CIB - EU Regulatory Capital Reporting – Quality Assurance Team - Associate

Last updated an hour ago
Location:Greater London
Job Type:Full Time

Business Description

The position is within the UK Regulatory Reporting department of Finance. The group is a service-orientated business comprised of specialised individuals with knowledge and expertise in understanding, managing and delivering financial information to our regulators. The group is also dedicated to adding value and improving efficiency, quality and controls.

The regulatory finance department is a high profile function, providing financial information to the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and the Bank of England (BoE).

The production responsibilities within UK Regulatory Reporting are split between Capital and Financial teams, supported by other functions.

Capital Reporting Group

The core responsibilities of the Capital Reporting Group are:

  • Preparation of monthly, quarterly and biannual COREP returns for regulated entities and their associated consolidation groups
  • Daily monitoring and preparation of capital adequacy and large exposures reports
  • Interpretation of the regulatory rules which forms the basis of PRA and EBA reporting and providing regulatory guidance to the business
  • Partnership and supporting other Finance areas with other reporting requirements (e.g. recovery and resolution, ICAAP)

Financial Reporting Group

The core responsibilities of the Financial Reporting Group are:

Preparation of monthly, quarterly and biannual FINREP and BoE returns for regulated entities

  • Interpretation of the regulatory rules which forms the basis of Bank of England, PRA and EBA reporting, and providing regulatory guidance to the business.

Control Team

  • Implementing local control framework and ensuring compliance with global standards
  • Independent review of the completeness and accuracy of regulatory disclosures

Portfolio Management

  • Oversight / tracking of change agenda and operational readiness for UK Regulatory Reporting

Data Strategy Team

  • Stewardship over current, tactical and strategic data initiatives

Key attributes

The Regulatory function within the EMEA space is changing rapidly to accommodate both internal and external drivers of change: eg through greater business engagement, legal entity strategy and implementation of modelled approaches to capital.

Job Title – Quality Assurance Team

The aim of the Quality Assurance (QA) function is to provide additional comfort over the completeness and accuracy of the work performed by the UK Regulatory Reporting team. To achieve this objective, independent reviews are conducted on reporting disclosures with a focus on the controls environment, reporting processes and compliance with regulatory guidance.

The QA function forms part of the Controls team. Candidates should have broad experience of working in regulatory reporting, preferably in a policy or consultancy function. The successful candidate will have the following responsibilities:

  • Identify relevant regulatory guidance for a particular disclosure and form their own interpretation of compliance, including challenging internal policy where necessary
  • Review business requirements for compliance against relevant regulation and substantive testing of those requirements to ensure implementation is correct
  • Review of existing framework, including manual adjustments and processes and procedures
  • Focus on control environment and monitoring / driving process efficiency, including challenge of operating model
  • Test data quality and population control, leveraging firm-wide processes and developing reconciliations
  • Manual calculation of the impact of findings on the own funds requirement or disclosures
  • Writing detailed reports for senior management of findings, including background into the requirements and recommendations on resolution
  • Developing network and acting as key contact within the Reg team for other areas of Finance and the Business
Personal skills:
  • Strong interpersonal and team working skills
  • Focussed on execution skills and the ability to deliver results even through challenges
  • Ability to critically review and challenge numbers / strong analytical skills
  • Flexibility to work under pressure to meet changing work requirements and strict deadlines
  • Ability to communicate effectively
Experience:
  • Familiarity with current regulatory rules (CRD4) and reporting requirements (COREP)
  • Proficiency in Microsoft Office – Excel, Outlook, Word and Powerpoint
  • Degree qualification and either accountancy qualification or qualification by experience within Financial Services industry
  • Good understanding of investment banking products including derivatives / financing transactions
  • Knowledge of banking products (deposits, loans, credit facilities)