Business Analyst - IBOR Transition

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Job title - Business Analyst - IBOR transitionLocation - LondonStart date - ASAPPay Rate - £522.50 PAYE or £670 Umbrella Contract - 6 Months The position provides support to the interface role between PC, other HSBC departments within and outside Finance as well as External Functions. The role is a critical role providing key support to senior PC managers.The Senior Business Analyst will be accountable to the Head of Rates and Credit Valuations, and the PC management team who, along with the Global Head of PC will have overall responsibility for the IBOR transition deliveries for PC. Product Control (PC) is part of Global Finance, it provides independent control and assurance, product expertise, commercial insight and guidance to all businesses involved in trading activities throughout HSBC. PC accomplishes this by:Providing globally consistent fair & prudent value expertise and oversight across the organization;Supporting, analysing and controlling Business/Front Office activities through various profit/loss, trade reviews and balance sheet reporting;Developing and driving staff to be independent thinking individuals who work together as one team to make Product Control part of the healthiest human system. PC requires a Senior Business Analyst to work on HSBC IBOR transition projects. IBORs have played a central role in the financial markets and are widely used as reference rates across a broad range of lending, funding and derivative products and contracts. However, the reliance on IBORs is being challenged due to the significant decline in the unsecured bank funding market as well as the lack of robustness around the IBOR determination process. Regulators across the globe are advocating and prompting a transition away from IBORs to Risk Free Rates (RFRs) indices. The IBOR transition projects will affect different aspects of PC's responsibilities:

i. Financial disclosure;iv. Hedge accounting;

ii. New product referencing the RFRs roll-out;v. Benchmark control.

iii. Derivatives valuation; The proposed role is to coordinate PC's work, including documentation and development requirements, to support the roll-out of new products (ii above) globally and the changes of the valuation framework (iii above) due to the introduction of the RFRs including the impact on derivatives discounting and accounting adjustment such as Funding Fair Value Adjustment (FVA) and Own Credit Spreads (OCS). The primary focus will start on Fixed Income products but may extend to other Asset Classes. Key Accountabilities:Assist PC management team and the HSBC "IBOR" Project Management Team in successful execution of the aforementioned project.Use their Subject Matter Experience to ensure regulatory requirements and market trend evolution are clearly understood, documented and agreed.Provide key analysis and management information as required to support the project, to facilitate and adapt to reflect changes where necessary.maintain HSBC internal control standards, including timely implementation of internal and external requirementsunderstand and ensure compliance with all relevant internal and external rules, regulations and procedures that apply to the conduct of the areas in which you are involved specifically Internal Controls and any Compliance policy.Ensure that there is full compliance with the Global Markets FIM.Work with all areas within PC, Finance, Front Office, Liaise and work together with key stakeholders globally. Knowledge and Experience: Knowledge of the specific project area (IBOR transition and Valuation) with experience of derivatives valuation techniques and methodology.Detailed understanding of Interest Rate products, from a Product Control or Valuations perspective.Self-motivated, proactive and delivery focused, but who is also able to demonstrate strategic vision and a strong ability in problem solvingExcellent written and verbal communication skills, be personable and good at building relationships with business, with other project managers outside PC teams. Specifically, to present and document requirements in a clear and concise manner appropriate to the audienceExcellent analytical skills.An understanding of the project lifecycle and an understanding of risks and issues and when and how they should be escalated.Accounting, business or relevant degree qualification or equivalent experience.