Jobs at Rand Merchant Bank

The Product Control and Systems Accounting manager will work closely with traders, risk, and valuation teams to produce daily P&Ls and analyze them for risk, market trends, and product performance. In addition, they will be responsible for overseeing the integration, management, and optimization of banking products and IT systems to ensure no deficiencies in the product or system, integrity of financial data, seamless operations, and compliance with regulatory standards.

Responsibilities:

The successful candidate will be responsible for:

• Lead financial control and reporting for product lines and business unit portfolios, with a primary focus on global markets, treasury operations, and other key products across the bank.
• Responsible for financial performance and profitability analysis of products, ensuring accurate valuation of treasury instruments. Independently assess and validate income recognition, valuation methodologies, and accounting treatments for financial instruments such as foreign exchange, bonds, derivatives, and other related products.
• Ensure the timely and accurate calculation, verification, and reporting of daily profit and loss (P&L) and related analytics. Prepare and validate daily P&L reports for all Business units, maintaining high standards of accuracy and integrity.
• Ensure accurate month-end reporting of profit and loss (P&L) and balance sheet positions for all Global Markets and Treasury products. Perform reconciliations and promptly resolve any discrepancies identified. Submit monthly reports to the CFO and Head of Finance, including income attribution and portfolio performance.
• Evaluate and mitigate financial risks related to product operations, with a strong understanding of valuation methodologies for traded products. Collaborate closely with risk and valuation teams to ensure consistency, accuracy, and regulatory compliance.
• Manage and collaborate with business units to deliver insights, performance reports, budgets, and forecasts. Engage with traders, finance business partners, risk management, and IT teams, and present key performance metrics and strategic insights on product-related matters to management and relevant committees
• Oversee product cost accounting and pricing strategies, ensuring accurate setup of accounting parameters through thorough product paper reviews. Stay informed on market trends and provide strategic advice to management on their potential impact on the bank’s portfolio.
• Implement financial controls and drive process improvements for product-related operations. Develop and maintain robust internal controls for financial systems, ensuring accurate data flows and reconciling system outputs with financial reports.
• Maintain good relationships with internal and external stakeholders. Prepare financial instrument disclosures in accordance with IFRS, CBN, and other regulatory guidelines, ensuring readiness for internal reviews and external audits.
• Collaborate with product and finance teams to support budgeting and forecasting processes across the bank, ensuring alignment with strategic objectives and financial targets.
• Establish robust internal control frameworks for IT systems and banking products. Maintain and enforce policies and procedures to ensure compliance with regulatory standards and internal guidelines. Continuously review and update control processes to address emerging risks and technological advancements.
• Conduct regular audits and reviews of IT systems and product controls to identify vulnerabilities and provide assurance. Support month-end close processes and assist in audit preparations to ensure accuracy and compliance.
• Monitor compliance with internal controls and report findings to senior management. Lead investigations into control breaches, IT security incidents, and product-related issues. Develop and implement corrective action plans to address identified weaknesses and enhance control effectiveness.
• Provide training and ongoing support on financial systems and controls. Serve as the primary contact for system-related queries and troubleshooting related to finance operations and product-related matters.
• Coordinate all finance and systems enhancement projects, collaborating with internal and external project teams to conduct business analysis and ensure timely delivery of project milestones and deliverables.
• Including any other roles and responsibilities assigned by the CFO.

Experience & Qualifications:

• At least 8 years of work experience, 5 of which would have been spent in product control, financial analysis or accounting roles.
• A degree in Finance, Economics, Accounting or similar areas.
• Professional qualification in Accounting and Membership of a Professional body is advantageous
• You have prior experience in a similar role within an investment bank
• Good understanding of financial products and valuation methodologies
• Good understanding of core banking platform and financial systems

General Competencies:

• Project coordination and management
• Good communication skills
• Good presentation and business writing skills
• Good problem-solving skills
• Strong sense of accountability and ethical decision-making

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This role will be responsible for developing a best-in-class Asset/Liability (ALM) strategy and quantitative analytics to support the management of the bank’s asset and liability profile. Additionally, the role will be responsible for managing the Treasury’s various investment portfolios, including the capital portfolio.

Responsibilities:

• Delivery and ownership of best-in-class analytics frameworks and capability to support the management of the bank’s ALM profile across all ALM mismatches
• Identification, aggregation, and measurement of the bank’s on-going ALM mismatches including:
• interest rate mismatches (in all its guises, including fixed-v-floating, basis, etc) in the banking book. 
• liquidity mismatches
• structural foreign currency mismatch
• Delivery of proposed strategies and recommendations, including investment strategies, to manage all the identified ALM mismatches
• Delivery of ALM modelling, research and insights for bank-wide use including Treasury, governance via ALCCO and business. (This will include liability behaviour, pre-payment analytics, etc.)
• Delivery and ownership of the annual Internal Capital Adequacy Assessment Process ‘ICAAP’ (including the completions of all applicable reference documents) and Recovery Planning Process (RRP).
• Guide and implement a repeatable, dynamic stress and forecasting process in line with Group’s guidelines, regulatory requirements and best practice. 
• On-going involvement in regulatory implementation projects (e.g. Basel reporting standards) and performance of impact assessments on proposed changes to regulations.
• Drive engagement with the wider bank to ensure that there is rigour around actions that have ALM impacts
• Collaborate with business on possible product development that optimize the bank’s ALM profile. 
• Delivery of risk-clearing discipline between Treasury portfolios and at handover points outside Treasury
• Drive engagements with ALM Risk Management and accounting on all the above. This will include ensuring hedge effectiveness is optimised in accordance with accounting standards
• Provide business ownersight over ALM systems and architecture
• Report on all the above to governance forums including ALCCO, Exco and Board

Relationships

• Develop and maintain relationships the following key relationships:
• Within the bank: Finance, business lines, risk management, governance bodies (including ALCCO, Exco and Board);
• With the regulator;
• Within the Group: FirstRand Group Treasury, Group finance and Segments

Qualifications & Experience

• Relevant postgraduate quantitative/financial qualification
• Relevant experience in a treasury environment. Experience and thought leadership in cross-Treasury disciplines a distinct advantage
• Relevant experience in analytics 
• Strong understanding of hedging interest rates and foreign exchange exposures.
• An understanding of financial markets, products and the pricing
• An understanding of risk, accounting, economic and balance sheet fundamentals
• Knowledge and passion to follow latest trends, news, economic environments (global and local) and ability to translate the impact of change on bank ALM profile and risk appetite, and banking operations
• High proficiency in Advanced Excel, VBA, PowerPoint and Word, and possess excellent communication skills (particularly written) and good organisational abilities.
• Basic understanding of ratings and ratings methodologies

Skills & Attributes

• Showcase good analytical and evaluative skills in tasks
• Showcase good written and oral communication skills
• Team player
• Self-starter/ able to work independently
• Have great interpersonal skills
• Computer proficiency
• Data manipulation, SQL
• Ability to multitask