Head, Treasury Middle Office
Bring your possibility to life! Define your career with us
With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.
Job Summary
Reporting to the Chief Financial Officer, this role is responsible for:
- Ensuring that a sufficiently robust risk control framework around the business activity in Treasury exists so as to ensure that market and other risks undertaken by Treasury is being adequately identified, managed, controlled, monitored and reported
- Reporting on risk and results, as well as to provide a source of information for Treasury, finance department and general management, with regard to positions, results, instruments, products, activities, systems and procedures
- Championing and managing change introduced as a result of change in regulatory, market or business requirements.
Job Description
- Implement a fit-for purpose Middle-Office risk control framework in line with Group Policy
- Ensure critical controls relating to product control and market risk management is being observed and raise appropriate awareness in Treasury Front and Back-Office
- Review reconciliations undertaken by Middle-Office staff and recommend appropriate action to resolve out standings
- Review all risk reports prior to submission to internal/external recipients
- Actively discuss business issues with country Treasurer to promote/ensure compliance to policy and procedure
- Improve risk management control and compliance culture in the Treasury Front and Back-Office
- Assist in the reduction of operational risk in the Treasury Front and Back-Office
- Manage any change initiatives that impact the Middle-Office function
Product Control responsibilities
Outputs:
Be familiar with procedures for the whole Treasury product cycle from deal initiation to settlement
Ensure the following:
- Treasury positions are revalued (i.e. mark-to-market) correctly
- Accurate production of daily results
- Prices used for revaluations of Treasury positions are derived from independent sources
- Results are checked against monthly figures and that differences are investigated and reported promptly
- Assist in the introduction of new products
- Ensure that all new products are appropriately authorized and assigned to a trader and that all relevant support areas are informed of the new product
- Prepare commentary on results, positions and days’ activity
- Positions and results are agreed between Front and Back-Office systems (and dealers own spreadsheets, blotters etc) and are signed off at the appropriate level
Risk management responsibilities
Outputs:
Market Risk Management:
- Familiarization with Front-Office dealing strategies/activities
- Clear understanding of DVAR (Daily Value at Risk) or any other market risk measurement methodology employed
- Ensure calculation of Dvar risk locally, reporting risk position data to Group Market Risk.
- Investigation of any variations/excesses in Dvar results and reported to Group Market Risk.
- Responsible for reviewing required reporting on DVAR, Open position
- Document and verify all approved pricing models
- Product Control and Reporting requirements and responsibilities:
- Ensure that reports (as prescribed by GMR) are submitted to PCG, GMR, Group Treasury or any other designated recipients on time
- Ensure that sundry losses are reporting timely and in accordance with group policy
* Reconciliation of:
Net Open Position
Profit and Loss
Front and Back office positions (FOBO & BOBO)
Interest rate risk positions
Fixed income positions
* Ensure that reports submitted to the Central bank is consistent with reports submitted to GMR
Systems maintenance and development:10%
Outputs:
- To implement any new systems or changes to existing systems as may occur from time-to-time
- Ensure Front-Office/Middle-Office/Back-Office staff receive adequate training on Treasury risk systems
- Develop/design appropriate reports to provide appropriate information which identifies the risk positions and profit and loss profile of Treasury
- Liaise with COO Treasury to increase and prioritise risk system capability to meet changing regulatory market and business requirements
- Re-engineer existing Middle-Office processes so as to capitalize on improved systems capability and functionality
- Manage, develop and exploit risk system solutions, whilst at the same time ensuring internal controls are maintained in line with Group standards
Education
Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)
We are a diversified standalone African financial services group, delivering an integrated set of products and services across personal and business banking, corporate and investment banking, wealth, investment management and insurance.
Absa Group Limited is listed on the JSE and is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent and around 41 000 employees.
Absa Group Limited is listed on the JSE and is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent and around 41 000 employees.
We own majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, the Seychelles, South Africa, Tanzania (ABSA Bank in Tanzania and National Bank of Commerce), Uganda and Zambia. We also have representative offices in Namibia and Nigeria, as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania and Zambia.