curve production for p/l and mtm valuations.
  • Responsibility for the OTC client derivative trades; to include daily credit reporting, cash margining, mtm statements to customers, confirmation of trades, monthly settlements, and invoicing.
  • Ensuring integrity of data through the implementation and use of suitable controls.
  • Maintenance of suitable infrastructure in support of business growth.
  • Ensuring integrity of data through the implementation and use of suitable controls;
  • Influencing the IT/IS system agenda to ensure that all Product Control system needs are met;
  • Liaising with external audit teams on Product Control matters.
  • Building and maintaining strong relationships with Front Office, IT/IS, Finance and other Middle Office teams, across all international locations.

 

KNOWLEDGE, SKILLS AND EXPERIENCE

Essential 

 

  • Business level of English language essential
  • Extensive Commodity Product Control experience; a deep understanding of trading concepts and exposure and the key controls required to support a trading business;
  • Subject Matter Expert in accounting and reporting;
  • Previous management experience and a track record of successfully leading and motivating a high performing team; Leadership experience;
  • Strong IT/IS skills and aptitude, experience of driving IT/IS system improvements;
  • Able to take, and maintain an independent approach and challenge where appropriate.
  • Strong verbal and written communication skills, ability to communicate complex issues simply;
  • Good interpersonal skills and a team player, able to build strong working relationships within, and across, teams internationally;
  • Strong analytical capabilities and high degree of numeracy;
  • Commercial awareness and understanding;
  • Excellent Excel capabilities to macro level (VBA).

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